Money transfer, virtual currency, or money service -- Money was not available when promised -- Complaint #4366564
Complaint Overview
Complaint ID: 4366564
Company: Coinbase, INC.
Product: Money transfer, virtual currency, or money service
Sub-Product: Virtual currency
Issue: Money was not available when promised
State: Indiana
ZIP Code: 467XX
Date Received: 2021-05-10T12:00:00-05:00
Date Sent to Company: 2021-05-10T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Several years ago I purchase a single bitcoin for approximately {$450.00}. Now it is worth roughly {$58000.00}. My wife and I are ready to purchase a new home and wanted to use this money for the downpayment. I logged in to my Coinbase account, and when I try to sell or transfer the funds to my normal bank, I'm given the message, " Account Restricted. You are currently unable to buy and sell crypto on Coinbase. Please visit https : //support.coinbase.com for assistance. '' However there are 2 problems here. First, if you follow that URL, there is no information on remedying the situation. Second, there is no phone number or way to contact a human being to fix the situation. I filed several support requests using their contact form, and thus far nothing has happened. If you look into this situation there hundreds, possibly thousands of complaints just like this. Because of their slow response, my account value has already dropped by several thousand dollars in just 1 day. Since I can not access my funds, I will most likely lose the house we wanted to buy. Therefore this situation is costing me more than the lost value of the account, but potentially tens or hundreds of thousands of dollars in lost real-estate opportunity. This is honestly the worst customer service situation I've ever been involved with. If a brokerage firm refused to have a phone number and would not allow you to sell off a stock to retain your profits, the stock exchange and perhaps the US Government would be involved immediately. I need help and I need it ASAP. Thank you, XXXX XXXX
Frequently Asked Questions
What is Complaint #4366564 about?
Complaint #4366564 was filed against Coinbase, INC. regarding Money transfer, virtual currency, or money service specifically about Money was not available when promised. It was received by the CFPB on 2021-05-10T12:00:00-05:00.
How did Coinbase, INC. respond to this complaint?
The company responded with: "Closed with monetary relief". 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.