Consumer complaint received 2024-01-01
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Money was not available when promised — 
Company: Coinbase, Inc. (TX)

Subject : Complaint Regarding Unjustified Account Freeze and Delayed Resolution by Coinbase Dear Consumer Financial Protection Bureau ( CFPB ), I am writing to file a formal complaint against Coinbase , Inc., regarding the ongoing freeze on my account and the unreasonable delays in its resolution. 

Account Freeze and Financial Hardship : Since XX/XX/XXXX, my Coinbase account has been frozen, restricting access to {$14000.00} of my funds. The alleged reason for the freeze is " suspicious activity, '' but I have received no specific details about this activity despite repeated attempts to clarify the situation. 

I have contacted Coinbase customer service via phone on XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX and attempted to provide any necessary information to expedite the investigation. However, each call resulted in a further delay in accessing my funds. The latest estimated resolution date, originally XX/XX/XXXX, and has been pushed back several times to XX/XX/XXXX, a delay of 60+ days, with no clear explanation or update on progress. 

This ongoing freeze has caused significant financial hardship. I have missed out on time-sensitive investment opportunities, resulting in a loss of several XXXX dollars. The constant uncertainty and shifting timelines exacerbate my stress and disrupt my financial stability. 

Transparency and Fair Treatment : I vehemently assert that my account does not exhibit any genuine " suspicious activity. '' On XX/XX/XXXX, a customer service representative confirmed that their system did not detect any frozen activity on my account. I am a legitimate user of the platform and have always complied with Coinbase 's Terms of Service. In addition, one the first call ( XX/XX/XXXX ) the service representative said my account would be escalated and reviewed in 3-5 business days. When I made the second call after not hearing back in this time frame, I was told it had been rejected with no explanation or notification. I have called 3 more times after this each opening a new ticket to be escalated each call and have not heard and feed back about these tickets. On the last call on XX/XX/XXXX the date at which my account was supposed to be available the representative told me they had pushed it back an additional 60 days. I was not informed of this. through this time I had re-verified my ID and sent emails responding to coinbase about myself and intent of using there platform ( which they requested ). I have asked to speak tho a manager each time on the phone and they will nnot give me anyone to talk to.They have completely left me in the dark after taking my money costing me {$1000.00} 's in investment opportunity cost. 

Therefore, I demand immediate action to rectify this situation. Specifically, I request : A full and transparent explanation for the account freeze, including the precise details of the alleged suspicious activity. 
An expedited review of my case and a guaranteed timeline for regaining access to my funds. 
Direct communication with a dedicated representative who can provide regular updates on the investigation 's progress. 
While I understand the importance of Coinbase 's security protocols, the current handling of my situation is unreasonable and inflicts undue hardship. I expect a prompt and fair resolution to this matter. 

Attached to this complaint are copies of my communication history with Coinbase, including call logs and email transcripts. I urge you to investigate this matter and hold Coinbase accountable for their unfair and detrimental practices. 

Thank you for your time and consideration. 

Sincerely, XXXX XXXX