Consumer complaint received 2025-08-15 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Other transaction problem — 
Company: ROBINHOOD MARKETS INC.
State: OH

Complaint narrative:
This complaint is concerning my Robinhood account which has been restricted due an attempt on my part to transfer my crypto to my cold wallet for storage in which I mistakenly tried to move more than my daily limit allows. 

XXXX opened an individual account on XX/XX/XXXX with my debit card ending in XXXX which is attached to my joint checking account with my spouse. 

XXXX made deposits on XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX all of which were successful using my debit card which is attached to my XXXX account. 

XXXX XX/XX/XXXX i made my initial transfer of my crypto held within the XXXX exchange over to my cold wallet. I used the minimum amount allowed for my first transfer to confirm that i was doing it correctly since i am new to transferring crypto to a cold wallet. The first attempt was successful so I proceeded to try to move all my crypto over to my cold wallet at that time when I received a notification that the daily limit was {$5000.00}. I tried to move over {$5000.00} based upon that notification but was unaware that i needed to allow for small costs attached to the transfer which put my request over the {$5000.00} limit. I hit the edit button on the app to adjust the amount to be within the required limit but i was sent a notification that my account was being restricted. I was sent automated notifications that i needed to submit the following. 

XXXX drivers license - submitted on XX/XX/XXXXXXXX XXXX XXXX  - submitted on XX/XX/XXXX XXXX. Bank statement attached to my debit card ending in XXXX - submitted on XX/XX/XXXX I submitted all requested docs. My drivers license and selfie was required originally when I initially opened my account so its very easy to confirm that its me attempting to make transfers on my account. I sent the most recent bank statement which clearly shows my debit card activity to prove its my account / debit card being used along with a formal document from my local bank branch manager stating my name and my spouses since its apart of our joint checking account and the bank document also has both our physical address as well as our mailing address which is a XXXX XXXX XXXX as we currently reside in an apartment. 

After submitting the bank statement on XX/XX/XXXX. I received a notification that i would receive a follow up by XX/XX/XXXX. 

I received a XXXX notification on XX/XX/XXXX that i still needed to submit a bank statement so i did even though after i originally sent the docs on XX/XX/XXXX the online app stated there was no further action required. I went ahead and resubmitted the bank statement on XX/XX/XXXX and was sent another notification that it would now be XX/XX/XXXX before i received follow up regarding the restriction. 

I called to request a call from a support agent on the evening of XX/XX/XXXX as all i get is computer generated notifications and responses with no ability to speak to anyone that has authority to resolve the issue. I received a follow up call from a support agent the following morning on XX/XX/XXXX and was told at that time the bank statement i had submitted wasnt legible and needed to be an original document from my bank. I had to call back to a support agent because there wasnt a link for me to upload the requested bank statement at that time. Upon calling back the new support agent said that they not only needed my bank statement for my debit card but it had to show a transaction to my Robinhood account. I was only able to download my most recent statement for XXXX / XXXX directly from my online bank app in order to send to XXXX along with the formal letter from my local bank branch manager confirming my account and address associated with my debit card on my Robinhood account. My current statement doesnt show a transaction to my Robinhood account as the statement cycle on my account ends on the XXXX of each month. My first Robinhood transaction wasnt made until XX/XX/XXXX so it wont be reflected until my upcoming statement for XXXX / XXXX is released. 

At the moment i am not allowed to purchase crypto nor send my current assets to my personal cold wallet for storage but oddly enough it looks like XXXX still able to sell my crypto. That doesnt make any sense because if theyre concerned for the security of my account why would the same system allow me to sell the very crypto they claim to be trying to protect?? 

I have proven that the account is mine and that its my activity on the account but it seems XXXX being made to jump through hoops, put on hold for days before they remove the restriction on my account. XXXX losing out on potential purchasing opportunities as well as the ability to move my crypto assets to my personal cold wallet and i want this situation resolved promptly so i can continue to use my account. 

Robinhood should understand that there are many of us that are completely new to crypto as well as to transferring assets to cold wallets. Ive seen many bad reviews from others that have had their accounts restricted for questionable reasons and some even having their funds seized without remedy. Please help me to resolve this issue quickly.

Company response to consumer: Closed with explanation