Consumer complaint received 2025-07-12 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Money was not available when promised — 
Company: Winklevoss Exchange LLC
State: TX

Complaint narrative:
To Whom It May Concern : I am writing to file a formal complaint against XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX cryptocurrency exchange, regarding a series of unjustified account restrictions that resulted in significant financial losses to my retirement savings. 
I have been a customer of XXXX  since XX/XX/XXXX, during which time I invested retirement funds through an account maintained on their platform. I fully complied with XXXX identity and security protocols, including biometric verification ( selfies ) and multi-factor authentication ( 2FA ), in accordance with their User Agreement. 
Despite my compliance, my account was repeatedly subjected to prolonged and unexplained restrictionsbeginning on or around XX/XX/XXXX until XXXX this year, followed by a XXXX XXXX sell-off. This restriction was imposed during a period of heightened market volatility and remained in effect until XX/XX/XXXX. After this, subsequent restrictions were imposed and lifted under similar conditions, the last occurring in XXXX of this year. 
As reflected in the attached account statements : My available balance as of XX/XX/XXXX, was {$52000.00} By the end of XX/XX/XXXX, the balance had declined to {$30000.00} This represents a reduction of {$21000.00} during the first restricted period However, this figure does not fully capture the extent of the loss. Internal account data shows that the value of my assets temporarily rose to {$68000.00} in XX/XX/XXXX. Because I was unable to access my account or take protective action, I missed the opportunity to preserve those gains, bringing the actual financial impact to approximately {$38000.00}. Affected assets include ( but are not limited to ) : XXXXXXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  does not provide a stop-loss feature or similar tools to mitigate risks during such account freezes. Had this been availableor had its absence been clearly disclosed in the User AgreementI could have taken timely steps to protect my retirement assets. 
In total, I experienced this pattern of restriction at least XXXX times, starting in XXXX. These repeated and unexplained account blocks resulted in additional cumulative losses of {$9300.00}, raising the total estimated loss to {$47000.00}. 
Moreover : The Respondent failed to offer a clear reason for the restrictions, citing only vague security confidential validations No expected timeline or communication was provided Account access was restored only after the market stabilized When I was finally able to access my account, I faced additional fees due to XXXX  limited XXXX  conversion optionsanother issue not fully disclosed in the User Agreement These actions raise serious concerns about XXXX  liquidity, market manipulation, transparency, infringement of consumer protection laws, and internal risk practices. The unexplained timing of the restrictions, particularly during moments of extreme market volatility, suggests a pattern of conduct that unfairly harms consumersespecially those like me who have entrusted the platform with retirement funds. 
I find the defendants conduct increasingly concerning and, frankly, evasiveseemingly intended to stall the proceedings, perhaps to gain time ahead of their upcoming IPO while obscuring unfair practices directed at consumers, particularly older individuals like myself. 
In conclusion, XXXX  blocked my accountcontaining my retirement savingsduring a period of high market volatility, preventing me from withdrawing my assets or setting a stop-loss to mitigate the losses. Once the volatility subsided, the restriction was lifted with no further explanation, but by then, the damage had already been done. 
This conduct raises serious concerns about whether XXXX  had sufficient liquidity to meet its obligations had clients attempted to liquidate during those critical periods. The actual damages are clear : financial loss resulting from missed investment opportunities and the inability to move or preserve funds. 
I respectfully request that the Consumer Financial Protection Bureau investigate this matter and hold XXXX  accountable for its conduct. I also ask that the CFPB consider referring the matter to other relevant agencies or encouraging mediation between myself and the company. I am prepared to provide supporting documents, including account statements and correspondence, upon request. 
Thank you for your attention to this serious matter. 
Sincerely,

Company response to consumer: Closed with explanation