Date Received: 2021-02-15
Issue: Unauthorized transactions or other transaction problem
Subissue:
Consumer Complaint: Hello good morning, my name is XXXX XXXX and I am a customer of Coinbase Inc. It is an online Crypto Currency Exchange Platform for the stock market where one could buy, sell, exchange, transfer or hold trades/funds in different types of digital/crypto currencies along with the US Dollar. It has a main website : www.coinbase.com but it is usually used as a mobile app platform from the XXXX store since I use an XXXX. I have funds in my Coinbase account and today on XX/XX/2021 at XXXX XXXX ( with proof of the transaction history activity from my Coinbase account ) I initiated a transfer of {$200.00} XXXX ETH ( worth of Ethereum digital currency ) from my main Coinbase account ( website ) to my Coinbase Wallet ( mobile app ). The wallet is a separate platform but from the same company. So basically I initiated the transfer but I never received my funds, It is officially missing from my Coinbase Wallet and from my main account at www.coinbase.com. I only have the proof of transaction history that shows on my main account that I transferred it. I have double checked all the information to make sure everything is correct and so these are the details for the transaction : {$200.00} XXXX ETH ( Ethereum ) ; User ID : XXXX ; Address To ( wallet ) : XXXX ; Price per coin : {$1700.00} ( at the time ) ; Confirmations : 0 ; Fee : XXXX ETH ; Date : XX/XX/2021 XXXX XXXX. The transaction itself is transferred using the service from within the XXXX XXXX service with a mining fee of XXXX ETH so miners can process the transaction transfer. One can check the process of the transaction details from two well known websites : 1. ( XXXX ) XXXX XXXX XXXX and 2. ( XXXX ) XXXX XXXX XXXX. Both websites show no signs of details that the transaction exists or even went through and so this concludes that the transfer of my funds are officially missing from the system, but it does show on my activity transaction transfer history from the Coinbase Website, which also shows that those funds are not in my account anymore. I have already tried contacting Coinbase support via email and this is my case # XXXX. I have researched immensely and come to find that many customers have also had their funds missing and it is very hard for customers to get a response from Coinbase, taking up to weeks/months or to the point where no response has been initiated back, this is according to many customers experiences, for example : from XXXX, reviews, blogs and other online websites. I am very concerned on being able to attain help for my issue and so that is why I am here contacting the Consumer Financial Protection Bureau for professional guidance and assistance for those funds. This should not be an issue to anyone in the first place since we are dealing with an official stock market exchange platform and this is meant to be a professional service especially dealing with finances. I hope for this to be resolved and for others to not have the same issue. I want to thank you for reading my case and I really hope to hear from you as soon as youre able to. Thank you again and may you have a great day. If you need anymore information from me you can contact me via phone XXXX XXXX XXXX XXXX or email XXXX Thank you.
Company Response:
State: CA
Zip: 922XX
Submitted Via: Web
Date Sent: 2021-02-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-02-15
Issue: Unauthorized transactions or other transaction problem
Subissue:
Consumer Complaint: The following are interactions with the Coinbase cryptocurrency exchange : XX/XX/XXXX bought XXXX XXXX coin for {$700.00} XX/XX/XXXX bought XXXX XXXX coin for {$4800.00} XX/XX/XXXX bought XXXX Bitcoin for {$26000.00}. XX/XX/XXXX attempted to transfer the Bitcoin out of Coinbase, and the transfer was automatically cancelled. XX/XX/XXXX again attempted to transfer Bitcoin out of Coinbase and the transfer was again automatically cancelled. In each case an email was sent to me indicating that the withdrawal had been cancelled because I was " currently unable to send Bitcoin. Please contact support ''. Using their contact form I related my problem to customer support. XX/XX/XXXX I received an email from support ( case # XXXX ) confirming receipt of my note and indicating that my case was being transferred " to a specialist who will be able to further help with this issue ... ''. XX/XX/XXXX after not hearing from Coinbase support for 3 days I used the complaint form accessible through their website to initiate a complaint. XX/XX/XXXX I received a computer generated form by email which confirmed receipt of my complaint form and assigned a case number ( # XXXX ). It also stated that : I would " receive a response from the Customer Complaints Officer within 15 business days '' and that " If for any reason we require an extension, we will notify you as soon as possible '', and that " ... .our internal complaint process will need to be completed before any litigation process is initiated ''. XX/XX/XXXX I sent an email asking about progress. I received a response indicating that " We've passed all new information on to an account specialist who is reviewing your case-they 'll reach out to you here '', ( through this email thread ), " review generally takes 4-5 business days ''. XX/XX/XXXX I sent another email reiterating my request and indicating that had now been locked for five weeks without explanation, and that they had failed to meet the terms of their side of the complaint process. I received a the same response I had received on theXXXX. I have not been able to sell or transfer either asset in the account for over five weeks. No explanation has been provided for this state of affairs. At todays prices these assets are worth about {$70000.00}. Yesterday they were worth in excess of a XXXX dollars more. The inability to trade these coins is a financial liability which could potentially cost me much more than it did yesterday. Coinbase has not lived up to the responsibilities of their side of the complaint resolution process and at this point it seems as though only the intercession of a third party will overcome their inertia and get them moving toward resolution of this matter.
Company Response:
State: MA
Zip: 020XX
Submitted Via: Web
Date Sent: 2021-02-16
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-02-15
Issue: Managing, opening, or closing your mobile wallet account
Subissue:
Consumer Complaint: On XX/XX/2021, I opened a coin base wallet, submitted my ID and had an email saying that my ID has been verified and I am ready to invest. On XX/XX/XXXX XXXX, I put around {$400.00} worth of bitcoin, every one was fine, could access my wallet. On XX/XX/XXXX XXXX, I had an email saying that my account was restricted as I was under XXXX, which is false as my ID clearly shows I am XXXX. I was also told to verify my ID. Which I did the same day but they " could not verify my ID '' ( a driving licence ). I contacted support on XX/XX/2021 XXXX # XXXX XXXX. I only had an automated reply. Meanwhile, I have tried to resubmit my driving licence again. I them again on XX/XX/XXXX, XXXX Again automated reply. I contacted them again on XX/XX/2021 ( # XXXX ), I had an automated reply as an answer. This was a formal complaint which should have been sorted in 15days according to the automated email. I resubmitted my ID on XX/XX/2021, I had an automated reply " Unable to verify your identity '' I tried again the same day : same thing. I tried again no XX/XX/2021, " unable to verify your identity ''. I tried 3 times the same day. Nothing. I tried 3 ties that day. " unable to verify your ID '' I tried again on XX/XX/2021, I had a confirmation that the verification is still in progress " your ID requires additionnal verification. We will email you once verification has been completed. '' My question, why has my ID been accepted and allowed to send funds, once sent, I was told that it is unverified and my account has been locked. I saw on XXXX that a lot of people have had the same issue. I am begging you to do something about it please.I contacted XXXX who asked me to contact you ( ref # XXXX ) kind regards
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2021-02-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-02-13
Issue: Money was not available when promised
Subissue:
Consumer Complaint: They took around {$30.00} of my investment and did not allow me to access it at all. Saying my account is under review and not replying to emails.
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2021-02-13
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-02-12
Issue: Money was not available when promised
Subissue:
Consumer Complaint: I was asked to verify again in XXXX and provided them with a passport photo which was accepted and got the account unrestricted but then a few months later i received an email telling me my account would be restricted again as my account was under review, a process that they said would take a few days. I dont mind having my buy and sell capabilities suspended but i cant even send my assets to a different exchange. They ignore my emails, customer support requests and tweets and it seems like my money is gone forever, they have taken it with no route to get it back. Coinbase are doing this to many people and its unacceptable
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2021-02-12
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-02-13
Issue: Other service problem
Subissue:
Consumer Complaint: I have been a Coinbase.com customer since XXXX. On XX/XX/XXXX, I was asked to update my account personal information and verify my ID. I successfully completed these steps but my account has been under review since then. Coinbase displays the following message every time I log to my account : " Account under review - Your account is currently being reviewed and we need some time to verify your info. During this review, you won't be able to use Coinbase. Reviews generally take a few days, so sign in every day or two to check your status. ". Using Coinbase is not possible until the account review is completed. I am unable to withdraw my funds from my Coinbase account, deposit funds, or proceed with any kind of transactions. I tried to contact Coinbase several time and have not got my account reviewed and unblocked till today XX/XX/XXXX. That is now lasting for almost 2 months, while Coinbase claims it should have taken a few days. I did open a first ticket on XX/XX/XXXX which they closed on XX/XX/XXXX stating that " Coinbase Support resolved and closed your case. '' but my account was still under review and showing the same message when I did log in. I opened another ticket on XX/XX/XXXX but did not hear anything back so far, despite several follow up emails sent to them. I tried to contact them another time today, opening another ticket. Coinbase is not responding and is blocking my funds on their system.
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2021-02-13
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-02-11
Issue: Other transaction problem
Subissue:
Consumer Complaint: Coinbase is an online brokerage for XXXX and other cryptocurrencies. My family and I have 4 accounts with them. All of a sudden, we are still able to log into our accounts but the accounts are " restricted '' and it is NOT possible to make any transactions or close the account. There is NO one at the company to talk to ... only website inquiries. There are NO options to choose from regarding a " restricted account. '' I have used other forms on their website to submit an inquiry but for the last 4 weeks NO one has responded. I need someone at your office to either, ( 1 ) contact Coinbase for me, ( 2 ) email the a phone number at Coinbase where I can actually speak to someone.
Company Response:
State: GA
Zip: 30064
Submitted Via: Web
Date Sent: 2021-02-11
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-02-11
Issue: Managing, opening, or closing your mobile wallet account
Subissue:
Consumer Complaint: On XX/XX/03 I changed my password to my digital wallet on coinbase.com. After entering in my new credentials I was prompted to complete a 2 step authentication to successfully access my account. The 2 step authentication is to receive an 7 digit code via SMS text message to my phone number I have on file with coinbase. After entering the code into the coinbase website/app I would be able to access my account. The issue is I am not receiving the text messages with the code and I don't know why. My phone number and all my other contact information has NOT been changed. In the past I have received these text messages and this is the first time I have encountered this issue. There is no other alternative option to receive this code so I have not been able to access my account for 8 days now. I have opened a case with coinbase on XX/XX/03 ( case # XXXX XXXX but I have not heard anything back. I tried contacting them multiple times but yet still no response. I need to get access to my account ASAP as I am losing potential earnings.
Company Response:
State: CA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2021-02-11
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-02-10
Issue: Fraud or scam
Subissue:
Consumer Complaint: Dear Agency On XX/XX/2021, I contracted Coinbase in regards to someone hacking my account. There was a breach with all the emails at XXXX. Coinbase responded in a timely fashion about 24 hours later. The XXXX was a XXXX but XXXX the XXXX, I received an email starting the recovery process for my account. It's been three days and today is the XXXX of XXXX and I have not received any word from Coinbase. I sent them a DM on XXXX, I also sent them another email asking them to unlock my account. The reason for this complaint is if this were to happen in a regular brick and mortar banking institute, I would have gotten immediate attention to this fraudulent activity that is happening to my account. As of right now, I don't know anything. I haven't been able to see my account or talk to anyone since XX/XX/XXXX. A. I can't call anyone either. B. They don't have a fraudulent department that looks into things right away. C. I have a large amount of money in my account. Not being able to contact anyone is not acceptable and they not have a more sufficient and effective way to deal with fraud must be revisited and improved because I am sure if this happened to me this is happening to other consumers. I am the victim here and right now I feel Coinbase is treating me like the perpetrator. At the same time, I am losing so much money because I am not able to trade using my account.
Company Response:
State: OH
Zip: 44131
Submitted Via: Web
Date Sent: 2021-02-10
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-02-11
Issue: Money was not available when promised
Subissue:
Consumer Complaint: I have over {$1.00} XXXX tied up on coin base exchange. XX/XX/XXXX my password was suddenly not working. I tried to contact coin base but there is no phone support and when you email them you just got an automated response. The only available phone number allows you to lock your account for security reasons which I did. That was also automated. Once I locked my account it said it would take XXXX to XXXX business days for a representative to review it. It has now been just about a month I have no access to my funds and no way of contacting anyone at coinbase. I have read on XXXX that many many many people are experiencing the same issue. Client base charges 2 % for every transaction they do and they are doing billions of dollars worth of transactions yet they can not hire a support staff to even answer emails let alone have an open telephone line. I believe this borders on fraud and their site is greatly miss leading to the public. I am not alone in this but I have a huge sum of money but I have no access to. It is causing me emotional distress and financial hardship. I went as far as to try to email the CEO on XXXX of course I got no response just like the rest of the company. Feels like a sham smells like a sham
Company Response:
State: CA
Zip: 90266
Submitted Via: Web
Date Sent: 2021-02-11
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A