The online brokerage platform Robinhood has launched a 24/7 crypto phone support service.
“Request a call in the app to talk live with a representative of our team. We […] believe that round-the-clock phone support seven days a week is an important step towards improving the reliability, accessibility and understanding of our services and financial markets,” Robinhood said.
Thus, the company added that they are working on a solution that will allow users to contact support if they are unable to log in to their accounts. By the end of the year, the broker promised to more than double the support staff.
Reducing the risks of repeated incidents
Robinhood Chief Operating Officer Christine Brown, in a comment to Decrypt, noted that in addition to the new service, the broker “took steps to eliminate the main causes of failures in March 2020” and reduce the risks of repeated incidents in the future.
Earlier it became known that Robinhood will pay a record fine of $70 million to settle the conflict with FINRA. In March, the firm estimated these costs at $26.6 million. Moreover, the regulator noted frequent technical failures that occurred in the application in the period from 2018 to 2021.
The reason for the innovation could also be criticism from the community. In June, a group of investors filed a class-action lawsuit against the Bitcoin exchange Coinbase. They claimed that the platform illegally blocked their accounts for up to several months. Some customers stated that they could not promptly contact the company.
Complaints from US citizens
In February 2021, the parents of 20-year-old Alex Kerns accused Robinhood of driving their son to suicide. The trader received an erroneous notification of a negative balance of $730,000, was unable to contact support and committed suicide.
Recall that in June, the Consumer Financial Protection Bureau noted an increase in complaints from US citizens about the work of cryptocurrency exchanges. Therefore, Coinbase became the anti-leader, where the indicator increased from 241 to 1060.
The claims of customers affected domestic and international transfers, the operation of wallets and the exchange of foreign currency. Residents of California and New York complained more than others.