Addressing Recent Speculations

Hi,

This is Andrei Poliakov. I’m the CEO of Coinberry and I want to address all the speculations currently taking place online which are caused by delayed withdrawals or delayed customer support times.

First – we are not insolvent. Rest assured that all crypto is safe and in our possession.

Second – I truly understand that this situation is extremely frustrating for our users, I would hate it myself if I was waiting days on end for my crypto.
Let me explain what happened.

a. We saw an unprecedented influx of users leading up to the halving. Our customer support suffered as a result of us being under-prepared for the tens of thousands of new users that signed up during that time. We take full responsibility for this and have been taking immediate steps to bring on more customer support agents to service our clients.
b. Leading up to the halving we rolled out a new on-boarding system and a lot of people that signed up previously had to get re-verified. Users that hadn’t gotten re-verified had their withdrawals paused until they submitted documents needed for re-verification.
c. This week we rolled out a new withdrawal processing system. Unfortunately, that resulted in a lot more withdrawals being pushed into a manual review then we had anticipated.

I want to apologize for these delays. But I want to assure you that our entire team is working around the clock to get through each and every one of the pending withdrawals. This situation is temporary and we are taking concrete steps to process all the withdrawals currently in the pending queue as quickly as possible.

Once the new system is up and running, the withdrawal experience will be back to normal.

P.S. You should expect your withdrawal to be delayed and our team to reach out to you if:
-you sent an e-Transfer from a bank account that does not belong to you (this includes funds sent from corporate accounts unless you have previously opened a corporate account with Coinberry, family members’ bank accounts, gfs/bfs’ bank accounts, etc) <-the no. 1 cause for delayed withdrawals right now
-you connected a bank account that does not belong to you.
-you have not re-verified your account (the new process includes having to take a “selfie”).
-your account is suspected of fraud.

Thank you,

Andrei Poliakov

CEO & Co-founder