Date Received: 2017-07-28
Issue: Managing, opening, or closing your mobile wallet account
Subissue:
Consumer Complaint: I use www.coinbase.com currently and they have allowed me to add my bank account XXXX account and have verified all my personal info license etc. They allowed me to invest around 5-6k in their service. After gaining some through investments 5-6k turned into around 8k I Was able to withdraw around 4k of that. Now they are literally holding my account XXXX. I have reached out to them via XXXX, XXXX, their official support tickets, and their phone numbers. They have never even began to fix a resolution. When they reply if they do it is meaningless and then they go dark again. All in all they are literally holding my money XXXX and have locked my account disallowing me to readd financial credentials or to do anything with my money whether it be sell or send. I just want my money back that 's all it is so stressful as that is a lot of money for me. This has been going on for about a month and the email associated with coinbase is XXXX. Please help me as I really need this money back.
Company Response:
State: NY
Zip: 11106
Submitted Via: Web
Date Sent: 2017-07-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-07-25
Issue: Money was not available when promised
Subissue:
Consumer Complaint: I attempted to remove my money fro m Coinbase but w as not able to. On XX/XX/XXXX , I m oved XXXX from my " Vault '' account to my " Wallet '' account. After attempting to send this XXXX to a service ext erior to Coinbase on XX/XX/XXXX , I was inform ed that for my protection the transaction was delayed . Coin base notified me that if I verified my account the transaction would verify instantly. I verified my account and now the transaction remains pendi ng over 24 hr later. T hey are intentionally withholding my bitcoin.
Company Response:
State: NH
Zip: 037XX
Submitted Via: Web
Date Sent: 2017-07-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-07-24
Issue: Money was not available when promised
Subissue:
Consumer Complaint: I made a wire transfer of {$150.00} to Coinbase, Inc on XXXX/XXXX/2017. However, until now, the fund is still not available. I tried to contact Coinbase Customer Support, but my ticket has not been replied.
Company Response:
State: TX
Zip: 77498
Submitted Via: Web
Date Sent: 2017-07-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-07-25
Issue: Managing, opening, or closing your mobile wallet account
Subissue:
Consumer Complaint: On XXXX I received a notification that my account has been closed and pending disablement. In the email Coinbase stated, " We have reason to believe you reside in a country in which Coinbase is prohibited by law from doing business '' ... " As a result, weve unfortunately had to close your Coinbase account. '' I 'm a lawful citizen of the United States and and currently reside and employed inside the states, and my account should have not been closed.
Company Response:
State: MD
Zip: 20852
Submitted Via: Web
Date Sent: 2017-07-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-07-24
Issue: Money was not available when promised
Subissue:
Consumer Complaint: On Thursday XX/XX/XXXX XXXXXXXX XXXX CDT, I wired {$5000.00} from my bank account to the Coinbase Intermediary bank, XXXX XXXX XXXX in New York. I sent this wire from XXXX XXXX XXXX in XXXX XXXX Texas. The following day, XX/XX/XXXX Coinbases intermediary bank, XXXX XXXX XXXX in New York, confirmed receipt of the wire transfer and confirmed that it had been credited to Coinbase, under the correct instruction ( XXXX ). I can provide you with any documentation needed to verify this information I have made no less than 6 attempts to contact coinbase through their customer service portal with no response at all. I also tried to call the company but there is no phone number provided to make contact. I then Emailed directly to their " wire transfer '' department on Saturday XX/XX/XXXX and again NO response. This wire transfer is supposed to be immediately credited to my USD wallet in my Coinbase account. It is Monday XX/XX/XXXX and I have not gotten my money credited. I had a time sensitive business purchase to make on Sunday night XX/XX/XXXX and there was a one hour window for me to complete my purchase through my Coinbase account. My Company missed this purchase opportunity and now it will cost me 10 's of thousands of dollars in revenue. I have read at least 50 postings on various websites and forum 's where Coinbase appears to be deliberately withholding customer funds on wire transfers. Coin base is operating in the USA as an " Exchange " and is governed by US securities laws. This situation looks dangerously like " wire fraud ''. Thank you for any assistance you might provide in helping me recover my misappropriated funds.
Company Response:
State: TX
Zip: 77381
Submitted Via: Web
Date Sent: 2017-07-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-07-23
Issue: Other transaction problem
Subissue:
Consumer Complaint: On XXXX the XXXX I withdrew exactly XXXX XXXX to my personal account from Coinbase via a XXXX transfer, since then coinbase has not responded to any of my support tickets and has now been over a month. The lack of communication and lack of support makes me to believe this company is withholding my XXXX for their own benefit and completely lacks any customer care or support. I have contacted my bank ( XXXX ) and they have responded that the transfer was actually returned to Coinbase themselves. So therefore they need to credit my account with exactly XXXX XXXX. I 'm frustrated and angry with this lack of communication as it 's a lot of money, I 'm hoping you can help resolve my issue.
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2017-07-23
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-07-24
Issue: Other service problem
Subissue:
Consumer Complaint: My account with Coinbase was locked after transferring money from my bitcoin vault to bitcoin wallet. I was not even sending bitcoin to a third party. I was simply moving my bitcoin in a way that would make it easier for me to monetize depending on what occurred regarding the potential hard fork of the blockchain surrounding the XXXX upgrade. XX/XX/XXXX - CoinBase locked my account. I created a service ticket that day and received an automated response. XX/XX/XXXX - I received another automated message from " XXXX XXXX '' asking if I was still experiencing my problem and to reply to the email with details/screenshots/error messages. I immediately sent an email with screenshots of the locked account message ( see attachment ). XX/XX/XXXX - After receiving no update, I sent a followup email. XX/XX/XXXX - I have still received no additional communication from Coinbase and sent another followup email. XX/XX/XXXX - " XXXX XXXX '' from Coinbase support emails a mass email at XXXX XXXX that is not related to my problem whatsoever. It is evident from this email that no one from Coinbase has read anything I 've written them to date. XX/XX/XXXX - I catch up on email and read the email sent by " XXXX XXXX '' last night and sent a message back that his response was in no way helpful. I resend the screenshot of my locked account message. XX/XX/XXXX - I have received no communication since my last email on XX/XX/XXXX. I 've only ever received mass mailing communication from Coinbase support 's " XXXX XXXX '' Searching for examples of other people who have experienced problems with Coinbase, I discovered that many individuals have had their accounts unavailable for up to 6 weeks while seeking a resolution.
Company Response:
State: MI
Zip: 49525
Submitted Via: Web
Date Sent: 2017-07-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-07-22
Issue: Managing, opening, or closing your mobile wallet account
Subissue:
Consumer Complaint: The Coinbase website says that ACH transfers are free for deposits, but does not state whether there is a fee for withdrawals. They do state that for wire transfer deposits there is a {$10.00} incoming fee, and a {$25.00} fee for outgoing wire transfers. I believe this is a deceptive marketing practice, because they either charge {$25.00} for outgoing ACH transfers, or default you into a more expensive {$25.00} wire transfer fee. A second deceptive marketing practice by the company is that when you place a withdrawal in the XXXX app, they show you a confirmation screen for a withdrawal of the full amount, but then hours later send you an email with a small disclosure that you are being assessed a " {$25.00} Banking Fee ''. The fee is not described as a wire transfer fee, or a bank specific fee, it is just a generic " {$25.00} Banking Fee ''. I believe this is deceptive because if the XXXX application shows a screen that makes you think the full amount you requested is being sent to your bank, but then hours later tell you that you will be getting less money via email, if you do not read the email, you will not know you are being assessed this fee. On X/XX/2017, I made a withdrawal from my Coinbase account for {$290.00}, and they showed me an app confirmation screen for a withdrawal of {$290.00}, but later sent me an email for stating that my withdrawal amount was {$260.00} because of a {$25.00} banking fee. I checked the Fees and Disclosure page but no " {$25.00} banking fee '' was listed, and they claimed that ACH transfers were free. I also did not opt or request a wire transfer, and so I do not know why I was assessed the fee. In summary, I believe Coinbase is violating multiple Federal laws. I believe that they are violating FTC Truth in Advertising Laws, since they deceptively advertise their fee structure. I also believe that they are violating SEC laws as my fiduciary. If virtual currency is treated as property for Federal Tax purposes, than Coinbase has a fiduciary duty to do what is in my best interest. By charging excessive and undisclosed fees, I believe that they are in violation of the law, since it is not in my best interest to be assessed those fees.
Company Response:
State: NY
Zip: 11215
Submitted Via: Web
Date Sent: 2017-07-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-07-22
Issue: Other transaction problem
Subissue:
Consumer Complaint: I have made an international transfer of XXXX XXXX to Coinbase Inc on XX/XX/XXXX. On XX/XX/XXXX they sent me an email saying they will not deposit the money into my account, but refund it within 1-2 business days instead. I have been waiting for the refund 3 weeks now and have not received any response or money back from the company. The customer service is not responding either.
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2017-07-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-07-22
Issue: Fraud or scam
Subissue:
Consumer Complaint: I purchased XXXX Litecoins using Coinbase on XX/XX/XXXX. The currency showed up in my account on XX/XX/XXXX, however, after showing up in my account, my buy and sell activities became restricted for no apparent reason. After looking at my sign in log it does n't look as though someone was trying to access my information, and I even provided further identification with my drivers license with no luck. Its been 7 days and I want to be able to actually access my money. This may seem like poor customer support that just needs to be resolved, but several people on XXXX seem to be having a similar experience with Coinbase right now. I luckily only bought XXXX litecoins for {$230.00} total. Some people have a lot more than I do, and do not have access to that money they bought, which is why I classify this as a scam. It does n't make sense that the day I receive my money, I can not longer buy or sell.
Company Response:
State: IL
Zip: 60543
Submitted Via: Web
Date Sent: 2017-07-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A