Coinbase Faces More Class-Action Law Suits
Coinbase, a leading cryptocurrency trading platform in the United States, has become the focus of a class-action lawsuit alleging that its arbitration practices are unenforceable.
A plaintiff claims in a recent court filing that Coinbase&39s arbitration clause in its terms of service is fundamentally unconscionable since it significantly favors one party. He said that a contract term is invalid under California law if it was unconscionable at the time it was made.
Moreover, the plaintiff does not argue that when he signed up for his user account, he agreed to be bound by the Coinbase user agreement in effect, nor that it addresses the issue. Rather, he claims that the arbitration agreement is unlawful since it lacks any semblance of bilaterality.
As per the court filing, the plaintiff, who aims to represent a group of individuals in a similar circumstance, requested to arbitrate after a fraudster took approximately $31,000 from his account but found Coinbase unresponsive and the terms seemingly unjust.
In related news, Coinbase was slammed with another class-action lawsuit not too long ago, alleging that the platform offered cryptocurrency assets as unregistered securities.
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