Consumer complaint received 2025-01-29 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Fraud or scam — 
Company: ROBINHOOD MARKETS INC.
State: CA

Complaint narrative:
XXXX XXXX [ XXXX ] [ XXXX ] [ XX/XX/XXXX ] Consumer Financial Protection Bureau XXXX XXXX XXXX XXXX XXXX, XXXX XXXX Re : Formal Complaint Against XXXX for Account Restrictions and Failure to Resolve Issues Dear Sir/Madam, I am writing to file a formal complaint against Robinhood Markets , Inc. regarding the wrongful restriction of my account and the severe financial harm this has caused. As a XXXX customer, I have encountered significant difficulties in accessing and managing my funds, including cryptocurrency holdings, due to ongoing account restrictions that XXXX has failed to resolve in a timely and transparent manner. 

Background of Complaint I am a verified XXXX user who has followed all required identification and verification processes as outlined by the platform. Despite complying with their protocols multiple times, my account was inexplicably restricted, preventing me from transferring cryptocurrency to my personal cold storage wallet. 

Account Restriction : Initially, XXXX informed me that the restriction would be lifted on XX/XX/XXXX. However, the restriction period has since been extended with no valid explanation. 

Financial Harm : As a result, I have been unable to access or transfer my cryptocurrency holdings, which has caused me significant financial loss due to market fluctuations. 

Customer Support Failures : XXXX has disabled its 24/7 chat support and phone support, forcing me to rely solely on email communication. However, their responses have been inadequate, generic, and non-informative, simply stating : Were still reviewing your account. We may request documents in the app during our review, so please continue to monitor your app and reply to any requests. Despite multiple follow-ups, no concrete action has been taken, and the issue remains unresolved for over a week. 

Ongoing Difficulties I am now left with a significant amount of money in my locked account, unable to access or transfer these funds as I see fit. I have made multiple attempts to reach XXXX for clarification or resolution, but they continue to push back the resolution date and provide no meaningful updates. 

The lack of responsiveness from XXXX customer support team, combined with the ongoing restriction of my account, has caused me significant distress and financial harm. I am aware that other customers have experienced similar issues, leading me to believe that this is a systemic problem affecting multiple users. 

Request for Action Given the severity of the situation, I request that the Consumer Financial Protection Bureau ( CFPB ) investigate Robinhood for the following reasons : Failure to Provide Adequate Support : XXXX has not provided sufficient or timely responses to my inquiries and has disabled critical customer support channels. 
Unjust Account Restrictions : XXXX has imposed account restrictions without providing any legitimate explanation or justification, causing financial harm to its users. 
Failure to Resolve Ongoing Issues : Despite multiple attempts on my part to resolve this issue, XXXX has continued to push back the resolution timeline and has failed to take any meaningful action to restore access to my account. 
I am requesting that the CFPB take immediate action to ensure that XXXX resolves this issue, lifts the restrictions on my account, and compensates affected customers for the financial harm caused. Additionally, I urge the CFPB to investigate XXXX practices regarding account restrictions and customer support, as this issue may extend to a large number of other consumers. 

Conclusion I am hopeful that the CFPB will address this serious issue and assist in ensuring that XXXX resolves this matter expeditiously. Thank you for taking the time to review my complaint. I look forward to your assistance in lifting the restriction on my account and ensuring that XXXX is held accountable for its actions. 

Please do not hesitate to contact me at ( XXXX ) XXXX or my email XXXX should you need further details or documentation related to this complaint. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation