Date Received: 2018-04-02
Issue: Money was not available when promised
Subissue:
Consumer Complaint: On XX/XX/XXXX I ordered three different withdraws from Coinbase to my XXXX checking account. The amounts are {$200.00}, {$67.00}, and {$3.00}. The transactions say complete on their app and that the money should have arrived by XX/XX/XXXX. It is now XX/XX/XXXX and I have not a clue where the money is. Their customer support said my transaction went through but there is still no money in my account so I replied back to them and received a vague answer with no clear direction. I need the money and they seem to be beating around the bush on its whereabouts. I have attached a .pdf of my transactions and conversations with customer support.
Company Response:
State: TX
Zip: 77546
Submitted Via: Web
Date Sent: 2018-04-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-04-02
Issue: Unauthorized transactions or other transaction problem
Subissue:
Consumer Complaint: I had {$500.00} charged to my Coinbase account on XX/XX/2018 at a time when I wasn't even able to make purchases. I received nothing for the {$500.00} and immediately contacted coinbase. After numerous phone calls, I have only been told that they " have a ticket open for me. '' It has been almost a month and they are holding {$500.00} of mine that I clearly never sent to them, and for which I have received no products, services, etc. For as long as I am seeing no real action or attempt to reconcile this on their end I consider this to be fraud as they extracted funds from my connected account without my permission and have largely disregarded my attempts to reconcile the claim.
Company Response:
State: MN
Zip: 55407
Submitted Via: Web
Date Sent: 2018-04-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-04-02
Issue: Other transaction problem
Subissue:
Consumer Complaint: I'm a cryptocurrency trader and I've been hacked right of the XXXX XXXX. I had {$4000.00} and XXXX of bitcoin which was worth about {$1800.00} at the time before my account was completely wiped out. I contacted Coinbase the owners of gdax about the issue as soon as I noticed I had no money in my account. They told me that they set my case as a priority and that I should be contacted in 2 weeks. This all happened XX/XX/2018. It's been almost a month and a half and they still are not taking any action. I give them a call every week and they give me the same answer. They tell me that they set my case as a priority and that I have to just wait. They are not giving me a time of when they'll get back to me and or when I'll receive my refund. I'm just left helpless with a frozen account that I can't trade with it and about {$5800.00} of my money stolen, in which I have no idea when I'll get back.
Company Response:
State: NY
Zip: 10314
Submitted Via: Web
Date Sent: 2018-04-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-04-02
Issue: Money was not available when promised
Subissue:
Consumer Complaint: MEMORANDUM TO : Coinbase CEO, XXXX XXXX XXXX FROM : XXXX XXXX XXXX ( XXXX ), ( Coinbase Account # ending in XXXX ) DATE : XX/XX/XXXX RE : Coinbase Case # XXXX : Wire transfer of XX/XX/XXXX from My XXXX checking account to my Coinbase account for the amount of {$25000.00} USD ( XXXX transaction # XXXX, Federal Reference # XXXX, and Reference # : XXXX. ) ISSUE Coinbase is a digital currency wallet and trading platform, however this issue is a US Dollar issue and has nothing to do with any virtual currency or trading. On XX/XX/XXXX I transferred {$25000.00} USD from my XXXX checking account to my Coinbase.com account using XXXX 's website. My Coinbase Case # XXXX, the XXXX transaction # is XXXX, Federal Reference # is XXXX, and Reference # is IISTPBFP. ) The {$25000.00} was withdrawn from my XXXX account and the funds were supposed to deposited into my Coinbase account. However Coinbase has never credited my Coinbase account for this deposit. I have already contacted XXXX to confirm the money was sent out and delivered to Coinbase and there was no error on XXXX 's side. Please note that since this problem, I have thereafter successfully sent money from my XXXX checking to my Coinbase account without any problem using the exact same accounts and transfer method settings. This confirms that my transfer instructions was setup properly and that Coinbase is at fault. These missing funds have never returned to my XXXX account. Coinbase has my {$25000.00} funds and will not credit my account. Since XXXX reported there was no error on XXXX 's side, to try to resolve this quickly, I wrote to Coinbase Customer Support at XXXX and corresponded by email with " XXXX '' and " XXXX '' over 12 times since XX/XX/XXXX and provided them with the XXXX confirmation number and other evidence that the funds were properly wired from my XXXX checking account to my Coinbase account. Coinbase indicated that they are " working with a specialist to address this problem '', but 11 weeks later, my missing funds have still never been never credited to my Coinbase account. Coinbase has been unwilling to deposit my own money into my Coinbase account. ANALYSIS Coinbase 's response to my multiple emails is inadequate, unprofessional and has been extremely frustrating. During the past 11 weeks I have lost many investment opportunities. I file this CFPB complaint in an effort to finally resolve this issue and receive my own deposit of my own money as well as my legal expenses incurred to file this complaint. I am sure that the thousands of daily Coinbase users would rethink their use of Coinbase as their digital wallet to store and transact billions of dollars worth of funds if they knew that Coinbase could arbitrarily hold on to your deposited funds without depositing them into your account and fail to take steps to resolve the issue despite over 12 emails with confirmation numbers and other evidence clearly explaining the problem at hand. CONCLUSION If this issue is not resolved shortly, I will further investigate my legal options and will consider reporting this matter to the XXXX XXXX XXXX, various US state regulators including New York Department of Financial Services concerning Coinbase 's license both as a Money Transmitter License ( XXXX XXXX ) and Virtual Currency License, ( XXXX ), and may take additional US and international legal action for compensation of not only my missing funds, but for my ongoing legal fees and other damages. Please notify me immediately at XXXX when my {$25000.00} wire transfer has been properly credited to my Coinbase account. Your prompt attention to this important matter would be appropriate.
Company Response:
State: NY
Zip: 100XX
Submitted Via: Web
Date Sent: 2018-04-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-04-01
Issue: Managing, opening, or closing your mobile wallet account
Subissue:
Consumer Complaint: My account has been locked on coinbase.com early XX/XX/XXXX/late XX/XX/XXXX and I submitted a support ticket early XX/XX/XXXX to find out why and to get it unrestricted. Someone replied to my case around that time saying they would look into it, but now it's been nearly two months without any updates.
Company Response:
State: VA
Zip: 20147
Submitted Via: Web
Date Sent: 2018-04-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-03-31
Issue: Fraud or scam
Subissue:
Consumer Complaint: The business name is Coinbase, they proclaim themselves as financial services company. Coinbase is a trading platform for digital currency. OnXX/XX/XXXX I have opened an account at Coinbase, that process included identity check by faxing over my driver 's license and a picture of me. On XX/XX/XXXX I have purchased {$7000.00} worth of digital currency on Coinbase in the intent to sell it once it gains value. This company says on their site that they will not grant an access to the account if a person tries to log in to it from a restricted country ( XXXX ), however the access will be granted as soon as the person tries to log in to the account from non sanctioned country. On XX/XX/XXXX I was in transition in XXXX ( XXXX ) airport and had an emergency happen, so I tried to look at my account at Coinbase to see how much money I could withdraw from it once I'm back on US soil. Understandably I was not able to log into the account because I was on sanctioned by the US politicians land. On XX/XX/XXXX I came back to the US and wanted to sell my assets from the Coinbase, however my account was locked. I called Coinbase about the problem and they told me to send an email to their support to unlock my account. I sent an email right away telling them to unlock my account. Im writing this email on XX/XX/XXXX and still response from Coinbase support. I call them every day for the past two weeks and their response that I need to send an email. The assets in my account have decreased by 70 % due to this fraudulent business. First, my account shouldn't have been locked based on the information provided from Coinbase. Second, I did not receive any response about my concern. Third, the assets that I needed to sell onXX/XX/XXXX have decreased by 70 % which is a great financial burden on me and my family. Fourth, there is no one at Coinbase wants to help me, I'm just stuck. please investigate this fraudulent business and turn it in to the authorities so that there aren't others who get scammed by it. Thank you, you may reach me at XXXX XXXX
Company Response:
State: WI
Zip: 54313
Submitted Via: Web
Date Sent: 2018-03-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-03-31
Issue: Money was not available when promised
Subissue:
Consumer Complaint: On XX/XX/2017 I sold my lite coins shares on the Coinbase consumer site. I attempted to withdraw XXXX From my Coinbase account. I have not received the amount withdrawn. Coinbase customer service has claimed they escalated the claim and passed it to specialists. I have yet to hear back from any representatives of coinbase and still have not received the money. After numerous attempts I am unsuccessful.
Company Response:
State: NY
Zip: 145XX
Submitted Via: Web
Date Sent: 2018-03-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-03-30
Issue: Money was not available when promised
Subissue:
Consumer Complaint: Since XX/XX/XXXX, my investment in Coinbase ( Bitcoin ) is stuck in their " vault '' because my secondary email address is no longer available to transfer money out of the vault. The secondary email address was deleted due to non-pmt and can not be restored. I contacted Coibase initiallyXX/XX/XXXX, and they sent me a canned email saying they have to transfer the money out of the vault themselves and will contact me later. I contacted them again each month since ( 4 times in total ) and recieved the same canned emailed. Meanwhile I have lost about $ 12k because I could not sell the investment in XX/XX/XXXX. Every month I keep losing money because I can not access my investment that is stuck in the vault.
Company Response:
State: FL
Zip: 329XX
Submitted Via: Web
Date Sent: 2018-03-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-03-30
Issue: Other transaction problem
Subissue:
Consumer Complaint: Summary : Coinbase has failed to address, correct or actually respond to the issues on multiple support emails about it technology failure on Thursday XX/XX/XXXX and unauthorized trade. Coinbase does not offer an phone number for customer service/trading issues rather requires one to email support. They however take weeks/months to respond with a pro-form answer and links and never actually address or correct the mistakes made by their technology. They are also in breach of there own terms of service. Events : Thursday XX/XX/XXXX : I entered an order to purchase XXXX Ethereum Coins. The trade did NOT go through. I did not ( and have not ) received a confirmation email. My weekly allowable trading dollars did not change. AND I received an error message saying something to the extend of Coinbase was having technical difficulties and to try back later. Friday, XX/XX/XXXX: I re-entered an order to purchase XXXX Ethereum Coins. The trade was processed. I received a confirmation email. My weekly allowable trading dollars were reduced. Saturday, XX/XX/XXXX : I noticed a debit in my bank account for the wrong dollar figure. As I would later find out, Coinbase held my trading order from Thursday and processed on their own. I emailed Support explaining that the trade should not have been executed based on the error message, and lack of confirmation etc. I asked the to correct there error and bust the trade. Tuesday, XX/XX/XXXX: I received an email back with a stock or pre-fabbed response with links and description from there FAQs. It was clear no one actually read my email nor addressed the issue. Tuesday, XX/XX/XXXX : I responded to the response with the following email : " I submitted an issue via email 2 weeks ago and received a stock response this morning. The response failed to address the Coinbase technology issue that resulted in a duplicate trade, failure to provide any confirmation and failure to provide any solution or resolution. Please allow this follow up email to serve as my formal complaint against coinbase, coinbases errors and the possible violation of terms and conditions set forth by coinbase. Again, after attempting to place a trade onXX/XX/XXXXfor XXXX ethereal coins I received an error message. I did not receive a trade confirmation. My weekly available trading balance did not change and nothing happened. The order did not take place- After wait ing 24 hours and receiving nothing I place another trade for the same XXXX ethereum coins. It wasnt until my account was debited 2x did I notice any problem. My intent and actions wereto purchase XXXX ethereum coins. Coinbase 's known technology issue on that day is at fault. I first emailed coinbase on the XX/XX/XXXX because I believed the debit was in error. I received the below stock answer ... not acceptable. As such, and due to the failing of coinbase I kindly request you bust the trade on XX/XX/XXXX for XXXX ethereum coins. Please let me know immediately how you will/wish to proceed. '' Wednesday, XX/XX/XXXX: I received a response from XXXX that again ignored the issue. Email stated : Hello there, All transaction that was made on your account are completely successful. " Wednesday, XX/XX/XXXX : I responded with : " XXXX, Please escalate to your supervisor as it is clear you are incapable of addressing any of the questions or concerns stated in my previous emails. Please ask them to contact me and address the issues at hand : your systems malfunctioned causing problems. Furthermore, your response to a formal complaint is not even a sentence- this is beyond insufficient and inadequate. Friday, XX/XX/XXXX : I received the following : " Hi there, Thanks for reaching out. Having investigated the issue, I am working with a specialist to address it properly. We will follow-up with you as soon as we have an update. Thank you for your patience. '' Friday, XX/XX/XXXX : " Hi there, Thank you for contacting Coinbase support. We know that it has taken a while to reply. Were working to improve our response times as quickly as possible and want to check if your issue has been resolved. Sunday, XX/XX/XXXX : I responded : ... Wednesday, XX/XX/XXXX : I received an identical response to the original email I received on XX/XX/XXXX. Please help as it has been made clear that coinbase lacks the infastructure or desire to address and respond to unauthorized transactions made by them AND they have, without permission debited my account and held my funds for over 2 months now.
Company Response:
State: VA
Zip: 22203
Submitted Via: Web
Date Sent: 2018-03-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-03-30
Issue: Unauthorized transactions or other transaction problem
Subissue:
Consumer Complaint: In XX/XX/XXXX, I made 2 purchases of digital currency through Coinbase. On XX/XX/XXXXmy debit card was re-charged for these same purchases. Coinbase recommended that affected customers seek charge reversal through bank, which I did and my account was re-credited for only the duplicate charges. On XX/XX/XXXX, I was told by Coinbase that my account was locked until I completed payment for 2 purchases. Those transactions in question were the same transactions completed in XX/XX/XXXX, that I was double charged for in XX/XX/XXXX. I sent reference codes for purchases, and bank statements proving payment to Coinbase support specialists. They only reply to tell me that my account will be unlocked upon payment. I have already paid for these transactions and refuse to pay again ( {$530.00} ). My account is locked with {$1300.00} USD that they arent allowing me to access or withdraw from their exchange. I have sent them all necessary proof of payment and still they tell me to complete purchases.
Company Response:
State: CO
Zip: 80010
Submitted Via: Web
Date Sent: 2018-03-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A