Consumer complaint received 2024-04-02
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Other service problem — 
Company: Coinbase, Inc. (ME)

On or about XX/XX/XXXX of XXXX, I used the Coinbase platform to exchange XXXX XXXX for XXXX ( XXXX ) at a market rate, on Coinbase 's exchange. Unfortunately, I can no longer see when exactly Coinbase originally reached out to me for XXXX. I do remember, however, that I did not respond for some time as I considered this position long-term and did not plan on making any changes with it for awhile. To my memory, Coinbase restricted my account for not answering their KYC questions no later than XXXX of XXXX, but it XXXX have been earlier. Around XXXX of XXXX ( although it might have been later, but absolutely no later than XXXX of XXXX ), I began the process of responding to Coinbase 's KYC requests as I anticipated potentially closing or changing my position in the next several months. 

All in all, I have been unable to deposit, withdraw, exchange assets, or other activity for over a year on the Coinbase platform, with XXXX XXXX ( my entire portfolio of XXXX ) being effectively frozen. 

Coinbase requested information regarding my occupation, my source of funds, and proof of XXXX XXXX. At the time, I was unemployed and while I had no issue providing the rest of the information, Coinbase refused most of my source of funds / occupation info. This continued for months and months, usually Coinbase would reply to me, I would get the info they requested ( bank statements, payslips, letter from HR ) to them in a matter of hours ( although a few times it took me XXXX days ). Then I would hear nothing for a month, and when I finally did hear back, Coinbase would ask me for documents I had already provided, or ask something like XXXX you confirm [ such and such info provided previously ] ', to which I would provide the documents again and/or confirm the question, and then have to wait another month for their reply, asking for information already provided again. 

All in all it has been over a year that I have been in this limbo, unable to close my XXXX position during several notable spikes in the market, and unable to reinvest. I believe I have lost out on about {$20000.00} worth of mixed long-term and short-term capital gains, had I executed trades when I had planned, because of this undue obstruction. 

In XXXX of XXXX, I found a job and quickly gave Coinbase all the info they required about my new occupation, hoping to speed the process along. I still received very slow responses ( once a month or slower ), requesting info already provided. Despite waiting for over XXXX hours in support queues to resolve any issues, the only response I ever received outside of email support was that the case would be 'escalated. ' I repeatedly requested that any further documentation required from Coinbase be requested promptly. 

Most recently, Coinbase responded last on XX/XX/XXXX, asking me to confirm that my source of wealth is employment ( a question that had been asked previously during this saga ). On XX/XX/XXXX, I responded and confirmed this. On XX/XX/XXXX, I asked if any further documentation was required of me. On XX/XX/XXXX, I reached out again and requested that Coinbase please let me know how else I XXXX assist them in this matter. I have still not received a response as of writing this ( XX/XX/XXXX ). 

For reference, my case number is XXXX. 

For reference, a list of documented response times between me and Coinbase : Note : Some exchanges seem to be missing, some are on different email threads, I have done my best to compile all here but there XXXX be some communication not documented here, estimated XXXX or XXXX requests/responses missing. 

XX/XX/XXXX XXXX Coinbase requests KYC info XX/XX/XXXX XXXX User ( XXXX ) responds with information XX/XX/XXXX XXXX Coinbase requests further information and documents XX/XX/XXXX XXXX User ( XXXX ) responds with documents XX/XX/XXXX, XXXX Coinbase requests further documentation XX/XX/XXXX, XXXX User ( XXXX ) responds with XXXX piece of documentation XX/XX/XXXX, XXXX User ( XXXX ) responds with a second requested document XX/XX/XXXX, XXXX User ( XXXX ) requests a response and expresses dissatisfaction with response times XX/XX/XXXX, XXXX Coinbase asks for confirmation of information contained in documentation XX/XX/XXXX, XXXX User ( XXXX ) responds with requested information XX/XX/XXXX, Coinbase requests further documentation regarding current employment XX/XX/XXXX, XXXX User ( XXXX ) responds with information that user is still unemployed XX/XX/XXXX, XXXX Coinbase requests previous employment documentation XX/XX/XXXX, XXXX User ( XXXX ) responds pointing out that documentation already having been provided on XX/XX/XXXX XX/XX/XXXX, XXXX Coinbase requests previous employment documentation XXXX XX/XX/XXXX, XXXX User ( XXXX ) responds pointing out that documentation already having been provided on XX/XX/XXXX, and includes further documentation just in case XX/XX/XXXX, XXXX Coinbase requests further information, rejects previous documentation for being more than 3 months old XX/XX/XXXX, XXXX User ( XXXX ) points out that previous job ended in XX/XX/XXXX and therefore any documentation will necessarily be more than 3 months old XX/XX/XXXX, XXXX User ( XXXX ) provides XXXX payslips for current job and tax return for XXXX XX/XX/XXXX, XXXX ( different support email thread, for some reason ) Coinbase requests more payslips and bank statements XX/XX/XXXX, XXXX User responds with payslips and bank statements XX/XX/XXXX, XXXX Coinbase requests more payslips and another bank statement XX/XX/XXXX, XXXX User ( XXXX ) sends every payslip available, resends bank statement for XXXX, XXXX, sends statements for XXXX, XXXX, requests full list of further required documents if any. 
XX/XX/XXXX, XXXX Coinbase XXXX for confirmation that source of funds is employment XX/XX/XXXX, XXXX User ( me ) responds, confirms XX/XX/XXXX, XXXX User ( XXXX ) requests what other documents might be needed by Coinbase if any XX/XX/XXXX, XXXX User ( me ) requests action and repeats request to tell user what other documents are required, if any. 

As of XX/XX/XXXX, still no response. 

I feel that my assets have been unduly seized and frozen, I have been more than cooperative, and that Coinbase has obstructed my access to my assets unreasonably and not responded in a timely manner. I just want access to my assets.