Date Received: 2023-07-29
Issue: Money was not available when promised
Subissue:
Consumer Complaint: I am reaching out to express my concerns about consistent delays Ive been experiencing with cryptocurrency unstaking transactions on the platform provided by Coinbase , Inc . As a diligent participant in the cryptocurrency market, I rely on the timeliness and reliability of services offered by platforms like Coinbase. However, Ive noticed recurring delays in the processing of my unstaking transactions, which significantly affects my ability to manage my digital assets. While I understand that a variety of factors such as network congestion and pre-determined unstaking periods can contribute to these delays, the consistent nature of these setbacks leads me to believe that there may be deeper underlying issues. Given the regulatory oversight and consumer protection mandate of your agency, I believe it is crucial to bring this matter to your attention. The growth and integrity of the cryptocurrency market depend largely on the reliability and trustworthiness of these platforms, and consistent delays in transactions can undermine this trust. I kindly request your agency to investigate this matter, and, if necessary, engage with Coinbase to ensure the provision of timely and reliable service for all users. I look forward to any response or guidance you may be able to provide on this issue, and I appreciate your time and attention to this matter.
Company Response:
State: SD
Zip: 57106
Submitted Via: Web
Date Sent: 2023-07-29
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-25
Issue: Other transaction problem
Subissue:
Consumer Complaint: Dear sirs, I buy cryptocurrencies In COINBASE.COM in XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX ). To do this, prove my identity correctly according to the strict requirements of that company. Specifically i buy XXXX in XXXX tokens. The reference code is XXXX. And for six months, for a reason that the company does not clarify me, my account is restricted. I can log, view information, change my password, etc., but I can't operate. As a result, I can not send my cryptocurrencies to a more secure wallet, or even sell or buy on my platform.
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2023-07-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-24
Issue: Confusing or missing disclosures
Subissue:
Consumer Complaint: I am writing to file a formal complaint against Coinbase, a cryptocurrency exchange platform, regarding a series of alarming issues that I have recently encountered. The purpose of this complaint is to bring to your attention the deceptive practices and unresolved concerns I have faced as a customer, and to seek your assistance in resolving this matter promptly. On XX/XX/XXXX, I made a purchase of {$2000.00} USD worth of USDC on Coinbase. At no point during the transaction process was I presented with any prompt or message indicating that my funds would be subjected to a lengthy hold period until XX/XX/XXXX. Had I been aware of this excessive hold period, I would not have proceeded with the purchase in the first place. This lack of transparent communication is deeply concerning and undermines my trust in the platform. To my utter dismay, on XX/XX/XXXX, when I checked my Coinbase account, I was shocked to discover that my funds were locked in a hold period until XX/XX/XXXX. I reached out to Coinbase 's customer support for assistance, only to be met with complete unhelpfulness and indifference. The lack of responsiveness and support from Coinbase 's customer service team has left me feeling utterly disregarded and disheartened. In an attempt to retrieve my funds and explore alternative platforms for my transactions, I promptly sold the XXXX USDC on XX/XX/XXXX. However, to my disbelief, Coinbase prevented me from withdrawing the money into my source bank account. This further adds to the already distressing situation and raises serious concerns about the platform 's commitment to customer satisfaction. What is even more disconcerting is that Coinbase informed me about the restriction on my account only after I had made the purchase. Prior to and during the purchase process, there was no mention of any restrictions whatsoever. This deceptive practice, coupled with the subsequent lack of transparency about the reason for the restriction, raises significant ethical questions about Coinbase 's business practices. I implore the CFPB to investigate this matter thoroughly and take necessary actions to rectify the situation. I am seeking your assistance in recovering my funds from Coinbase, as I firmly believe that such deceptive practices and lack of accountability should not be allowed to persist. I earnestly request the CFPB 's intervention to ensure a fair and just resolution of this issue. I trust in your commitment to safeguard consumers ' rights and uphold the principles of transparency and accountability in the marketplace. Thank you for your attention to this urgent matter. I eagerly await your response and hope for a swift resolution.
Company Response:
State: MA
Zip: 02116
Submitted Via: Web
Date Sent: 2023-07-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-23
Issue: Fraud or scam
Subissue:
Consumer Complaint: Commencing on or around XX/XX/2022, I fell victim to two multi-layered scam operations run by XXXX which involved me making deposits for a total amount of XXXX USDT and XXXX from my Coinbase account to fraudulent investment firm ( s ).
Company Response:
State: TX
Zip: 78504
Submitted Via: Web
Date Sent: 2023-07-23
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-21
Issue: Money was not available when promised
Subissue:
Consumer Complaint: For about two year I had been investing on the coinbase exchange. One of my investments was called XXXX XXXX. I had put in close to {$6000.00} or more into XXXX over those 2 years. The XXXX was down significantly as is most crypto. On XX/XX/XXXX via XXXX Coinbase announced they would not support the XXXX XXXX of XXXX XXXX. XXXX airdropped a new version of their crypto. Coinbase told its customers in a series of poorly worded emails and XXXX announcements that they would not support this new crypto and investors needed to move there crypto to another exchange. I was not aware of that until 1 day after it was to late XX/XX/XXXX. I was on vacation and missed the opportunity to sell or move my crypto. I am now being told that my XXXX XXXX which has a value of {$2500.00} is now worthless. I can not transfer it or sell it and I have lost all my money. XXXX XXXX was supposed to replace my XXXX XXXX with XXXX but coinbase did not allow it. My investment is going according to Coinbase and they will not hear my complaints. They blame me and the thousands of people who lost their money. The announcements were terrible and I do not use XXXX. I really had no idea what to do in this case but was also to late. I know of another person who was in the hospital and lost his investment. If people are going to loose their money Coinbase should have made sure everyone was contacted with the correct info before taking there money away. So coinbase promotes these crypto currencies and then takes them away after they were purchased on the exchange. I am distraught over this because I do not have much money. My business has been hurting since covid and I was also mail order scammed a little over a year ago. I am nearly out of business and this was a very painful thing. Hopefully you can help! I am not sure what to do.
Company Response:
State: MA
Zip: 018XX
Submitted Via: Web
Date Sent: 2023-07-21
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-19
Issue: Fraud or scam
Subissue:
Consumer Complaint: In a nutshell, the fraud worked like this. I was slowly introduced to a supposedly profitable investment ( XXXX options on real-time XXXX pricing ). I was encouraged to start small and was allowed to withdraw money from my account twice. Over-time, I was encouraged/motivated to increase my capital investment to avail myself to higher profit opportunities. As my account increased to XXXX $ XXXX XXXX XXXX I was informed that in order to withdraw my money, I need to deposit 18 % withholding for IRS XXXX on the $ XXXX XXXX cumulative XXXX to date. The tax amounted to $ XXXX XXXX $ which I deposited. I was further informed that I had to deposit another $ XXXX XXXX $ for large amount withdrawal risk, which I also deposited. For days, I waited to withdraw from my account but was told that there are many VIPS ahead of me. I was then informed that I could apply for VIP membership if I wanted to be in front of the withdrawal line. The cost of the VIP membership was 2 % of account value which amounted to another $ XXXX XXXX XXXX The website was determined to be a fraudulent website. Please read attached file for complete story.
Company Response:
State: CA
Zip: 91361
Submitted Via: Web
Date Sent: 2023-07-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-18
Issue: Fraud or scam
Subissue:
Consumer Complaint: On XX/XX/2023 I called Coinbase support because I had purchased XXXX token and value was not in my coinbase wallet. Tech support helped me find some of my XXXX tokens. This is where things got weird. I had been holding onto XXXX XXXX tokens since they showed up in my coinbase wallet. I just assumed it was an airdrop or was sent to my wallet but I cant find the transaction Hash. So I just left them in my wallet. Well during my tech support call with Coinbase, Coinbase told me to delete and redownload the app. Which I did. They also told me to renter my XXXX word Seed phrase which I did. But when I was logged into coinbase wallet. My XXXX tokens had Vanished. I hope my call to coinbase wasnt spoofed with is a hacking thing. But if I wasnt spoofed and someone didnt steal my funds. Then during my call with coinbase they stole my tokens. Its been very stressful loosing my tokens. Which at the time was only a {$2000.00} value but for holding them for so long why did the fund disappear. I think coinbase took my tokens because of a weird guess is. Is your holding XXXX it should be at a higher value and I was gifted those tokens or airdropped. Coinbase doesnt want to believe that those tokens are worth more and have not been honoring the value of these tokens. So they stool them. But I will not stop till this situation has been resolved. They keep closing my case # XXXX trying to say I didnt have the funds because I dont have a ether scan hash to search my value but its because I never swapped or moved or sold those tokens in my wallet. I believe the fraud my tokens. Im going up against a firm that can edit and change info so its going to be hard but I have been saving screen shots of my investment since I began with XXXX investing and I would like them to return my funds back into my wallet! This isnt fair to the investor. And I hope I wasnt spoofed and my funds was stolen by a hacker. I would like to believe coin is just holding onto my fund till after do kwons court with XXXX token but XXXX not sure. Thank you for your help on resolving this matter with Coinbase stealing my funds
Company Response:
State: NY
Zip: 137XX
Submitted Via: Web
Date Sent: 2023-07-18
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-17
Issue: Other transaction problem
Subissue:
Consumer Complaint: I am writing to file a formal complaint against Coinbase, a digital currency exchange platform, regarding unauthorized charges and the subsequent mishandling of my complaint by their customer support team. Despite cancelling my Coinbase One account in XXXX last year, I have been continuously charged {$29.00} per month without my consent or knowledge. When I recently discovered these charges on my bank statement and contacted Coinbase 's customer support, I encountered a series of unsatisfactory responses and inadequate assistance. The details of my complaint are as follows : Unauthorized Charges : Despite cancelling my Coinbase One account in XX/XX/2022, Coinbase continued to charge me {$29.00} per month. These charges were entirely unauthorized and were made without my consent or knowledge. It is unacceptable for Coinbase to continue billing me for a service I explicitly cancelled, and did not use since then. Lack of Receipts and Communication : Throughout this entire period, Coinbase failed to send me any receipts or notifications regarding these charges. As a responsible consumer, I rely on regular receipts or invoices to monitor and review my financial transactions. Coinbase 's failure to provide these documents deprived me of the opportunity to detect and address the unauthorized charges promptly. Insufficient Refund Policy : When I reached out to Coinbase 's customer support to rectify the situation and request a full refund for the entire period in which I was charged, I was met with a disappointing response. Despite their clear responsibility for the unauthorized charges, Coinbase only offered to refund me for three months. They unjustly placed the burden on me, the consumer, by claiming that I should have reviewed my bank statement earlier and notified them. This policy is unreasonable, especially considering Coinbase 's failure to provide regular receipts or notifications. Inadequate Customer Service : When I requested to speak with a manager or supervisor to escalate the issue, the customer service representative refused my request. This lack of willingness to address my concerns or provide appropriate assistance only further compounded my frustration with Coinbase 's handling of the situation. I kindly request the following actions to be taken : Full Refund : I request a full refund for the entirety of the unauthorized charges imposed by Coinbase since XX/XX/2022. It is only fair that I am reimbursed for the amount taken from my account without my consent. Investigation : I urge the Consumer Financial Protection Bureau to thoroughly investigate Coinbase 's practices regarding unauthorized charges, inadequate communication, and insufficient refund policies. It is crucial to ensure that Coinbase takes responsibility for their actions and adopts appropriate measures to prevent similar incidents in the future. Improved Customer Support : Coinbase should be held accountable for their inadequate customer support and the refusal to escalate customer complaints. It is essential for them to address these issues and implement measures to ensure that all customer queries and concerns are handled promptly and professionally. I trust that the Consumer Financial Protection Bureau will handle this matter promptly and fairly, ensuring that my rights as a consumer are protected. Thank you for your attention to this matter, and I look forward to a swift resolution.
Company Response:
State: VA
Zip: 220XX
Submitted Via: Web
Date Sent: 2023-07-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-16
Issue: Money was not available when promised
Subissue:
Consumer Complaint: On XX/XX/XXXX I placed a buy order with Coinbase of XXXX and Coinbase said the clear date would be on the XXXX due to the nature of XXXX taking a few days to clear. On Monday morning the XXXX they flagged my account and told me the delay would be 30 days. The money has already cleared my bank account, they are locking the funds for an additional 45 days. I've reached out multiple times and sent multiple tickets yet they refuse to acknowledge the issue. I've verified my transaction and my identity with them. I'm not sure what else to do
Company Response:
State: CA
Zip: 90703
Submitted Via: Web
Date Sent: 2023-07-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-07-15
Issue: Managing an account
Subissue: Problem making or receiving payments
Consumer Complaint: Yes I have been inactive in my account and unable to withdraw my account with errors on my credit report XXXX XXXX XXXX and and tax collection cases updated and profiled our support team reported the IRS and funded my account to my beneficiary and allocated payments to the bank and put my account on hold I asked them to review it at the IRS and was a scam said we ID theft the bank and used it to compromise my account and left me to uphold the account in forgery in my claims I asked to regain access to my account and she said needed a officer to verify the theft and bring in the forms with my reason for obtaining the documents. I can not activate my bank account and looks like I made a payment to the bank in transaction on hold that were confiscated in a tax lien which has been sent to the IRS XXXX form tax collection without due process of collection form also asked to come in the XXXX to tax office and collect the documents on file with my XXXX x tax papers form for XXXX and XXXX. I have not been paid and have been waiting for the bank to complete operations on my check and finance my payments.
Company Response:
State: NC
Zip: 287XX
Submitted Via: Web
Date Sent: 2023-07-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A