Article content continued

Photo by Chris Ratcliffe/Bloomberg

When prices for Bitcoin and other virtual currencies spiked in recent weeks, currency exchanges were slammed with applications for new trading accounts. Waits for online account verification — a cumbersome and preliminary step required by most exchanges — grew from days to weeks in some cases.

But Einstein Exchange was different. It claimed waiting times of less than 60 seconds for cryptocurrency purchases by Visa, Mastercard, American Express or bank draft, according to its website, and “instant sign-up and verification for Canadians,” according to its ad on Google. In five months, the exchange —‚ while still in beta form — grew from zero customers to about 30,000, by Gokturk’s count.

What those customers experienced with the company depends on who you ask. Tyler Jackson, from Lexington, Kentucky, put his experience plainly.

“This company is shady and doesn’t seem to care about their customers,” Jackson said in a recent email. “There seems to be no hope in getting my money back …”

Jackson’s story begins on Christmas Day, when he received $200 as a gift. He decided to spend it on Bitcoin, which he bought through Einstein Exchange, he said.

Later when he tried to pull out his funds, he got a message that he needed to be verified first. So he sent the company copies of his bank statement and drivers licence, and a selfie holding that licence. He said he is still waiting.

Terrence Brannon, reached last week at a Motel 6 in Asheville, North Carolina, said he signed up then clicked to buy $200 USD in Bitcoin with his credit card on Dec. 10.