Consumer complaint received 2018-04-02 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Money was not available when promised — 
Company: Coinbase, Inc.
State: NY

Complaint narrative:
MEMORANDUM TO : Coinbase CEO, XXXX XXXX XXXX FROM : XXXX XXXX XXXX ( XXXX ), ( Coinbase Account # ending in XXXX ) DATE : XX/XX/XXXX RE : Coinbase Case # XXXX : Wire transfer of XX/XX/XXXX from My XXXX checking account to my Coinbase account for the amount of {$25000.00} USD ( XXXX transaction # XXXX, Federal Reference # XXXX, and Reference # : XXXX. ) ISSUE Coinbase is a digital currency wallet and trading platform, however this issue is a US Dollar issue and has nothing to do with any virtual currency or trading. On XX/XX/XXXX I transferred {$25000.00} USD from my XXXX checking account to my Coinbase.com account using XXXX 's website. My Coinbase Case # XXXX, the XXXX transaction # is XXXX, Federal Reference # is XXXX, and Reference # is IISTPBFP. ) The {$25000.00} was withdrawn from my XXXX account and the funds were supposed to deposited into my Coinbase account. However Coinbase has never credited my Coinbase account for this deposit. I have already contacted XXXX to confirm the money was sent out and delivered to Coinbase and there was no error on XXXX 's side. Please note that since this problem, I have thereafter successfully sent money from my XXXX checking to my Coinbase account without any problem using the exact same accounts and transfer method settings. This confirms that my transfer instructions was setup properly and that Coinbase is at fault. These missing funds have never returned to my XXXX account. Coinbase has my {$25000.00} funds and will not credit my account. Since XXXX reported there was no error on XXXX 's side, to try to resolve this quickly, I wrote to Coinbase Customer Support at XXXX and corresponded by email with " XXXX '' and " XXXX '' over 12 times since XX/XX/XXXX and provided them with the XXXX confirmation number and other evidence that the funds were properly wired from my XXXX checking account to my Coinbase account. Coinbase indicated that they are " working with a specialist to address this problem '', but 11 weeks later, my missing funds have still never been never credited to my Coinbase account. Coinbase has been unwilling to deposit my own money into my Coinbase account.

ANALYSIS Coinbase 's response to my multiple emails is inadequate, unprofessional and has been extremely frustrating. During the past 11 weeks I have lost many investment opportunities. I file this CFPB complaint in an effort to finally resolve this issue and receive my own deposit of my own money as well as my legal expenses incurred to file this complaint. I am sure that the thousands of daily Coinbase users would rethink their use of Coinbase as their digital wallet to store and transact billions of dollars worth of funds if they knew that Coinbase could arbitrarily hold on to your deposited funds without depositing them into your account and fail to take steps to resolve the issue despite over 12 emails with confirmation numbers and other evidence clearly explaining the problem at hand.

CONCLUSION If this issue is not resolved shortly, I will further investigate my legal options and will consider reporting this matter to the XXXX XXXX XXXX, various US state regulators including New York Department of Financial Services concerning Coinbase 's  license both as a Money Transmitter License ( XXXX XXXX ) and Virtual Currency License, ( XXXX ), and may take additional US and international legal action for compensation of not only my missing funds, but for my ongoing legal fees and other damages. Please notify me immediately at XXXX when my {$25000.00} wire transfer has been properly credited to my Coinbase account. Your prompt attention to this important matter would be appropriate.

Company response to consumer: Closed with explanation