Consumer complaint received 2023-12-20
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Other transaction problem — 
Company: ROBINHOOD MARKETS INC. (IA)

XX/XX/23 Opened a Robinhood account and transferred funds to account. 
XX/XX/23 Bought {$100.00} of XXXX and transferred it to my trading platform without any issues. 
XX/XX/23 Added additional funds to Robinhood account since test purchase and transfer were completed. 
XX/XX/23 Bought additional XXXX. Attempted to transfer XXXX to external wallet. Attempt failed. 
Logged support call to ask why failed. Told account is under review. 
Received follow-up phone call XXXX. Provided additional information that they requested, i.e. selfie picture, drivers license, bank statement. Was verbally told I would hear in XXXX XXXX days. However next time accessed my account saw statement review would be completed in XXXX days. 
XX/XX/23 Logged another support call to check on status as had not heard anything. Provided additional information - another bank statement, answered questions. 
XX/XX/23 Received an email stating they were closing my account saying : " This can occur when : A violation of our Customer Agreement has taken place, or when We exercise the right to terminate your account as disclosed in our terms and conditions. 
Our team will finish any outstanding work related to your account. Such as : Notifying you of how and when eligible funds are available for your withdrawal. 
o This occurs when our account review is complete. 
Please note, this decision is final. Any funds that continue to arrive into your XXXX account ( XXXX ) will automatically be rejected. Any new applications received from you will also be closed. '' XX/XX/23 sent reply email asking " how long before I will have my funds returned to me? As of XX/XX/23 had not heard anything from XXXX. 

Attempted to withdraw my cash currency and found out could not withdraw my cash. Message on app only talked about could not send/transfer cryptocurrencies. 

XX/XX/23 Sold XXXX purchased so all fund in cash format. 

XX/XX/23 Logged a support call requesting a return call about getting my cash back. Support request was entered into queue and I could see I was XXXX in line for return call. When it was to be my turn based on count down of place in line, the message dropped and I did NOT receive any call. 

XX/XX/23 Later received an email from Robinhood stating : " We appreciate your support as a customer of our platform. However, after careful consideration, we have made the decision to terminate your account ( XXXX ) effective immediately. 

The reason for this decision is due to your repeated participation in scam related activities which have significantly compromised the security of your account and the experience we aim to provide to our community. '' My response is how is trying to get my assets returned to me scam related activities? 

Also stated " Our team will follow up with instructions on how you can withdraw any additional funds remaining in your account. '' This is same statement as XX/XX/23 and I have not heard a word from Robinhood. It is not acceptable for the company to hold the funds that were transferred to Robinhood from my bank accounts.