Consumer complaint received 2018-01-05
Company: Coinbase, Inc.
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Money was not available when promised

Complaint:
I signed up with Coinbase.com in order to deal in cryptocurrency, but have been seriously let down by their service, with no ability to withdraw my funds and no lucid support beyond irrelevant auto-responses. There is no number to ring and, as far as I am concerned, all of my attempts to contact them have been ignored, so their support is, effectively, non-existent. 
I 've done some investigation into customer reviews here and on other websites and my case is apparently only one of many. 
Currently I have XXXX on account with them that I have repeatedly been trying to withdraw since XX/XX/XXXX with no successful conclusion. 
Their process requires the user to " verify '' their bank account by sending a small XXXX payment with specific details they include to facilitate this clearance. I have done this twice at some additional expense to myself and can see these transactions have been received by coinbase, but the withdrawal procedure keeps asking me to do this - or to state I have already done so. Then I get a message saying there are delays and to wait 1 or 2 days. I have been visiting their website every day since and re-trying this procedure, to no avail. 
The company seems to have no difficulty in taking money from customers who have placed their trust in them My own view is that if they are unable to process client payments in a timely manner then they should temporarily suspend new members from joining until they can sort things out. Other users are pleading for them to sort out clients with larger investments in favour of small investors. 
I appreciate that there was a sudden dip in cryptocurrency, which may have led to a market panic on the XX/XX/XXXX when XXXX co-founder announced that bitcoin is " useless '' and I watched all 4 currencies ( Bitcoin, Bitcoin Cash, Ethereum & Litecoin ) plummet in value. Indeed I lost about 100 myself. 
I had initially invested XXXX with Coinbase and am trying to cut my losses and recover my funds. 
If I was certain I could deal with Coinbase effectively I would still like to trade using their platform, but I am growing suspicious about relying on them to return my funds when I wish to withdraw money. 
I expect short delays, perhaps 24 hours till banks are open, or 48 hours at weekends, perhaps even longer during public holidays, however this has been an excessive amount of time now - and, as I said, there are innumerable other clients posting negative reviews about this US company. 
It is already suspicious that they openly use an XXXX XXXX, but the international community will associate this type of bad practice with the United States, so we are angry that such a company can be allowed to treat us so badly. 
This type of bad business is also adversely affecting the entire cryptocurrency market as people are losing faith fast. I may only have had a total of XXXX involved, but there are other users who have invested in the tens of thousands and one individual who got some bitcoins for his daughter - who was subsequently unable to cash in her present for XXXX as planned. 
The situation is outrageous. I urge you to please search out other customer reviews and bring these people to task as quickly as possible before any more people lose money. 
Here are two I could find. 
https : XXXX http : XXXX

Company response to consumer: Closed with explanation