Consumer complaint received 2017-09-28
Company: Coinbase, Inc.
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Other transaction problem

Complaint:
I want to complain about Coinbase, a digital currency company based in XXXX XXXX, California. XXXX XXXX XXXX I have given you the link to their support page on XXXX. It is worth checking out and seeing how many of their other customers have had their money stolen. 

I had some issues early on when I withdrew my bitcoins, thinking that meant they would be put straight back into my bank account. It was only after many months later, when all my emails of complaint were ignored, that I saw that withdrawing your bitcoins does n't withdraw it back to your bank account but simply into your XXXX balance. 

In order to do this, I had to verify my bank account. Here are the emails we then sent to each other concerning this : XXXX XXXX - Tue XXXX, XXXX I want to withdraw money from my XXXX account. I verified my account by paying {$6.00} to a bank in XXXX. It has been verified but it still has 'Verify ' next to my bank. 

Just when I thought I was getting somewhere and could finally withdraw, I ca n't! I want to know what is going on and will no doubt have to wait months for an answer. 


Coinbase - XXXX XXXX, XXXX XXXX XXXX XXXX XXXX : Hi there, Thank you for contacting Coinbase support. 
Unfortunately, we are unable to provide XXXX wires at this time. However, XXXX users can still make use of XXXX transfers to withdraw and deposit XXXX, as well as buy digital currency directly using a 3-D Secure-enabled credit or debit card. 
If your bank confirms that they can process XXXX transfers, you can add the bank to your account at the Payment Methods page, located here : https : //www.coinbase.com/payment_methods. 
Click the + New Payment Method button in the upper-right of the screen. A window will appear that will allow you to select a payment method. XXXX " '' Bank Account XXXX XXXX XXXX. You will then need to enter the bank name, XXXX, and swift/BIC number. These can be provided to you by your bank. 
After adding your bank, please provide us with a recent copy of your bank statement. 
For your security, please DO NOT email us this document. You should receive a document request in your email from the following domain : filetransfer.coinbase.com Simply click the Upload button in the email to send securely send us the file. 
After this is done please reply to this email and well be happy to manually verify the bank on your account. Once verified, you will be able to create deposit and withdrawal transfers on your account. 
I hope this information helps. 


XXXX XXXX - Tue XXXX, XXXX [ See 2 screen shots ] I have already done this, had to pay my bank XXXX to make the XXXX payment that you requested. You returned that XXXX to my EUR wallet. That surely means that my bank is verified. Then why does it still have the 'Verify ' button next to my bank? 

I 've had to pay XXXX to verify my bank! It 's done! Why ca n't I just withdraw MY MONEY???? 

I 've attached the email received from you about the XXXX deposit you received from my bank AND a screen shot of the two payments from my bank account to your bank in XXXX and the XXXX that it cost me to make the payment. 


Coinbase - XXXX XXXX, XXXX XXXX XXXX XXXX XXXX XXXX : Hi there, Thanks for reaching out. Having investigated the issue, I am working with a XXXX to address it properly. We will follow-up with you as soon as we have an update. 
Thank you for your patience. 


Coinbase - Wed XXXX, XXXX XXXX XXXX replied : Hi there, I apologize for the inconvenience. 
The reason your bank is not verified is because the XXXX on the payment did not match the XXXX you have in your payment methods. You will need to add the new XXXX payment method with the correct XXXX, XXXX that matches the id label in the deposit. 
Thank you for choosing Coinbase. 
XXXX XXXX XXXX XXXX - Wed XXXX, XXXX Hi, This does not make sense. I followed the proceedings as requested by you in order to withdraw to my bank. As I said, I had to pay my bank a XXXX charge in order to do this. You paid me back the 6. It should n't be this difficult! Your reputation with your customers is rock bottom at the moment, yet you seem to be going out of your way to make our lives a difficult as you can. It 's oh so simple for US to give you money, but when it comes to YOU giving us OUR money it 's the most difficult thing in the world! PLEASE be transparent and tell me why I can not withdraw to an account that I jumped through all your hoops to verify?? 

XXXX XXXX - Wed XXXX, XXXX XXXX XXXX replied : Hi there, Thanks for reaching out. Having investigated the issue, I am working with a specialist to address it properly. We will follow-up with you as soon as we have an update. 
Thank you for your patience. 
XXXX XXXX XXXX XXXX - Wed XXXX, XXXX It has been two weeks since you said you were working with a specialist to address this serious issue I am having. Of course, I am having to contact you AGAIN because you have n't responded. I just want to withdraw all my money from Coinbase and switch to a legitimate company that treats its customers with respect. Why the XXXX can I not withdraw my money?! 

XXXX XXXX have not heard from them since.

Company response to consumer: Closed with explanation