Coinberry: An Update and Look To Our Bright Future

Hello to our valued customers, business partners and crypto community at large.

It’s Andrei Poliakov here. I’m sure, like me, you’ve found these last few weeks a challenge as Coinberry experienced some gaps in customer service levels, and I would like to continue my transparent sharing of our updates with you. You can find archived posts here, if you’d like a little more of the backstory.

First, something we are all very proud of is our focus on making it possible for Canadians to buy and sell crypto currency safely and securely. We were one of the first FINTRAC registered & PIPEDA compliant crypto trading platforms in Canada. Last year we were audited by FINTRAC and met, or in some cases exceeded, regulatory compliance requirements. Being partnered with Canada’s most trusted Anti-Money Laundering firm, The AML Shop, has helped to shape our commitment to the trust, transparency, and integrity by which our entire team lives and breathes.

As we all know, errors can always occur even with the best intentions of delivering world class customer service. I am happy to report that we have resolved the majority of the customer account issues which were related to the additional processing time required for withdrawals. Understandably, this caused concern within Coinberry’s community and I personally apologize to each one of you, our valued customers, for this unfortunate situation.

When we realized that some of our operating projects were going to affect customers concurrently, such as deploying a new onboarding system leading up to the Bitcoin halving time frame, we couldn’t have anticipated the massive growth in our customer base. We’re talking about tens of thousands of new customers in a span of a few months.

Were we caught off-guard? Yes. Were there options that we should have considered knowing that such an influx could occur? You bet.

What exactly did we do to help rectify the situation?

  • First, it was all hands on deck as they say, and I can tell you that every one of our team members did whatever it took to ease customer concerns.
  • We also doubled our customer success staff to help return accounts to their highly functioning capabilities. This meant getting customers’ funds to them promptly and in accordance with the expectations originally determined and promised by Coinberry.

Now that our new onboarding system is in place, our customer success team can monitor, in real time, what our customers may need and where an issue could arise, as well as being alerted to any potential customer service delays. This has allowed our customer success team to be proactive and go to the furthest degree to ensure a seamless, consistent customer experience.

What are we doing to ensure this does not happen again? 

  • We promise that any major operational deployments are done with greater consideration to the impact on our customers.
  • We will provide advanced notice to customers when major updates will occur so they can make changes to any timing they may have for their investments.
  • As always, we will keep any minor system updates to a minimum and always run these during off-peak periods such as overnight or on weekends.
  • We launched status.coinberry.com to clearly communicate our service levels 24/7 as well as any upcoming scheduled downtime.
  • We are also keeping our staff complement where it is, to continue strengthening our service levels.

To help me put things into perspective, I asked our CFO, Radek Costa-Sarnicki, CPA, CA, to share his thoughts with Coinberry’s community.

“Coinberry is one of the first crypto companies in Canada to have their financial statements audited by a nationally recognized public accounting firm MNP, (with clean audit opinion). In fact, we are excited to share that we have recently started our next annual audit! Coinberry is and remains FINTRAC registered and PIPEDA compliant and is also the only company to officially process property tax payments made in Bitcoin in Canada.” -Radek Costa-Sarnicki, CPA, CA

I echo Radek’s statement and I am very proud of our team that works diligently to ensure that Coinberry remains fully compliant and consistently meets regulatory requirements while continuing to push the boundaries of crypto trading today for a more exciting tomorrow!

All that being said, over the last few weeks, with our integrity and transparency being called into question, there is no doubt in my mind that we have certainly reinforced our values that have made Coinberry into the strong, successful business it is.  We’ve heard from many people who are supportive, helpful and listening to our story unfold with empathy. We’ve also heard from a handful of people who posted interesting ideas on various social media sites, such as Coinberry having a Parent Company in Malta (we have no parent company), or that we called ourselves the only FINTRAC registered company (utterly nonsensical). The most interesting conspiracy theory so far has been that we post negative reviews of ourselves online, to then go in and update those into positive reviews (why we would do this is beyond me).

All that being said, I welcome the opportunity to chat one-on-one with anyone who has legitimate concerns or questions about Coinberry. After all, we love where we work so we always have time for a good chat.

Moving forward, we will prove through our actions that we can be trusted to bring the highest level of service, repeatedly, consistently and professionally, no matter the issue.

There is gratitude that comes with building a Canadian company from scratch, finding and trusting like-minded partners and innovators, and then rolling it out from modest beginnings while navigating the ebbs and flows.  As we grow and find our footing in an industry that welcomed us so graciously, I know that when considering the future, things definitely look bright for Coinberry and I believe that with your support and participation we will continue to dominate the Canadian market.

Andrei Poliakov

CEO and Co-founder

More about Coinberry

Founded in 2017, Coinberry is the safest and most secure FINTRAC-registered platform to buy and sell Bitcoin, Ethereum, Litecoin, XRP, Stellar and Bitcoin Cash. Located in Toronto and ​trusted by tens of thousands of Canadians, we aim to deliver the best-in-class user experience. We support both desktop and mobile experiences across our suite of Web, iOS and Android applications. We operate the Coinberry cryptocurrency trading platform as well as the Coinberry Pay payment processing solution.