Consumer complaint received 2024-10-17 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Other transaction problem — 
Company: Coinbase, Inc.
State: CA

Complaint narrative:
Starting on XX/XX/year> Coinbase started slowly restricting my access to my funds of XXXX worth of crypto currency I had on the platform. I was only able to withdraw and send smaller amounts until ultimately they stopped it and I had to reverify my identity with them. I actually did the video submission and driver license submission while on the phone with them to make sure they received it. Because they were making it difficult to work with I started moving my money off of their platform to another and then on XX/XX/year> they ultimately restricted my account. 

From XX/XX/year> for the next week I would spend hours on the phone with multiple customer service agents who gave me the run around and told me the same thing. They told me my account is under security review for fraud even though I told them all those transactions were me and verified my identification to them. They would tell me that " it's being escalated to our XXXX '' Multiple customer support agents were notifying me that it shouldn't take longer than a week to get the restrictions off. They said in the event that they decide to close my account I will be able to move my reminder balance of {$68000.00} ( XXXX {$36000.00} ) and ( USD {$31000.00} ) to an external wallet of my choosing. 

On XX/XX/year> I received and email saying my account I can no longer use the Coinbase platform. But this next part of the email said this " If there's a balance in your Coinbase account, you're still able to send, sell, or withdraw the funds. Please be aware that you might need to wait until funds on hold became available for withdrawal '' On XX/XX/year> I had {$68000.00} ( XXXX {$36000.00} ) and ( USD {$31000.00} ) still in my Coinbase balance Come XX/XX/year> Coinbase moved my remaining balance somewhere and wiped my balance to {$0.00}. They initiated XXXX separate transactions XXXX for my XXXX balance and USD balance. Both occurred at XXXX XXXX simultaneously. They did not notify me that they did that and because my account was still restricted I couldn't move if it I wanted to. On each of the transactions there was no wallet information of where it was sent to. Which made me believe it was an internal thing. I called them and they confirmed they moved it internally pending the decision of my account investigation. On the phone I specifically stated that my fear is that they're going to STEAL my money. They assured me multiple times Coinbase doesn't operate like that. I know the calls are recorded so I made sure to state my fears of money being STOLEN to XXXX different representatives and they all said the same thing, that it will be returned to me on the completion of the investigation. 

On XX/XX/XXXX I submitted a complaint on Coinbase and until this day no one has called me regarding it. They sent an email saying it's been resolved when in fact it hasn't. On XX/XX/year> I called them that morning and they told me Coinbase decision was final and I will lose my account. Which I'm fine with, as long as they put my funds backs and I can withdraw it off the platform. The representative told me that although Coinbase said they would put it back after they made a decision, the new decision is to not return my funds to me. I blatantly asked him : " Ok so where did the money go? You guys just going to steal {$68000.00} of my hard earned money. '' He said, " the answer is XXXX, and I can not tell you anymore information. '' At that point I requested to talk to his XXXX and he said he will not connect me to anyone and has he resolved my issue. Coinbase support is incoherent and are telling people multiple different things. But XXXX XXXX is they stole my money and from what I'm seeing on XXXX this is a very common thing. I have read dozens of threads and comments saying Coinbase has done the same thing to many other people some with greater quantities with me. I was recommended through a XXXX user to take the CFPB route cause you guys helped him get his funds back from them. If they're not returning people 's money, they're keeping it for themselves and there's no way that's legal

Company response to consumer: Closed with explanation