Money transfer, virtual currency, or money service -- Money was not available when promised -- Complaint #4402781
Complaint Overview
Complaint ID: 4402781
Company: Winklevoss Exchange LLC
Product: Money transfer, virtual currency, or money service
Sub-Product: Virtual currency
Issue: Money was not available when promised
State: Indiana
ZIP Code: 465XX
Date Received: 2021-05-23T12:00:00-05:00
Date Sent to Company: 2021-05-23T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I have money in Gemini XXXX for trading crypto currency ( XXXX ). While they went through a verification process to receive my money and have already done so, for some reason there is an additional verification process to withdraw my money. I checked XXXX and found that this is a common problem with users of Gemini : https : XXXX This is fraudulent activity. How can my identity already be verified to deposit my money and still require to be verified to withdraw my money? It is false and fraudulent behavior and likely conducted to control funds and for no other reason. I initially deposited funds on XX/XX/XXXX and XX/XX/XXXX. Today is XX/XX/XXXX and I have requested a withdrawal of these funds, but have been prompted to verify identity a second time instead. This prevents the actual withdrawing of my funds and I have read that the process can take weeks or months. No one should be allowed to keep my money from me without my permission for any period of time, especially not under false pretenses such as these. The platform additionally charges a variable amount for crypto currency, which can cause new users to falsely suspect that a trade that was once free might always be free of charge to conduct ( i.e. free to buy but not free to sell ). The whole scheme is unreliable and needs to be investigated.
Frequently Asked Questions
What is Complaint #4402781 about?
Complaint #4402781 was filed against Winklevoss Exchange LLC regarding Money transfer, virtual currency, or money service specifically about Money was not available when promised. It was received by the CFPB on 2021-05-23T12:00:00-05:00.
How did Winklevoss Exchange LLC 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 Winklevoss Exchange LLC?
Yes, visit the Winklevoss Exchange LLC company profile at readthecomplaint.com/company/winklevoss-exchange-llc 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.