Canadian exchange CAVIRTEX responds to user complaints, outlines plans to restore goodwill

Home » Canadian exchange CAVIRTEX responds to user complaints, outlines plans to restore goodwill
VirtEx logo

VirtEx logo

Launched in mid-2011, Calgary-based cryptocurrency exchange CAVIRTEX has had its share of growing pains. Unlike newer exchanges who don’t have the baggage that comes with three years of trial-and-error policies in one of the most rapidly changing sectors of the tech world, CAVIRTEX is still living down many of its past mistakes and poor decisions. Even though it offers a huge range of features and services, CAVIRTEX has struggled to keep its reputation intact in recent months.

In a thread on Reddit titled “Dear Reddit. Can we talk? It’s CAVIRTEX,” company representative Kyle Kemper faced these issues head-on: “Since joining CAVIRTEX I’m seeing that we’re doing a lot of things right. We’ve got a solid roadmap ahead of us, but in the past we’ve made mistakes. … It is my goal to change this and fix our reputation amongst one of the most impressive communities on the planet and have your support moving forward.”

Kemper discussed CAVIRTEX’s extremely controversial dormant account activity fees policy, which has caused “anger and outrage” among the exchange’s customer base. The policy, implemented a few months ago, charges users with accounts that have been inactive for more than 12 months a $50 per month fee. Seen by many as a cash grab on dormant and forgotten accounts, Kemper explained that the company’s reasoning was far more pragmatic than that. CAVIRTEX, he noted, isn’t a wallet or a bank, and was never designed to be a safe place for bitcoin storage.

At this moment, holding unnecessary amounts of coins and cash increases our liability, expenses and security. If we’re not holding your coins, we can’t lose your coins. … Having said this the way we implemented this was terrible, and we apologize. We didn’t communicate it properly, we didn’t include proper alerting, and we didn’t test the system properly.

Kemper announced that the company was launching an aggressive campaign to rebuilt goodwill with its customer base, starting with newly reduced trading fees. Rather than 1.5% fees, CAVIRTEX will charge a mere 0.75%. Kemper also said that CAVIRTEX CEO Joseph David would soon be answering questions on a Reddit Ask Me Anything (AMA) thread.

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