Date Received: 2021-02-19
Issue: Managing, opening, or closing your mobile wallet account
Subissue:
Consumer Complaint: Dear Financial Ombudsman Service Team, I am writing to you to launch an official complaint against the US-based financial services company Coinbase. I am a XXXX citizen and I have an account with Coinbase ever since the beginning of XXXX where I hold different crypto currencies. Please help me! Writing to you is the last thing I can think of to get back my money. Coinbase wont help. I have contacted them in various ways over the last 4 months but they are not helping me leading to my financial loss. Some background information : Coinbase offers an option to store crypto currencies in a vault instead of the regular asset portfolio since even large companies such as Conbase could be hacked and crypto that people keep in the regular asset portfolio could be stolen. That's why I stored one of my crypto assets ( Litecoin ) safely in the vault. In order to retrieve it, you have to go to the vault - click on withdrawal and in the next step you will get two emails that you will have to confirm : one email to your primary email account and one email to the second email account. The problem is : every time I click on the link in the email that I receive at my second email address - the coinbase link doesnt work. The vault always says that the email sent to my second email address hasnt been confirmed yet. But I did confirm it. It is a technical problem caused by Coinbase. I have tried to retrieve my Litecoins from the vault at least 10 times and the problem remains. Usually this would not be a big deal. You write to the support and they fix their bugs on the website. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- The PROBLEM : This is where the issue starts : I first wrote to the Coinbase support on the XX/XX/XXXX. Case # XXXX - Problem with Withdrawal from the Vault I launched all tickets through the official Coinbase Website and I can provide you with screenshots of the replies they send me on my primary e-mail address XXXX I didnt get an answer. I gave them quite a bit of time to answer before I contacted to the support again on the XX/XX/XXXX : Case # XXXX - HELP! I can not withdraw money from my vault Again, I didnt get an answer from them. So, I called their customer hotline but it turns out that it is a robot answering the phone and you can only continue if your account has been compromised. Then you can press a number on the keypad and they will shut down your account. There was no way of getting put through to a person who could help me with the problem. Meanwhile, I tried to access my vault many times without success. I can provide you with more detailed information and proof of that. I launched an official complaint via their website ( since they wrote on their website that they will answer to official complaints within 15 business days ) but I didnt get a confirmation email so I am not sure if that has worked. It could be that there was a bug in that function as well. Then I finally got a reply from the Coinbase support on the 10 of XX/XX/XXXX. They were answering to Case # XXXX - Problem with Withdrawal from the Vault I took them almost 3 MONTHS!!! to answer the ticket it opened in XXXX. When I read the email I saw that they haven't even understood the problem that I am having. The person answering my email probably just scanned it and didnt read it and understand the issue. They just told me that I need to confirm both emails on both email addresses. Yeah, I know that but it is a technical problem and doesnt work. So I replied to them explaining this on the XX/XX/XXXX : ( 2 ) [ Reply ] Case # XXXX - Problem with Withdrawal from the Vault Again, I didnt get an answer. On the XX/XX/XXXX I received an automated email where I should rate weather my problem was resolved or not. I clicked on the bottom indicating that it wasnt resolved and wrote a text to explain the problem that the person didnt even read or understand the problem that I had and just sent me a standard reply. So finally today, Friday the XX/XX/XXXX I wrote to the support AGAIN plus I launched an official complaint through their website : This time I received an automated E-Mail that my complaint has successfully been launched : [ Created ] Case # XXXX - Complaint # XXXX This is the ticket that I wrote to the support : Case # XXXX - CAN NOT ACCESS MY VAULT -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- This is me trying to get help from Coinbase support for the last 4 months. THE PROBLEM : I want to sell all my Litecoins NOW - like TODAY - If Coinbase wont answer me and fix their technical issue so that I can access my vault to take back MY MONEY I will suffer a financial loss caused by Coinbase. Not only because it is their technical problem causing the issue but also because nobody can be reached to fix it and even if I reach somebody they apparently cant be bothered to even read the email or provide help. Today my wallet balance is : Wallet balance : XXXX XXXX ( XXXX ) I will include a picture of that. While I understand that with Covid there might be a bit of delay sometimes but other financial services also manage to answer their customers. I have an account at the crypto plattform XXXX. They also had a technical issue but the support answered me back the NEXT DAY! Imagine you had an issue with your bank account and it took the bank 4 months to get back to you and then not even reading your email. Please help me! This is the last thing I can think of to get back my money. Thank you very much in advance! Best regards, XXXX XXXX XXXX
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2021-02-19
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-02-19
Issue: Other transaction problem
Subissue:
Consumer Complaint: Coinbase and Coinbase pro have either lost my money due to a hack or a system error, or they have a glitch and made it so I can not get back into my account, It's been 6-7 weeks since I have been able to get into my account and I first messaged them about the problem. I received a couple of auto generated " your ticket has been received '' msg and then the generic " we have a high volume so it may take a while to get back to you ''. I sent another msg a few weeks later and got a reply saying they would get back to me in 5-7 days. That did not happen. I sent another email saying they never got back to me and have heard nothing back in weeks. I have {$70000.00} in their system that I can not trade to make money, move to save money, or withdraw if I need to use it. I read on the internet that in XX/XX/XXXX/XX/XX/XXXX that 140ish people filed a complaint with the sec and there was/is a lawsuit for these exact reasons. As of XX/XX/XXXX I have opened a XXXX account to try and get help on there. Still just computer generated replies from Coinbase support.
Company Response:
State: FL
Zip: 33903
Submitted Via: Web
Date Sent: 2021-02-19
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-02-18
Issue: Other service problem
Subissue:
Consumer Complaint: I have tried to contact coinbase with my issue over two dozen times. Their customer service is literally nonexistent there is no way to get ahold of them even with their phone number which just leads you to a dead end. I have never dealt with a company that is so nonexistent when it comes to dealing with problems in my life. I hope something is done about this because they are dealing with people 's money and in some cases lots of it. And if you have a problem regarding your money you have literally no option to resolve it because they do not respond ever.
Company Response:
State: TX
Zip: 754XX
Submitted Via: Web
Date Sent: 2021-03-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-02-18
Issue: Other transaction problem
Subissue:
Consumer Complaint: I have an account with Coinbase. I initiated a {$12000.00} transfer from their website coming from my XXXX XXXX account. The transfer was successful. Coinbase initiated a 2nd unauthorized {$12000.00} transfer that was declined by my bank. Coinbase then proceeded to remove XXXX XXXX ( XXXX ) from my account ( the equivalent of {$12000.00} ). There never should have been a second transfer attempt, Coinbase had the proper amount of money transferred to them, and they had no right to steal any of my assets. I have been emailing them and trying to contact them since XXXX XXXX. They do not have any way to contact them directly and they do not respond directly to my emails. I do not know what to do ... The attached file clearly shows the $ XXXX transfer from my XXXX XXXX account. The other attachment shows where I purchased XXXX then sent it out on XXXX XXXX. Then it shows a negative purchase ( removal ) of XXXX from my account on XXXX XXXX. They do not show and never credited me for the $ XXXX transfer shown in my bank statement.
Company Response:
State: CA
Zip: 930XX
Submitted Via: Web
Date Sent: 2021-02-18
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-02-18
Issue: Fraud or scam
Subissue:
Consumer Complaint: This involves the Company by the name Coinbase, located in XXXX XXXX, CA. Coinbase is a crypto currency exchange company. I signed up to use Coinbase on XX/XX/2021. I made three purchases of {$1000.00} each XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX ). On XX/XX/XXXX at about XXXX, an unauthorized purchase was made in the amount of {$1000.00}. I was asleep at XXXX so it was not me that initiated the purchase. Later that day on XX/XX/XXXX when I realized this purchase occurred, I contacted Coinbase via email ( they literally don't have a customer service phone # ) to tell them I did not make the purchase. I received an email response from Coinbase on XX/XX/XXXX saying that my account would remain frozen until they resolve the issue ; they also asked for more information, which I provided that day. On XX/XX/XXXX, Coinbase responded saying they would review the case and get back to me. I filed a complaint with my bank and they reimbursed me for the {$1000.00}. I have reached out to Coinbase 10+ times since then requesting an update and access to my account, with no response and no way to access my money. It has been several weeks with nothing more than automated email responses from the Coinbase. I've search the XXXX website and XXXX, and there are thousands of complaints similar to mine. This company should not be allowed to operate as they don't know what they are doing and are in way over their heads. I can't imagine that their behavior is not criminal. My Coinbase case # is XXXX.
Company Response:
State: GA
Zip: 30327
Submitted Via: Web
Date Sent: 2021-02-18
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-02-18
Issue: Other service problem
Subissue:
Consumer Complaint: XX/XX/21 - i contacted Coinbase customer support online ( its the only way ) regarding a 2FA problem i was having. they responded on XX/XX/21 with some generic email with troubleshooting links and told me to respond to the email if i have more issues. My issue was their XXXX website was not allowing me to upload my DL photo as they required to fix this problem. On the same day we had another email exchange with them responding thank you for allowing us time to review the account. I have yet to hear from them since. i have emailed them again and again with no response. Privacy is an urgent issue and shouldnt take this long. These companies should be required to have a live customer service person or at least a live chat to solve these issues immediately. i not only need my tax forms, but i need access to my money asap. These tech companies shouldnt be allowed to operate in the U.S. without some type of real customer support, emailing and receiving a response days later to an urgent PRIVACY issues is absurd and ridiculous. If you dont want them to have customer service for general small things, than at least for a privacy issues they should have a live person being able to verify my account etc and fix the problem. This is an issue that could've been fixed within 15m and now its days. What is going to happen if i cant access my money and someone steals it? is Coinbase going to be liable? I'm furious because they have options to contact via XXXX, yes XXXX, but not a live person, which is absolutely absurd. A fair resolution would be for this company, Coinbase, to reset my 2FA in a timely manner. If you're going to have an email exchange than it should be within 24hrs response, and the privacy/account issues need to be escalated to the top. In reality they should have a live person to call when it comes to these issues. I think the XXXX or whatever agency should not allow these companies to do business without it. I can receive robocalls all day about a Car Warranty i dont have, but when it comes to important financial matters with my money i cant get a hold of someone. How ridiculous is this?
Company Response:
State: NJ
Zip: 07109
Submitted Via: Web
Date Sent: 2021-02-18
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-02-18
Issue: Other transaction problem
Subissue:
Consumer Complaint: I tried to transfer 5 LTC from XXXX to Coinbase. The Coinbase site generated a XXXX address in their finicky tool instead of a LTC address. XXXX processed the transaction to the incorrect address. Coinbase withholds the private keys to the XXXX wallet and support does not respond requests for the private keys so my funds are tied up on the block chain.
Company Response:
State: MD
Zip: 21146
Submitted Via: Web
Date Sent: 2021-02-18
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-02-17
Issue: Fraud or scam
Subissue:
Consumer Complaint: I opened an account with Coinbase on XXXX after providing them with ID info and checking account access in order to pay for purchase of XXXX coins. I made 3 purchases one on XX/XX/XXXX for {$2500.00} another purchase on XX/XX/XXXX for {$7500.00} and a final purchase on XX/XX/XXXX for {$4300.00} totaling {$14000.00} in total coin purchases that Coinbase withdrew from my checking account. The last {$4300.00} purchase I questioned Coinbase by email asking for clarification about it because I forgot what coins I had purchased with that withdrawal. Coinbase immediately locked my account, assigned me a case number and told me they would have a response in 4-5 days. Customer support emailed me on XX/XX/XXXX giving me case # XXXX - QUESTION ON WITHDRAWAL FROM MY CHECKING ACCOUNT. I did not hear back so I escalated my case and on XX/XX/XXXX the gave me an new escalated case number XXXX saying they would get back to me within 15 business days. Once again they did not get back to me. At that point I kept following up with numerous emails asking when they would unlock my account so I could have access to my money. No response. On XX/XX/XXXX I received an email from Coinbase customer support as follows : Hi There, Thanks for the response! We would love to help you further, however, this case has been closed and can not be reopened. Please submit a new ticket to our online support form here for continued assistance : https : //help.coinbase.com/en/contact-us.html Thanks, Coinbase Support They closed this case number after keeping me waiting for 2 weeks and never once responded to my issue. This company has hundreds of complaints of accounts being locked. The only way to communicate is by email to their customer support and they are no help whatsoever. There is no phone support, you can't speak to anyone. It's frustrating and what they are doing amounts to theft of small client funds. If one is a large institutional investor I doubt they be treated this badly. All I'm asking is for this company to be honest, unlock my account that should not be difficult. PLEASE PLEASE HELP THIS IS WRONG AND THEY DON'T SEEM TO CARE. Regards, XXXX XXXX
Company Response:
State: NH
Zip: 03054
Submitted Via: Web
Date Sent: 2021-03-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-02-17
Issue: Money was not available when promised
Subissue:
Consumer Complaint: Our company, XXXX XXXX XXXX, is a client of Coinbase, Inc. ( Coinbase ) since XXXX XXXX. We used our account for our first transaction on XX/XX/XXXX : We sold XXXX XXXX at a price of XXXX / XXXX a total of USD XXXX after fees that were credited to our XXXX XXXX. As per Clause XXXX to the Coinbase Institutional Client Agreement : Client may withdraw funds from the XXXX XXXX at any time by initiating a withdrawal. However, when we tried withdrawing the funds, we were requested to make a wire to Coinbase bank account in order to identify our bank account details and name. After we tried to argue with Coinbase, as there was no legal ground to this request, and under protest, we ended up making a wire so that we could withdraw our fiat balance. To our astonishment, although the wire to Coinbase was successful, Coinbase claimed that our company name wasn't shown on their side. We provided Coinbase clear proof that the wire was sent from our account, including bank statement, copy of XXXX XXXX and bank wire notice, but all in vain. Coinbase claimed that as they can not confirm our bank account in their system, they will not allow us to withdraw our funds. We were shocked when Coinbase asked us to make another wire in order to withdraw our funds, meaning to increase our exposure to their malfunctioning dodgy business. We obviously refused. After threatening Coinbase with legal actions, and raising our concerns that the company is holding funds illegally and that it may be scamming its clients, Coinbase agreed to release funds to us and did so only on XX/XX/XXXX. Coinbase showed poor customer service : after raising the matter with our Coinbase Telegram group ( 10 of Coinbase employees were in this group ), we were ignored by their representatives, our questions weren't answered ( no one even bothered to reply to us ) and the handling of our case was horrible. We have worked with numerous exchanges and XXXX services before and have never encountered a company that disparage their clients like Coinbase. Furthermore, by holding our funds, Coinbase was not acting in good faith, took unfair advantage of us as a client and we believe Coinbase was liable for conversion. In a strange coincidence, after releasing our funds, Coinbase notified us that our account was blocked due until we provided further information for compliance purposes. By doing so, Coinbase was trying to hide its negligence, and unlawful behaviour. It is worth noting that by looking at Coinbase XXXX we can see many complaints on similar issues, raising concerns on potential fraud, mismanagement of funds and generally troubling way of conducting business. Please note that posts from XXXX were deleted by Coinbase and we suggest you investigate this too. To conclude : we believe that Coinbase is practicing its business in negligence in the best case or even fraudulently in worse case, and believe the authorities should be looking into this company and consider taking actions against it..
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2021-02-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-02-16
Issue: Managing, opening, or closing your mobile wallet account
Subissue:
Consumer Complaint: Coinbase has denied me access to the digital assets in my account ( valued on XX/XX/XXXX at approx. {$270.00} USD ) Coinbase claims that it is verifying my identify - for over 50 days. I have submitted all required information and have offered to submit any other documentation it requires. I have attempted to contact Coinbase repeatedly via its support page twice a week since XXXX and receive no reply. Coinbase has no ability to receive customer related phone calls. Personal information was not required to hold digital currencies when my account at Coinbase was opened around XX/XX/XXXX. ( Id verification was only needed by Coinbase to sell digital currency and send the funds to a recognized bank ). Around XXXX XXXX A change was made requiring personal information be submitted and no option was offered to allow me to withdraw my digital assets unless I complied ~or~ if a choice to withdraw my digital assets was offered when I then attempted to comply by verifying my identity the system chose to not allow me to withdraw my digital assets claiming ever since they still need time to verify my identity. I acknowledged in my communications via the Coinbase support page - at the beginning of not being verified that because I was a US citizen living in XXXX the verification of myself could potentially require extra attention. Like my other attempts to communicate with Coinbase, this message was ignored. I continue to offer to provide any additional and all required information that is needed to verify my identity.
Company Response:
State: RI
Zip: XXXXX
Submitted Via: Web
Date Sent: 2021-02-16
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A