Date Received: 2022-04-18
Issue: Confusing or missing disclosures
Subissue:
Consumer Complaint: I want to submit a formal complaint about Coinbase because the labels and warnings are misleading. I sent XXXX in the amount of XXXX ( {$550.00} ) on XXXX XXXX AM +UTC ) to a wallet address from XXXX to Coinbase on the XXXX XXXX ( very common for people to do this ). The company does not list the correct XXXX network which is XXXX XXXX XXXX XXXX before processing the transaction on the Coinbase app. The company customer service stated that Coinbase does not support this network for funds received to this brokerage over the specific XXXX XXXX. The funds are locked in a wallet with my money that the company will not release back to me. The company only states on the warning to not send a wrapped token to this account and not a token that is pegged to that token. These are slightly different in terms of what the definition of the two are. I sent this XXXX XXXX XXXX XXXX to the wallet address that Coinbase listed for me to send it to. I feel like what Coinbase says before receiving a token on a network is a misleading statement from the company and does not take due diligence for their customers who pay high brokerage fees to buy cryptocurrency on their brokerage service. With the Understanding of networks that Coinbase has with the years they have been involved in the business Coinbase should list the only network their company can receive crypto would be fair practice. Coinbase has the funds within their brokerage but refuses to allow me to hold the funds within my brokerage wallet because its not a supported coin transfer. The company has the capability to issue and convert the said coin into the correct currency on a fee basis that exchanges these transactions with other partner companies. The company refuses to exchange the currency and support it because the fees would pay their competitive business. Im conclusion the wallet on the brokerage that I sent the XXXX XXXX XXXX to should allow me to show my funds that Coinbase does not want to convert and allow me to move this coin on to a different wallet where I can pay a fee to convert this token if Coinbase does not want to pay fees to their competitive company. Only send XXXX to this address is misleading because a XXXX token is the same as the actual token. The exchange is 1:1. In the other picture I attached Coinbase does not mention the correct network specifically which to use to send XXXX to. Coinbase should list XXXX only on the label of the warning. This leaves people guessing because XXXX can be sent on many network platforms.
Company Response:
State: TX
Zip: 78247
Submitted Via: Web
Date Sent: 2022-05-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-04-18
Issue: Wrong amount charged or received
Subissue:
Consumer Complaint: On XX/XX/XXXX, I was trying to use Coinbase exchange to cash out but I didn't convert my ( XXXX ) hex tokens to XXXX before sending it to Coinbase and they will not send it back. Valued on XX/XX/XXXX to be {$3600.00}. Hex is a XXXX token and I sent it to my eth wallet by accident. I read that other exchanges will help the customer get their money back, but Coinbase will not. I reached out to Coinbase and it is support Case # XXXX -titled " sent upsupported XXXX tokens to my ethwallet. '' Coinbase responded " youve transferred any unsupported crypto to your Coinbase account, then there is no way to recover these assets. However, if a previously unsupported XXXX asset becomes available on Coinbase, then itll automatically be credited to your Coinbase account ''.. I submitted another ticket Case # XXXX -titled " sent upsupported XXXX tokens to my eth wallet '' and they responded " unsupported cryptocurrency to Coinbase or sent cryptocurrency to a wallet that isnt specifically for that cryptocurrency, we may soon be able to recover your funds. We're developing a service to help recover some of these cryptocurrencies, which should roll out later this year. For information about this service, see our help article : https : //help.coinbase.com/en/coinbase/trading-and-funding/sending-or-receiving-cryptocurrency/unsupported-crypto-recovery Before sending crypto to Coinbase, be sure to check if it's supported by visiting our Supported Cryptocurrencies article XXXX XXXX XXXX XXXX Thanks, Coinbase Support ''. This happens a lot. There is billions of dollar being accidently sent to eth wallets accidentally and the funds get stuck in limbo. Is coinbase reporting these funds.
Company Response:
State: TX
Zip: 78228
Submitted Via: Web
Date Sent: 2022-04-18
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-04-18
Issue: Fraud or scam
Subissue:
Consumer Complaint: I recently received an email from coinbase letting me know know that my account may have been compromised and that I needed to update my password and such. I proceeded to do just that, but when I tried updating my password, it would not allow me to. Not only that, but I could not get into my account at all. I called that same night and inform them of what I was experiencing and they advise me to lock the account, which I did. The lady on the phone told me I would not be able to get back into my account until 24hrs after they send me a password reset link to reset password and upload some documents to show proof it was me. I did just that. The next evening I got into my account only to find out that almost all my assets were transferred -- I was hacked. I had over {$500.00} but was left with XXXX. I asked them what happened and they told me someone got ahold of my login and stole them -- also purchase {$300.00} bitcoin using card on file. I was advised to reset my password again, which I did, but they could do nothing to get my assets back. The next day I went back, additional assets were taken -- now left with {$17.00}. I inquired and I was told I should have made sure I secured my account and nothing can be done. Also, am now not able to trade because they want me to make a payment because the hacker tried making another purchase and it didn't go through, so am barred from trading until I pay for it. I was not offered any kind of help or solution -- just that nothing can be done and it's all on me -- even after they told me I was all set and secure after resetting my password and performing 2-step verification. This is second time I've had issues with coinbase where I was locked out of my account for months after someone tried hacking my account back then as well. They did not do anything until after I filed a complaint with XXXX so am hoping they will do something after this complaint as well. The company failed to respond either to you or the XXXX XXXX XXXX to the complaint filed, and so the XXXX has closed the complaint. They referred me to you guys.
Company Response:
State: IN
Zip: 47303
Submitted Via: Web
Date Sent: 2022-04-18
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-04-17
Issue: Problem adding money
Subissue:
Consumer Complaint: I am very new to crypto currency so I downloaded the Coinbase app and I thought I had put in the information that they and this was in XXXX I think so I put {$1.00} dollar to start the app. So I went to put in my banking information and I found out that my account was restricted so I contacted the support center and could not help me. So last month they told me I needed to send in my ID and I did that well my account was still restricted and then this about 3 days ago they told me that I needed to fill out a XXXX XXXX I did that and they said the restrictions should lifted and they are not. Then on XX/XX/2022 they sent me a email saying that they were closing my so I tried to put in my banking information and it is still restricted so I called customer service and spoke to a agent and she said she was expedite my case well I checked today and it is still under review and all I wanted to do is put my bank information on my account because the sponsor bit coin games and by my total playing there games is a lot of money and I know that I have to pay them to withdraw the money I am a XXXX I play the games to get extra income they seem to be stalling the person I spoke with today she said that my account is under review again after they had sent the email saying that they were closing my case please help.
Company Response:
State: CA
Zip: 90062
Submitted Via: Web
Date Sent: 2022-04-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-04-17
Issue: Fraud or scam
Subissue:
Consumer Complaint: My account has been blocked by Coinbase without any reason since XX/XX/2022. My fund is blocked and i can not trade or transfer my money. Initially after several times calling and emailing they said that they need my driver license which they already have it. I resent it to them. After few week and again several times calling and email, coinbase said that there are multile account under my name under different emails. I answered that I only have one account under my name and my email. The other accounts and emails does not belong to me. They have ny answred since more than a month ago despite severl times calling, emailing and chatting with them. They only say I have to wait till review is over. Homw many months this review is going to last. They have done this tbing to alot of people. They freeze, block, and some cases take people 's money from their accounts with out their permission. The have multiple class action lawsuit against them. Please help.
Company Response:
State: TX
Zip: 78260
Submitted Via: Web
Date Sent: 2022-05-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-04-16
Issue: Fraud or scam
Subissue:
Consumer Complaint: On XX/XX/2022, I made a bitcoin ( of XXXX unit ) purchase on Coinbase XXXX using the majority of my cash balance of {$20000.00} at noon. However, the transaction didn't seem to go through as the purchase wasn't shown in the portfolio balance but the cash balance dropped by the amount purchased. So I reached out to Coinbase and asked for a resolution. The technician didn't know the issue and planned to seek his colleague for help. Around XXXX I got a call from XXXX XXXX who claimed to work for Coinbase to help me with my issue. He said the transaction didn't go through due to the need for my ID verification. He then sent me an email asking for my driver 's license and then sent all my bitcoin balance of ( {$48000.00} for XXXX units of Bitcoin + XXXX cash balance ) at Coinbase XXXX to an unknown blockchain address. He then hung up the phone. I contacted Coinbase customer service and they said they can not revert the transaction and they don't have a strict regulation on bitcoin transfers to any external address. Also, they don't provide FDIC insurance of any amount either. I would like for CFPB to contact Coinbase to investigate the poor customer service they had in terms of providing security and protection to its customers.
Company Response:
State: MA
Zip: 01810
Submitted Via: Web
Date Sent: 2022-04-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-04-16
Issue: Money was not available when promised
Subissue:
Consumer Complaint: For well over a month, I have been trying to get a resolution with funds accessibility issues relating to Coinbase and my account. Their app is unusable due to errors on their side with their system. This is causing great stress as I can not access my money or transfer funds to my bank from their exchange. XXXX, XXXX, XXXX, XXXX & XXXX are ticket numbers I have created with their support center. I have also signed up for their paid service to get support to no avail. They sell support services for their platform that results in no assistance. This in and of itself is stealing just as much as them not allowing me to access my funds. I have been a customer since XXXX with them, This is the first time I have seen their services in this kind of condition. I am in the payments industry as a profession and can not believe they can operate a service and withhold people 's funds due to refusing to fix their system issues. The nature of their bugs makes the website inoperable and their mobile app is also not functional. This is gone on for far too long and it is causing personal stress because of not being able to access a significant amount of funds that is mine, not theirs. I can log in to the site, I can not see my balance it reports as $ XXXX. I can not see my transactions or portfolio activity as the graphs will not load. I can not send money to my bank, It says " You do not have any funds available to cash out right now. '' < -- This is incorrect. I do, their system is broken and I can not access MY MONEY. It also represents my balance as $ XXXX and does not show a numeric value. The mobile app continually says ... " XXXX XXXX '' despite logging in to it and working on XXXX out of XXXX pages in their app ( meaning I am logged in so there is no " XXXX XXXX '' really. It's related to the same $ XXXX dollar amounts that the website is showing, This is really getting serious as I need access to my funds. I work very hard to be able to invest and they are making this very stressful as I need access to my money now... & can't wait months for them to finally respond. Their ticketing system automatically closes tickets ( despite them not being really resolved ). This is very concerning and an intervention is needed with them to help me resolve this. The balance being held back ( my money ) is significant enough value to take legal action to get a resolution. They need to be responsive. CFPB please help, I know I am not the only person reporting such issues. It's a big issue and they are not addressing it. They have a very poor track record of taking care of customers. This is a bad sign for a Publically Traded company ... when many thousands of dollars are impacted on many users because of this complaint.
Company Response:
State: GA
Zip: 30076
Submitted Via: Web
Date Sent: 2022-04-16
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-04-15
Issue: Fraud or scam
Subissue:
Consumer Complaint: Dear Sir The following is my complaint to Coinbase : As you know recently I trusted your organization and enrolled as a member of Coinbase and I was guided by your site to join as well Coinbase Wallet which you promote as the safest way to keep your coins. Some days ago my wallet holding over XXXX XXXX coins was cleaned out without any kind of action taken by my person, how was that possible?? I have complained many times to you coinbase but you keep saying that coinbase wallet is not part of coinbase?? but that is your saying now after my losses, when I joined coinbase about a month ago I was push to join coin wallet, all their adds still now posted the wallet was the best way to handle your money so what I did was transfer to coinbase more than XXXX dollars, there I bought some coins XXXX and XXXX then moved to the wallet, in the wallet you promote some apps that you call XXXX and last XX/XX/XXXX, I joined one of them XXXX XXXX now you say that XXXX was malicious and from that date there was a malicious software in my wallet, I was not aware of that until I realized last XX/XX/XXXX when my wallet was clean out and I complained to coinbase, and let you know about this situation, just in that moment you blocked the XXXX, now you said basically that it is not your problem but mine right!! but that particular XXXX could run only in coinbase wallets, also you posted their ad and promoted them, you didn't warn me about any situation. I was totally misled by Coinbase wallet because you gave me 12 safety words and many safety hurdles but the fact is that my wallet was clean out without any action from me, not a single order to transfer, send, receive, anything it was just your system, I believe is an internal work of some of your employees no other way. Now you are saying that they don't have anything to do with that, also asking me to complain to the FBI. In other words, keep misleading me right?? yes I complained to the FBI no idea when they will see it maybe in 2 or 3 years? I don't have time for that I used money from my retirement, since you have this kind of scheme I'm having hard time finding professional help hope I get it but you shouldn't be that kind of company And this is their answer, they refuse to solve anything and answer they don't have anything to do but it is not true I suspect they are involved Coinbase Support XXXX XXXX, XXXX, XXXX AM Thank you for reaching back, we do understand the difficulties tied to this stressful situation. Coinbase Wallet does not have a direct affiliation or partnership with a 'mining pledge contract ', 'mining pools ' or any other similar projects/dApps. Customers have the liberty to connect to any decentralized platform of their choice via Coinbase Wallet ( as they can with any other non-custodial wallet ) and do their best to research and understand the risks involved with this. Because transactions via Coinbase Wallet take place directly on the blockchain, it is not possible to revert those or recover the funds once they are confirmed. These transactions also do not have Personal Identifiable Information ( PII ) attached to them. Therefore it is not possible for Coinbase or any other party to determine to whom the funds were sent to. The Coinbase Wallet app is a user-controlled and non-custodial product, which means only the customer has access to carry out any activity. Coinbase is unable to access this product or intervene on behalf of the customer, under any circumstances. As a result, Coinbase Wallet is not covered by our Insurance Policy. For this reason, we can not help recover any Coinbase Wallet or transfer funds on your behalf. While we are unable to assist with the above, we can direct you to file a report on this activity via the XXXX XXXX XXXX XXXX ( XXXX ). They work with regulatory agencies and law enforcement to investigate crimes of this nature. Their website can be found here : https : XXXX Were also attaching some resources to help you determine and understand how potential decentralized scams can operate. We advise our customers to thoroughly research and investigate any decentralized project they wish to participate in. As those projects are not listed on popular exchanges, these third parties have to interact with potential phishing sites who try to collect sensitive information such as the wallets seed phrase in order to compromise the customers wallet : https : //help.coinbase.comXXXX We hope you find this information useful.
Company Response:
State: FL
Zip: 33174
Submitted Via: Web
Date Sent: 2022-05-09
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-04-15
Issue: Other transaction problem
Subissue:
Consumer Complaint: Coinbase refuses to allow me to close my account. They want me to upload my state issued ID in order to close it, and I do not trust them with my personal info, as I received an email indicating my account may have been compromised. Instead of closing the account for me, they are holding it XXXX. They would not even let me donate the XXXX CENTS left in my account without uploading personal info. It's a way of keeping my account XXXX, and after speaking with their customer service, they refused to provide any further assistance.
Company Response:
State: NC
Zip: 27613
Submitted Via: Web
Date Sent: 2022-04-15
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-04-14
Issue: Unauthorized transactions or other transaction problem
Subissue:
Consumer Complaint: I signed up for direct deposit and they issued me a routing and account number. I received my first direct deposit on XX/XX/2022. I received the second one on XX/XX/2022. The time for the third deposit to hit on XX/XX/2022. Never hit. I checked my other bank account and my funds had been deposited as normal. I wait until later in the day and still no deposit posted to Coinbase. I was given the run around after calling so decided to read the terms and agreement. I found that XXXX handles the heavy lifting and the direct deposits. I called them and entered my information in and they advised that they had records for all three deposits that were posted to the account Coinbase gave me and to contact them. I tried reaching out to Coinbase and no one knew what I was talking about and could help. They then flagged and locked my account as a risk once I started calling and emailing more. I just want my {$660.00} deposited into my account so I can be done with the horrible scam of a company.
Company Response:
State: MI
Zip: 48141
Submitted Via: Web
Date Sent: 2022-04-14
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A