Coinbase has become the new Robinhood. They’re artificially withholding Algorand withdrawals because of liquidity issues and do not want to lose out on their governance rewards. It has been over 24 hours now and they’re pretending it’s a technical issue.

My guess is Coinbase is running on fractional reserves and doesn’t wanna lose out on it’s governance rewards so they are artificially delaying withdrawals of ALGO. I don’t know about you guys but after I get my ALGO’s withdrawn I’m finding an alternative to CoinBase. They have officially lost my business which is a shame because I’ve used them since getting into crypto.

They did this exact same thing before the 1st governance period in September and people lost out on signing up. This is no different than what Robinhood did with GME stock. It just shows that CEX’s need regulation desperately and we’re currently at the mercy of Coinbase assholes.

There have also been other strange things between Coinbase and Algorand. For the longest time they had Algorand listed as an ERC-20 token. Additionally they commonly do not post updated/correct news for Algorand. A few days ago they listed Securitizes Tokenization of Down Jones Index Funds as happening on Ethereum instead of Algorand, since then they’ve taken it down from Ethereum but haven’t posted it to Algorand news.

This all smells a bit fishy. I have been having this feeling for a while that coinbase is deliberately trying to undermine Algorand.

Does anyone know of a good alternative to Coinbase and Binance in the US?