Consumer complaint received 2024-12-06 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Money was not available when promised — 
Company: Coinbase, Inc.
State: GA

Complaint narrative:
This complaint concerns Coinbase 's freezing of over {$8000.00} of my liquid cryptocurrency assets due to the failure of one ACH debit in an amount of {$500.00}. The {$500.00} ACH, which was immediately corrected by me as account holder by transferring {$550.00} instantly to the cash sub-account, caused the entirety of my account to be " restricted '', with no ability to manage my portfolio, no ability to remove funds from Coinbase that had long since cleared, no ability to trade out of poorly performing assets, and do anything whatsoever with my account despite repeatedly offering to wire any amount of money necessary directly to Coinbase. In response, a Coinbase employee told me that making the deposit would prolong the delay. This is unconscionable. It is one thing to do as securities brokerages would do and sell other assets in the open market to make up for the deficiency caused by a deposit for which a credit had posted, but brokerage had not been able to collect. In such case, would the CFPB condone the sale of XXXX times the amount of the uncollected ACH entry? I would think not. The punishment does not fit the crime. It is grossly excessive, penal, and frankly, opportunistic. While Coinbase has not sold XXXX times the amount of the deposit, it has made my assets, for the time being, utterly useless to me. They are no good to me whatsoever. ( In fact, when and if I do get them back, they will almost certainly be at a depreciated value, while my {$7500.00} has been accumulating interest in coinbase 's accounts. ( see below ) ). I can not trade them, cash them in, withdraw them, transfer them. They are just numbers on my computer screen until Coinbase decides it is going to release the hold, and until then I am at their mercy. This can not be permitted. This is what is taking place right this moment. A failed {$500.00} transaction has somehow entitled Coinbase to {$8000.00} of value. My hard earned money. It must be stopped. Moreover, Coinbase blatantly misrepresents the timing of availability of funds, and in this case my reliance on those representations have caused me to lose {$8000.00}. Right now, Coinbase shows that I have over {$6000.00} available for withdrawal. However, the platform has prevented me from making ANY withdrawals, and Coinbase support staff have told me that it would be until at least XX/XX/XXXX before a review would even take place to consider lifting " restrictions '' that would un-freeze my account. This is far in excess of the couple of days it tells customers like me on the front end of the transaction. Finally, the most revealing aspect, that speaks to Coinbase 's motives in placing holds on funds. That is, Coinbase puts a cap on amounts that can be paid into it for trading. The cap for debit card transactions? {$25.00}. For ACH transactions? {$35000.00}. This is odd given that the ACH transaction, even with the assistance of third party processor Plaid, is far more risky than a debit card transaction, yet they limit debit card transactions to {$25.00}. What good is that to the consumer who is investing this money? None. It forces the consumer to use the ACH method, which allows Coinbase the excuse to place lengthy holds on funds it already has in its interest bearing accounts which, when added up, can be very substantial. I want access back to the assets that are my property and to which Coinbase has absolutely no security interest or interest of any kind whatsoever. This is blatant theft.

Company response to consumer: Closed with explanation