Consumer complaint received 2026-05-04 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Money was not available when promised — 
Company: Coinbase, Inc.
State: FL

Complaint narrative:
I am filing this complaint against Coinbase regarding the wrongful retention of approximately {$1300.00} in funds and the unauthorized deletion of my account. In XX/XX/year>, I attempted to send XXXX XXXX from my Coinbase account ( associated with XXXX ). Coinbase blocked the transaction, citing OFAC regulations, and notified me via email that the funds were being held securely. The email explicitly stated : ( 1 ) only this specific transaction was blocked, ( 2 ) the funds were being held securely by Coinbase, and ( 3 ) my other account funds were not affected and remained available. Coinbase instructed me to apply to OFAC for a license to release the blocked funds. I complied fully with this process, which was significantly delayed due to a federal government shutdown causing backlogs. OFAC ultimately responded that a license was not necessary for my situation and directed me to return to Coinbase to reclaim my funds. I submitted OFAC 's determination to Coinbase as instructed. Coinbase confirmed my funds were secure and told me to log in and follow the on-screen instructions to withdraw my remaining balance. However, when I attempted to log in, I discovered I was unable to access my account. I then received an email confirming that my Coinbase account had been deleted without my knowledge or consent. I made multiple attempts to recover my account with the assistance of Coinbase representatives, only to have the account deleted again immediately after each attempt. I subsequently opened a new account under a different email ( XXXX ) using the same verified phone number ( XXXX ), and that account was also deleted. When I contact Coinbase customer service, they ask me to provide KYC ( Know Your Customer ) verification details. When I provide the correct information, they claim they can not locate an account which is because they deleted it. They then refuse to open a case, refuse to accept the documentation and emails I have from Coinbase itself confirming my funds are secure, and instruct me to call back with " correct '' KYC information that does not exist because the account was deleted without my authorization. One Coinbase representative even suggested that my wife open a new account, complete verification, and then submit my documentation on my behalf an approach that is both inappropriate and potentially in violation of Coinbase 's own terms of service. Coinbase made a clear written commitment to return my funds. I fulfilled every obligation they placed on me, including navigating a lengthy government process. Coinbase has since deleted my account, destroyed the mechanism by which I could access my funds, and refused to open any case or escalation path to resolve the matter. I am requesting that the CFPB require Coinbase to : ( 1 ) restore access to my account or open a formal case using the documentation I can provide, ( 2 ) return the approximately {$1300.00} in funds they confirmed are being held securely in my name, and ( 3 ) honor the written commitments made in their own emails to me. I have preserved all relevant email correspondence from Coinbase ( sent to XXXX ) confirming the above facts and am prepared to submit them as supporting documentation.

Company response to consumer: Closed with explanation