Date Received: 2018-01-29
Issue: Money was not available when promised
Subissue:
Consumer Complaint: Hi, I sent a domestic wire of {$7500.00} to Coinbase on XX/XX/XXXX. I have yet to receive the funds, nor have I received any estimate on when my funds would be available. Coinbase 's bank, XXXX XXXX, has confirmed receipt of my {$7500.00} on XX/XX/XXXX. I've called four times, opened four support tickets, and I've gotten the same " in 5-7 business days '' response since Day 3. Thanks, XXXX
Company Response:
State: NJ
Zip: 07726
Submitted Via: Web
Date Sent: 2018-01-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-01-29
Issue: Other transaction problem
Subissue:
Consumer Complaint: Coinbase currently is holding my funds which are a mix of Crypto and USD assets with a total of greater than {>= $1,000,000}. They have set my daily withdrawal limits to {$10000.00}. The withdrawal limits goes towards all withdrawals USD and Crypto equivalent. At this rate it will take greather than 3 months, most likely 4, in order to withdrawal my funds. I would like to move my money out in order to pursue other traditional / less volitile investments as well as move my crypto to a safe hardware wallet. A XXXX crypto exchange was just hacked to the order of {>= $1,000,000} and I do not feel safe with a centralized service such as Coinbase holding my funds. For reference my open cases with Coinbase are Case # XXXX and Case # XXXX. On XX/XX/2017 I submitted a request to have my limits increased to {>= $1,000,000}. It was almost immediately not approved so I submitted a second on for {$900000.00} on the same day. Since then it has been under review. The form says that " You should expect a response within 2 weeks. ". After a month of waiting I tried contacting them via Email, XXXX and XXXX. I then tried the phone support line. The customer service rep informed me that phone support is not the same deparatment that handles limit increase requests and the deparatment that does has no method of contact other than the simple form I filled out. You can only have one request pending at a time so there is no way for me to contact them. The customer service rep informed me that it looks like my request had been denied and there was nothing that could be done other than submitting another request. I informed the rep that I could not do so because the request was still pending. I asked if the request could be marked as denied so that I could try again and was told that they did not have the power to do so. After the call I received the follow-up email. " It appears your withdrawal increase request was denied because your account does not currently demonstrate a need for a higher withdrawal limit at this time, given the amount of funds within it. You can certainly apply again in the future when you have more funds on XXXXhe exchange to demonstrate this need. '' How does a greater than {>= $1,000,000} balance coupled with > 3 months of doing daily withdrawals that are greater than 24 hours spaced apart and having to enter verification codes not demonstrate the need? I was upset and not satisfied with the response so I called again. I essentially got the same response when discussing my situation over the phone but this time I got a sepearate follow-up email. " Ive taken a look at your account and it looks like your limits may not be appropriate based on your accounts positive history and status. I have escalated your request for a limit increase to our specialists. We do our best to complete all account reviews within 4-5 business days, though this may sometimes take longer depending on the case volume were experiencing. ... Followed by a lot of text to explain why they have limits, the nature of crypto, scammers, etc, which did not apply to my situation and there is no evidence that it does.. " However they marked the case as closed. I waited past the amount of time again to expect a response and am beginning to suspect this was just a de-escalation email. I don't know what I can do and at this point Coinbase is effectively holding my funds hostage and making it very painstakingly difficult to get access to my funds.
Company Response:
State: MD
Zip: 21403
Submitted Via: Web
Date Sent: 2018-01-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-01-29
Issue: Fraud or scam
Subissue:
Consumer Complaint: Funds missing for 35+ days. My wire of {$30000.00} was reversed by Coinbase on XX/XX/XXXX. Coinbase has 7 business days turn around time for these transactions but it has been 35+ days and the funds are still missing in my bank account. I have contacted Coinbase customer support numerous times but there is not progress whatsoever. I urgently need the money. My XXXX # XXXX : XXXX and Coinbase case number is XXXX. Can you please help?
Company Response:
State: TX
Zip: 75074
Submitted Via: Web
Date Sent: 2018-01-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-01-29
Issue: Money was not available when promised
Subissue:
Consumer Complaint: I was instructed to wire a deposit to Coinbase, so I followed their instructions. However, there was no space in my XXXX Wire Transfer form for Coinbase 's specific alphanumeric reference code, so 1 day later, I made an amendment request through XXXX to amend the " special instructions '' section to include it. At the time, Coinbase promised the deposit will be available in 3 days, or that it will be reversed back to the bank that had sent the funds within 5-10 business days. It has been over 30 calendar days now since I first submitted the wire, and I have still not received the funds into my Coinbase account or back into my bank.
Company Response:
State: NY
Zip: 11201
Submitted Via: Web
Date Sent: 2018-01-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-01-29
Issue: Problem adding money
Subissue:
Consumer Complaint: 1. The company is coinbase, a place to purchase cryptocurrency. I added XXXX USD to my account, but it never got added to my digital wallet, so it is stuck in limbo and I can't use it. It was suppose to be only 5-7 days from a bank transfer. I submitted it 2 weeks ago, they took my money XX/XX/XXXX and today is XX/XX/XXXX. I still have not recieved my money yet and the account says " pending. '' What company is this complaint about? www.coinbase.com a crytpocurrency exchange.
Company Response:
State: CA
Zip: 95123
Submitted Via: Web
Date Sent: 2018-01-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-01-28
Issue: Money was not available when promised
Subissue:
Consumer Complaint: On XX/XX/XXXX at XXXX XXXX, I started a withdraw of {$10000.00} ( from the sale of my cryptocurrency on their exchange ) from XXXX ( https : XXXX which is an arm of Coinbase ). This withdraw was to be a direct deposit into my XXXX XXXX XXXX account which I had used with them before. XXXX indicated that this would take a maximum of 10 days. The next day ( XX/XX/XXXX, XXXX XXXX ) I began a second withdraw of {$1200.00} to the same bank account. After about a week ( ~XX/XX/XXXX ), XXXX indicated that both transfers were " complete '' however I had received no funds and their transfer information said that the expected payout date and time was always the current time upon refreshing the page. I submitted a request to XXXX support on XX/XX/XXXX and only received an automated reply. It has now been more than 20 days since I initiated the withdraws and more than 10 days since I requested support from XXXX and received no reply or explanation. The withdraw info continues to indicated that the expected payout date and time is right now, but my bank shows no pending deposits. As a side note, I have used XXXX twice in the past and they only took a couple of days each time to complete the transactions ( each totaling {$10000.00} ). I have attached a picture of the transaction info XXXX provided for the two withdraws in question.
Company Response:
State: NC
Zip: 28216
Submitted Via: Web
Date Sent: 2018-01-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-01-28
Issue: Other transaction problem
Subissue:
Consumer Complaint: Hi CFPB I raised a support ticket with XXXX, immediately after the platform crash they suffered, on the XX/XX/XXXX and again on the XX/XX/XXXX. They have only confirmed that they had received the support tickets, but did not provide support ticket references, then sent out an standard email on XX/XX/XXXX confirming they are having delays dealing with tickets ( which I empathise with ) and that they are prioritizing their responses. The contents of the second ticket, sent XX/XX/XXXX, explained my issue : " Hi Support I have not received a response to my request as yet, please can you help? My sell order for XXXX for XXXXBTC incorrectly fired around XXXX on the XX/XX/XXXX. Your systems also dropped so rapidly it sold at levels far below XXXX - XXXX to XXXX, XXXX ... please provide evidence if was due to a system error and not a real price. Can you also confirm that the historical graphs for XX/XX/XXXX, around XXXX British Mean Time, now look completely different to what XXXX was showing on the day for the price of BTC/GBP ... now your site is showing a peak of XXXX but it definitely spiked at XXXX. Your graphs are now showing a low of around XXXX - my sell order was XXXX ... this is clear evidence that the sell order only fired due to your systems falling over. Can you confirm you can see the sell order cancellation request prior to your systems erroring? This was done around XXXX? I lost approximately XXXX of a BTC ... I'd purchased XXXX of BTC that morning and this error has wiped out my investment on that day effectively. Please can you help resolve this issue and refund me for the lost BTC? Much appreciated XXXX XXXX '' On the day of the XX/XX/XXXX the sell order fired incorrectly at XXXX British Mean Time and I then bought back in at XXXX when the price on XXXX had returned to the correct market value. I sold XXXX BTC and bought back XXXX BTC. I lost XXXX BTC due to the incorrect sell. There were also 2 charges of XXXX and XXXX from XXXX for the trades. None of these trades should have taken place and I should not have been charged due to the XXXX platform fail over/glitch. Please can you help? Thank you for your time and consideration. XXXX XXXX
Company Response:
State:
Zip: XXXXX
Submitted Via: Web
Date Sent: 2018-01-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-01-28
Issue: Money was not available when promised
Subissue:
Consumer Complaint: I contacted Coinbase on XX/XX/XXXX for help approving a transfer of bitcoins from my vault to my wallet, with the intention of selling my bitcoins ( initially it was XXXX, but now I wish to move all XXXX btc. I could not approve the transaction through my backup email address, which can not be updated on the site, so I contacted support. I was told my problem would be handled shortly. I have sent multiple follow-up responses hoping to get my problem addressed, or at least an update on when I can expect it to be addressed. My follow-up emails have all been ignored.
Company Response:
State: CA
Zip: 947XX
Submitted Via: Web
Date Sent: 2018-01-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-01-29
Issue: Fraud or scam
Subissue:
Consumer Complaint: I am an unhappy member as well as investor of Coinbase.com. I was being scammed out of a {$17.00} charge. Since all my other transfers were free or cost a matter of cents, I thought that I was reading the transfer incorrectly. Suddenly the charge by a Miner ( which I had no idea even took place, as there is nothing about Miner Assisted Transfer Charges disclosed on Coinbase main site ). I thought I am being scammed!, what do I do?. Frantically I searched the site, and found that I could only temporary block my account, this was the only recourse. Well, the charge went through, I was blocked out of my own account with Coinbase. After sending many, many, many emails, just coming up past 1 month now, I am still barred. I have sent direct emails, however soon after, the emails were not received, even a message saying customer service would not respond? I was kind, then a little mad, then back to being kind, in my communication. Nothing! Not a robot, nor human has made effort to contact me. I watched the recent purchase of funds actually go through my linked bank account, weeks later, after I issued a buy. It felt powerless, to see them take funds, that I had agreed on. I felt gullible, and am still unable to validate as to whether the funds are where they are proported to be [ in my wallet on the Coinbase Site ]. There was roughly {$550.00} USD. I had earned a little money in fact, at the time. I was planning on transferring when I had earned, prior to any dip. I actually foresaw the impending crash, just watching the news, and seeing other crypto currency wars taking place. I studied the markets for a good few weeks, prior to investing. I awaiting authentication, patiently. The process of ID validation took around a month. I had access to the account for less than two weeks. I lost money now, if the funds are even still there in Coinbase.com? My $ 500-550 is now down to 400 or less. The market did rebound. I woul like to transfer my funds out of Coinbase. I still have faith in crypto as a future investment, however the restrictions with trades make it hard to actually make a profit. I have now taken the long term approach to this short term volitilte process against my own better judgement or choice. I did not realize that this type of manipulation of the markets was indeed taking place.
Company Response:
State: CA
Zip: 95945
Submitted Via: Web
Date Sent: 2018-01-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2018-01-29
Issue: Fraud or scam
Subissue:
Consumer Complaint: On XX/XX/2017, I initiated a currency exchange ( via ACH transfer ) of {$1600.00} USD to BTC ( Bitcoin ) with Coinbase.com. The money left my back account via ACH transfer and I was promised that the exchange would clear and be available to me by XX/XX/2017 but they still have not cleared the transaction and show that it is pending. They are holding my money locked and are refusing to allow me access to it. I have made repeated attempts to reach them by phone and email under multiple case # XXXX, # XXXX and # XXXX but they have not responded with any info on the issue. They have not given me any status updates other than saying that my case has been escalated to a specialist. It's been almost 2 months now and I still do not have access to my funds.
Company Response:
State: WA
Zip: 99224
Submitted Via: Web
Date Sent: 2018-01-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A