Consumer complaint received 2025-12-01 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Money was not available when promised — 
Company: ROBINHOOD MARKETS INC.
State: TX

Complaint narrative:
CFPB COMPLAINT AGAINST ROBINHOOD MARKETS, INC. / ROBINHOOD XXXX, XXXX XXXX : XXXX XXXX Company : Robinhood Markets , Inc. / Robinhood XXXX, XXXX Type of Issue : Account access / virtual currency restrictions/ unexplained restrictions/ failure to provide required notices Summary of Complaint Robinhood abruptly restricted my cryptocurrency accountblocking all deposits, withdrawals, and transferswithout providing any prior notice, any explanation, or any opportunity to appeal. I live in Texas, and Robinhoods system displayed misleading messages stating that the restriction was based on my residency. Robinhood support later claimed the restriction was due to an unspecified violation of the Robinhood XXXX User Agreement but refused to identify what that violation was. 

Robinhood has interfered with my ability to access my own assets, failed to provide any written communication explaining the restriction, and has not provided a process to dispute or appeal the decision. They also gave contradictory information during support interactions and admitted they did not have access to the exact details of the alleged violation. 

I believe Robinhoods actions violate consumer protection laws, including failure to provide required disclosures, unfair account restrictions, lack of transparency, and possible misrepresentation of regulatory requirements related to Texas. 

Detailed Description of the Issue : On XX/XX/year>, when I logged into my Robinhood account, I was suddenly notified that my entire crypto account was restricted. The restriction prevented : All crypto withdrawals All crypto deposits Transfer of any crypto assets Initially, even cash withdrawals appeared blocked The platform displayed messages linking the restriction to my Texas residency Robinhood never notified me in advance. I received no email, no explanation, and no instructions about the restriction. 

Robinhood Support Conversation Summary ( Exact Facts ) : I contacted Robinhood through their support chat. Their virtual assistant stated : The restriction was placed on XX/XX/year>. 
The restriction was not due to sanctions, not due to margin issues, not due to negative balances, and not related to day trading rules. 
Their system suggested the restriction was because of compliance or regulatory review related to my residency in Texas. 
When I asked for the reason for the restriction, I was told to wait, check email ( even though none existed ), and update my residency information. 
I then spoke with XXXX support agents : Support Agent XXXX ( XXXX Support Transfer ) XXXX told me I needed to be transferred to a different team because my issue required further review. 

Support Agent XXXX ( Robinhood XXXX XXXX ) Lis informed me : There was a review and XXXX found activities that violate the Robinhood XXXX User Agreement. 
I would no longer be able to send or receive crypto on Robinhood, permanently. 
This decision is final. 
However, they said I could still buy and sell crypto but could not transfer any crypto in or out. 

They acknowledged my brokerage account is not affected. 
When pressed, XXXX admitted : I dont have access to the exact details of the violation. 
The agent also referenced common examples like offshore gambling sites but did NOT state that I did any such activityonly speculated. 

Key Points of Concern : XXXX. Robinhood refused to disclose what specific activity triggered the restriction. 
XXXX. Robinhood did not provide any notice before restricting my account. 
XXXX. No written communication was sent to me at all. 
XXXX. They gave contradictory explanations ( Texas residency, then violation, then dont have details ). 

Support agents were unable to tell me how to appeal or dispute the decision. 
Robinhood acknowledged the restriction is permanent but still provided no actual reason. 

Why I Am Filing This Complaint : Robinhood is restricting my ability to access and move my own assets without : XXXX. Required disclosures XXXX. A valid explanation XXXX. Evidence of any violation XXXX. Any appeal or dispute process XXXX. Any legal or regulatory basis connected to Texas residency as claimed XXXX. Any consistency or transparency in their statements These actions are unfair, arbitrary, and harmful to consumers. The inability to withdraw or transfer crypto ( over {$100000.00} ) combined with contradictory informationcreates financial risk and prevents me from exercising control over my own property. 

I am requesting that the CFPB investigate Robinhoods conduct regarding : Unexplained crypto account restrictions Failure to provide written notice Lack of due process or appeal options Inaccurate or misleading information provided by agents Possible misuse of compliance review to freeze withdrawals without explanation Misrepresentation of Texas regulations Requested Resolution I request that the CFPB require Robinhood to : XXXX. Provide a detailed written explanation of the exact reason for the account restriction. 
XXXX. Provide evidence of the alleged violation of their Crypto User Agreement. 
XXXX. Explain how their action complies with federal and state consumer protection laws. 
XXXX. MOST IMPORTANT : Immediately Restore my ability to transfer, withdraw, or access my crypto assets, unless they can demonstrate a lawful reason not to. 

Provide a clear appeal process for account restriction decisions. 
Ensure compliance with required notice obligations for account actions.

Company response to consumer: Closed with explanation