Consumer complaint received 2025-04-11 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Other service problem — 
Company: Coinbase, Inc.
State: NY

Complaint narrative:
I have an account with Coinbase, which I have had since XX/XX/XXXX. I have verified all my information necessary by law and regulation and my account has always been in good standing. 
In XX/XX/XXXX, I received an email from XXXX XXXX XXXXXXXX XXXX, stating the following : As part of a routine verification process, were reaching out to obtain KYC ( Know Your Customer ) information. As a regulated financial services provider, Coinbase is obligated to keep up-to-date customer information to ensure a secure trading platform. 
Below you will find a consolidated list of the information and documents requested. Here 's what you need to do : Information request 1. For information requests, provide a written response to each question.

2. For documentation requests, use the XXXX link below for submissions.

1. If employed, provide information regarding your current or most recent occupation, including : Name of employer Annual salary Position within employer 2. If you hold a 25 % or greater ownership stake in a business, provide the following : Business name Business industry Your role in the business ( e.g., CEO, Director ) 3. Describe the source of funds deposited into your Coinbase account ( e.g. salary, savings, etc., ).

If funds originate from multiple sources, detail each one.

4. Describe the source of your overall economic wealth ( e.g. investments, savings, etc., ).

If wealth originates from multiple sources, detail each one.

If your source of wealth originated from crypto or other investments, provide additional supporting documentation ( e.g., statement from a crypto exchange or broker-dealer confirming your investment portfolio ) Document request Proof of Employment - A document to verify your current or most recent employment or business ownership. 

Source of Funds - Documents corresponding to the origin and method of acquiring and depositing funds into Coinbase. This includes the means of transfer ( e.g., from a bank account or a crypto wallet ) and the source through which the funds were obtained ( e.g., salary or savings ). 

Source of Wealth - Documents corresponding to the means through which overall economic wealth was generated. 

Given the magnitude of the information requested, I first wanted to confirm this was not a scam and get enough time to compile this information. Before uploading to the system, I received an email on XX/XX/XXXX that my account had been restricted. When logging in since that date, I get the following message : Your account is restricted to withdrawals only. We've already sent you an email to provide additional information about your account. 

Because I can not sell any of my assets, I also can not actually withdraw any of my funds. 

After my account was restricted, I submitted all the requested information and documents on XX/XX/XXXX. I did not receive any response after asking for confirmation. After not hearing back, I reached out to Customer support chat on many occasions where I was continually told that the compliance team was working on it and would reactivate my account shortly. 
On XX/XX/XXXX I received another email : We regret to inform you that the provided documents do not meet our requirements. Please upload acceptable documents to our XXXX portal. 
Please provide a written response and supporting document to the question given below : 1. As you confirmed that your source of wealth is from investments, please provide either an investment statement or an investment portfolio. 
This was information I had already submitted the first time around. However, I went ahead and resubmitted those documents that same day XX/XX/XXXX. Apart from submitted the documents on their online portal I replied to their email asking if they needed any other documents. I did not receive a response and once again reached out to customer services with no satisfactory response or information. 
Almost a month later on XX/XX/XXXX, I got the following email : Thank you for taking the time to respond to our request for information about your account. We regret to inform you that the provided documents do not meet our requirements. Please upload acceptable documents to our XXXX portal. 
To use or continue using all account features ( such as buy, sell, and/or receive crypto ), please provide the requested information within the next 15 days. 
Requested Documents Confirm if the funds deposited into your Coinbase account will originate from XXXX sources ( i.e. bank account or credit card ), crypto sources ( i.e. hosted or un-hosted wallet ), or both. 

This information is unrelated to the previous documents I had been asked for, as well as information that had already been uploaded with the original documents on XX/XX/XXXX. I uploaded these documents on XX/XX/XXXX and have received no additional reply. 

At this time, my account has been restricted for over 2 months without an actual reply from the company other than the emails requests for additional information, which have already been submitted previously. During this time, I have not been able to sell any of my assets, which has come at a tremendous financial cost. I have not been told why they are requesting the same documents over and over and have not been told how long my account will continue to be restricted. I have reached out to their customer support chat system multiple times without any answer. 

At this point, all I want is my account unrestricted so I can sell all my assets, withdraw my funds and close my Coinbase account. 


I was given this case number by coinbase : CASE NUMBER : XXXX I am uploading all my email exchanges, as well as a screenshot of their document portal showing the 3 dates I uploaded requested information.

Company response to consumer: Closed with monetary relief