Coinbase, Inc.

2017-07-19

Discovery Bay, CA

Fraud or scam

Money transfer, virtual currency, or money service: Virtual currency

Complaint: I submitted a complaint ( ID : XXXX ) on XXXX XXXX . My complaint contained two separate issues, one of which has been resolved, The company deposited back the {$8000.00} that I transferred to my Coinbase account via XXXX XXXX XXXX , however the second issue which is related to Coinbase Inc deceptive and fraudulent practices still stand valid. Here is the story : I opened an account on Coinbase Inc website on XXXX XXXX , 2017, and slowly started buying digital currencies ( BTC, ETH and LTC ) using my checking account at XXXX XXXX XXXX and XXXX credit card.Coinbase is a so-called " reputable '' comany in the US and worldwide for its IT infrustructure in digital currenies space. As a newbie to the digital curencies world, I excecised extreme caution in my new venture. On XXXX XXXX all of my " wallet '' acounts including US dollar wallet at Coinbase platform was worth {$25000.00}. I purchased digital currencies legitimately using my hard-earned savings deposited at XXXX XXXX XXXX . On Friday, XXXX XXXX , 2017 I made an attempt to sign up to XXXX XXXX , which is part of Coinbase Inc and is maintained by them. I used a different password than that used for my main coinbase account. I also used XXXX Authenticator required by Coinbase Inc as part of the sign-up process. I never scynronized my XXXX account with my wallets at Coinbase Inc. Within 2 minutes after my sign-up, I decided to log in to my main coinbase account, only to find that I could n't log in. I checked my email and found a notification from Coinbase that my password had been changed. Concered about my account might have been compromised, I requested that my account be disabled by clicking on the safe link they had provided in the email. The link was not a spam ; it was from Coinbase to notify me of the change. I also sent them an note via their automated communication channel to report the incidence. They got back to me the following day asking for the reason for my request which i had already provided them with. They informed that my account would remain disabled until I confirm my password, email and that the 2-factor security codes were secured. as requested I updated my password, and sent them numerous emails and voicemails at their number at XXXX to inform I did what I was instructed to do to resolve the issue, but no response. This phone number is not conveniently available to the public. This incidence may simply have been caused by my main coinbase account password being replaced by my XXXX sign-up password, a situation that I should have been warned upon GDAX registration. I have copies of the emails and case numbers I opened to resolve this issue. I also have snapshots of other people 's frastration and similar cases about Coinbase pactices that can be easily found on the Company 's forum or elswhere. Coinbase Inc. intentionally does not provide customer support in order to exploit/seize customers ' assets. I have called them numerous times leaving them voicemails at XXXX They claim they will response to inquires and resolve any issues " within 4 hours of receipt of the message '' during business hours. but they never ever responded to emails/voicemails, because that " receipt time '' never arrives! I XXXX and found out many customers with similar cases. This company is exercicing deceptive and fraudulent practices. Coinbase Inc. must be prosecuted.The owner ( s ) of this company lacks ethics and corporate responsibility, damage the credibility of the US financial market, cause many investors ' hard-earned savings to evaporate, and develop mistrust in financial services sector. The Company 's operations must be halted until they become transparent and are able to have sufficient facilities and resources to support the growing digital currency market. The public do n't want to see Mt. Gox case in the US.This company is exercicing deceptive and fraudulent practices. Coinbase Inc. must be prosecuted.The owner ( s ) of this company lacks ethics and corporate responsibility, damage the credibility of the US financial market, cause many investors ' hard-earned savings to evaporate, and develop mistrust in financial services sector. The Company 's operations must be halted until they become transparent and are able to have sufficient facilities and resources to support the growing digital currency market. The public do n't want to see XXXX XXXX case in the US.
Company Response: Closed with explanation

Timely Response

2017-07-19

WV

Money was not available when promised

Money transfer, virtual currency, or money service: Virtual currency

Complaint: On XX/XX/XXXX, I sold XXXX BTC with my account with Coinbase. Per their confirmation email, I was to receive {$1100.00} USD in my bank account no later than Thursday, XX/XX/XXXX. I did not receive the deposit. On XX/XX/XXXX, I submitted an online support ticket asking where the deposit was. I have received no response. On XX/XX/XXXX, I sent an email to Coinbase support asking where the deposit was. I have received an email thanking me for submitting my request, but have not received any additional response. On XX/XX/XXXX, I sent a direct message to Coinbase Support via XXXX. I have not received a response. On XX/XX/XXXX, I sent a direct message to Coinbase Support via XXXX. I have not received a response. On XX/XX/XXXX, I sent a direct message to Coinbase Support via XXXX. I have not received a response. On XX/XX/XXXX, I sent a public " XXXX '' to Coinbase CEO XXXX XXXX. I have not received a response. On XX/XX/XXXX, I called Coinbase 's only advertised phone number, which is their Fraud Prevention line. I left a message and have not received a response. I know my bank account is able to receive deposits from Coinbase because I have received other deposits, including one since the sale on XX/XX/XXXX. On XX/XX/XXXX, I initiated the sale of all other crypto-currency Coinbase was holding for me and I received that deposit on XX/XX/XXXX. The money was supposed to be in my account on XX/XX/XXXX at the latest. It has been 8 business days since the sale and 5 business days since I was due to receive the money. Where is the money? Where is the customer service? At this point, I am considering this to be fraud. Please advise.
Company Response: Closed with explanation

Timely Response

2017-07-19

San Francisco, CA

Other transaction problem

Money transfer, virtual currency, or money service: Virtual currency

Company Response: Closed with explanation

Timely Response

2017-07-19

MN

Managing, opening, or closing your mobile wallet account

Money transfer, virtual currency, or money service: Mobile or digital wallet

Complaint: I have an account with Coinbase that I opened through my XXXX XXXX using the Coinbase app. I found out that XXXX and Coinbase are linked within the same company and started my application for opening an account on XXXX as well. When I was at the stage of verifying my I.D . on XXXX, upon completion, I instantly received an email from Coinbase stating " Your USD wallet on Coinbase has been deactivated due to eligibility restrictions. '' I had and currently still have {$730.00} USD in the deleted USD wallet in Coinbase. I was able to locate the Deleted wallet and saw there was a withdraw button that should allow me to withdraw {$730.00} from the deleted USD wallet in Coinbase back into my wired bank account with XXXX XXXX XXXX. Upon trying to withdraw my {$730.00}, I received an email stating " Hi XXXX XXXX, A withdrawal of {$730.00} ( + {$0.00} banking fee ) has been initiated. {$730.00} will arrive in your bank account by XX/XX/2017. Although a bank transfer fee may apply, Coinbase does not charge a fee for this transaction. '' Followed by receiving another email simultaneously stating " Hi XXXX XXXX, On XX/XX/2017, you ordered {$0.00} USD via your payment method for {$730.00} USD. Unfortunately this transaction has been canceled. Although we try to avoid canceling transactions, in rare circumstances certain transactions can not be processed due to requirements imposed by our banking partners or other technical errors. If your payment method was charged, you will receive a full refund as quickly as possible. Coinbase will not charge any fees for this transaction. If you have any questions, please contact our customer support team. '' As of right now, I am not able to retrieve my {$730.00} cents out of the deleted USD wallet on Coinbase.
Company Response: Closed with explanation

Timely Response

2017-07-18

Astoria, NY

Other service problem

Money transfer, virtual currency, or money service: Virtual currency

Company Response: Closed with explanation

Timely Response

2017-07-18

Atl, GA

Other transaction problem

Money transfer, virtual currency, or money service: Virtual currency

Company Response: Closed with explanation

Timely Response

2017-07-18

Discovery Bay, CA

Fraud or scam

Money transfer, virtual currency, or money service: Virtual currency

Complaint: There are two issues with regard to my complaint about Coinbase Inc. based in XXXX XXXX, CA. First, not exercising due deligence as promised by the company to protect the financial well being of the customers. This includes locking my account, and not being responsive to my numerous voicemail and email requests to resolve the issue. As a result, this has inhibited me from taking adequate action to protect my financial situation against recent too volatile digital currencies movement. Second, not depositing or otherwise rejecting the fund I transferred from my XXXX XXXX XXXX account to my US dollar wallet account which is stored on coinbase platform ( {$8000.00} ). The story : I opened a coinbase account and slowly started buying digital currencies ( BTC, ETH and LTC ) using my checking account and credit card. I excecised extreme caution in my new venture. On XX/XX/XXXX, I transferred {$8000.00} from my XXXX XXXX XXXX account to coinbase account at XXXX XXXX XXXX. The fund was supposed to be available in my US dollar wallet at cointbase account within 3 days. The XXXX XXXX XXXX even confirmed that XXXX XXXX XXXX received money on XXXX XXXX, 2017, but as of now (XX/XX/XXXX ) they have neither rejected nor deposited the fund. I contacted their bank but it did not avail me. As I mentioned, they lack a responsive customer support line. Most importantly is the incidence that occurred on Friday, XXXX XXXX, 2017. I made an attempt to sign up to XXXX XXXX, which is part of Coinbase Inc and is maintained by them. I used a different password than that used for my main coinbase account. I also used XXXX Authenticator required by Coinbase Inc as part of the sign-up process. I never scynronized my XXXX account with my wallets at Coinbase Inc. Within 2 minutes after my sign-up, I decided to log in to my main coinbase account, only to find that I could n't log in. I checked my email and found a notification from Coinbase that my password had been changed. Having thought that my account might have been compromised, I requested that my account be disabled by clicking on the safe link they had provided in the email. I also sent them an email to report the incidence. They got back to me the following day asking for the reason for my request!, and informing that my account would remain disabled until I confirm my password, email, and 2-factor security codes are secured. I have sent them numerous emails, and left them voicemails at their number at XXXX, but no responses yet. My account excluding the above {$8000.00} is worth around {$25000.00}. This incidence may simply have been caused by my main coinbase account password being replaced by my XXXX sign-up password, a situation that I should have been warned upon XXXX registration.
Company Response: Closed with explanation

Timely Response

2017-07-18

NC

Money was not available when promised

Money transfer, virtual currency, or money service: Domestic (US) money transfer

Complaint: I wired {$7000.00} to my coinbase account on XXXX/XXXX/XXXX. The money was supposed to arrive the same day. I contacted customer support several times and received no response. It has now been a week, my money has never shown up, and I have still not received a response from their customer support.
Company Response: Closed with explanation

Timely Response

2017-07-18

Rockwell, NC

Managing, opening, or closing your mobile wallet account

Money transfer, virtual currency, or money service: Mobile or digital wallet

Complaint: On XXXX XXXX , 2017 I received an email titled " NOTICE OF ACCOUNT CLOSURE AND PENDING DISABLEMENT '' while in XXXX on vacation. Coinbase thought I was a resident of XXXX and that " If you are not a resident of a sanctioned country or otherwise have received this notification in error, please contact us at XXXX XXXX XXXX immediately and provide us with a copy of a photo ID and proof of your current address. " I immediately sent them the documentation requested and after 3 days on XXXX XXXX , 2017 I received a response from their customer service that the issue was being investigated by a specialist and I would be contacted when there was an update. After not hearing anything for a few days I responded on XXXX XXXX , 2017 just asking for a status update. I have yet to hear back from them. I have also tweeted at their customer support ( @ CoinbaseSupport ) MANY times to no avail. My support ticket number from the original email is XXXX So at the moment I have no access to any of my funds ( both USD and ETH ) that are in my Coinbase account.
Company Response: Closed with explanation

Timely Response

2017-07-18

CA

Other transaction problem

Money transfer, virtual currency, or money service: Virtual currency

Complaint: Regarding Coinbase, Here is an email thread of my issue: XXXX XXXX , 2017. XXXX XXXX pst You know, your service is really starting to suck! Before you took my money via "Buy" ing on your platform, and would not let me sell. And still will not. Now, when I do buy a currency, and I am told I was successful in my purchase, within 5 minutes of my purchase, my buy order is cancelled. Three time within 24 hours this has happened. And it has been almost 2 months now since I contacted you all about my selling issue. What is going on here? Today, I have submitted a complaint to the CFPB, and I will next forward this email thread to them. (T)Here for you On XXXX XXXX , 2017, at XXXX Coinbase Support wrote: Type your response ABOVE THIS LINE to reply For; to (do) XXXX XXXX Subject: Can not sell. Account Restriction XXXX XXXX , 2017 | XXXX PDT XXXX XXXX replied: Hi there, Thanks for reaching out. Having investigated the issue, I am working with a specialist to address it properly. We will follow-up with you as soon as we have an update. Please let me know if the matter develops further as we investigate. XXXX XXXX , 2017 | XXXX PDT For; replied: Thank you (T)Here for you XXXX XXXX , 2017 | XXXX PDT XXXX XXXX replied: Hi there, Thanks for reaching out. Having investigated the issue, I am working with a specialist to address it properly. We will follow-up with you as soon as we have an update. Please let me know if the matter develops further as we investigate. XXXX XXXX , 2017 | XXXX PDT For; replied: You still have not answered my question, nor addressed my problem. When will an actual person read your support mail. Will you ever fix the issue causing me not being able to sale my digital currency as I have outlined below? XXXX XXXX , 2017 | XXXX PDT XXXX replied: Hello and sorry for our delayed response. This is an automated email letting you know that we regret that we are not able to answer your email in a reasonable amount of time. As we experience rapid growth, we are also experiencing a high volume of support requests. Increasing our response time and response ability is a top priority for us right now. Our records indicate that you may be writing in to us to ask about your account limits. Limits on customer accounts are mostly applied by our automated software, and is based on account status and activity. That being said, our automated system doesnt always calculate limits appropriately. If this is the case with your account, we sincerely apologize. We definitely want our good customers to be able to buy as much digital currency as they need with us easily. If you feel that your limits are not appropriate for your account, please reply to this email letting us know. In the meantime, please explore other options you may be eligible for if you want to buy larger amounts of digital currency. In the US and XXXX , for example, you can buy larger amounts of digital currency than the limit on your credit or debit card by linking a bank account here: https://www.coinbase.com/payment_methods For most of our US customers, the best way to buy large amounts of digital currency fastest is to send a wire transfer to your account, which usually posts to your USD Wallet in under 24 hours. If wire transfers are already enabled for your account, you can find all the info you need to initiate a wire transfer from your end by clicking your USD Wallet then clicking Deposit. If you do not see this information, please respond to this message and request that wire transfers be enabled for your account. Keep in mind that no matter what your region, you can see your current limits and the verification steps required to raise your limits here: https://www.coinbase.com/verifications Thanks for your understanding as we continue to grow and improve our services. Regards, XXXX The Coinbase Team How satisfied were you with the quality of service we provided today? Poor | Fair | Good | Great XXXX XXXX 2017 | XXXX PDT For; replied: My account is still restricted for selling, online and via the app. XXXX XXXX , 2017 | XXXX PDT XXXX replied: This is an automated email. As we experience rapid growth, we are also experiencing a high volume of support requests and we regret not being able to answer your inquiry in a reasonable amount of time. If your issue has been resolved: Please disregard this message. If your issue has not been resolved: Visit our Support Center for solutions to most problems ID verification 2-Step verification How long does a buy take? Change country or state Sell or cash out Card verification Account limits If you require further assistance, please reply to this message with a note that you still need help. Thank you for your patience as we grow with the digital currency community. How satisfied were you with the quality of service we provided today? Poor | Fair | Good | Great XXXX XXXX , 2017 | XXXX PDT For; replied: Every time I try to sell my currency - either via the App, or Website, I get the message "Account Restricted" . And on the App, I am asked where to Deposit the funds, but nothing is there. I have contacted you all about this two weeks ago, but have heard nothing back. XXXX XXXX , 2017 | XXXX PDT Original message For; wrote: Hello, When I go to the sell tab I am told I can not buy or sell because of Account Restriction. The same is true when I use the App, but it does not mention any restrictions, I just can not sell. Why? This message was sent to XXXX in reference to Case #: XXXX . Follow this link to view the status of your case and add additional comments: XXXX *Important Note on Email Sent to Multiple Recipients If you send or reply to a message with multiple recipients, any responses to the thread may show up as part of the case history, even if those exchanges aren't directed to you. In essence, the owner of the original message also owns all communication associated with that case, regardless of who the subsequent senders and recipients are. Our suggestion is to make sure that all recipients are aware of this, and that the sending of sensitive information is avoided. XXXX
Company Response: Closed with explanation

Timely Response

2017-07-18

Money was not available when promised

Money transfer, virtual currency, or money service: International money transfer

Complaint: I have made XXXX XXXX withdrawal, amount : XXXX XXXX on coinbase.com on XXXX XXXX 2017. Coinbase website says : " Your XXXX will arrive by the end of day on Saturday XXXX XXXX , 2017. ". It did n't. Transaction is still in 'pending ' state. I have contacted coinbase support on XXXX XXXX but did n't get any help. Money is still not transferred to my account.
Company Response: Closed with explanation

Timely Response

2017-07-18

La Sierra, CA

Unauthorized transactions or other transaction problem

Money transfer, virtual currency, or money service: Mobile or digital wallet

Company Response: Closed with explanation

Timely Response

2017-07-18

Grosse Ile, MI

Other transaction problem

Money transfer, virtual currency, or money service: Virtual currency

Company Response: Closed with explanation

Timely Response

2017-07-18

San Francisco, CA

Other transaction problem

Money transfer, virtual currency, or money service: Domestic (US) money transfer

Company Response: Closed with explanation

Timely Response

2017-07-18

Henderson, NV

Money was not available when promised

Money transfer, virtual currency, or money service: Domestic (US) money transfer

Company Response: Closed with explanation

Timely Response

2017-07-18

Other transaction problem

Money transfer, virtual currency, or money service: International money transfer

Company Response: Closed with explanation

Timely Response

2017-07-17

Harsens Is, MI

Other transaction problem

Money transfer, virtual currency, or money service: Virtual currency

Complaint: I tried to purchase XXXX BTC from coinbase I received an email stating my order was cancelled. so I withdrew money out of my bank account. coinbase still deducted the money for the purchase out of my bank account via my debit card. Which overdrew my account. I never received any Bitcoin and coinbase does not respond to my emails. My coinbase account is under the email address XXXX At the time of purchase the amount of Bitcoin was worth {$450.00} plus they charge me a fee for loading the account when I only use them because they said by Bitcoin for free with a debit card
Company Response: Closed with explanation

Timely Response

2017-07-17

Charlotte, NC

Other transaction problem

Money transfer, virtual currency, or money service: Virtual currency

Complaint: I contacted Coinbase on XX/XX/XXXX to move my funds from one vault to the new vault I created. The reason I created the XXXX vault is because I lost access to the XXXX email address on the first vault. I am unable to access my funds in the default " XXXX Vault '' due to this problem. Their instructions are clear in stating that if you have lost access to your XXXX email address, simply create a new vault and ask support to transfer the funds. I received a reply from Coinbase on XX/XX/XXXX stating they would respond within 72 hours. It has now been almost 3 weeks and I am still waiting for help. My account is in good standing and I have verified my identity.
Company Response: Closed with explanation

Timely Response

2017-07-17

Tylertown, MS

Managing, opening, or closing your mobile wallet account

Money transfer, virtual currency, or money service: Mobile or digital wallet

Complaint: Transferred {$2000.00} to a coinbase account and my email was hacked now I 'm locked out of my coinbase account
Company Response: Closed with explanation

Timely Response

2017-07-16

Washington, DC

Other transaction problem

Money transfer, virtual currency, or money service: Virtual currency

Complaint: My complaint is about Coinbase, a digital currency platform. XXXX 2017 I tried to verify my identification ( by uploading my Hawaii drivers license ) in order to increase the daily amount of bitcoin that I can purchase. However, because there is some issue with Coinbase not allowing Hawaii residents to open accounts, I became locked out of my account. <P/> The issue now is that every time I log in, I get this " unable to create account '' screen and I can not get to my dashboard to move my funds out and close my account. I do not have any issue with Coinbase not allowing Hawaii residents to open accounts. My issue is that I 'm caught in this catch 22. I want to move my funds out and close my account, per Coinbase 's rules, however, I ca n't get to my dashboard to do so. <P/> I 've been emailing Coinbase 's customer support almost daily since XX/XX/XXXX and have yet to hear a response. They do not have a customer support phone number. I have over {$1000.00} in my account which I can not get access to. It 's very frustrating and I 'm not sure how else to contact Coinbase.
Company Response: Closed with explanation

Timely Response

2017-07-15

Sm, KS

Fraud or scam

Money transfer, virtual currency, or money service: Mobile or digital wallet

Complaint: Coinbase fraud. How are they still getting money from people? I am one of many ( according to on-line sources ). To not receive funds. What are the options?
Company Response: Closed with explanation

Timely Response

2017-07-15

FL

Money was not available when promised

Money transfer, virtual currency, or money service: Domestic (US) money transfer

Complaint: I have an account with Coinbase.com for buying and selling Bitcoin. My main concern is that I initiated a wire transfer to Coinbase.com and after 9 days, my account still shows 2 messages Not Verified and Transfer Pending. I am very concerned since Coinbase states wire transfers are completed the next business day. Also, I am alarmed that this is not an isolated case after reading through their support forum. <P/> On the morning of Thursday XXXX XXXX 2017, I initiated a wire transfer in the amount of {$11000.00} from my personal checking account to my Coinbase.com account based on the explicit wire transfer instructions ( see attached ) provided by Coinbase. Coinbase support forum state wire transfers are completed by next business day. Next business day was Friday XXXX XXXX 2017. I opened a support case with Coinbase on XXXX XXXX , 2017 XXXX ( see attached ). The only response I have received to date is Coinbase deleting any of my additional submitted cases which is very frustrating since they dont have time to process my wire transfer but can delete duplicate cases. Furthermore, the wire transfer instructions are still available which indicates to me they are not warning customers that wire transfers are an issue. At best, they are running a business with extremely poor customer service and at worse they are committing fraud in my opinion. There is no other way to contact Coinbase support to resolve my issue.
Company Response: Closed with explanation

Timely Response

2017-07-15

Money was not available when promised

Money transfer, virtual currency, or money service: Virtual currency

Company Response: Closed with explanation

Timely Response

2017-07-14

Queens, NY

Fraud or scam

Money transfer, virtual currency, or money service: Mobile or digital wallet

Complaint: COINBASE. company name trades XXXX. Transfer {$250.00} FROM MY CREDIT CARD to trade XXXX. Transferring to them and trade coins has no problem. But you ca n't take money back from them. Its blocked in all possible way. No customer support Im trying to reach for 2 weeks. No reply. Cant take my money back. They made process hard to get out. Verifying my wire bank is a one of them. I do n't understand how can I verify my wire bank? They do n't explain. They simply not answering. they have all wire info from my ( chase ) bank. Nothing more you need to accomplish this task. Looking at the complains online I found similar problems with lots of people, and Im wondering how in the world they still there scamming people? Please take some steps to investigate this fraud. thanks
Company Response: Closed with explanation

Timely Response

2017-07-12

Topeka, KS

Fraud or scam

Money transfer, virtual currency, or money service: Mobile or digital wallet

Company Response: Closed with explanation

Timely Response