Coinbase, Inc.

2018-11-09

Chicago, IL

Problem with a lender or other company charging your account

Checking or savings account: Checking account

Transaction was not authorized
Complaint: On XX/XX/2018, a {$15000.00} charge was made on my now-closed XXXX checking account. This charge DID NOT originate from my Coinbase account. My Coinbase account was not compromised in any way as I have 2 factor authentication and new device security enabled that were both not triggered during that time. My XXXX checking account was also not compromised as I have new device security enabled that was not triggered during that time. I have complaints out with the Illinois Attorney General 's office, the FBI IC3, and a local police report for this fraudulent charge. I also have an active claim with XXXX XXXX regarding this fraudulent charge. Coinbase is not replying to either of these channels whatsoever. I implore Coinbase to please seriously look into this fraudulent transaction with their bank XXXX XXXX XXXX so my funds can be returned to me. I will provide any evidence necessary to support my claim.
Company Response: Closed with explanation

Timely Response

2018-11-09

Federal Way, WA

Other transaction problem

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

Complaint: I contacted Coinbase on XX/XX/2018about my account being hacked and all my virtual currency transferred out. This was by phone. I was told they couldn't do anything as virtual currency isn't covered by their insurance. I also had money withdrawn from my linked checking accounts. The agent who helped me told me to send an email with more details and they would get a specialist to investigate. On XX/XX/XXXX coinbase finally responded back asking if this was resolved which it wasn't. On XX/XX/XXXX coinbase sent an email saying my account was closed. I ask about my transaction records etc for Taxes as I don't want to be liable for the transactions. On XX/XX/XXXX I get a response back saying a specialist would investigate. On XX/XX/XXXX I get a specialist response asking more details on what happened but no records. On XX/XX/XXXX I get an email saying suspicious activity was detected on my account and withdrawals would be 14 days. I still can't access my account. My PC was compromised by malware. I also use the XXXX exchange and they have better security measures in place. Both had 2 factor running. I unfortunately had the keys saved in my dropbox. After the initial login from my compromised PC coinbase still allowed IPs from different locations ( even out of the country ) to access my account where XXXX did not. XXXX also flagged the transactions as they weren't typical for my actions and coinbase did not. Point being the hackers tried XXXX but didn't succeed where as coinbase didn't even seem to flag anything. I've had my account with coinbase for years and nothing like this has ever happened. I put my trust in coinbase to help protect my virtual currency and they should at least be possibly responsible for lack of security. They convince their consumers that they are as secure as a bank which is false. I had to actually go to my bank to reverse the checking transactions to coinbase as they didn't do anything on their end.
Company Response: Closed with explanation

Timely Response

2018-11-02

NJ

Money was not available when promised

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

Complaint: We registered our coinbase account ( XXXX XXXX with emailid : XXXX ) in XX/XX/2018 and starting crypto trading on coinbase platform. On XX/XX/2018 we received an email from coinbase saying that our account has been rejected and we would need to close our coinbase account. At that time we had XXXX USD in our coinbase account/wallet and I requested coinbase to release my funds and then I will close my account. Since then I have raised multiple requests for getting this issue resolved. They have restricted all the trading on my coinbase account. Every time I reach out to there costumer support, they ask me to add my bank account on my coinbase account, but I am not even allowed to add my bank account on the portal to get my money withdrawn. Every week I am back and forth with a costumer representative from coinbase and been assured that this will be looked by a specialist, but nothing has been done yet. It has been more than 5 months now and I still have not received my ( XXXX USD ) money from coinbase. Hope this will help me getting my moeny back.
Company Response: Closed with explanation

Timely Response

2018-11-01

Everett, WA

Other transaction problem

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

Complaint: I sent bitcoin to this account which they closed out. I have emailed them for my money back. I have emailed them in the past with zero response due to the account. 1000s of complaints online for this company not replying to their customers. Coinbase company Transaction : XXXX StatusCompleted ConfirmationsXXXX Address XXXX XXXX XXXX DateXX/XX/2018 XXXX I want my currency returned back to me. It is valued at over 4500 $!
Company Response: Closed with explanation

Timely Response

2018-10-29

WV

Money was not available when promised

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

Complaint: I used Coinbase.com on XX/XX/18 to change {$300.00} USD to Bitcoin for payment to an individual. Coinbase.com had me set up an ACH from my checking account to fund the initial deposit because their service could not use my Debit Card information to that account. Once done, the funds were available to exchange to the digital Bitcoin currency, but I could not use the currency to make the payment I intended to use it for. I contacted their service dept. and they said that the funds needed to clear my account the ACH was drawn upon. Ok, this I could understand. The funds cleared my bank on XX/XX/18. On the XXXX, my Bitcoin was still not available for use as payment, and I followed up with Coinbase.com service dept., they again told me the ACH needed to clear. When I told them that it had already cleared, I was emailed that there was a hold on my account that was abnormally long and that they would need to get back to me. That they could take another 4-5 days to get back to me if not longer. As I wait, the market fluctuations in Bitcoin dwindles the value of my holdings of which I have no control over ... I was charged fees to do the transaction, and now my funds are being held with no explanation other than it needs time to clear. While the amount of the transaction is small comparatively to maybe others ... how many " other '' people is this happening to? Especially when fees are involved. I was trying to use Bitcoin as a faster method of payment, now it has been a week, and I am still unable to use the now reduced funds ( due to market fluctuation ) to the intended recipient.
Company Response: Closed with explanation

Timely Response

2018-10-22

Philatelic Center, CA

Other transaction problem

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

Complaint: On XX/XX/2018, I sent {$15000.00} USD to my USD wallet on Coinbase from my debit card. I have level 3 verification which allows I believe {$25000.00} in a deposit, so this is within my parameters. I should be able to trade immediately, but not be able to withdraw for 3-5 days, which was no problem. I received an email notification that day that my withdrawal time frame had changed to 14 days. I received a follow up email a couple minutes later stating that I could not withdraw for 30 days - both due to " suspicious activity ''. Since XX/XX/XXXX, I have called Coinbase numerous times and emailed them. The " suspicious '' activity is that I deposited more than I generally do, however the deposited amount is within my verification limits, so this should not be " suspicious. '' The next day, I realized my ability to buy had been frozen, so as of XX/XX/XXXX, I could not buy any coins with the {$15000.00} that had cleared from my bank and was now officially in my Coinbase account. After several calls and emails, I was told these issues would be resolved within 5-7 business days. To clarify, there were two issues - ( 1 ) my ability to withdraw was locked for 30 days, and ( 2 ) my ability to purchase had been frozen. When talking to customer service, they were confused as to why either issue was going on, especially purchasing, as once the funds hit Coinbase, I should be able to trade immediately. So now I had to wait 9 days ( 7 business days + a weekend ), while {$15000.00} ( my entire savings ) was locked for purchase AND withdrawal. On Friday XX/XX/2018, I received an email stating that my funds would not be able to be withdrawn until XX/XX/2018 ( over two months ). The purchasing issue still has not been addressed. I was also told that even though my money is in a USD wallet, the amount can fluctuate up and down based on the price of Bitcoin. So to summarize, my funds are locked for 2 months, I can not purchase, I can not withdraw, and my total amount can go up and down. I have no access to {$15000.00}. I am a student with hundreds of thousands in loans, and I saved up {$15000.00} to put on Coinbase and they have essentially stolen it for two months. This is fraudulent, illegal, and unacceptable. I demand the ability to withdraw immediately and will not bring my business back to Coinbase. I will also note that I deposited the money so I could purchase BTC when it dropped to {$6100.00}. The evening of my transfer, it dropped to {$6000.00}, and a few days later, it is now at {$6400.00}. Coinbase, on top of everything else, prevented me from making an {$800.00} profit.
Company Response: Closed with explanation

Timely Response

2018-10-12

NY

Other service problem

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

Complaint: Hello We need to get what we were offered and promised! It's a contract! The issue here I think can be that the person which I sent a referral to used my original email address when I registered with coinbase almost a year ago, and which I gave to her to register for coinbase, while she didn't have any spare email for that time. So their automated system probably detected duplicate email address which already received a referral offer a year ago. But the person who got a referral has her own name, social security, account number, it's not a duplicate profile! And referral offer was under her name! We contacted coinbase many times, they are not willing to help, or even to understand what the issue is and why it's not triggering the referral offer for both of us.
Company Response: Closed with explanation

Timely Response

2018-10-12

San Francisco, CA

Managing an account

Checking or savings account: Other banking product or service

Deposits and withdrawals
Complaint: I made a deposit from a bank account into my Coinbase account. On the confirmation screen ( before clicking submit ) it said specifically that my funds would be available within " 48 hours '' to withdraw. Therefore, I proceeded to submit. After the funds were confirmed to be available in my Coinbase account ( the next day ), the Coinbase web site proceeded to tell me that my {$250.00} deposit would not be available for " 27 days. '' Not only are they freezing / holding my funds for no reason, but it's very different than the availability that I AGREED TO before clicking submit. This is unacceptable to me. I reached out to Coinbase via support e-mail. They seem rather uncaring. I was told that it would be forwarded to a specialist and may or may not be resolved. It's been three days now. There is no follow-up and no resolution. I am looking forward to having this resolved as soon as possible, as well as an apology from Coinbase.
Company Response: Closed with explanation

Timely Response

2018-10-10

Huntingtn Bch, CA

Managing, opening, or closing your mobile wallet account

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

Company Response: Closed with explanation

Timely Response

2018-10-09

Lk Buena Vis, FL

Money was not available when promised

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

Complaint: I bot Bitcoin in Coinbase. Before I deposit and buy Bitcoin. They never ask me document check. When I try to withdraw my money. They need me verify my ID. However, I tried to use my cell phone. My laptop, my desktop. My ID uploaded so many times, it is not working. They don't have physical address can solve the problem. Their chat is robot. Their tel number is robot too. They hold my money since XX/XX/2018 My point is if they can no allow withdraw. They can not allow deposit. They hold my money and extend the holding period. Now my money still can not withdraw
Company Response: Closed with explanation

Timely Response

2018-10-02

North Hollywood, CA

Other transaction problem

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

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: Closed with explanation

Timely Response

2018-09-28

CA

Money was not available when promised

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

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: Closed with explanation

Timely Response

2018-09-28

Bristolville, OH

Money was not available when promised

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

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: Closed with explanation

Timely Response

2018-09-27

Nyc, NY

Confusing or missing disclosures

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

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: Closed with explanation

Timely Response

2018-09-22

FL

Other transaction problem

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

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: Closed with explanation

Timely Response

2018-09-12

Quartzsite, AZ

Fraud or scam

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

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: Closed with explanation

Timely Response

2018-09-11

Columbia Falls, MT

Wrong amount charged or received

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

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: Closed with explanation

Timely Response

2018-09-11

Columbia Falls, MT

Wrong amount charged or received

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

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: Closed with explanation

Timely Response

2018-09-10

Saint Cloud, FL

Other transaction problem

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

Company Response: Closed with explanation

Timely Response

2018-09-09

Key Biscayne, FL

Money was not available when promised

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

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: Closed with explanation

Timely Response

2018-09-07

Boston, MA

Money was not available when promised

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

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: Closed with explanation

Timely Response

2018-09-06

Euless, TX

Confusing or missing disclosures

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

Company Response: Closed with explanation

Timely Response

2018-09-06

Brooklyn, NY

Other transaction problem

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

Complaint: Hello my name is XXXX XXXX, On XX/XX/2018 all the funds in my Coinbase account was transferred to an address without my consent the total was XXXX.ethereum with a value of XXXX XXXX dollars usd at the time of transfer and XXXX.litecoin with a value of XXXX XXXX XXXX XXXX dollars usd I contact Coinbase, and with no help my email address XXXX, please contact me
Company Response: Closed with explanation

Timely Response

2018-09-04

Pioneer Town, TX

Wrong amount charged or received

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

Company Response: Closed with explanation

Timely Response

2018-09-02

Columbia Falls, MT

Other service problem

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

Complaint: On the date of XX/XX/XXXX at XXXX UTC I made a purchase for XXXX BitcoinCash being trade ID XXXX for {$940.00} USD. On XX/XX/XXXX the Coinbase Pricing Chart had different prices from that of its sister company GDAX Pricing Charts ( please see attached photographs ). Had I not matched the two separate Coinbase and GDAX pricing graphs and photographed this evidence it would not be known. I have made Contact with Coinbase for over 6 months regarding white collar crime activities Coinbase/GDAX have been engaged in. I have filed a complaint with the Consumer Financial Protection Bureau, met with federal agents at the Federal Bureau of Investigation and filed a complaint and communicated with the Securities and Exchange Commission.
Company Response: Closed with explanation

Timely Response