Coinberry Withdrawal Delays

Wow, what a quarter it’s been in crypto!

Delays Buying BitcoinBitcoin and Ethereum setting new all-time high prices for days in a row. Elon Musk, along with other American celebrities and Tesla Motors helped put the spotlight on crypto. The Dodgecoin story continues to evolve and in New York we heard Mellon and Deutsche announce custody plays.

These are the days that HODLers have been waiting for, 60K+ CAD Bitcoin prices, crypto adoption moves into mainstream finance and record-breaking attention on social media.

The latest wave of volatility, largely inspired by Elon Musk’s Twitter posts followed by Tesla’s $1.5 billion Bitcoin investment, created a new level of awareness about the world’s largest digital asset and the cryptocurrency sector in general.

The crypto community grew more in one week with celebrity attention than it did during the two previous all-time high price events and Bitcoin’s halving in May last year.

A very, very exciting time for crypto.

All of this excitement means extremely high loads for cypto platforms, both for the technology and the people behind it. We saw major global exchanges go down for hours from extreme demand and some of the largest liquidity providers were barely keeping up.

Fortunately for Coinberry, our platform and security systems absorbed the capacity with little disruption, however we encountered some difficulty in handling the surge in our customer service ticket queue.

We were unable to resolve support requests fast enough during back-to-back days of media-inspired investing and the wait time for our support replies has spiked.

The last several weeks in crypto have not been without challenge for the entire crypto industry and certainly Coinberry is no exception. I am positive that we will answer and resolve 100% of our support requests and I must express my gratitude to our members who have patiently waited for our support team to catch up with the recent demand volume. Coinberry will never prioritize speed over security and would much rather apologize for a delay over compromising the absolute security of our member’s funds and data.

– Andrei Poliakov, CEO

We have doubled our growth plans for Coinberry’s customer support team and are actively building capacity to better serve our members, especially during times of high demand.

Our ETH traders experienced delays last week on withdrawals due to our node falling out of sync during a peak of transaction volume.

Our developers prioritized ETH transactions, updated our platform and our node is in sync and being monitored.

The Coinberry support team has been working overtime on a backlog of withdrawals without compromising the security of your funds.

Our security-first withdrawal policy ensures our member’s transactions are being placed by the account holder, come from fully-verified accounts and any security review flags have been checked by a Coinberry professional.

The Top 5 Reasons for Withdrawal Delays:

  • Withdrawing to a business bank account
  • Withdrawing to a joint bank account
  • Sending ETH directly to a smart contract or exchange
  • Withdrawing from a different IP addresses
  • No transaction password provided

Most common withdrawal delays can be avoided. For more information, please see our help article on Avoiding Withdrawal Delays.

We are extremely proud that more and more Canadians are choosing Coinberry to buy and sell Bitcoin, Ethereum and other top cryptocurrencies, we look forward to delivering best-in-class member services and remaining Canada’s #1 Crypto Platform.