Coinbase, Inc

2017-12-11

Roseville, CA

Money was not available when promised

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

Company Response: Closed with explanation

Timely Response

2017-12-11

Astoria, NY

Confusing or missing disclosures

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

Company Response: Closed with explanation

Timely Response

2017-12-11

Other service problem

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

Company Response: Closed with explanation

Timely Response

2017-12-11

Plymouth, MI

Other service problem

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

Company Response: Closed with explanation

Timely Response

2017-12-11

Holy Cross, IA

Other transaction problem

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

Company Response: Closed with explanation

Timely Response

2017-12-10

Rochester, NY

Fraud or scam

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

Complaint: I AM FROM NEW YORK STATE On XXXX/XXXX/XXXX Ive reached out to someone XXXX XXXX sell my portion of bitcoin to. I found this person via XXXX. After talking through text for a few hours, we agreed upon $ XXXX For XXXX XXXX, the {$340.00} was to be paid by him via the cash app. This scammers number was a voip number. Initially I sent a small amount of BTC to him and he sent money via cash app. I figured it was okay to continue the rest of the transaction. Sent XXXX to him and that was it, i called texted and received zero response. Frustrated his has happened, I went back to the original XXXX ad. Instead of texting the number on the ad, I emailed instead asking to buy XXXX BTC in cash The original XXXX ad was set to XXXX, PA. I received an email response a few hours later from XXXX XXXX asking if I was from California. I told him yes and began chatting on where to meet up to make the sale. I learned he is in XXXX, Ca, so I called the XXXX police department and explained to them what happened. A detective will be calling me back on a weekday to talk further. The officer I spoke to said its most likely can set up a sting to catch him. I have tried to call Coinbase but the dont have an actual phone number. I have called XXXX cash card and explained to them what happened, asking for the phone number of the person that scammed me. 10 days until they respond. I have records of all texts, transactions with numbers, his voip number, original XXXX ad as well as bitcoin wallet addresses I was giving by him. This is the original XXXX ad XXXX : XXXX
Company Response: Closed with explanation

Timely Response

2017-12-10

Brooklyn, NY

Money was not available when promised

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

Complaint: On XXXX/XXXX/XXXX, I made a wire transfer in the amount of {$1800.00} to Coinbase, Inc. ( XXXX ). This money is supposed to show up in my account, at most, one business day after being sent. Today is XX/XX/XXXX and it has yet to show up in my account. I have called Coinbase 's customer support line eight times and every single time the automated message said that they were experiencing heavy traffic and then hangs up. I sent 4 e-mails to them as well, but have yet to receive a response.
Company Response: Closed with explanation

Timely Response

2017-12-10

San Diego, CA

Money was not available when promised

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

Company Response: Closed with explanation

Timely Response

2017-12-09

IL

Other transaction problem

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

Complaint: The situation is detailed below. On XXXX XXXX, I bought 2 XXXX for {$640.00}. This money was charged to my bank account XXXX XXXX Bank XXXX on XXXX XXXX and XXXX XXXX. I started a conversation with XXXX XXXX XXXX XXXX on XXXX XXXX, with her first responding on XXXX XXXX. After not getting resolution to the situation, I filed a chargeback for the double charge through XXXX on XXXX XXXX. I immediately received a credit on my account for the amount that was double charged. On XXXX XXXX, my Coinbase account was locked from buying/selling/transferring and a message was placed on the homepage that I needed to make a payment to unlock my account to repay the {$640.00} chargeback. Due to the fact that I have significant assets in Coinbase, I attempted to unlock my account with a credit card payment on XXXX XXXX, only to be able to access my account while the situation was further looked into. I was unaware that the chargeback would lock my account and I needed access to be able to buy/sell/trade my account. Unfortunately the credit card payment was denied by the bank, and therefore my account was not opened. Now, on the front page of Coinbase it says that I owe an amount of {$0.00}, and that until I pay that amount I will not be able to buy/sell/trade. Currently, no payment options will go through to open my account. Therefore my account is locked until this chargeback which was completely legitimate is 'paid back '. I have provided XXXX with the screenshots of the double charge through XXXX, which is the only documentation that has been asked for so far, and I will attach them here. I have also provided here a search from my purchases on each of my accounts showing that only XXXX purchase was made of {$640.00} and this was for 2XXXX on XXXX XXXX. Thank you for understanding my concern regarding this matter and your urgent attention to opening my account which is in good standing. XXXX
Company Response: Closed with explanation

Timely Response

2017-12-09

Rochester, NY

Money was not available when promised

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

Complaint: On XXXX XXXX XXXX XXXX I bought XXXX USD worth of XXXX on CoinBase using my XXXX bank account, without being asked for personal identification. On XXXX XXXX the value of the XXXX has gone up and since XXXX futures would start trading on XXXX XXXX I decided to reduce my exposure and attempted to sell the XXXX USD worth of XXXX I was only able to sell XXXX USD worth of XXXX into us dollar at the exchange rate of $ XXXX/XXXX HOWEVER, Coinbase asked for my personal identification in order for me to sell the rest of the XXXX. Since I am a XXXX student in the US using a XXXX XXXX I am unable to provide my SSN, so I had to take pictures of my passport and send it to Coinbase. Coinbase uses a third party to verify my XXXX ID and the third party is not working. I have waited for two hours and still have not got a comfirmation, and the value of the rest of my XXXX is going down rapidly ( down 7 % since I have initially attempted to sell ) as of the time I am writing this. Why did Coinbase not notify me of this when I made the buy order? Now my assets are being exposed to risk that I do not wish to because I can not liquidate them into US Dollar due to Coinbase 's identification system not working for XXXX XXXX holders.
Company Response: Closed with explanation

Timely Response

2017-12-09

Prescott, AZ

Unauthorized transactions or other transaction problem

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

Company Response: Closed with explanation

Timely Response

2017-12-09

Provo, UT

Problem adding money

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

Company Response: Closed with explanation

Timely Response

2017-12-08

San Francisco, CA

Wrong amount charged or received

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

Complaint: On XXXX XXXX, XXXX, I initiated a purchase of 10 Ethereum for {$1900.00} The website showed that the transaction has " COMPLETED '' and everything looks normal. The website still shows this transaction as " COMPLETED ''. On XXXX XXXX, XXXX, Coinbase deducted XXXX XXXX from my Coinbase account. I did not authorize this transfer. I authorized {$1900.00}, not XXXX BTC for the purchase of ETH. Please return my BTC and debit my bank account for this purchase.
Company Response: Closed with explanation

Timely Response

2017-12-08

MO

Managing, opening, or closing your mobile wallet account

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

Complaint: Hello, I have previously reached out to Coinbase in three separate emails, but have not received a response. Coinbase states account issues must be resolved through email and can not be resolved through phone support. I simply want my money returned. I have included a timeline below : XXXX XXXX, XXXX - Purchase {$650.00} of XXXX, XXXX, and XXXX using Coinbase. The purchases were effected through the used of a linked XXXX XXXX account. At XXXX on XXXX XXXX, I received a notice of closure email from Coinbase stating I had violated the terms of service, and that my account would be closed. I have reviewed the terms of service and am certain that I did not violate them in any way, shape, or form. The same day I noticed that I had {$650.00} of pending ACH on my bank account. This was fine as I thought it would fall off. XXXX XXXX, XXXX - Coinbase withdraws {$650.00} from my bank account. I checked my " closed account '' page on Coinbase which indicates that I have no money in my XXXX, XXXX, XXXX, or XXXX wallets. I was very concerned as Coinbase treated my account as having been closed out with zero balances despite withdrawing {$650.00} from my bank account. I have yet to receive a response from Coinbase and believe that the company has wrongfully withdrawn money from my bank account. If there is a reason for the current issue, I simply want an explanation. At the end of the day, I only want my {$650.00} returned.
Company Response: Closed with explanation

Timely Response

2017-12-08

Los Angeles, CA

Other service problem

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

Company Response: Closed with explanation

Timely Response

2017-12-08

Odell, OR

Money was not available when promised

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

Complaint: XXXX/XXXX/XXXX I opened my Coinbase account and bought {$1000.00} of XXXX and {$1000.00} of Ethereum with money transferred from my XXXX XXXX XXXX account online. The XXXX was n't available to trade for well over 2 weeks, and of course with several attempts to inquire ... no one was available to answer me. XXXX XXXX, XXXX I tried to sell my bitcoin at a posted price of {$19000.00} but their system was down. There was nothing I could do but watch my money disappear as the value steadily dropped. I tried several times to log in but the system was down all day. Now it says my account is locked. I ca n't get into my account and access my money and I have tried to call them hundreds of times. I found phone numbers off of the local phone listings, their own customer service number, their main switchboard, as well as dialing random extensions within the company. I sent emails to their support email, contacted them through their customer support twitter, I sent messages to many people at Coinbase through their linked in accounts. Nobody, and I mean NOBODY is responding to address the issue. And I know there are XXXX 's in the same boat. They are an exchange built to process transactions but their system is not able to handle it and they are unwilling to address the issues while locking people out of their money and not accountable. They should be fined if not banned. Lawyers, regulators, and politicians should be all over them. They are VERY DANGEROUS and a SIGNIFICANT LIABILITY! If XXXX XXXX randomly didnt let people access their accounts for weeks and didnt answer ANY customers.there would be a national uproar. This is on that scale!! How many people are involved and how much money is involved in bitcoin and through Coinbase??? This is massive and must be addressed immediately! And out of all the calls made and people contacted on various platforms, NO ONE answered or returned my calls/messages. Please : 1 ) Read comments on @ Coinbase and @ Coinbasesupport on XXXX XXXX ) Read comments on Coinbase and Coinbase Support on XXXX
Company Response: Closed with explanation

Timely Response

2017-12-08

Managing, opening, or closing your mobile wallet account

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

Complaint: dear cfpb I 'm using a Coinbase e-wallet. But the last time i wanted to login, my account ask for a 2 step verification via a XXXX app, but i have never activate a verification from this app. I do n't have this app. Since a few days i tried to fix my login and contacted many times the coinbase support, but without any answers. Now i ca n't use my wallet and my deposit is unattainable for me. That 's really bad, because i have more than thousand euro on my account. Can you help me to get support from Coinbase? I 'm hopefully waiting for your answer. Best regards, XXXX.
Company Response: Closed with explanation

Timely Response

2017-12-08

Manhattan, NY

Fraud or scam

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

Company Response: Closed with explanation

Timely Response

2017-12-08

Blairsville, PA

Other transaction problem

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

Company Response: Closed with explanation

Timely Response

2017-12-08

Austin, TX

Managing, opening, or closing your mobile wallet account

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

Complaint: My name is XXXX XXXX XXXX and I started an account in coinbase onXX/XX/XXXXwhere I bought XXXX $ worth ETH and later transferred XXXX $ to XXXX to buy some more ETH. However, in the mean while I bought some more ETH through coinbase worth XXXX $ assuming that this would be deducted from the XXXX that I transferred earlier. Later I have realized that this XXXX $ was transferred on top of the XXXX $ as my bank account was showing negative balance. In order to restore this I tried logging in to coinbase through my personal laptop and since that moment it was locked. Amidst all this confusion I saw around XXXX $ charge on my credit card being used to buy ETH, which I did not authorize and so I had to block the transaction by notifying this to the respective bank. I tried reaching out to the coinbase customer support ( which is stupendously slow ) and waited for around an hour only to hear the automated voice asking me to call back. The online support system is useless in its own way and I am currently in a helpless situation as to what exactly is happening with the money that I have transferred and did any of my transactions go trough.
Company Response: Closed with explanation

Timely Response

2017-12-07

Fraud or scam

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

Company Response: Closed with explanation

Timely Response

2017-12-07

Trenton, NJ

Other service problem

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

Complaint: Yesterday ( XXXX XXXX ), I was using coinbase via my account to trade bitcoin. I had added my debit card to the account to initiate another deposit and then tried to initiate a {$700.00} deposit into the account. This transaction was denied twice, I think that I missed that there was an account limit of {$750.00} per month and I had already deposited {$700.00} previously ( XXXX XXXX, XXXX ). Because of this, the system flagged my account and disabled trading on it. Due to this, I was locked out of my XXXX account altogether ( XXXX and Coinbase are the same company, XXXX is a more in-depth trading site for advanced trading, I can login to XXXX through Coinbase ). This is the main problem because my initial {$700.00} deposit from XXXX is in my XXXX account, plus I had an additional {$700.00} bank deposit directly into XXXX a few days prior that was pending into that account. Altogether, with the recent rise in value of bitcoin, I have approximately {$1600.00} worth of USD/Bitcoin in XXXX which I 'm currently locked out of. Coinbase support is notoriously non-existent. I 've tried contacting their support members on XXXX, opening a case with their support, and phoning their support line, all to no avail. Essentially, I just need access back to my XXXX, and for that to happen, buying to be re-enabled on my account.
Company Response: Closed with explanation

Timely Response

2017-12-07

Itasca, IL

Money was not available when promised

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

Complaint: On XXXX XXXX 2017 I opened an account with Coinbase and bought bitcoins through them. I bought {$120.00} in bitcoin and {$50.00} each of the other two coins, then about 3 days later I got an email saying they were shutting down my account and when I go to withdrawl my funds form the account its says I have XXXX money with them but they generated a transaction record saying otherwise. They money was also taken out of my bank account so I know they have it and it is not pending. I have sent them numerous messages and have called them and have been on hold for 2 days, they will not pick up or respond.
Company Response: Closed with explanation

Timely Response

2017-12-07

Boston, MA

Managing, opening, or closing your mobile wallet account

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

Complaint: On XXXX XXXX, I opened a Coinbase account and transferred {$5000.00} from my XXXX XXXX XXXX savings account to my Coinbase USD digital wallet. I 'm a XXXX citizen doing a XXXX in the USA, so I provided my passport, XXXX ID ( and a scan of my XXXX XXXX ) a few hours later to verify my ID. At this point, Coinbase disabled my USD wallet ( on which the aforementioned transfer was pending ) and replaced it with an EUR wallet. I contacted Coinbase support immediately to make sure that the pending transfer had been canceled along with my digital wallet, and received a few irrelevant automated messages. A day later ( XXXX XXXX ), the money had left my XXXX account, and I called Coinbase which asked me for a proof of residency. I complied immediately ( rent statement, lease agreement ), and I 've been waiting for any concrete development ever since. On XXXX XXXX, an automated messaged informed me that the money had reached my USD wallet ( which is not even listed on their platform ). I asked for the transfer to be reversed pending the resolution of the problem, to no avail. I am growing anxious, given the volatility of the market Coinbase is operating in. This is a lot of money, especially for a student.
Company Response: Closed with explanation

Timely Response

2017-12-07

Managing, opening, or closing your mobile wallet account

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

Complaint: more than six months ago my account was disabled for no apparent reason, I tried to communicate by all means existing with coinbase but I do not receive any help, only emails to delay the help, I have all my funds there and I need to solve the problem what before The Coinbase support is really bad and they dont try yo help at all
Company Response: Closed with explanation

Timely Response