Date Received: 2018-10-02
Issue: Other transaction problem
Subissue:
Consumer Complaint: There was unauthorized access on my account so they closed my account for 4 months telling me they are investigating it. I had to to call and email and could not get a hold of a person to discuss over the phone. They said complaints are only delt With via email. Then 4 months go by my account still locked and the money is still missing. {$600.00}. I just want my money back I would contacted My bank but I thought they were taking care of it and if there was a problem and they couldnt refund the money I thought they would give me a call or send a email. Nothing happened but a locked Account so I could not check to see what was happening.
Company Response:
State: CA
Zip: 91607
Submitted Via: Web
Date Sent: 2018-10-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-09-28
Issue: Money was not available when promised
Subissue:
Consumer Complaint: On XX/XX/XXXX my account was closed and I was told to withdraw my assets. I attempted to do so, but each time the website gives me an error " XXXX verification required Before you will be able to complete this withdrawal, you must provide additional information ''. There is no way to provide the additional information. The link provided simply redirects me back to the account closure page. There is no way for me to withdraw my assets. Here is a history of the times I have contacted the firm to attempt to resolve my issue : XX/XX/2018 email Case # XXXX XX/XX/XXXX email Case # XXXX. XX/XX/XXXX call Case # XXXX XX/XX/XXXX email XX/XX/XXXX email XX/XX/XXXX email XX/XX/XXXX email XX/XX/XXXX email XX/XX/XXXX email Case # XXXX XX/XX/XXXX call. I received a response in most cases, and the response was the same each time. You apologized, said the case would be escalated to a specialist, and then failed to contact me or follow up in any way.
Company Response:
State: CA
Zip: 949XX
Submitted Via: Web
Date Sent: 2018-09-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-09-28
Issue: Money was not available when promised
Subissue:
Consumer Complaint: The problem is a common one. It is with COINBASE. They state that deposited fund may be held for 3-5 days until they clear but mine are on hold for 30 days. I have made 4 different deposits for modest amounts of {$100.00} and while the first one was available in a few days. Every subsequent deposit is being held for 30. Their reply at first was that it was for security reasons. Then it was because it was a bank transfer ( so was the first one ) and then it was a big from the roll out of new features. Then I was told that it was not a bug on their end and now it is because there may have been suspicious activity but that is now possible since they have held all the funds the whole time. The only activity was an initial {$25.00} transfer to XXXX to purchase some XRP. XXXX is replete with stories even worse than mine. All I wanted to know from them was why the hold was so long? I was told that it was exceptionally long and they were looking into it. My funds are still on hold but the 30 days are not up. Hardly the 3-5 days they promised. Thay sounds like fraudulent advertising to take advantage of new clients to pilfer interest money to me. Please look into this company for the American public? Thank you!
Company Response:
State: OH
Zip: 444XX
Submitted Via: Web
Date Sent: 2018-09-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-09-27
Issue: Confusing or missing disclosures
Subissue:
Consumer Complaint: Coinbase.com, in the words of a member of their support staff, " is designed for retail customers, and focuses on providing the easiest possible buying experience. '' Coinbase.com differs from Coinbase Pro, which, again in the words of that same member of their support staff, " targets more sophisticated traders, who we hope will bring volume to the exchange. '' Coinbase.com markets itself to retail customers who are often new to cryptocurrency trading. On their website they state that " Coinbase is the easiest and most trusted place to buy, sell, and manage your digital currency. '' However, when buying cryptocurrency on Coinbase.com, customers incur substantial fees. Granted, their fee policies and rates are disclosed, however what is NOT disclosed is that customers can trade on Coinbase Pro, an alternative platform owned by the same company, for 0 % fees for certain types of trades. As a new cryptocurrency investor, I was misled by Coinbase, advertising itself as the " easiest and most trusted place '' that I could use to begin investing in the space. Before incurring over {$450.00} of transaction fees, I was NOT notified that I could place my orders on Coinbase Pro for {$0.00} in fees for limit orders. It is unfair that the same trading options are not provided on Coinbase, which trading options retail investors could use to avoid incurring substantial fees. There is no significant level of sophistication required to understand the difference between a transaction that incurs fees and one that does not. As such, retail customers should be made aware of all options, through both Coinbase and Coinbase Pro, when signing up for a Coinbase account. Coinbase appears to be preying on the ignorance of new investors by steering them into a more expensive trading platform that does not add any value to the customer. Coinbase has rejected my request for a refund of these fees, so I wish to file this complaint in order to promote increased and more transparent disclosure policies so that other new investors are not similarly misled.
Company Response:
State: NY
Zip: 10023
Submitted Via: Web
Date Sent: 2018-09-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-09-22
Issue: Other transaction problem
Subissue:
Consumer Complaint: I joined Coinbase in XX/XX/XXXX. Things were going fine until my Coinbase accout XXXX was hacked. I had coinbase place a freeze on that account immediately butbthe hackers had already stolen my funds. I also had a second account XXXX which I believed may have also been hacked. I found out two days later that was not the case and to please reopen my XXXXXXXX XXXX XXXX account for trading and transferring my fund into my attached bank accounts. As I stated the theft took place in XX/XX/XXXX. By the middle of XXXX I still had heard no response to my requests to open. Finally at the end of XXXX I was told that I was able to use my XXXXXXXX XXXX XXXX account. All was well until I received a notification of suspicious activity in my account and my account was again unable to place buys or deposits. I was told this should take 24/48 hours to investigate and return my account. Once again I was placed on a cycle on neverending unanswered emails until I finally got so frustrated I typed a letter to the privacy/disputes department. I received an email from XXXX who had gone through all my documents and agreed this had gone on long enough and he was personally going to make sure my account was escalated to the proper authorities for an explanation of what was going on in my account. Finally on XX/XX/XXXX I received an email from Coinbase support that they had reviewed my account and were reinstating it. I made two {$50.00} transactions of bitcoin and ethereum, paid for them with my XXXX debit card and everything seemed fine. The next day I attempted to make another small trade and my account once again had been closed to buys or deposits. When I emailed for an explanation I was told my account was not eligible for a review at this time and Coinbase could provide me with no further explanations. I sent a second letter to the privacy/disputes department on XXXX XXXX and have had no response to date.
Company Response:
State: FL
Zip: 339XX
Submitted Via: Web
Date Sent: 2018-09-23
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-09-12
Issue: Fraud or scam
Subissue:
Consumer Complaint: I purchased {$120.00} worth of Bitcoin from Coinbase.com on XX/XX/18. After the purchase they notified me that they would be accepting my purchase and taking my money immediately but withholding the Bitcoin indefinitely. I called them up minutes later on the day of the attempted transaction and tried to cancel it, but they refused. I have contacted them pretty much every day between XX/XX/18 and today ( XX/XX/18 ) asking for them to either refund my money or give me the Bitcoin I purchased and they have still refused to do so. No one would ever purchase an investment at its current market value but not take ownership until an unspecified time of the brokers choosing, I know I would never agree to that and have not agreed to in this situation. But that is how Coinbase.com insists they do business. I still have neither my money or the cryptocurrency I paid for.
Company Response:
State: AZ
Zip: 85395
Submitted Via: Web
Date Sent: 2018-09-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-09-11
Issue: Wrong amount charged or received
Subissue:
Consumer Complaint: On XX/XX/2018 I Placed a Sell Order for XXXX Litecoin for a total ( USD ) XXXX with a disclosed fee of ( USD ) XXXX according to the GDAX Order Form. Having Placed the Order I only received ( USD ) XXXX and was charged a fee of ( USD ) XXXX. Please see the attached photographs as evidence and proof.
Company Response:
State: MT
Zip: XXXXX
Submitted Via: Web
Date Sent: 2018-09-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-09-11
Issue: Wrong amount charged or received
Subissue:
Consumer Complaint: On XX/XX/2018 at XXXX XXXX I placed a Sell Order for .XXXX Ethereum for a total ( USD ) XXXX according to the Order Form. After having Placed the Order I received only ( USD ) XXXX. Please see the attached photographs as evidence and proof.
Company Response:
State: MT
Zip: XXXXX
Submitted Via: Web
Date Sent: 2018-09-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-09-09
Issue: Money was not available when promised
Subissue:
Consumer Complaint: On XX/XX/XXXX I used an Android App " Coinbase '' to purchase Bitcoin so I could make an online purchase from a Seller who only accepted Bitcoin as payment. I used my bank account for the {$400.00} fund transfer for the purchase of the Bitcoin. XX/XX/XXXX was a holiday and I understand that the funds would not clear until the next business day which was XX/XX/XXXX. The funds did clear my account on the XX/XX/XXXX yet when I checked my account on Coinbase they were showing a 30 day HOLD to allow the funds to clear my account and be credited to their account. This was the first time I had any experience with Bitcoin but I could not imagine any funds being held that long with the technology in processing fund transfers. When I made the transfer of funds on the Coinbase app there was no indication of any HOLD ; however, it was after the transfer was made that they notified you that there could be a hold up to 30 days. I noticed there was a phone number on their website ; however, it is for only questions that can be responded to with an automated response. You can also pose a question to them ( maximum of 100 characters ) but that as well will be responded to with an automated response. I was able to email them on XX/XX/XXXX expressing my frustration because of the HOLD on the funds. I received a response back that afternoon although it appeared to be an automated response as well based upon the email contained within my email to them. They indicated that the " normal '' hold time was anywhere from 2 to 5 days and depended upon whether the transfer was national or international. This company is based in XXXX XXXX and in reality their company bank account should have been credited on XX/XX/XXXX. I went to the XXXX XXXX app on my phone and checked the customer reviews on " Coinbase '' and noticed there was a long line of customer complaints regarding the same situation I was in and along with that a majority of them complained that there was no way to contact the company. I did some additional research on the internet and found an ENORMOUS amount of customer complaints, many were on XXXX, and all of them were stating problems of having funds held for weeks, months, and some stated they have yet to receive any of their funds back. Many stated they have already filed lawsuits against the company for such practice. At this point I pulled up my account on www.coinbase.com and noticed they were still showing receipt of the transfer on XX/XX/XXXX, still containing a 30 day HOLD. I sent another email to them on XX/XX/XXXX expressing my complete frustration and how in today 's technology any legitimate hold of funds could be issued for 30 days and expressed my desire for them to release the HOLD immediately and transfer the funds back to my bank account. I received a response back from them this time that they would review the HOLD time but could not promise anything would change ; however, I did check my Coinbase account and noticed they had changed the HOLD time now from 30 days to 8 days. That was on the XX/XX/XXXXand as of today, XX/XX/XXXX, I still have a HOLD time of 6 days showing. This is a company with a reported XXXX BILLION in revenue in XXXX and they are making hundreds of thousands of dollars, maybe even millions, and profiting from applying excessive HOLD times on their customer 's funds. I can not understand how this can legally continue. Something needs to be done, and based upon all the reviews of customer complaints I have read both on XXXX app and online regarding this company, that time is long overdue. When purchasing Bitcoin it is purchased and traded at current values just like stock prices. Every time you buy and sell the value of the Bitcoin can be different and is based upon whatever the market is at that time so I know there has to be federal regulations which are in place that they have to comply with. Do they not have to be FDIC insured to accept money for trades, which is basically what they are doing when a person purchases or sell Bitcoin. Does XXXX XXXX not apply here? There are countless numbers of customers just like me who definitely need someone to interact on their behalf and prevent this company from doing this to anyone else.
Company Response:
State: FL
Zip: 33141
Submitted Via: Web
Date Sent: 2018-09-09
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-09-07
Issue: Money was not available when promised
Subissue:
Consumer Complaint: I sent money to Coinbase from my bank account which records show was transferred on XX/XX/2018 to purchase digital currency. The Company say 's it takes about 3 days after clearance to make digital currency available. After several days my account shows that funds would not be available for 30 days. I contacted Coinbase by email and after a few attempts was told they would investigate the matter. Problem not solved. I was requested to upload for the second time photo identification and drivers license identification which I did successfully as in the first instance. After a couple of days my account shows that the funds would not be available for 70 days. Up until now as you will see by the email exchange that no explanation was given as to why this has happened. After several more email exchanges with no explanation of when my funds would be made available I sent an email requesting that my account be closed and my funds returned. After 3 days I received no response so on XX/XX/2018 I made a phone call and and spoke with an agent explaining the problem. He went through the email exchanges and acknowleged the problem but could not offer any reason for my funds being tied up so long and requested that I submit another identification verification by uploading my photograph and drivers licensce for a third time. I informed him I would not do this again and let him know this was a courtesy call as a follow up to my last email that I wanted to close my account and the the funds returned. I was informed he could do nothing more for me. I let him know I would make a formal complaint to the proper agencies and he gave me the address to Coinbase Legal Dept. I am simply seeking to have my money returned. It is totally unfair for them to confiscate my funds for this long.
Company Response:
State: MA
Zip: 02118
Submitted Via: Web
Date Sent: 2018-09-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A