Date Received: 2017-06-28
Issue: Confusing or missing disclosures
Subissue:
Consumer Complaint: The company I am filing a complaint against is Coinbase. In XXXX XXXX, I was traveling to XXXX for vacation, and when I tried to log into my coinbase account, it was immediately closed due to suspicion that I may live in XXXX. After multiple attempts to contact support, there has been no response at all, and my account is frozen along with XXXX dollar in XXXX.
Company Response:
State: CA
Zip: 94704
Submitted Via: Web
Date Sent: 2017-06-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-06-28
Issue: Other service problem
Subissue:
Consumer Complaint: Coinbase recently moved to a account confirmation process that requires either a webcam or smartphone to complete. I have tried using both and I can not get the ID verification to work. ( Note that I already was approved for the exchange and using Coinbase regularly before this new procedure was implemented. ) As a result, I can not buy or sell virtual currencies I hold via the Coinbase exchange. I have tried every alternative I could find, but the only Coinbase support readily available is a bot that spits out canned answers that do not fix the problem. I have made three requests to speak with a human who can get me back online, and I have had no response. There are many other problems with Coinbase as well -- they are apparently overwhelmed and the site goes down all the time -- but right now I just want access to my account so I can liquidate my holdings there.
Company Response:
State: SC
Zip: 29205
Submitted Via: Web
Date Sent: 2017-06-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-06-27
Issue: Managing, opening, or closing your mobile wallet account
Subissue:
Consumer Complaint: I need assistance with XXXX XXXX. I lost my phone and need it on my new phone to access my account or to send more than XXXX bitcoin. I can not even change security settings to help myself because of this. Their admin could help me in 60 seconds. I have been waiting a week. Their online XXXX @ coinbasesupport serves as a support contact and they literally skip over me and help new requests. I have a significant portion of my life savings on this platform. I 'm floored as to the lack of support. My initial support ticket was submitted 1 week ago and I have not heard a peep from support. I have access to see from one device but I can not change settings due to losing my phone. This access expires every 30 days which I anticipate will be shortly. I need access to my funds! I 'm verified!
Also note the platform coinbase had a crash with the very coin I have a lot of investment in and it lost 99 % of the value periodically. I could not do a thing due to the lack of access from every device around me that night. I need a human to answer my ticket and fix my XXXX authentication so I can access my money immediately. I can provide any documentation necessary. Case # XXXX XXXXCompany Response:
State: TX
Zip: 75070
Submitted Via: Web
Date Sent: 2017-06-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-06-27
Issue: Confusing or missing disclosures
Subissue:
Consumer Complaint: I withdrew $XXXX from my XXXX account and sent it to Coinbase via the USDT transfer method. Coinbase received the $XXXX and it showed complete in the XXXX system. I contacted Coinbase with a support ticket and was pretty much told I was out of luck. XXXX says CB has my money, CB says they can't accept USDT but they didn't reject the transaction...they accepted and now say they can't return it. Regardless of they XXXX explanation I have found comments from people online (coinbase employee) that say with the right key they can return my money. This has been happening to people for over a year and neither company has done anything to fix this from happening in the future. This seems like a scam and their material didn't explain this would happen very well at all they both just let the transaction happen only later to tell me it's gone... This isn't acceptable to simply have your money stolen like this...CB has my currency regardless what they say.. Here is their response: XXXX XXXX XXXX | XXXX PDT XXXX replied: Hi XXXX, USD and USDT are not the same thing. USD is the currency controlled by the United States Treasury. USDT is an alt-coin built on the Bitcoin blockchain. Unfortunately, our key-signing mechanism is not equipped to handle alt-coins that run on top of digital currencies such as bitcoin or ethereum. The security and integrity of our private keys is of the utmost importance to us. As a result, the specific private keys associated with an address are not physically available to any single person. It would take a massive effort and some very large engineering resources just to access a specific key, not to mention the inherent security risks involved. Heres an analogy that might be helpful: Imagine someone wrote you an IOU for $XXXX on a $XXXX bill. You then put that $XXXX bill in a change machine by accident. Since the change machine doesnt have any way to read the IOU printed on the bill, it gave you four quarters, the face value of the $XXXX bill. USDT is like an IOU written on a very tiny fraction of a bitcoin, the USD value of which is usually only a few cents, if its even that much. So what you sent to your USD wallet wasnt USD. It was the very tiny fraction of a bitcoin with an IOU for whatever amount of USDT you had in your USDT wallet. When bitcoin is sent to a Coinbase USD wallet, we attempt to convert it instantly into USD so we can deposit it in the receiving accounts USD wallet. If the tiny amount of BTC is less than $XXXX, were not able to convert it, but if we are, we deposit the corresponding amount of BTC in the receiving accounts BTC wallet. Unfortunately, unlike a coin machine where you could hypothetically find someone with a key for it who could open it up and retrieve the $XXXX bill with the $XXXX IOU written on it, our systems security is designed so that no one is able to do that. No one is able to get into the back end of the system, because if we left an opening, all our funds would be less secure.This is one of those things I really wish XXXX would make clearer to their customers, that USDT is not the same as USD. Unfortunately, there isnt anything we can do to retrieve those funds. Theyre locked up tight. Im so sorry for the inconvenience this has caused. I wish I had better news for you! XXXX Customer Support ** When the BTC transaction error appeared on my account (system was confused and tried to deposit
Company Response:
State: MO
Zip: 64083
Submitted Via: Web
Date Sent: 2017-06-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-06-27
Issue: Fraud or scam
Subissue:
Consumer Complaint: Four weeks ago I made a 4 day trip to XXXX and used the wifi at a hotel to check BTC ticker in the Coinbase app. I returned home ( US ) on XXXX XXXX, and when I tried to login to Coinbase I got this message : -- -- -- -- -- - We have reason to believe you reside in a country in which Coinbase is prohibited by law from doing business ( XXXX ) per the sanctions imposed by the U.S. Treasury Department 's Office of Foreign Assets Control. As a result, weve unfortunately had to close your Coinbase account. If you are not a resident of a sanctioned country or otherwise have received this notification in error, please contact us at XXXX immediately and provide us with a copy of a photo ID and proof of your current address. If your account has a balance you will need to contact the U.S. Treasury Department to request permission to access your funds. -- -- -- -- -- -- I have a balance over XXXX in their account, and need access to my funds. I have contacted them multiple times since then, over multiple channels ( XXXX, social media, email, XXXX ), and sent the required information to prove my address with a valid id, etc, and I have gotten no response from them. I found this thread, which was someone with the very same issue, and they got it resolved within two weeks of contacting support : XXXX XXXX XXXX It 's been 24 days of my account being blocked, and I have heard nothing from Coinbase. There 's no phone number, no chat, nobody to talk to. I have already reached out to the CEO @ XXXX, and various members of their team, to no avail or response. It 's like they evaporated from the face of the earth. I can not understand a bank holding substantial funds for its customers that do not answer support request, which forces me to believe they are a fraud now.
Company Response:
State: FL
Zip: 333XX
Submitted Via: Web
Date Sent: 2017-06-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-06-27
Issue: Money was not available when promised
Subissue:
Consumer Complaint: I bought XXXX BTC from Coinbase, Inc on XXXX XXXX 2017 using a debit card. As per their site, debit card transactions should process " instantly '' and the Bitcoins should have been in my virtual wallet on Coinbase. It is now over a month with no contact from Coinbase, little to no support or even the ability to speak to a person. I have sent multiple emails and the responses are computer-generated messages with no information of the status of my transaction. The money left my bank account immediately so I do not know why I have not been able to receive my Bitcoins. I just want this transaction to go through and then I am closing my account. Coinbase is a scam, where they take your money and offer no way to contact them or get your money back. They make too much money of every single transaction that this kind of issues are unacceptable.
Company Response:
State: IL
Zip: 606XX
Submitted Via: Web
Date Sent: 2017-06-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-06-27
Issue: Fraud or scam
Subissue:
Consumer Complaint: on X/XX/2017 Coinbase wrongfully transferred money out of my bank account and is now refusing to pay it back. When confronted by my bank account transaction proof, they simply refuse to show any proof and are simply ignoring my requests They now have locked my account for 60 days, so I cant even take out my US Dollars valued around {$3900.00} from my account
Company Response:
State: TX
Zip: 75035
Submitted Via: Web
Date Sent: 2017-06-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-06-27
Issue: Money was not available when promised
Subissue:
Consumer Complaint: I purchased XXXX ethereum ( a type of cryptocurrency ) from Coinbase on XXXX/XXXX/XXXX which was added to my account. On XXXX/XXXX/XXXX I purchased another XXXX ethereum, which was never added to my account. I tried to contact them on multiple platforms -- their website, email and twitter message ( which they actually recommend ). I have not heard from them at all and they 've since deleted my case on their support website.
Company Response:
State: WA
Zip: 98684
Submitted Via: Web
Date Sent: 2017-06-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-06-27
Issue: Unauthorized transactions or other transaction problem
Subissue:
Consumer Complaint: Sold bitcoin, XXXX XXXX, {$1300.00} USD, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XX/XX/XXXX Complete and withdrew funds {$100.00} USD, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XX/XX/XXXX Complete is what shows on the Coinbase website in my account information then I received the following emails : Unfortunately we could not process your sell of XXXX XXXX onXX/XX/XXXX because the name associated with your bank account did not match your Coinbase account. and Unfortunately we could not process your withdrawal of {$0.00} USD on XX/XX/XXXX because the name associated with your bank account did not match your Coinbase account. i have been using the same bank account on Coinbase since XX/XX/XXXXsuccessfully. now my account shows {$0.00} Total balance. No money has been transferred to my bank account and no bitcoins or money remains in my Coinbase account. I have information showing the transactions have been completed and emails saying they were n't completed. i have no idea where my money or bitcoins are and I can not receive an answer from Coinbase even after submitting numerous support requests. As a XXXX year old retiree living on social security this money is very important to me. Please help me.
Company Response:
State: TX
Zip: 774XX
Submitted Via: Web
Date Sent: 2017-06-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2017-06-26
Issue: Money was not available when promised
Subissue:
Consumer Complaint: I made a wire transfer from one of my accounts to XXXX ( a crypto currency platform run by CoinBase ) at around XXXX EST on XX/XX/XXXX. According to their website, it should have gone in on the same business day if the request was made before XXXX PT. I made it on time but it 's been 3 weeks now and no money is in my account. I received confirmation from the account I sent the USD from that the wire was successful so this is strange to me. I contacted CoinBase through their support channel and made a case after a few days of still not seeing my money and have followed up every few days since then ( over 6 times ) with no response. I have contacted them on XXXX, via XXXX on their support page and through other forums and STILL have not gotten a response. To me this feels like they have stolen my money or it has been lost somewhere and I have n't got any validation. Please help if possible.
Company Response:
State: NY
Zip: 10010
Submitted Via: Web
Date Sent: 2017-06-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A