Cryptocurrency broker Voyager Digital has been hit with a proposed class action lawsuit for its alleged deception of customers over hidden fees, Bloomberg wrote on Wednesday (December 29).
The lawsuit says Voyager advertised its operations as 100% commission-free. However, there are allegations that there are secret fees in the price of trades that could sometimes exceed the disclosed fees and commissions of competitors.
Voyager communications director Michael Legg said the action "has no merit."
Mark Cassidy, plaintiff in the Voyager case, said he had started trading cryptocurrencies on Robinhood, but left that platform after the U.S. Securities and Exchange Commission (SEC) accused Robinhood of failing to inform clients that he was selling stock orders to Wall Street trading firms. .
Cassidy then switched to Voyager because of that company's promise not to trade commissions, but later, she began to see wide bid and ask margins on transactions and reviews speculating on hidden fees. Cassidy was quoted by Bloomberg as saying that Voyager was "basically ripping people off small pieces at a time."
The case against Voyager cites analyzes that say the total damages owed to users of the platform could exceed $ 1 billion. Adam Moskowitz, the attorney who filed the lawsuit, said the company appeared to be "set up, in a way, like a carnival: all consumers are going to lose."
Voyager also recently partnered with CoinLedger to help users with capital gains, losses, and tax reporting.
See also: Voyager, CoinLedger partner in cryptocurrency tax reporting
Voyager said in a press release earlier this month that the nature of digital and crypto assets, with transfers from various platforms, can make tax time difficult, particularly with cost base tracking, a necessity for reporting. capital gains tax.
CoinLedger's help will alleviate hassle by partnering with exchanges, wallets, and blockchains to enable tracking of digital asset transaction histories.
Voyager said its clients can use the platform for their 2021 tax returns next year, allowing them to import transactions and get reports.
