Consumer complaint received 2022-05-01
Company: Coinbase, Inc.
State: FL
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Money was not available when promised

Complaint:
Coinbase is a disgusting, greedy entity that is in desperate need of regulation. They are XXXX liars and i can prove it. 

I purchased {$1000.00} of USDC yesterday, Saturday the XXXX which was stated to be able to be moved immediately. I know this because i've had previous issues with Coinbase holding funds in their system before. They have burned me so many times using this scam tactic where they keep your money for a week or two at a time, that i will only transact with them if the funds are available immediately. 

I tried sending it to a wallet off of Coinbase, but Coinbase then stated my account was restricted. There was no notification about my account being restricted before the money was purchased. There was no email. There was no notification. 

They will allow my to buy up to {$10000.00} that exact day, but can not allow me to move my money off their platform. They also only tell me my account is restricted after the fact. Here is the email reply to why my account is restricted. 

" Hi XXXX, Thank you for contacting us. We appreciate you bringing this to our attention, so that we can deal with this immediately. Rest assured that we will get the bottom of this. 

Your account is temporarily suspended from sending cryptocurrency off the Coinbase platform. This is to protect against loss, because after funds are sent off our platform, we have no way to reverse those transactions. 

This feature will not be re-enabled until XX/XX/2022 at the earliest. The current restrictions on your account mean that you must first convert your crypto to fiat and then withdraw the fiat funds to your verified bank account. 

Digital currency accounts can be a target for potential scams. The only information a merchant, vendor, or seller would properly request is the receiving address for your wallet. Anyone asking for other account information, such as your account 's password or 2-step verification codes, is likely a scammer. 

Please also beware of " investment opportunities. '' Any service that asks you to send crypto to an external wallet address in order to receive returns on an investment is probably a scam. 

Digital currency transactions are irreversible. After crypto is sent off the Coinbase platform, we are not able to recover it. 

Remember : Do not share your security information with others. 

Please note : that Coinbase users are solely responsible for the security of their devices, passwords, email, and 2-step verification codes. To help protect yourself from potential digital currency scams, please read our Help page : https : //help.coinbase.com/en/coinbase/privacy-and-security/avoiding-phishing-and-scams/avoiding-cryptocurrency-scams? ref=es Regards, Coinbase Support '' This is similar to when XXXX removed the buy button but would still allow you to sell. XXXX crime. 

It's my money. They do not get to put pretend rules attached to them because they aren't comfortable with me moving my funds to my wallets so i have control over the money. Not my keys, not my coins. I want my coins and I WANT THEM NOW!

Company response to consumer: Closed with explanation