Consumer complaint received 2019-09-19
Company: ROBINHOOD MARKETS INC.
State: TX
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Money was not available when promised

Complaint:
I can not believe the CFPB closed my original complaint as if it had been resolved when their response was to quote financial regulatory law pertaining to the FDIC when they are very much not a FDIC regulated institution. The money in question was held in bitcoin and I was unaware that the CFPB or any federally accountable agency had legally accepted bitcoin as FDIC insured XXXX. Furthermore, their summary of events are a combination of half truth and lies and if anybody had taken the time to review the original complaint documents, you would have seen that their response was dishonest. 

I reminded them that AML Laws they were claiming as reason for this harassment were effectuated by the FDIC and expanded under the Patriot Act to curve the funding of terrorists an criminals. I had my identity verified and accepted on 3 different occassions with them and as I stated earlier, I didn't realize the CFPB was given the idea that the FDIC was now insuring investment portfolios completely comprised of Bitcoin holdings. The response I received from Robinhood was a different one from 3 different agents. One told me that FDIC regulations were the issue, the other told me it was the Patriot Act, and the other told me that it has nothing to do with either things and that it was to protect from fraud, which again, doesnt apply because I have verified my identity ad naseum.

I voiced this to the company and got a 4th different response ( of which I will post emails ) in which they tell me that it is due to an internal company directive in which they are upholding these non-applicable regulations as a practice. This respondent was who wrote the rebuttal to my complaint and is freely admitting that they were less than forthcoming in their original response where they used FDIC laws as a shield and it is a goshdarn shame that the CFPB would just ignore their literal middle finger to the law of the land, misquote regulatory enactments and close this complaint. Since this time, they have still not returned my funds ( even though their letter says my funds are free to withdraw ) and only continue to harass, slow-walk and request more and more and more personal and private documentation that I have since found posted anonymously on XXXX after I sent them copies of my banking records and had fradulent activity on my account. 

It is an unbearable shame that the Consumer Financial Protection Bureau care so little about the enforcement of the rule of law and is so uninterested in holding these people accountable to their word. I am attaching the full string of emails where you can see in living color their inconsistent responses, backpedalling, slowwalking and literally making XXXX up as they go. They are still holding my funds under deposit in their coffers which I recently discovered is of interest bearing nature for them, making their harrasment profitable to them and a enornomous burden on me. 

CFPB, where are you guys? They are holding money that belongs to me, earning interest on it, responding to the complaint with blatant lies and you close the original complaint? I thought this was a " .gov '' website and not a " .bank ''

Company response to consumer: Closed with explanation