Consumer complaint received 2024-03-23 00:00:00
Product: Money transfer, virtual currency, or money service — Mobile or digital wallet
Issue: Trouble accessing funds in your mobile or digital wallet — 
Company: ROBINHOOD MARKETS INC.
State: IL

Complaint narrative:
Ive experienced nothing but XXXX and issues with Robinhood. Using their account as a brokerage, and to buy crypto. Theyve made my life an absolute nightmare. Ive had Robinhood for a number of years, and hated it. I recently decided to give them another chance on the platform last month and put in {$50000.00}. That was my daily limit. Shortly thereafter, and being XXXX in/ forced to pay Robinhood XXXX ( which should be illegal ), they lowered my limits to {$1000.00} deposits per day and sending only {$1000.00} a day in cryptocurrency ( from {$5000.00} ). They wouldnt get back to me as to why this was happening. They then froze my accounts and asked me to provide a bank statement, which I did. Then they emailed me back saying my account was unfrozen and I could continue transferring/ investing with the {$1000.00} a day deposit and {$1000.00} a day withdraw limits. They continued to XXXX me off. They locked my account once again about a week ago, and demanded a selfie. I submitted a selfie and that wasnt good enough. Then they asked for the same information from last month- a bank statement! How stupid are they to request the same document over and over again? I sent it to them. Then that wasnt good enough. Then they needed me to speak to them on the phone ONLY AT CERTAIN AND EXACT TIMES THEY CALL. They left no number or direct contact line to return the call. This was from a guy named XXXX. I then took off work awaiting his call the next day all morning to take the call. He asked me various questions- why I returned to Robinhood, where I got my money from, why Im interested in using the platform, why my phone number changed, what devices are logging in, etc. He then told me that my account should be cleared up and resolved by the end of the day ( this was 2+ days ago ). I never received a letter or email like he promised, and I had to follow up last night because my account was STILL locked. I was unable to sell or withdraw my crypto or stocks during bitcoins peak, because of this. Theyre holding everything hostage, despite a mountain of information. Today, I received an email saying theyre closing my account. FOR NO REASONS. After XXXX blatantly lied to me and said there would be no restrictions. These people are scam artists! Theres kids XXXX  themselves over Robinhoods mistakes! A significant amount of my money is on their platform and XXXX said Id be able to get access to it back in no time. Nothing but liars! I submitted with my other brokerage for my assets and stocks to be transferred so I dont have to sell and take a tax hit. These people XXXX! Please CFPB help me get my money back from these evil people! This company should be BANNED! Its not a real crypto broker or a real brokerage! Theres nothing but issues with Robinhood from millions of people! Just going to use my real legitimate brokerage from now on - XXXX XXXX! Please CFPB get my money back from these evil crooks!

Company response to consumer: Closed with explanation