Consumer complaint received 2022-11-01
Company: ROBINHOOD MARKETS INC.
State: DC
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Other transaction problem

Complaint:
Hi, Around XX/XX/2022, Robinhood started a restriction in my account and since then Im not able to invest my money, I cant withdraw my money, transfer my money back to my bank account and Im not able to close my Robinhood Account. 

Everything started on XX/XX/2022 with a {$12000.00} deposit to my Robinhood account from my XXXX XXXX XXXX when the transaction was canceled. They sent my a message saying was canceled because we didnt get your approval within 2 hours. 
For that reason I started a new deposit to my Robinhood Account from my XXXX XXXX checking account for {$14000.00} but days later I saw that they took the initial {$12000.00} and they were up to take the {$14000.00} too so I called them asking to cancel one of the transaction however they told me that they could not longer cancel any transaction and that I had to call my bank for that. I told them that the problem was not the bank since Robinhood was the one taking the money from my accounts, however they said to solve it with XXXX XXXX, that simple it was going to be. They made it look easy in a way so I did what they said and canceled one of the deposits, the one that was in process for {$14000.00} so apparently everything was solved and my money was invested in the XXXX cryptocurrency. 
I was planning moving to another cryptocurrency in the next days but then I saw a restriction on my account were I was not able to buy as long as the restriction was not removed from my Robinhood account. 

I started the request to remove that restriction and release my account. They sent me an email with a link to attach my SSN and after several days since my SSN was attached on that link and no news from them I thought the problem was solved but everything stayed the same, my account restricted. I asked again for a solution and then they asked me to attach my Driving license, however, days later everything remained the same, my account restricted and more days running so I asked again for the restriction to be lifted, so then this Robinhood specialist requested my bank statements. 
Weeks later and with a very fluctuating market the restriction continued without letting me move my money or reinvest my money in another asset. 
I kept asking them for a solution until I realized they really dont care since they keep asking for the same documents and sending my case again and again to a Robinhood specialist. They keep asking for the same documents and more important they did not remove the restriction. I attached the same documents many times and there was no solution from them. 

Since this started I had my money trapped because Robinhood only allowed me to sell my positions without any option to reinvest my money and even worst I cant withdraw my money or transfer my money back to my bank account. My money has been held hostage in the Robinhood APP for a long time so I have continue requesting for a solution to this problem, however the only thing they have done is ask for the same documents as if they are solving the issue with them, over and over the same and then they disconnect from my case until I contact them again to start all over. 

I attached my SSN, my Driving License and my Bank Statements. Then they repeat the cycle asking me for the same documents without giving any solution. 
I have called them and chat with them using their Notification Center messenger/ Chat in the Robinhood App , also by emails and phone calls. Every time the same result, they end the conversation saying that my case will be elevated to a " Specialist ''. That means more days without hearing from them so then I have to spend more hours to contact them again to repeat the same cycle explaining the problem, attaching the same documents and losing more weeks while my account stays frozen and I cant have my money back and Im not able to close my Robbinhood Account. 

In my last attempt to recover some of my money I sold all my cryptocurrency in XX/XX/2022, losing money of course since thats the only option they allow me to, to sell and not to reinvest. 
Most important is that I can not transfer my money back to my bank account and I can not close my Robinhood account. 
With a restriction that does not allow me to invest and buy cryptocurrency or transfer my money back to my bank account I was pushed to lose money and had no access to it and also Im not able to close my Robinhood account. 
This is an abuse, it is a negligence on their part that hurt me as a customer. 

I hope I can get my money back soon. 
Thank you very much.

Company response to consumer: Closed with explanation