Date Received: 2023-08-04
Issue: Confusing or missing disclosures
Subissue:
Consumer Complaint: Dear Consumer Financial Protection Bureau, I am writing to file a formal complaint against Coinbase, a financial service provider, due to their unfair and arbitrary restrictions imposed on my account. I find myself in a distressing situation as I have been permanently banned from sending assets off of their platform without any reasonable explanation or evidence to justify their actions. I firmly believe that I am a victim of Coinbase 's opaqueness and lack of transparency in handling customer accounts. I want to emphasize that I have not engaged in any suspicious or fraudulent activity whatsoever. Despite this, Coinbase has unjustly restricted my account, hindering my ability to utilize the assets I rightfully own. I vehemently challenge Coinbase to provide any concrete evidence supporting their baseless claims. As a user who has consistently used Coinbase responsibly, safely, and securely, their vague justification to " protect from scam or fraud '' is nothing short of an unacceptable and inadequate response. The lack of clarity from Coinbase regarding the specific reasons behind this permanent ban only deepens my sense of injustice and frustration. My numerous attempts to seek an explanation and resolution from their customer support have been met with automated responses, vague replies, and no substantive actions taken to address my concerns. I consider Coinbase 's actions to be an abuse of power and a violation of my rights as a customer. This sudden and unwarranted restriction on my account has caused me significant financial and emotional distress. Moreover, Coinbase 's unwillingness to provide transparent and accountable support further exacerbates the sense of helplessness and vulnerability that I am experiencing. Therefore, I urgently request the Consumer Financial Protection Bureau to intervene in this matter and investigate the unjust ban on my Coinbase account. I implore you to hold Coinbase accountable for their arbitrary actions and compel them to provide a valid and concrete reason for the restrictions they have imposed on my account. Additionally, I seek your assistance in ensuring that the unfair ban on my account is immediately lifted, and my access to my assets is restored without further delay. I trust that the CFPB will conduct a thorough investigation into this matter and help bring an equitable resolution to this unfortunate situation. I look forward to your prompt attention and action in rectifying this matter and ensuring that other customers are protected from similar arbitrary actions in the future. Thank you for your understanding and support. Sincerely, XXXX
Company Response:
State: MA
Zip: 02116
Submitted Via: Web
Date Sent: 2023-08-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-03
Issue: Fraud or scam
Subissue:
Consumer Complaint: I was investing money into Coinbase for for crypto currency and all money was lost.
Company Response:
State: AZ
Zip: 85392
Submitted Via: Web
Date Sent: 2023-08-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-02
Issue: Problem with customer service
Subissue:
Consumer Complaint: On XX/XX/2023, at XXXX, I transferred my cryptocurrency asset XXXX ( XXXX ) for the amount of XXXX worth from my Coinbase Wallet to my primary Coinbase account. A few days later on XX/XX/2023, I attempted to send my XXXX asset to an external wallet ( XXXX ) or back to my coinbase Wallet but the asset kept failing to send. On XX/XX/2023, I contacted Coinbase customer service and spoke with a representative that couldnt give me a response as to why the asset wasnt able to trade or send out of my primary Coinbase account. I have contacted Coinbase numerous times and have spoken to several representatives that seem to be giving me the run around on this issue with my account.
Company Response:
State: FL
Zip: 33319
Submitted Via: Web
Date Sent: 2023-08-02
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-03
Issue: Unexpected or other fees
Subissue:
Consumer Complaint: My money was stolen XXXX XXXX XXXX I tought that I was trading using the XXXX XXXX XXXX. I borrowed money and bought XXXX ( this was advised by the scammers ). After a few trades, they dissappeared leaving me broke and having great debts with the persons I borrowed the money from. Fast forward to two years later ... ( XX/XX/2023 ) I got contacted by someone ( XXXX XXXX ) from some trade control company. He told me that the stolen funds were seized and that Coinbase was cooperating to get the stolen funds back to the victims. There were off course hundreds of victims worldwide. Now Coinbase send me emails that the stolen funds are ready to be transferred back to my wallet ( coinbase wallet ) but before they will do that, I will have to top up my coinbase wallet with XXXX XXXX. Witch I don't have off course. So they want me to top up my account with them before they release the funds to me... This sounds like a scam. But I don't know what the regular procedure is in these cases. They say that I have to top up XXXX so that my bank won't think that this is a money laundring sceme... The only thing I can say is... XXXX!! Please help.
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-08-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-02
Issue: Other transaction problem
Subissue:
Consumer Complaint: XX/XX/2023 XXXX XXXX Shortly after XXXX my account was hacked, and monies were taken from my 'protected ' bank account on Coinbase and invested in XXXX twice. 1 ) XXXX XXXX XXXX ) XXXX XXXX XX/XX/2023 XXXX XXXX Shortly after XXXX my accountwas hacked again. This time the hacker was allowed to purchase and/or sell XXXX to other accounts from my account at least three, but probably more, times via various trades and other devices. ( See Highlighted Transactions ) During this period of time, and as before on XX/XX/2023, I was never asked for confirmation nor informed of any of this activity. 1 ) XXXX XXXX XXXX ) XXXX XXXX XXXX ) XXXX XXXX On XX/XX/2023 I contacted Coinbase via telephone XXXX XXXX and spoke with a representative. I requested assistance from the representative, and none was given. The representative was barely discernable and kept-on repeating the transactions I was contesting. In addition, the representative also kept repeating that I owed Coinbase money. Nothing at all was attempted to resolve my situation. Coinbase was clearly negligent in not only allowing a hacker to infiltrate my account, but to further allow unauthorized transactions to take place without my consent, or informing me of such activity. Furthermore, Coinbase failed to protect my banking information from said hacker who then easily managed to transfer monies from my XXXX XXXX XXXX XXXX Banking account ( s ) into Coinbase to then be used for unauthorized trading and sale. This fiasco has caused me financial damage and distress over several days period of time and continues to do so as I write this complaint and demand for recovery of lost finances. In addition, after contacting Coinbase they made matters worse by offering no repair or recovery whatsoever, but simply demand that I pay them money instead.
Company Response:
State: MD
Zip: 21224
Submitted Via: Web
Date Sent: 2023-08-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-08-01
Issue: Managing, opening, or closing your mobile wallet account
Subissue:
Consumer Complaint: I have a Coinbase account they made the mistake and they have locked me out of my account. I call coinbase there customer service is horrible. I transferred out some funds to cover some bills, Coinbase sent it to my savings instead of my checking. I sent the money back to coinbase so I could send it to my checking done, but a day later i try to use my coinbase debit card and it is declined. I call coinbase they tells me I owe them XXXX dollars, i look at my checking and saving and sure enough the money is still in my savings account i try to send it and my bank accounts are unlinked. I link them and send them the money and I wait for it to clear. I call them and they still have my account blocked that was XXXX XXXX coinbase customer service says they will escalate but they will not get a supervisor or manager or will they supply you with any other phone number or email. I call every other day and nothing they always say the same thing we escalate, they will email you but no one ever does.they make it seem that I did something wrong when its coinbase fault I am no computer wizard I paid them there money it cleared my bank and they still have my account blocked, they verify me and give me the run around. Today XXXX now they say until XXXX XXXX I am afraid that the little I have they are trying to steal it or misappropriate my funds I am already a XXXX citizen and I feel they are trying to take advantage of me. Can you please help me
Company Response:
State: FL
Zip: 33134
Submitted Via: Web
Date Sent: 2023-08-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-31
Issue: Fraud or scam
Subissue:
Consumer Complaint: My account with Coinbase has been compromised. I have been trying to get in contact with representatives in order to have my issued fixed. Due to their telephone, I am unable to get a hold of anyone and I'm directed to " open a ticket '' within their website. I am unable to log into their website since my account has been compromised. No one in coinbase is able to assist me.
Company Response:
State: NJ
Zip: 07666
Submitted Via: Web
Date Sent: 2023-07-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-31
Issue: Money was not available when promised
Subissue:
Consumer Complaint: On XXXX XXXX XXXX XXXX Funds were deposited to COINBASE in my account, and converted to USDC. For reasons they will no disclosed, they have placed a 47 Day Holding period on my funds, so they are no available for sending or withdrawal. Also, they have put a restriction on my account. After contacting them to discuss, they refuse to give any reason why or to release the funds back to me. {$20000.00} is currently being held hostage, it's extremely concerning.
Company Response:
State: MD
Zip: 218XX
Submitted Via: Web
Date Sent: 2023-07-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-30
Issue: Fraud or scam
Subissue:
Consumer Complaint: I've an account with Coinbase and have bought Cryptos twice. On XX/XX/2023 XXXX XXXX, I bought ETH crypto to send it to my wallet on another site that holds my wallet. To do that, I wired money the same day morning from my bank to Coinbase and bought ETH. When I was buying ETH, I wasn't warned that I'm retrsicted to send. Once I bought crypto, when I tried sending to my wallet by clicking on 'Send ', Coinbase showed me " Account Restricted You are currently unable to send crypto on Coinbase. Please visit https : //support.coinbase.com for assistance. '' And the restriction is until 60 days. Coinbase knew that sending will not be possible and didn't warn me when I was buying ETH crypto. I've called the support and the support keeps telling me that they have escalated to the related team but doesn't give me the exact 'restriction ' reason. I'm a normal person who buys crypto 's and was trying to store to my wallet. I've asked Support several calls asking what's this restriction about and the reason for this restriction- they don't say anything but repeat the answer that someone will get back by email - I've waited enough and hence this complaint. This is a scam- they knew that they can not send and they didn't warn me - This is not good business.
Company Response:
State: CA
Zip: 94025
Submitted Via: Web
Date Sent: 2023-07-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-31
Issue: Unauthorized transactions or other transaction problem
Subissue:
Consumer Complaint: I tried to bridge ETH direct from my Coinbase account to their Layer 2 product, Base, via the portal proxy contract. This was an error, since the bridging will deliver the ETH back to the exchange on Base, and there is a possibility the ETH would be lost and unrecoverable. I tried working out asset recovery with their support ; unfortunately, their support had no idea what I was talking about, even after directing them to their own user documents and explaining the issue very clear. Further, they called me XXXX XXXX XXXX which is not my name, and purported to deliver me a case number for reference, but didn't. I was then cut off from online chat support and told " email support '' would be in touch. That has not happened yet, and I am skeptical about receiving any sort of adequate support to attempt to resolve this issue ( understanding it may not even be resolvable ).
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-07-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A