Date Received: 2018-02-05
Issue: Fraud or scam
Subissue:
Consumer Complaint: Hi my name is XXXX XXXX user in coinbase/XXXX XXXX XXXX, my email address at coinbase is XXXX On XX/XX/XXXX I made a domestic transfer for XXXX $ from my commercial account named XXXX XXXX XXXX from XXXX XXXX, and I forgot put the Recipient Instructions/Message XXXX here are the payment details Username : XXXX Entered on : XX/XX/XXXX XXXX XXXX Company : XXXX XXXX XXXX User Name : XXXX XXXX Approved 1 on : XX/XX/XXXX XXXX XXXX BankReceived on :XX/XX/XXXX XXXX XXXX First Confirmation Number : XXXX Entry Method : Freeform Status : Bank Received Account Type : ABA Bank Code Look-up Bank Code : XXXX Bank Name : XXXX XXXX XXXX Beneficiary Bank Address 1 : XXXX XXXX XXXX XXXX Beneficiary Bank Address 3 : XXXX XXXX XXXX State : NY Account Number : XXXX Payment Total XXXX USD to 1 Beneficiary on XX/XX/XXXX I've sent several e-mails. they keep giving me an automatic response. they haven't tried to contact me. I need my money back or id like to have the funds on my XXXX account.
Company Response:
State: FL
Zip: 33178
Submitted Via: Web
Date Sent: 2018-02-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-02-05
Issue: Money was not available when promised
Subissue:
Consumer Complaint: I sent a wire transfer of {$100000.00} to Coinbase onXX/XX/2017 to invest in bitcoin. Coinbase 's website claims that deposit of wire transfer will automatically appear in coinbase account in 2 or 3 business days. However, it has been almost 8 weeks now, and the money still has not shown up in my Coinbase USD account, nor was it returned to my bank account. I have sent Coinbase several tickets and received replies which seemed to be automatically generated by computer. Those replies repeatedly claim that wire transfer will automatically appear in my account and ask me to close the ticket, despite the fact that I have never seen the $ XXXX deposited in my account! Six weeks later, on XX/XX/XXXX, after I threatened to file a complain on CFPB, I finally got a reply with a name signed at the end of the email. A support team member named XXXX said that he would work with a specialist on my case. My hope was up, I thought this would be solved finally. Yet almost two weeks later, my case is still not resolved and I have not yet received any meaningful response with case specific information despite my repeated request to them. The only response I got was one email which apologizes for the delay and asks me to reply if I still have not received my fund. Of course, I have not received my fund. I replied and still nothing happened till today! This has been a nightmare. $ XXXX is not a small amount of money, 8 weeks are enough for a simple wire transfer. Yet I could not even get any meaningful reply on my case from Coinbase. All the replies seem to be copied from a template or simply AI generated reply. I hope that my complain through CFPB will help me to get my money back!
Company Response:
State: WA
Zip: 98021
Submitted Via: Web
Date Sent: 2018-02-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-02-05
Issue: Other transaction problem
Subissue:
Consumer Complaint: I initiated a request to move all of my Ethereum from my vault to my wallet with the intention of selling on XX/XX/XXXX. At the time, the value of my investment was almost {$10000.00}. Coinbases delay has caused me significant losses ( approximately 40 % ). I never received a secondary confirmation e-mail from Coinbase, so Ive been unable to finalize the withdrawal. I called Coinbase on XX/XX/XXXX to have a ticket opened on the issue, and was told it had been escalated to the highest level possible, and that details were included. The representative did not add any level of detail, even though they said they could see the issue was coming from a glitch within Coinbase. I then went in on XX/XX/XXXX to add the additional detail so the issue could be resolved. On XX/XX/XXXX, I still hadnt heard back, so I called again. This time, the representative stated that due to a backlog, it would likely be several weeks before I heard anything back from the company, and additional time to resolution. I find this completely unacceptable every day Im unable to withdraw, I am losing money. This has caused me a great deal of personal and financial stress to say the least.
Company Response:
State: WI
Zip: 53154
Submitted Via: Web
Date Sent: 2018-02-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-02-05
Issue: Other transaction problem
Subissue:
Consumer Complaint: In XX/XX/2017 I created an account at Coinbase.com, with the intention of purchasing some cryptocurrency. I passed my identity verification screening, which included adding my name, address, bank account information, credit card and even uploading my driver 's license to confirm my address and age. I was allowed to make multiple deposits of XXXX, XXXX, XXXX and XXXX dollars. I purchased some cryptocurrencies, paying fees each time, then sold them, again, paying coinbase a fee. Once the funds for the transactions were released into my coinbase cash account, I went to make a withdrawal of said funds ( total amount in my account is {$1800.00} ), but was told that I would need to " verify my identity '' using their supposed " 3rd party verification service '', which required even more details than were required to fund the account. I went through the steps advised, entered all of my information, including new info ( last 4 of SSN ) but each time the provider said that " verification could not be completed at this time ''. I attempted to complete this procedure over FIFTY times. I emailed coinbase over a dozen times, have direct messaged them on XXXX and yet have gotten no help ( only automated replies, or suggestions to continue changing the information I enter into their verification system, to no avail ), and my funds remain frozen. In a last ditch effort, I went to CLOSE my account, so that I would finally get MY OWN MONEY, but even trying to close an account requires this broken verification. They won't even let me close the account or withdraw my funds!!! This is a significant amount of money, that belongs to ME, and it is criminal and negligant for coinbase to deny it to me, when I have done everything within reason to verify who I am. It has been about 3 weeks since this debacle has started, and I am finally desparate enough for outside help ( Hence me contacting you, Consumer Finance Protection ). Thank you for your help
Company Response:
State: CA
Zip: 93940
Submitted Via: Web
Date Sent: 2018-02-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-02-06
Issue: Other transaction problem
Subissue:
Consumer Complaint: On XX/XX/XXXX I wire transferred {$40000.00} from my business account to my personal account at Coinbase.com / XXXX. The funds never posted on my account. After 10 attempts to contact coinbase / XXXX through phone, email, and their support system I was send an email from coinbase that the wire was not accepted and the wire was going to be reversed during the next 7 business days. Today it is XX/XX/XXXX I have kept sending emails, calling, and leaving messages on their system. They have not replied one of my messages with a response about the refund of these funds. Please help
Company Response:
State: FL
Zip: 33156
Submitted Via: Web
Date Sent: 2018-02-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-02-06
Issue: Money was not available when promised
Subissue:
Consumer Complaint: On XX/XX/XXXX, I filed a ticket with Coinbase because I noticed that I was unable to access my coins on the XXXX exchange because I had a failed payment notification, therefore Coinbase locked my account. I added a new credit card to the file and payed the outstanding fine of XXXX USD. So, I figured this would fix the problem, but it did not. Everytime I log into Coinbase I get the same message : " Issue with Recent Buys We couldn't complete one of your buys due to an issue with your payment method. Please select a payment method to continue. '' But the amount I owe is XXXX and when I press the make payment button, nothing happens and my account is still locked. Mind you, the crypto market is starting to crash and this is the reason why I wanted to sell my coins that were stored on XXXX and get out. I decided to call Coinbase and spoke to a customer service representative who literally said, " There is nothing I can do. A specialists will get to it when they get to it. '' So, I was extremely upset to hear this from a company that made XXXX XXXX USD in transaction fees last year. The next day I call Coinbase yet again and talk to a female customer service rep. The lady was very very rude to me and uncaring of my situation despite me losing around 2,000 USD at the time. I asked to speak to a manager and she said he was in a " meeting. '' So I said let me speak to who is in charge of him and she said that there was no one that I could talk to about my situation and she only had one supervisor. I was extremely XXXX at this point. So, a couple days go by and I am still unable to access my funds. So I created another support ticket through Coinbase and got this response on XX/XX/XXXX : " Hello there, Thank you for contacting Coinbase Support. I apologize for the delay in responding to your email and for all the trouble. Ive taken a look at your account and it appears that you are not currently eligible to create a purchase order. This restriction may have been applied in error. Ive just escalated your case to our subject experts who will be completing a review of your purchasing eligibility shortly. You will receive a notification email if were able to restore your purchasing ability. Please note that while these reviews are typically completed within 4-5 business days, it can sometimes take longer depending on our current case volume. For security reasons, Coinbase can not guarantee eligibility for every account. If your account has experienced chargebacks in the past this, as an example, can impact your eligibility. Thank you for your patience and understanding as we complete this review. You may also check our support website at https : //support.coinbase.com/ for more issue resolution in the future. Best, XXXX Coinbase Customer Service Representative You may also check our support website at https : //support.coinbase.com/ for more issue resolution in the near future. Best, XXXX Coinbase Customer Service Representative '' Now it's XX/XX/XXXX, I have lost probably close to 8,000 USD and the market is just tanking and I have no access to my coins that I rightfully purchased with my own money and Coinbase is refusing to let me access MY OWN MONEY. This is by far the most unprofessional company I have dealt with in regards to handling people 's hard earned money. I am so depressed right now! I have lost most of my life savings because Coinbase literally can't get their act together. Please help me get my money back!
Company Response:
State: AL
Zip: 35226
Submitted Via: Web
Date Sent: 2018-02-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-02-06
Issue: Money was not available when promised
Subissue:
Consumer Complaint: I made online transfer ( ACH ) {$2000.00} from my checking account to COINBASE, INC on XX/XX/11. The coinbase website stated that the money will go to my account in 7-10 business days. It has been 25 days so far. And I have filed a ticket to coinbase support, but received nothing so far. My ticket number is XXXX.
Company Response:
State: IL
Zip: 606XX
Submitted Via: Web
Date Sent: 2018-02-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-02-06
Issue: Managing, opening, or closing your mobile wallet account
Subissue:
Consumer Complaint: It has been 3 weeks and the problem still has not been fixed by Coinbase. I can not access my account and lost a lot of money due to Coinbase delays in resolving the issue! They have emailed me twice with the same information and instructions that they repeat over and over. The steps they are asking me to do have been competed numerous times. They do not give me anything new, other than sending the same script emails.
Company Response:
State: WA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2018-02-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-02-05
Issue: Money was not available when promised
Subissue:
Consumer Complaint: Here is the exact email I sent to Coinbase to figure out where my {$1500.00} wire transfer is. It was completed by my bank on XX/XX/17 and I have still not yet received my funds. This is unacceptable and I believe your Bureau has had to deal with this many times : Hello, My name is XXXX XXXX XXXX. I sent a wire transfer on the date of XX/XX/2017 and have not received funds in my coinable/XXXX account. The wire was sent from a bank located in the United States for {$1500.00} and should be credited to my account already. I understand that your company has been struggling to keep up with these wires transfers but I've seen on XXXX forums that international users have gotten their wires deposited into their account in a few business days. It has been too long and I want to know where my funds are. I work closely with the office of the ombudsperson at the XXXX XXXX XXXX and do not want to take this case to the next level. It would truly be a burden for the both of us. So if you could please look into the situation as soon as possible I would be more than grateful. If not, I will have to take legal action. Thank you, XXXX XXXX XXXX This was the first email. Ive sent multiple emails and only get automated responses about a specialist looking into it. But no results yet and it has been over a month. Ive emailed, called, and posted to forums many times but have not yet received my funds. I am a XXXX XXXX and that money is very important to me to survive and be able to pay for school. I need it ASAP to cover
Company Response:
State: IA
Zip: 52240
Submitted Via: Web
Date Sent: 2018-02-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-02-05
Issue: Money was not available when promised
Subissue:
Consumer Complaint: XX/XX/2018 This is written evidence of a felony theft of funds. The crime has been committed by Coinbase, located at XXXX XXXX XXXX # XXXX XXXX XXXX, CA XXXX. Coinbase is a financial institution dealing in the trading of US dollars and several crypto-currencies. Currently Coinbase is governed by and in violation of The Bank Secrecy Act by refusing to provide some records to their investors. The USA Patriot Act by refusing to identify or allow communication with a designated a compliance officer. Most states Money Transmission Laws and Corresponding Regulations. Coinbase recently encouraged me ( and all of their investors ) to move our finds from their Electronic Wallet to their Electronic Vault, claiming our funds will be more secure and better protected. When moving those funds to the Electronic Vault, they required a secondary email for future authorization to move funds back to our Electronic Wallet. And, when attempting to make such a transfer or withdrawal, they refuse to send an authorization to our secondary email address ( the same one as they initially required ) so that we are able to authorize any funds to be transferred or withdrawn from Electronic Vault. To say it more clearly, imagine if your bank suggested you take your money out of your wallet and put in their vault. Then, told you, we cant let into the vault and we cant go in the vault for you. However maybe we can help you at some time in the future. Essentially, that is what is going on here. In short, they own and control our funds and have ( for 2 months ) replied to emails with a link to the Coinbase FAQs web-page, which does not address the issue. When calling in, they say ; we have lots of customers with service issues, well send your case to a specialist. However, the specialist will not be identified and any request to speak with a specialist, supervisor, company executive, or designated a compliance officer, is absolutely and firmly denied. This issue is effecting hundreds of people in the region, thousands in the state, and 10s of thousands nationwide. How much are we talking about? My investment alone was over {$170000.00} US dollars when I attempted withdrawel. As of today the investment is valued at {$97000.00}. It seems Coinbase is operating above the law and they are conspicuously unavailable to provide solutions. I would caution you to look back on the financial travesty of the XXXX XXXX situation to understand the devastating personal loss that could be caused if Coinbase continues to break the law and turn its back on its investors. This is not a case of bad customer service, or a glitch in the system, it is a case of stonewalling investors and blocking investors from their funds as long as the see fit or even worse permanently. I have stacks of emails and records of phone conversations, all claiming the same thing ; we have escalated your case and it should be resolved soon. ( 4 months from the day I was locked out and 1 month of daily communication - still no access to my finds. ) I am available to answer any of your questions via phone conference, or email in order to help expedite any assistance you can provide before the worst possible scenario happens even when it could have been avoided. I hope that you will take this matter seriously and I thank you in advance for your consideration.
Company Response:
State: WI
Zip: 531XX
Submitted Via: Web
Date Sent: 2018-02-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A