Date Received: 2017-11-02
Issue: Fraud or scam
Subissue:
Consumer Complaint: On XXXX XXXX XXXX, I sent XXXX Bitcoins from my XXXX wallet to my XXXX wallet, with the intention of exchanging it for XXXX. The transaction showed as pending on my XXXX wallet more than a week. On their website, it was mentioned that even with high traffic o the network, the transaction should n't take more than XXXX hour. What 's worse, after awhile, the whole transaction disappeared from my XXXX wallet! It 's as if it had never happened! However, after checking the transaction hash with XXXX XXXX, it showed that the transaction had went through. I contacted support while my transaction was pending on XXXX XXXX XXXX. After not having gotten any replies from them, I tried several other avenues such as XXXX forum, emailing a direct person, opening support tickets on their website, all to no avail. More than a month later, I got a reply from support, from a person named XXXX XXXX After a few messages, XXXX conceded that he needed to work with a 'specialist ' to resolve my issue. That was XXXX XXXX XXXX. I have since contacted XXXX but there has been no response. I have researched their company online after this incident and it appears that I am not the only one. It appears to me as if they have taken that money for their own. A cryptocurrency exchange should n't take so long and they should return the money back to their customers.
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2017-11-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-11-02
Issue: Fraud or scam
Subissue:
Consumer Complaint: I am concerned that Coinbase may be in financial trouble. Coinbase is a crytocurrency exchange like the one in XXXX that lost customer bitcoin a few years ago ( XXXX XXXX ). I 'm wondering if Coinbase has lost customer coins and is trying to make up for it by convincing people like me to send my bitcoin and ether to their exchange. I transferred bitcoin and ether away from Coinbase in XX/XX/XXXX. That bitcoin and ether is currently worth around {>= $1,000,000}. It feels like Coinbase is trying to convince me to send these coins back to Coinbase by telling me things that are not true. For example, I submitted an application for higher trading limits in XX/XX/XXXX. I applied for a weekly trading limit of {>= $1,000,000}. That way, if there is a sharp drop in bitcoin price, at least I may get {>= $1,000,000} of value over the course of 1 week, instead of watching the price fall without being able to sell my bitcoin or ether. Right now, my weekly limit is only {$50000.00}. It feels like Coinbase is trying to entice me to send my bitcoin and ether back to Coinbase by telling me ( on 3 separate occasions, after XX/XX/XXXX ) that my application for higher trading limits was approved ( WHEN, IN FACT, IT WAS NOT ). Three separate Coinbase representatives on three separate dates told me that my application was approved. Fortunately, each time I checked my account before transferring my bitcoin/ether back to Coinbase. When I logged into my account, it looked like my trading limit was still only {$50000.00}. One particularly strange communication that seems sinister to me is a response from one of the representatives that had falsely told me previously that my application had been approved. In response to my request for an explanation why I was falsely told that my application had been approved, he said " This may be related to limits for other payment methods '' ( AS IF HE DID N'T REMEMBER WHY HE TOLD ME THAT MY APPLICATION WAS APPROVED ). To be more specific ... on XX/XX/XXXX, this representative told me " I do see you got a limit increase beyond your $ XXXX ''. I notified Coinbase the very next day that it looked like my trading limits were still only {$50000.00} ( fortunately I checked this before I sent my bitcoin/ether back to Coinbase ). On XX/XX/XXXX ( only 2 days after he falsely told me my application had been approved ), he seems to act like he 's not sure why representatives keep telling me that my application is approved. However, He was the one who did it just two days earlier!! You would think he would know exactly why he told me that. His exact comment was " You may have gotten emails about an increased limit '' ( Yeah, from you just 2 days ago ... ) Then he says, " This may be related to limits for other payment methods. '' ( as if he ca n't remember why he told me what he told me just two days ago ... ) It just seems so fishy when I get a response like that. So, all of that makes me wonder if there is more that is going on here. It makes me wonder if Coinbase has lost customer coins the way that XXXX lost customer coins a few years ago. Maybe Coinbase is trying to entice customers like me to send our coins to their exchange by telling us things that are not true ( like I can have higher trading limits ). In fact, one of the Coinbase representatives said on XX/XX/XXXX, " wed strongly encourage you to make full use of your existing limits. Thats the best way to get higher limits approved, honestly! '' In this comment, he seems to be telling me that the best way for me to get my application approved is to trade more ( of course, I would need to move my coins back to maximize my use of the trading limits ). This comment from XX/XX/XXXX seems to contradict a more recent claim that " were subject to some pretty serious laws in the US around money transmission and laundering ''. It 's important for companies to do due diligence on customers, but I submitted my application almost 5 months ago. Due to conflicting messages, false statements, and extremely long wait time, it seems more likely to me that Coinbase is in financial trouble. It seems like they are delaying the application process because they do n't have the financial solvency to handle the other side of my trades if I decide to sell {>= $1,000,000} of bitcoin in a single week. So, maybe their only solution is to convince people like me to send my bitcoin/ether back to Coinbase so they have some kind of reserves on hand. Maybe the real reason they are delaying my application is because they do n't have the funds to provide to me if I sell {>= $1,000,000} on their exchange due to their loss ( or possible theft ) of customer coins.
Company Response:
State: TN
Zip: 37211
Submitted Via: Web
Date Sent: 2017-11-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-11-01
Issue: Problem with customer service
Subissue:
Consumer Complaint: I've had a hold put on my account for nearly a month now, and have not been able to buy, sell, or withdraw money from my account on Coinbase. Up until this most recent ID verification at coinbase.com/ssn, I have been able to easily verify my identity; and now that this latest verification is not working, my account is essentially frozen- no buys, sells, or withdrawals, even if I try to permanently delete my account. I've contacted customer support several times. I have about $350 worth of bitcoin that I would like to sell, and over $5k in my USD wallet that I need to withdraw.First (XX/XX/XXXX) and second (XX/XX/XXXX) times:They emailed me a pre-generated list of common reasons the SSN verification may not work. Most of these related to address technicalities, but one of them was this:"There may just not be enough information on record to sufficiently verify your identity at this time. This usually affects our younger customers more often. Unfortunately, theres not much to be done in these cases but to continue trying the quiz, possibly with some variations of the information to be sure its not just an address issue."Since I've ensured that the information is exactly as it appears on the credit report, it appears that this is the reason why: that I am too young and do not have enough of a credit history to verify. Then why allow customers to deposit money into their account if for some it will just get frozen? Why wasn't the SSN verification required upfront?Third time (XX/XX/XXXX)After calling several times and trying to get past the (at least) 20 minute wait time, I was finally put on with a customer service rep who in fairness did try to be helpful. He linked me to two pages that he said usually resolve the issue. But in my case they did not. He said if I replied to his email in the case that the issue was not resolved, he would escalate it to a specialist. This was almost a week ago. I emailed and called again a few days later: no response to email, but over phone they said that once it's escalated to a specialist, there's nothing to do but wait. I suspect I will be waiting a long time.Tried calling back today (XX/XX/XXXX) to check on the situation, and a recording said they are receiving a high volume of calls and will not be able to help, and to try again later.It can't be legal to take customers money and freeze it after requiring a verification that is impossible for some customers. And then on top of that, they have an obviously inadequate customer service department and just hope that customers will be able to resolve questions with a stock FAQ reply. It's bad practice, and I know I'm not the only one suffering as a result of it.
Company Response:
State: CT
Zip: 068XX
Submitted Via: Web
Date Sent: 2017-11-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-11-01
Issue: Other transaction problem
Subissue:
Consumer Complaint: complaint about COINBASE my name XXXX XXXX XXXX address XXXX XXXX - XXXX XXXX XXXX - XXXX account in bitcoin XXXXXXXXXXXX on XXXX of XXXX i deposited XXXX eur to COINBASE deposit account as a deposit to start trading and buying and selling bitcoin. On the XXXX i got an email saying the deposit arrived from a XXXX account. which is correct, i have a private account in XXXX, but apparently payments from there are n't accepted. they also said in the same email the funds would because of this reason be reversed to my account within 1-2 business days. now on the XXXX of XXXX, still no payment in my account back. after 15 days still nothing in my account when they supposedly reversed my payment. please can you check i need this money in my account back asap. thank you XXXX XXXX XXXX
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2017-11-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-11-01
Issue: Other service problem
Subissue:
Consumer Complaint: My COINBASE account got locked on XXXX with no reason specified properly. XXXX Email to Customer Support ) Tue, XXXX XXXX, XXXX at XXXX PM - " My Name is XXXX XXXX, my account is disabled temporarily. Why is account disabled? I had placed a transfer request as well for XXXX, that is also kept on hold. Why are you doing this? It is my account ( XXXXXXXXXXXX ) and I can do anything that I wanted from my account. Moreover, you guys steel of money by charging hefty on the customer for using the platform to buy and sell coins. I found better platforms who provide much better service and charge less. Let me transfer XXXX and XXXX I bought. After that I will close my account. I had enough of you. '' XXXX Email to Me ) XXXX XXXX, XXXX XXXX XXXX XXXX - " Hi there XXXX XXXX Thank you for reaching out to Coinbase customer support. We are sorry for any inconvenience this has caused you. Ive just escalated your case to our subject experts who will be completing a review of your purchasing eligibility shortly. You will receive a notification email if were able to restore your purchasing ability. Please note that while these reviews are typically completed within 4-5 business days, it can sometimes take longer depending on our current case volume. For security reasons, Coinbase can not guarantee eligibility for every account. If your account has experienced chargebacks in the past this, as an example, can impact your eligibility. Thank you for your patience and understanding as we complete this review. '' XXXX Email to Customer Support ) XXXX XXXX, XXXX XXXX XXXX XXXX XXXX replied : Hi, What do you mean by " can impact your eligibility. ''? Your e-mail does n't make any sense to me. I am not asking about my purchasing ability. Restore my account as soon as possible. Let me just transfer my XXXX and XXXX to other exchange account. After that do what ever you want to do with my account, I do n't care. XXXX Email to Me ) : XXXX XXXX, XXXX XXXX XXXX XXXX XXXX XXXX XXXX replied : Hello again XXXX XXXX I apologized for the confusion from the first email, Ive just checked your account and can confirm that your request to have the account restriction has been properly escalated. We have been experiencing a high volume of escalated cases recently and would like to thank you for your understanding and your continued patience while we review your account. If your request is cleared, well send you an email. If you need any additional assistance in the meantime, please let us know. XXXX Email to Customer Support ) Fri, XXXX XXXX, XXXX at XXXX PM Hi, How many more days are you going to take to resolve the issue. I do n't understand whats going on? When will my account be enabled to login? I need specific time line. Regards, XXXX XXXX XXXX XXXX Email to Me ) Tue, XXXX XXXX, XXXX at XXXX PM : XXXX : My account is disabled temporarily, unable to login Coinbase | XXXX XXXX, XXXX XXXX XXXX Thank you for submitting your request. Due to increased volume it XXXX take several days to receive a response. If you suspect that your Coinbase account has been compromised, please submit a request and select the Hacked account category. Tue, XXXX XXXX, XXXX at XXXX PM ( Email to Customer Support ) : Hi, How many days is it going to take to make my account active? It has passed almost 20 days and nothing has happened. I am started to get nervous about this. Can you please provide correct response and appropriate XXXX on this? -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- - I lost patience waiting for update. I had already read lot of post on about this thing happening. I feel coinbase eventually never going to give access to my account and trap my money with them.
Company Response:
State: WA
Zip: 98052
Submitted Via: Web
Date Sent: 2017-11-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-10-31
Issue: Fraud or scam
Subissue:
Consumer Complaint: Coinbase Inc may be a " conduit '' to credit card fraud. It allows account members to use stolen/fraudulent credit cards for transactions. In my case, Coinbase allowed one of its account members to conduct eight fraudulent credit card transactions within a few minutes totalling over {$400.00}. It could have been much more if I did not contact my credit card company. The first three transactions were small amounts ( i.e., {$1.00}, {$1.00}, {$1.00} ) and the next 4 transactions were in {$100.00} increments. Coinbase should have been aware that these transactions look very suspicious and should have suspended these activities with the account member. It is interesting that a company that deals with virtual/digital currency ( Bitcoin ) allows its account members to use " real '' money to conduct fraudulent transactions ( buying Bitcoins with stolen/fraudulent credit cards ).
Company Response:
State: NV
Zip: 89011
Submitted Via: Web
Date Sent: 2017-11-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-10-31
Issue: Unauthorized transactions or other transaction problem
Subissue:
Consumer Complaint: I had an account with coinbase to purchase and store crypto currency. On XXXX XXXX I had reason to believe my account had been compromised and immediately closed my account. Upon doing so I was prompted automatically to empty my digital wallets and transfer any balance to external wallets. However, i had vault withdrawal ( a multi-sig delayed transaction Wallet, used for extra security, withdrawals take 48 hours to complete ) of XXXX bitcoin in process which I had forgotten about. I was NOT prompted to transfer this or reminded in any way. As soon as I realised I tried time and time again to contact coinbase to no avail. Finally I managed to get through to them on XXXX XXXX where the operator said he couldnt see the transaction and we then got cut off. I forwarded the withdrawel confirmation email and requested they call me back but they did not. I then managed to eventually get through to them again on XXXX XXXX and this time they confirmed the transfer had gone through and they could see the funds in my old wallet. The operator said he couldnt transfer them manually and a specialist would have to do it, but this would take a few weeks. I had no option but to agree obviously. A few hours later however, I received an email from coinbase stating that as I had closed the account, my funds were now forfeited to coinbase!!! I checked their terms and user agreement and there is no mention of this. They had already confirmed that a ) they can see the funds and b ) they are able to manually transfer the funds. So there is absolutely no justification for them to retain my funds at all, i committed no wrongdoing or breach of our terms. I closed my account ( and opened a new one ) due to security concerns. This is literally robbery!
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2017-10-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-10-31
Issue: Money was not available when promised
Subissue:
Consumer Complaint: I have a Bitcoin account with Coinbase. Within that account, I have a " Coinbase Vault '' with XXXX BTC in it, worth {$86000.00} at the time I am writing this CFBP complaint. I initiated a transfer on XX/XX/XXXX from the " Vault '' to one of my Bitcoin wallets, " Spending Wallet. '' That transfer is requesting a verification from a second e-mail that I no longer have access to, a previous work e-mail address. It has been locked for the last two weeks. I have attempted to contact Coinbase to resolve the locked funds in multiple ways : - On XX/XX/XXXX I submitted Coinbase Helpdesk ticket XXXX. See attached PDF. I have replied multiple times but I have received no response. - On XX/XX/XXXX I sent an e-mail to XXXX. See attached PDF. I have received no response. - On XX/XX/XXXX, I spoke with a Coinbase Representative through their ( XXXX ) XXXX number that stated he 'd have an expert assist me and that I would receive an e-mail shortly, but that never occured. - On XX/XX/XXXX through the XX/XX/XXXX I sent multiple XXXX " Private Messages '' to official Coinbase XXXX users. See attached PDF.
Company Response:
State: WA
Zip: 98056
Submitted Via: Web
Date Sent: 2017-10-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-10-30
Issue: Money was not available when promised
Subissue:
Consumer Complaint: Please can you help me? XXXX have send me an email that they will send my transferred XXXX euro back to my bankaccount because they could not verify the name of my bank. XXXX Very strange because I send more than ones money from my bank account to XXXX. XXXX promised me in an email from XXXX XXXX XXXX to send the money back. But XXXX months later and lot of emails nothing send back or put it correctly in my Coinbase EUR wallet. I am desperate and I do n't know what to do. My name is XXXX XXXX XXXXXXXXXXXX
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2017-10-30
Company Response to Consumer: Closed with explanation
Timely Response: No
Consumer Disputed: N/A
Date Received: 2017-10-26
Issue: Other service problem
Subissue:
Consumer Complaint: Hi, My complaint is with coinbase. They closed down my account without giving me any details other than suspicious activity. Ive been emailing them multiple times for the last XXXX months with no resolution. Today, I contacted them twice by phone. After about XXXX in hold, I was connected with a rep name XXXX, and then was disconnected when she was looking into my account with a specialist. I immediately called back and after another XXXX, was connect with XXXX. Explained to him that I was just disconnected and then Ive been emailing Coinbase for over XXXX months but have gotten nowhere. I requested to speak with a supervisor and after a few minutes of push backs, he agreed. A few mins later, XXXX got on the phone. I explained to him that I would like some help in regards to why my account is locked due to suspicious activity. His response was, thats above my pay grade. I asked if theres anybody there that could help but he said no. And started to insult me. Coinbase doesnt want your business, you can do business with other XXXX companies! He sounded very hostile and I was schocked and appalled and for a few seconds didnt know how to respond to it. I asked him his last name or employee ID but he refused to give that information. XXXX repeated again, Coinbase doesnt want your business, you can take it elsewhere. Before I could respond, he hung up.
Company Response:
State: CA
Zip: 92647
Submitted Via: Web
Date Sent: 2017-10-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A