Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #4732551
Complaint Overview
Complaint ID: 4732551
Company: Coinbase, INC.
Product: Money transfer, virtual currency, or money service
Sub-Product: Virtual currency
Issue: Fraud or scam
ZIP Code: XXXXX
Date Received: 2021-09-18T12:00:00-05:00
Date Sent to Company: 2021-09-18T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Good evening there, I hope you're well. Given CFPB long experience, regarding consumer protection, I'm sure the following case is nothing new for your agency. OBJECT : Coinbase illegal freezing of assets The Coinbase account was opened on XX/XX/XXXX. Trading activity was smooth and KYC process was fully completed. On XX/XX/XXXX, account got frozen without prior notice. No explanation or communication was received either. Ticket # XXXX was opened, inquiring about the issue. No reply received. Costumer Support replied only after complaining on XXXXXXXX Coinbase page. No explanation was provided, instead Costumer Support tried explaining how they were reviewing the possibility to withdraw via ACH. Coinbase is totally aware that ACH transfer is only available for US clients, which is not this case, since the account is from XXXX. It seemed, like searching every possible way, to withold the funds. Our next email pointed out the ACH impossibility and formally requested explanations. Along with this, an update was published on Reddit.com. Costumer Support 's next move was to officialy close the Coinbase account, delete any post from XXXX and ban the account from publishing more. Therefore, given Coinbase ToS about account 's closure, we requested to withdraw the balance. " You are allowed to withdraw all funds from your Coinbase account and send it to any wallet address you choose .... before the account closure proceeds. '' ( https : //help.coinbase.com/en/coinbase/other-topics/other/does-coinbase-freeze-accounts ) No reply was ever received. All following emails went unanswered. Viewing Coinbase as a respectable business, with a solid base, this behaviour seems odd to say the least. Thanks a lot for your assistance. I wish you a pleasant day.
Frequently Asked Questions
What is Complaint #4732551 about?
Complaint #4732551 was filed against Coinbase, INC. regarding Money transfer, virtual currency, or money service specifically about Fraud or scam. It was received by the CFPB on 2021-09-18T12:00:00-05:00.
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.