Consumer complaint received 2025-02-12 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Other transaction problem — 
Company: Winklevoss Exchange LLC
State: WI

Complaint narrative:
On XX/XX/XXXX, I opened an account with Gemini XXXX XXXX at XXXX. As per their instructions, I uploaded a picture of my drivers license ( Wisconsin, with a star ), my SS number, my personal information and linked my bank account to transfer money in and out. Anyway, by noon I had an email stating I was ready to trade. In a few minutes I successfully bought a test amount of {$100.00} XXXX. Then I wanted to test my hot wallet and attempted to transfer the bitcoin. However, the system said I could not do so. 

I am new to the world of XXXX and must have done something wrong- perhaps because I was simutaneously using a laptop and XXXX both with XXXX, or perhaps because after I bought a test amount of XXXX, XXXX tried to transfer it to a hot wallet too soon. I don't really know. However on XX/XX/XXXX I received the following email XXXX there, Following review, Gemini has determined that your account must be closed. 
Although we understand you may have questions as to the reasons behind this decision, Gemini is unable to disclose any further details. Our risk review process is confidential and Gemini will not be able to elaborate any further on this matter. 
If your account contains a fiat balance and/or a digital asset balance, you will have 5 days from the receipt of this email to withdraw the entirety of your funds, at which point your account will be closed. These funds can not be withdrawn as digital assets. If any digital asset balance remains, it must be sold for your applicable fiat currency and transferred to your linked bank account ( s ).

So I went to the site to sell my bitcoin, and the account was locked down. It stated I didn't have permission to do so. I contacted the company and they elected to have me try reloading my personal information. I did so, now including a passport photo. I also turned off the XXXX. I was suppossed to get an email confirming my ID was verified. 
After XXXX hrs, I contacted them to see what the delay was. I received XXXX emails. XXXX saying my bank funds successfully cleared, and the other saying there was a steep increase in people getting verified, and I should wait. 

A few hours later, I received another email the same as above saying my account would be closed and I needed to sell my bitcoin. 

I tried to sell the bitcoin as instructed and was given a notification " I did not have permission to do so ''. I tried selling from my laptop and from the phone ap ( each are slightly different ) However, I was still getting the same message- and I was unable to comply. I have tried to sell a couple times a day since then. I tried to reach the company by email on my original request Ticket ID : XXXX. They stopped responding. I then opened a new request Ticket ID : XXXX and they said someone would respond shortly. I contacted them every day since, and now they are ignoring me, Each time I contact them I send something like the following ( example From XX/XX/XXXX ) Hi You told me you will be closing my account and I must sell all XXXX and transfer the money received to my bank. However, you have locked my account. When I try to sell it says I don't have permission. I can not sell. I have sent you notes regarding this problem daily for a week. 
If you are going to close my account, please unlock my account so I can sell. 
thanks According to their email of XX/XX/XXXX, my account was going to close on XX/XX/XXXX. 

This is very frustrating. They locked down my funds, are closing my account for unknown reasons, they insist I sell my bitcoin, but at the same time won't let me sell. 

To top it all off, on Sat XXXX I received an email from them " Start trading today Start your Gemini XXXX We're unlocking the next era of financial, creative, and personal freedom through XXXX. Join us! 
You only have the following steps left before you can start trading on Gemini : Verify your identity Fund your account XXXX The last thing I want to do is business with them. I want to get my money out. It was only a test amount but I want my {$100.00} back, or whatever is left after commisions and bitcoin fluctuation. Last I looked it was {$88.00}. 

Thank you

Company response to consumer: Closed with explanation