Consumer complaint received 2024-12-23 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Closing an account — Company closed your account
Company: ROBINHOOD MARKETS INC.
State: GA

Complaint narrative:
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXX/XX/XXXX Consumer Financial Protection Bureau XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX Re : Formal Complaint Against Robinhood Financial for Account Closure, Forced Sale of Assets, and Failure to Allow Transfer of XXXX XXXX I am writing to formally file a complaint against Robinhood Financial LLC regarding serious issues I encountered with my account, which has been unjustly closed, and the forced sale of my assets, including cryptocurrency positions, without my consent. I have not been provided adequate explanation or assistance from Robinhood, and their actions have caused me significant financial loss.

Background and Account Details Robinhood Account Number : XXXX Name on Account : XXXX XXXX Date of Account Closure : XX/XX/XXXX Date of Forced Asset Sale : XX/XX/XXXX and XX/XX/XXXX I have been a customer of Robinhood since XXXX, and up until recently, my account was in good standing with no known errors or issues. However, my account was abruptly closed by Robinhood without prior notice or explanation, and my crypto holdings were sold at a significant loss.

Key Issues : Account Closure Without Justification : Robinhood closed my account without providing any legitimate explanation, even though there was no indication that I violated any terms of service or engaged in suspicious activity.

Forced Sale of Assets : As a result of the account closure, Robinhood sold my positionsboth stocks and cryptocurrenciesat a loss. This occurred without my authorization or prior consent, and I was not given the opportunity to transfer my crypto holdings to another exchange or to liquidate my positions at a more favorable time.

Failure to Allow Crypto Transfers : One of the most concerning aspects of this issue is Robinhood 's failure to allow me to transfer my cryptocurrency holdings to another exchange before my positions were sold. As a result, I was unable to retain assets that I believe would have significantly appreciated in value, resulting in a direct financial loss.

Attempts to Resolve the Issue : I have attempted to resolve this matter directly with Robinhoods customer
support team on multiple occasions. Unfortunately, my efforts have been unsuccessful. I have not received adequate responses, and Robinhood has not provided a clear explanation for the forced closure or sale of my assets.

Impact of Robinhoods Actions : As a result of Robinhoods actions, I suffered a direct financial loss due to the sale of my assets at an unfavorable time. Had I been allowed to manage my account and assets properly, I would have retained significant profits from my positions, particularly in the crypto market. I am seeking compensation for the financial damages incurred due to the forced sale of my assets.

Requested Resolution : I respectfully request that the Consumer Financial Protection Bureau investigate Robinhoods conduct in this matter and take appropriate action to : Ensure that Robinhood provides a full explanation of why my account was closed, why my assets were sold without my consent, and why I was not given the opportunity to transfer my crypto holdings.

Investigate whether Robinhood violated any consumer protection regulations or their own terms of service in this situation.

Assist in recovering my financial losses, if appropriate, or ensure that Robinhood compensates me for the damages caused by the forced sale of my positions.

I appreciate your attention to this matter and trust that the Consumer Financial Protection Bureau will take the necessary steps to address my concerns.

Thank you for your time and assistance.

Company response to consumer: Closed with explanation