Money transfer, virtual currency, or money service -- Managing, opening, or closing your mobile wallet account -- Complaint #4362359
Complaint Overview
Complaint ID: 4362359
Company: Coinbase, INC.
Product: Money transfer, virtual currency, or money service
Sub-Product: Mobile or digital wallet
Issue: Managing, opening, or closing your mobile wallet account
State: California
ZIP Code: 94591
Date Received: 2021-05-08T12:00:00-05:00
Date Sent to Company: 2021-05-11T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/XXXX I purchased {$9000.00} worth of Bitcoin ( BTC ) through the Coinbase.com cryptocurrency exchange. The transaction went through and the cryptocurrency ( BTC ) is now held in an online wallet on the Coinbase.com site. I received an email from them dated XX/XX/XXXX ( attached ) that I could transfer my Bitcoin off of the Coinbase.com site starting on XX/XX/XXXX. It is very important to transfer any crypto asset off of the net and into a " cold wallet '' - a hardware wallet that can not be accessed unless it is plugged into a computer. Coinbase 's CEO brought up this particular point to the SEC when filing for an IPO. On XX/XX/XXXX I tried to " Send '' my asset to my cold wallet and the Coinbase.com site wouldn't let me. I contacted them through their support channel, followed all of their procedures correctly as outlined in their Terms of Service, and was told in an email from them dated XX/XX/XXXX that "... that you're no longer eligible to use the Coinbase platform. This includes purchasing cryptocurrency, depositing into Coinbase, sending cryptocurrency off of Coinbase, and linking new payment methods. '' ( attached ) I have never received an explanation for this action on their part. So, they have effectively stolen my asset. I can't access it in any possible way. I have contacted them numerous times about this stating that I would gladly forego the use of their platforms soon as I can have my property. In their Terms of Service, Section 2.6.2 Control, specifically states - " You control the Digital Currencies held in your Digital Currency Wallet. At any time,... you may withdraw your Digital Currency by sending it to a different blockchain address. '' A cold wallet is a " different blockchain address. '' I have copies of all of the correspondence between myself and Coinbase regarding this issue.
Frequently Asked Questions
What is Complaint #4362359 about?
Complaint #4362359 was filed against Coinbase, INC. regarding Money transfer, virtual currency, or money service specifically about Managing, opening, or closing your mobile wallet account. It was received by the CFPB on 2021-05-08T12:00:00-05:00.
How did Coinbase, INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Money transfer, virtual currency, or money service) and describe your issue in detail.
Can I see other complaints against Coinbase, INC.?
Yes, visit the Coinbase, INC. company profile at readthecomplaint.com/company/coinbase-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.