Date Received: 2023-06-22
Issue: Problem adding money
Subissue:
Consumer Complaint: On XX/XX/23 i tried to add cash to coinbase for additional investing in crypto. My account showed an error so i contacted customer service to find out what's going on. They told me that my account was restricted and i could no longer add cash, buyer or sell crypto, or make withdrawals. I opened an investigation with coinbase and they closed it XX/XX/23 without any further information being communicated to me. On XX/XX/23 i contacted customer service again to find out what the results of the investigation were, they would not give me any additional information. They said after XX/XX/23 i could ask them to investigate this again. They point me to a link that indicates i may have a restricted account because a deposit may have been rejected or i haven't been using a verified account, i would rebut both of these by saying i have not had any rejections by my bank and i've been using the same bank account for years. this seems fraudulent. How can they get away with doing this to consumers and not have to be accountable to any regulatory agencies.
Company Response:
State: CO
Zip: 804XX
Submitted Via: Web
Date Sent: 2023-06-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-06-22
Issue: Fraud or scam
Subissue:
Consumer Complaint: I was contacted by a XXXX XXXX to invest in XXXX trading. Between XXXX and XXXX of XXXX I invested {$160000.00} of my XXXX funds through Coinbase and XXXX into XXXX trading. I earned a total of {$340000.00} as of XX/XX/2023. On the next day I was unable to access my account as the website was shut down and the XXXX XXXX was no longer answering my messages and phone calls.
Company Response:
State: IL
Zip: 600XX
Submitted Via: Web
Date Sent: 2023-06-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-06-21
Issue: Fraud or scam
Subissue:
Consumer Complaint: Between XX/XX/2022, through XX/XX/2022, I fell victim to two multi-layered scam operations run by XXXX and XXXX which involved me making deposits for a total amount of XXXX USD from my Coinbase account to fraudulent investment firms.
Company Response:
State: CA
Zip: 90029
Submitted Via: Web
Date Sent: 2023-06-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-06-20
Issue: Managing an account
Subissue: Funds not handled or disbursed as instructed
Consumer Complaint: Purchased a Coinbase Gift card for deposit into my Coinbase account. Coinbase verifies that the gift card is valid in the amount of {$250.00} but will not deposit it into the account, just providing an error. This has been happening since XX/XX/2023. Opened numerous tickets with them which they do not respond to. As you can see in the attached picture, I have emailed them 22 times to no avail.
Company Response:
State: CA
Zip: 91405
Submitted Via: Web
Date Sent: 2023-06-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-06-20
Issue: Fraud or scam
Subissue:
Consumer Complaint: In early XXXX of XXXX, my account at Coinbase was taken over and when I reported it to Coinbase, they blocked me from my account. They then proceeded to make unauthorized transactions in my account. They tried to tell me that my email account must have been hacked into and that is how someone got access to my Coinbase account. I strongly disagree. Someone within Coinbase accessed my account and used my debit card to transfer funds from my XXXX XXXX account or they allowed access, not protecting my debit card. They made numerous transactions and transferred everything to a Coinbase Pro account which I had never signed up for or used. Coinbase depleted my cryptocurrency and claimed that my XXXX XXXX bank reversed charges. I reported this to the police. XXXX XXXX claimed that they did not reverse these charges that Coinbase claims. They also stated that they had no record of an account in my name for some of the charges that Coinbase claimed against me. Though I told Coinbase this, they insisted that they were my charges. Coinbase refused to check where the funds had gone except for taking my funds and keeping for themselves. Coinbase has cost me nearly {$20000.00} and, in addition, caused me severe distress. Not only did not they not protect my debit card nor my account, they made claims that are untrue, refused to answer my specific questions about the reversed charges and even after a year of attempting to get answers, ignored letters to XXXX XXXX, kept claiming they were entitled to more time to investigate before I was allowed to take legal action and then, still without giving me the information I requested, again stated, as they had numerous times, that they considered my complaint closed stating, " your customer experience was not up to our standards and we are issuing you a credit of {$10.00}, and an additional {$50.00} for your wait for a response to your formal complaint ''. This is totally unacceptable and I want to be compensated in full for the losses from my account due to Coinbase negligence, possible internal fraud, failure to protect my debit card and account, making transactions in my account while blocking access to my account, taking money from my account stating that it was for funds reversed by XXXX XXXX which XXXX XXXX denies and Coinbase repeatedly refused to provide copies of such transactions. Coinbase claimed that they answered everything which they did not but then, again, closed the complaint. There are numerous emails from them just dismissing me and closing the complaint. This is how Coinbase treats their customers.
Company Response:
State: VA
Zip: 22701
Submitted Via: Web
Date Sent: 2023-06-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-06-19
Issue: Other transaction problem
Subissue:
Consumer Complaint: This is in regard to my Coinbase account. Once again, I have been rendered disabled from my Coinbase account where I can not do any trading, buying, selling or transferring money from my account to Coinbase ; and I have tried numerous times, and I have followed all of Coinbase 's instructions and complaint. This has been going on for several days. I have over {$44000.00} locked in this account where it remains completely frozen. I have been given codes to give to Coinbase, a direct line. My codes have been XXXX and another code has been XXXX, and I have had an authenticator code XXXX ; and my most recent discussion about my account was speaking to a lady named XXXX at XXXX XXXX on XX/XX/2023, namely on XXXXXXXX XXXX XXXX. I am spending my XXXX 's XXXX where I should be relaxing. I am getting stressed over my Coinbase account. The last time this happened, I requested your services ; and within 24-48 hours, I was miraculously reinstated, whereas before I was out of the account for more than three months. I need your assistance. The account that they use for Coinbase is based on my email address which is XXXX and my cell phone is ( XXXX ) XXXX and my home address is XXXX XXXX XXXX, XXXX, NY XXXX. Please assist me, and Coinbase has also been charging me {$20.00} a month to have 24-hour access and not to be charged for any transactions ; however, this has not been the case. I need a credit for the payments that I made with no service being given. Once again, Coinbase has rendered poor quality service on a continuous basis, and they should be admonished for this. Please assist me in any way you can, and please expedite my account.
Company Response:
State: NY
Zip: 10583
Submitted Via: Web
Date Sent: 2023-06-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-06-14
Issue: Other transaction problem
Subissue:
Consumer Complaint: Coinbase notified me XX/XX/18 that my account was being closed due to a policy violation. I was told multiple times that they would not disclose why my account was being closed. I had not logged into the account or performed any actions within the last year or two so I initially thought it was a scam. After going through weeks of attempts at verifying my identity and regaining access, I realized it was not a scam. I am being allowed 3 days to remove my funds before they lock my account again and keep my assets. I have protested four times that they must extend this window as it is impossible to create and verify a new wallet and also because they are preventing me from sending funds due to " security restrictions '' related to the recent lock and unlock of my account. They have only replied to say that my account was closed because of " either : resetting the password, logging in to an unknown device, or connecting to VPN that changes the IP address. '' which I have done none of. My funds were not available or accessible to me for the last month and are still not available for withdrawal. I fear I will be locked out of withdrawing them before I am able to and that I will lose all of my assets held with them.
Company Response:
State: WA
Zip: 981XX
Submitted Via: Web
Date Sent: 2023-06-14
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-06-15
Issue: Money was not available when promised
Subissue:
Consumer Complaint: I had XXXX accounts with Coinbase pro and Coinbase with the email XXXX and the accounts were compromised and hacked so Coinbase closed all my accounts at Coinbase pro and Coinbase and I could not get my money back or my assets in cryptocurrency in both accounts. Coinbase took a possession of all my cryptocurrencies assets in both accounts and requested that I o-en a new account so they can transfer my money and cryptocurrency from the old accounts to my new account. So I o-need a new account with a different email which is XXXX and I emailed Coinbase several times to transfer my money and my cryptocurrency from my old accounts to my new account but they NEVER DID. They NEVER responded to my emails and they never transferred my money from the old hacked accounts to my new account and they never responded to requests and my emails. This is a FRAUDULENT COMPANY. COINBASE IS A FRAUD AND A THIEF. They stole my money and are not responding to my requests to get my money back from the old accounts. This company Coinbase needs to respond to my requests and refund me and transfer all my money from the old accounts to my new account
Company Response:
State: AL
Zip: 35226
Submitted Via: Web
Date Sent: 2023-06-15
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-06-13
Issue: Money was not available when promised
Subissue:
Consumer Complaint: Hello, On XX/XX/XXXX, when I enter my Coinbase account to trade as a result of a rising market, I saw a notification stating that " Your account was recently flagged for a manual review. Until the review is completed, you wont be able to buy or sell crypto. Theres nothing to be alarmed about and if you have any funds on Coinbase, they are safe. Given the large volume of requests, please be patient as we conduct this review ''. I immediately contacted Coinbase customer support and they said that the compliance team requested certain documents from me as part of the KYC regulations and I needed to contact the compliance team directly through email. Indeed, the compliance team asked for documents such as payslips, sources of my funds, bank statements, etc. several times but all of these emails were in my junk folder. There was no other attempt to communicate with me except through those emails. On XX/XX/XXXX, I provided all of the requester documents and answered all of the questions they sent me. These included questions about the sources of my funds, payslips, recent bank statement, employment verification documents, rent agreements, etc. However, the compliance team took forever to reach back despite my repeated attempts to reach out through Coinbase customer support and directly to them. The second email I got from the compliance team was on XX/XX/XXXX, a month after I provided all of the necessary documents and answered their questions. This time, they started asking me about my XXXX origins. I responded to their questions and sent additional IDs ( I was registered with my passport and SSN but they also asked for state-issued ID ). This time after hours of work, I was able to get a case ID for my situation from the Coinbase online support system. However, this also didn't contribute to the resolution of my case. After a 30-day wait, on XX/XX/XXXX, the compliance team sent me additional questions about my XXXX origins again. Despite my repeated attempts to contact them, it took 30 days for them to review two questions and they asked for additional questions. I responded to them as well. However, as we enter XX/XX/XXXX, my account is still restricted. At this time, I contacted Coinbase support again and asked for SLA terms on my contract for customer screening, however, they said they are unable to provide them. This made me question the legal basis of my account 's restriction. I have informed them several times about the liquidity risks I was experiencing due to volatile market conditions and my inability to access my assets. Indeed, in this time period, the value of my assets decreased by thousands of dollars as I was unable to buy or sell crypto currencies for XXXX months. Furthermore, I strongly suspect that I was exposed to discriminatory treatment due to my XXXX origins. I have XXXX XXXX so I visit XXXX regularly. Despite the fact that I provided all of the necessary documents and the compliance team had access to my rent contract, SSN, passport, photo, state-issued ID, bank statement, payslip, and institutional ID from XXXX University XXXX and answered all of their questions. They have started to ask me about my future travel plans to XXXX and my permanent address ( they have XXXX different documents where they can see this ). I have experienced financial losses as the value of my assets dropped significantly during this period and also mental distress as most of my savings were invested in crypto currency in Coinbase. They have provided no legal reason for this manual review except for procedure and processing time. I have asked for SLA terms on my contract two times and they refused to provide these to me as well.
Company Response:
State: NJ
Zip: 089XX
Submitted Via: Web
Date Sent: 2023-06-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-06-13
Issue: Fraud or scam
Subissue:
Consumer Complaint: Commencing on or around XX/XX/2022, I fell victim to a multilayered scam operation orchestrated by XXXX ( the Fraudsters or the Company ), with the design, development, manufacturing, promoting, marketing, distributing, labeling, and/or sale of illegal and outright fraudulent investment services, all of which aim at contributing to the goal of robbing and defrauding clients through a predetermined cycle of client losses to gains in the equivalent of XXXX XXXX which were transferred from my wallet utilizing your services.
Company Response:
State: NY
Zip: 11550
Submitted Via: Web
Date Sent: 2023-06-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A