Coinbase, Inc

2018-02-03

Cherry Brook, MA

Wrong amount charged or received

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

Complaint: On several occasions, I executed regular market orders with associated " taker '' fees, as advertised on XXXX XXXX XXXX ( and on supporting screenshot ). The fee stated for the smallest volume tier ( which I fall into ) is 0.25 %, however the actual fees charged are consistently 0.3 % ( see supporting screenshot and XXXX for example transactions ). I have re-computed these fees myself over several different transactions ( from XXXX extracts provided by XXXX/Coinbase ) and the problem seems to exist on both buy and sell sides of the transactions, unfairly charging greater-than-expected fees. These aren't rounding errors, they're very clearly fee overcharges ( which is likely not malicious, but is depriving investors of expected monies ).
Company Response: Closed with explanation

Timely Response

2018-02-02

MT

Other transaction problem

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

Complaint: on XX/XX/XXXX I sent a wire for {$25.00} over to Coinbase INC/XXXX XXXX in XXXX. On XX/XX/XXXX they sent me an email saying that they could NOT accept the wire and they would send it back to my bank in 10 business days. Has been almost 2 months now and no money. I have contacted coinbase and asked them about it and all they say is we are very backed up and a specialist is taking care of your case and you will get your money soon but so far nothing. I would like them to return my money so I can feed my family. 2 months is unaccepted time to hold someone's money for no reason. Thank you for your time, XXXX XXXX
Company Response: Closed with explanation

Timely Response

2018-02-02

Managing, opening, or closing your mobile wallet account

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

Complaint: Since XX/XX/XXXX, I have been requesting COINBASE to transfer my digital ( crypto ) currency from out of their 'vault ' secure storage into my checking account ( also with them ) as I wanted to withdraw the same. This should have happened within 48 hours. On XX/XX/XXXX, XX/XX/XXXX ( twice ), XX/XX/XXXX and XX/XX/XXXX, I I Direct Messaged them on XXXX ( via XXXX XXXX ) asking for someone to reply / respond / take up my case. I received no replies from them. On XX/XX/XXXX and XX/XX/XXXX, I emailed them about the matter after trying to call them ( using their no-help customer support line ). I finally received a reply on XX/XX/XXXX giving me advise on what to do to make the vault withdrawals happen. After following their instructions and reverting to them the very same day to say my transactions were still not happening, I heard from them on XX/XX/XXXX saying there was a technical issue and that a specialist would be looking into it. That was the last time I heard from COINBASE!!!. No amount of follow up emails have been responded to. This is very shoddy operating practices being exibited by COINBASE and is completely unacceptable. They should not ignore customer requests not matter what their excuse is. I urgently need your assistance in getting COINBASE to meet and properly complete my requests as they have caused me financial hardship. Their complete disregard and disdain towards customers should not be allowed to go unchallenged
Company Response: Closed with explanation

Timely Response

2018-02-02

Nyc, NY

Fraud or scam

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

Complaint: Coinbase locked me out of my account for more than a month and does not allow me to even close the account. I opened Coinbase account on XX/XX/XXXX, and bought total of {$6000.00} bitcoin. Then in XX/XX/XXXX, Coinbase started requesting additional authentication by first requesting the photos of my driver license. I tried more than a dozen times over the next several weeks to do this with no success. Ive been locked out of my own account ever since. Then it requested the XXXX authentication, which still didnt work even if I again tried for many weeks at different times until now. My XXXX authentication works well everywhere else. I have sent many complaining e-mails during the past month but received only what appeared to be a computer generated generic responses. Frustrated and suspicious, I have demanded that Coinbase simply close my account and return the balance but Coinbase wouldn't even allow this by saying that I need to log in and close the account myself. How can I do this when the very reason I want to close the account is the inability to log in? Please help me. Thank you!
Company Response: Closed with explanation

Timely Response

2018-02-02

IL

Unexpected or other fees

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

Complaint: I have been regularly buying cryptocurrency with my credit card on coinbase.com, and it has been labeled as a credit card transaction and going through as such. Unexpectedly and without any notice, it began showing up as a cash advance, hitting me with huge fees from my bank ( XXXX XXXX ). Coinbase sent out an email days after the change, only because there has been significant backlash. They still are not changing to have these purchases coded as regular purchases ( since cryptocurrency is considered property by the government ). Coinbase denies it is their fault and blames the bank, and XXXX XXXX blames Coinbase and refuses to refund any fees/interest/hit on my credit card score. Millions of everyday customers are getting ripped off by a change made that was unnanounced, and we have no recourse.
Company Response: Closed with explanation

Timely Response

2018-02-02

IA

Other transaction problem

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

Complaint: I've been a customer of Coinbase.com for about 1 year. On XX/XX/XXXX our bank sent them a wire transfer of {$200000.00} USD. IMAD # : XXXX XXXX On XX/XX/XXXX Coinbase sent us an email which read " You recently sent a wire to fund your Coinbase or XXXX account for {$200000.00}. Unfortunately, we are not able to apply this wire to your account due to a name mismatch and will be returning this wire back to your bank. Please allow us 7 business days for processing ... '' see attached We sent them an email on XX/XX/XXXX and all we received was a robot response. see attached Today XX/XX/XXXX I went online to see if there were others having this problem with Coinbase and yes there were many. According to the others the best way to resolve their issue with Coinbase was with the CFPB.
Company Response: Closed with explanation

Timely Response

2018-02-02

Anaheim, CA

Other transaction problem

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

Complaint: - Company : CoinBase - Website : www.CoinBase.com - Contacted company : Yes ( Unresolved ) - Emailed and called numerous times - Date Occurred : Approximy XX/XX/XXXX* - Problem : I bought XXXX LTC on XX/XX/XXXX. On the ninth day of the transfer, I got noticed that my transaction was canceled for an unknown reason. Since then, I lost full access to my cryptocurrency wallet. Respectfully, CFPB User
Company Response: Closed with explanation

Timely Response

2018-02-02

Marina Del Rey, 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

2018-02-02

IA

Money was not available when promised

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

Complaint: I bought. XXXX bitcoin in XX/XX/XXXX and used coinbase as my wallet. InXX/XX/XXXX, I realized how much money that was and tried to log back in to sell part of my bitcoin. Unfortunately, the email that I used was one I had just lost access to earlier that month. I emailed coinbase support on XX/XX/XXXX after taking all of the steps necessary to regain access to my funds ( set up new account, verified identity, linked same bank account, etc ). On XX/XX/XXXX I got an generic automated email back that did not at all acknowledge that I had already specified it was a 'priority issue ' so I emailed them back all of my information again. On XX/XX/XXXX I received an email that they were working with a 'specialist ' to finalize the transfer and that they would follow up as soon as the transfer was complete or if they had any other questions. I emailed them on XX/XX/XXXX to check for an update because I still had no money. It is now XX/XX/XXXX and I have heard nothing and still have no access to my money. From the moment I contacted them 5 weeks ago, I have watched my money diminish. I feel like I'm being intentionally made to wait and wait until my bitcoin is worth a fraction of what it was when I first contacted them.
Company Response: Closed with explanation

Timely Response

2018-02-02

Pacific City, OR

Other service problem

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

Complaint: My account is locked with Coinbase. Whenever I try to logon it asks me for identity verification and when I upload my driver 's license, it says the photo ID doesn't match because it just picks last name and middle name from the driver 's license. And my name on the account is First name, Middle name initial and last name. I called their customer support and they keep telling me that case is in the queue and specialist will have to look into it. It has been more than 2 weeks and the account is still locked. Every time I call their customer support they provide the same answer and they tell me they don't the timeline when the specialist will look at my case and they can't help me further. Right now all my money is stuck there and I am unable to access it. I am not even sure if my account has been compromised because they are not providing any information and not unlocking my account.
Company Response: Closed with explanation

Timely Response

2018-02-02

Crow, OR

Other transaction problem

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

Company Response: Closed with explanation

Timely Response

2018-02-02

Brooklyn, NY

Money was not available when promised

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

Complaint: Hello my name is XXXX i did wire transfer from my XXXX XXXX amount of {$5000.00} ( XXXX XXXX dollars ) on XX/XX/XXXX to COINBASE on my Friends Name : XXXX, next day on XX/XX/XXXX we received email from COINBASE that because of name on the Bank and COINBASE account different money will not be accepted and will be reversed within 7 business days. We still did not get our money reversed back to the bank and we tried to call them a lot of times and sending emails still nothing. Please help to get our money back we almost run out of savings.
Company Response: Closed with explanation

Timely Response

2018-02-02

Shattuck, OK

Money was not available when promised

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

Complaint: I sent a wire transfer on XX/XX/XXXX from my bank to : CoinbaseCoinbase, XXXX XXXX XXXX XXXX, # XXXX, XXXX XXXX, CA XXXX Bank Name XXXX XXXX XXXX Bank Address XXXX XXXX XXXX XXXX Fl XXXX XXXX, NY XXXX XXXX. After sending the transfer, I noticed that it said to send with personal name and not a business name. The bank was not sure if they sent it with my personal name or business name but finally decided that they sent it using my personal name, which should of been correct. I sent an email to Coinbase to clarify the issue and make sure that if it was sent in my name that it shouldnt be a problem to deposit into my account. If it was in my business name, to just cancel and send back to my bank. I received an email finally on XX/XX/XXXX with a case number and the standard they are working on it. The case number is # XXXX. I responded letting them know to please cancel the transfer and just send back to my bank. I have not heard back from them in 2 weeks. I just want the transfer canceled on their end and sent back to my bank.
Company Response: Closed with explanation

Timely Response

2018-02-02

Money was not available when promised

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

Complaint: XX/XX/XXXX : I lost access to my account thanks to the 2FA and I was advised by coinbase support to open a new account for the funds to be transferred from my new account. Please see request below : Hi I've lost my phone number as well as the authenticator. I no longer have the authenticator seed to use the authenticator app on IOS manually. Please help. Thanks XX/XX/XXXX : Please see Reply from coinbase support : Hello there, Thank you for contacting Coinbase support. Im sorry for the trouble youre having accessing your Coinbase account. To help get you access to your funds, it will be necessary to create a new Coinbase account using a different email address at https : //www.coinbase.comXXXX, and proceed with the following steps : 1 ) Add and verify a phone number 2 ) Complete the ID verification for your new account at https : //www.coinbase.comXXXX XXXX Once completed, these steps will help verify your ownership of the previous account. Let me know when youve finished these steps, and once we complete a review of the information, we can look to transfer the balance from the inaccessible account to your new one. If you have any questions or encounter trouble in the meantime, please feel free to send me a message and I will be happy to look into it. For more info or question please visit our support website : https : //support.coinbase.com to find the best answer real quick. Thank you for using Coinbase. Kind regards, XXXX XXXX / Coinbase Support Representative XX/XX/XXXX : Replied with the required information. Please see my reply below : Hi Ive now completed the account opening and verification. Please proceed to do the needful. Also please restore the buying limits and payment methods as per my previous account. Kind regards XX/XX/XXXX : Coinbase replies promising to complete the task within 4 to 5 working days. See email reply below Hello again, Thank you for completing the account verification. 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. Limits are calculated by our automated system, which is something were constantly working on improving. Limits are adjusted dynamically by an algorithm using only the information available to us at the time. This sometimes results in temporary limit decreases for our good customers. We have these limits in place due to the irreversible nature of digital currency payments. Coinbase is a large target for scammers using stolen bank accounts, cards, etc., so we have to put in these types of measures to protect our company and the community. Improving this aspect of our product is a top priority for us, and Im sorry that your account was affected by this. If your limits are increased, you will receive a separate email notification of the change. I hope this helps explain our limits structure. Please know that we very much appreciate your patience with us while we review your account. For more info or question please visit our support website : https : //support.coinbase.com to find the best answer real quick. Thank you for using Coinbase. Kind regards, XXXX XXXX / Coinbase Support Representative XX/XX/XXXX : reply from Coinbase asking for my old account to complete the transfer. please see email from coinbase below : Hi again, In regard to your balance transfer from your old account to new account, may I have you old email address please so I can do the proper escalations for your funds to be transferred. Thanks. Kind regards, XXXX XXXX / Coinbase Support Representative. XX/XX/XXXX : I responded with the require details and got the following reply from coinbase : bare in mind I had originally replied to the email address XXXX Thank you for contacting Coinbase. In an effort to more quickly respond to requests, directly emailing XXXX is no longer enabled. To get a response from our support team, please visit the following page and complete the request form : https : //support.coinbase.comXXXX Please use the email address that you use to log in to Coinbase, select the appropriate category, and include as much detail as possible when submitting your request. Thanks in advance for your patience and support. XX/XX/XXXX : Got the following email from Coinbase : The XXXX email address is no longer monitored. The Coinbase Support team will ONLY be able to respond if you submit a request via our support portal : https : //support.coinbase.comXXXX Please use the email address that you use to log in to Coinbase, select the appropriate category, and include as much detail as possible when submitting your request. Thanks in advance for your patience and support XX/XX/XXXX : After getting no reply from Coinbase I was forced to raise a new ticket regarding the same issue. XX/XX/XXXX : Provider details of my old and new account to help with the transfer of balances. XX/XX/XXXX : Followed up with another email providing the two ticket numbers I had raised to resolve this issue XX/XX/XXXX : Got no reply from Coinbase and I had to send another chaser XX/XX/XXXX : Reply from coinbase claiming to has escalated the issue to a specialist although no SLA or ETA was provided XX/XX/XXXX : Chased for an update or confirmation and when my request to sort out my balance transfer issues will be completed XX/XX/XXXX : Could get hold of any support staff after waiting on hold for more than two hours. XX/XX/XXXX : Raised another ticket out of frustration to get Coinbase to response to my issue. XX/XX/XXXX : Got the following response from coinbase support Please see below : Hi there, Im working with a specialist to review and finalize your balance transfer. We will follow-up as soon as the transfer is complete, or if we have any further questions. No further action is required on your part at this time. Please note, we are experiencing tremendous support volume that may delay response times. For fastest response time, please do not send more than one email response. Thank you in advance for your understanding and patience. Thank you for your patience in the meantime! Warm regards, XXXX Coinbase Support XX/XX/XXXX : Replied providing the requested information to help my issue XX/XX/XXXX : Got the same old reply claiming the issue has been escalated to a specialist. By my count this is the second time coinbase has escalated the issue and still no resolution. XX/XX/XXXX : finally got hold of the customer support and they could confirm the status of my ticket number nor could they confirm when this was going to be resolved. XX/XX/XXXX : Still no resolution and I'm not sure when coinbase will resolve this issue
Company Response: Closed with explanation

Timely Response

2018-02-02

Chicago, IL

Fraud or scam

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

Complaint: Coinbase took {$2500.00} deposit that was made to purchase electronic currency. After they cleared the withdrawal from my bank they locked my account and have kept the funds. It has been over 6 months and they have not given me my {$2500.00} usd or the equivalent in electronic currency.
Company Response: Closed with explanation

Timely Response

2018-02-02

Discovery Bay, CA

Managing, opening, or closing your mobile wallet account

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

Complaint: I opened a coinbase account in XX/XX/XXXX. On XX/XX/XXXX i locked my account by typing in the wrong password too many times. It has been a month, i have received XXXX response or update on what is going on and my account is completely locked. I have {$5000.00} in my account with their company and it was used to purchase XXXX Lite coin which is a form of crypto currency. I bought the Litecoin for a est of {$250.00} and since the month in which they have ignored me and not given me access to my account Lite coin has since dropped to {$140.00}, causing my money to evaporate. Coinbase is a company supposedly based in XXXX XXXX. Their response is that they are back logged which is not a excuse seeing how it has now been a month. They brag about how they made Millions of dollars this year, but customers are kept waiting for months for them to address accounts that they have locked. I contacted the BBB, DCA, CFPB, and will be filing a small claims lawsuit on them next week to recoup any assests lost due to unfair business practices in which they are conducting, if my account is still locked. If you can help me please do. After looking into other complaints that have been filed by other customers this behavior with coinbase seems to be rampant and the norm, which should not be allowed by a United States company. I look forward to hearing back from the CFPB on this mattter. Thank you
Company Response: Closed with explanation

Timely Response

2018-02-02

Buford, GA

Money was not available when promised

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

Company Response: Closed with explanation

Timely Response

2018-02-02

Ft Lauderdale, FL

Fraud or scam

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

Company Response: Closed with explanation

Timely Response

2018-02-02

Keezletown, VA

Fraud or scam

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

Company Response: Closed with explanation

Timely Response

2018-02-02

Money was not available when promised

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

Complaint: On XX/XX/XXXX, got adviced by Coinbase support to create a new Coinbase account. As my old account is no more accessible due to authentification issue, that would allow them to transfer the balance from my old account to the new one. On the same day, I did create a new account, I mentionned to Coinbase Support my old account and new account emails. Still on same day, Coinbase Support then informs me that they're working with a specialist in order to perform the balance transfer from my old account to the new one. Then, no news from Coinbase Support, while my money is locked for almost one month now. Got no answer from email sent after to Coinbase Support, no answer from XXXX Coinbase Support user " XXXX '' in order to try resolve my issue. Case # XXXX
Company Response: Closed with explanation

Timely Response

2018-02-01

CA

Other transaction problem

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

Complaint: I wired XXXX to Coinbase through XXXX on XX/XX/XXXX. After quickly realizing that my recipient number was not included when I wired it ( no option on my online banking account with XXXX ) I filed a support ticket and called them. After being disconnected several times, I was finally connected after 2 hrs on hold. The CS rep told me that my money would be rejected by coinbase within 3-5 days and be returned to my account. I then called my bank and they said that after coinbase rejects it, it should show up after 10 business days. After 10 business days, I did not receive anything, and no one responded to my support message. I tried calling again around mid XX/XX/XXXX. This time, they said they " escalated '' my case and it would be worked on as soon as possible. It is now XX/XX/XXXX and I have not heard a single word from them. Please help me get my money back from these thieves!!!!
Company Response: Closed with explanation

Timely Response

2018-02-01

OH

Money was not available when promised

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

Complaint: XXXX usd was suppose to be deposited into my account from coinbase on the XXXX i still have not got it. And only get automated messages replied to me no help what so ever. It says the transaction is completed but no money shows in my bank
Company Response: Closed with explanation

Timely Response

2018-02-01

San Diego, CA

Other transaction problem

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

Complaint: I made an international wire transfer of {$9900.00} to Coinbase, but was noticed that the wire was reversed on XX/XX/2017 because the account name didn't match. I still don't receive the money in the bank now. I have contacted Coinbase by email, but no reply for more than a week.
Company Response: Closed with explanation

Timely Response

2018-02-01

Money was not available when promised

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

Company Response: Closed with explanation

Timely Response

2018-02-01

Foothill Ranch, CA

Money was not available when promised

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

Complaint: On XX/XX/XXXX I sent a domestic wire transfer of {$6600.00} to fund my account on Coinbase currency exchange. On XX/XX/XXXX Coinbase accepted my wire transfer, charged me a {$10.00} fee for accepting the transfer, and then disabled my accounts ability to use those funds on the currency exchange. I contacted Coinbase customer service on XX/XX/XXXX to request this issue be resolved. I received what appears to be an automated response on XX/XX/XXXX asking me to wait 4-5 additional days for a resolution. When no resolution came, I attempted contacting Coinbase customer support again 3 additional times between XX/XX/XXXX-XXXX. There has been no progress or resolution to date. I am unable to utilize the funds in the account, I am unable to get Coinbase to return the funds back to my bank account, I am unable to initiate a wire transfer from Coinbase back to my bank, and Coinbase has provided no customer support.
Company Response: Closed with explanation

Timely Response