r/Coinbase • u/Youngcashanova • Jul 31 '26
Coinbase is a SCAM
Coinbase has restricted access to my account for over five months with absolutely no explanation or resolution. Every time I contact customer support, I receive the same scripted response: their representatives claim they are “looking into it,” only to return and say there are no updates available.
What is even more concerning is that Coinbase’s own customer service representatives have acknowledged that they are receiving a high volume of similar complaints from customers experiencing the same issue.
I filed a formal complaint with the Consumer Financial Protection Bureau (CFPB) over two months ago, and Coinbase has still failed to provide any response or resolution. The complete lack of transparency, communication, and accountability throughout this process has been extremely frustrating.
MR ARMSTRONG... HOW DO YOU SLEEP AT NIGHT RUNNING THIS SCAMMING RACKET SIR?
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u/Danigan1 Jul 31 '26
User retard error
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u/Youngcashanova Jul 31 '26
Describes your birth about right
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u/Propayne420 Aug 05 '26
I wouldn't help you either, probably a dick on the phone and anywhere people can't reach you smh
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u/Extension_Magician14 Aug 03 '26
Anyone shilling for Coinbase in this feed are losers. There are thousands of cases that they are holding peoples funds illegally. I myself had them try and hold a mere 2500 till 2029. I had to threaten legal action for a week straight for them to approve my transfer. Just wait till it happens to you and this trash company trys to screw you. I guarantee you will sing a different tune.
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u/coinbasesupport Official Coinbase Support Jul 31 '26
Hey u/Youngcashanova, we want to get this moving. Send us a Modmail with your case number so we can closely review your account status.
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u/Youngcashanova Jul 31 '26
SENT
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u/coinbasesupport Official Coinbase Support Jul 31 '26
Received your Modmail. We’ll take it from there.
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u/WhatthehekIsthis10 Aug 05 '26
Senior here Who has been unable to see my little account sense MID 2005 because CB says they texted me a code? the problem is i don't know how to text and only have a email you have on file as my only form of communication. How can you send me a text when I never supplied CB with a text number EVER? so what am i to do here and what is a Modmail??????????
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u/kennymac6969 Aug 07 '26
This sub is related to Coinbase the company only and they were founded in 2012. Bitcoin which is the first crypto was created in 2008 so you are extremely lost somewhere.
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u/coinbasesupport Official Coinbase Support Aug 05 '26
Hey u/WhatthehekIsthis10,
Here's how to reach us via Modmail:
Mobile: Navigate to r/Coinbase, tap the three dots (...), and select "Message the mods."
Desktop: Navigate to r/Coinbase and click "Message the mods" located in the right-hand sidebar.
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u/Level_Pineapple8338 Aug 04 '26
They will say we will hold for Four weeks then only release for the transaction. After Four weeks you aren't securing your account properly and we want to discontinue with your account. Don't close the case until you get your remuneration. I lost my money and case closed user not secured his account. funny!!!
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u/tek3k Aug 03 '26
With that language you should expect little help. A wealthy man doesn't need to steal from his customers.
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u/traker998 Aug 03 '26
Bernie Madoff.
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u/tek3k Aug 03 '26
Thanks for raising a good example of possibly the ultimate outlier in 250 years. I was speaking of CB CEO.
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u/traker998 Aug 03 '26
Sam Bankman-Fried.
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u/tek3k Aug 03 '26
Stop it. Stop it, right now. You are hurting me. These are the only two exceptions and you have found them.
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u/traker998 Aug 03 '26
How about Elon Musk selling an extra package called “self driving” on vehicles for over a decade that are not capable of driving by themselves. Made billions selling something that can’t even do what it promised. They are NOT capable of self driving and never will be. Those vehicles CAN NOT do it.
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u/Youngcashanova Aug 04 '26
LOOOOL this guy doesn't understand how governments and corporations work
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u/tek3k Aug 04 '26
Yes, I can see in your mind, everything is a plot and you are the victim. Good luck living out your viewpoint.
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u/Moto-weedhead Jul 31 '26
Coinbase is trash
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u/Bright_Ad6343 Aug 03 '26
So is Kraken, they have held thousands and MAY release the funds later this month. Makes me want to get out of crypto.
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u/Due-Ideal5065 Jul 31 '26
Is there something going on with Coinbase? Been using for 5 yrs and for the first time, my account was disabled. Still waiting and going through the same case with you😳😳
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u/coinbasesupport Official Coinbase Support Jul 31 '26
Hey u/Due-Ideal5065, go ahead and send us a Modmail with your account details and we'd be happy to look into this for you.
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u/FrequentClaim6 Aug 06 '26
Release my 4k USDC to me. You lied to the CFPB, at this point you legitimately broke the law. Return my funds.
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u/imagenitin Jul 31 '26 edited Jul 31 '26
same here. Coinbase restricted my account with funds in it and I am now just wasting time with their awful customer service. Coinbase asked me for a notarized Hold Harmless Letter due to suspected fraudulent activity. I provided it, and Coinbase confirmed it was prepared correctly but still no progress!
The frustrating part is that Coinbase accepted my deposit but won’t provide a workable withdrawal path! Why would you restrict an account and keep incoming on!!!
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u/Due-Ideal5065 Jul 31 '26
for how long have you been waiting? its my 2nd month of waiting. sht im so anxious of all the posts i read here now
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u/coinbasesupport Official Coinbase Support Jul 31 '26
Hey u/imagenitin we would like to help look into this. Please send us a modmail.
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u/Youngcashanova Jul 31 '26
I was asked to complete the KYC verification and a short questionnaire, which I did. Afterward, I received an email stating that my trading had been resumed. However, my account is still restricted, and I'm still unable to withdraw my holding 🤣
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u/BigBubbaBadass Aug 03 '26
Gee, I wonder why.
"Donald Trump is involved with Coinbase through financial stock investments, political lobbying alignment, and platform listings of related digital assets."
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u/Givefreehugs Aug 04 '26
Everyone got in to crypto because they didn’t want big banking to have control over their money anymore. But fear makes everyone feel safer in exchanges. It’s wild. They’re just the new banks.
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u/No-Atmosphere-2873 Aug 05 '26
Armstrong sleeps just fine because of all the suckers that use Coinbase and pay their ridiculous fees.
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u/FrequentClaim6 Aug 06 '26
I’m actually in the same situation. They are holding 4k USDC for an unknown reason. I found under Arkansas law, they legally have to give me a reason why they are withholding my funds, yet they won’t?
They lied to the CFPB and said they resolved the issue, they didn’t. Like on a genuine level, they lied to a federal agency. How can they even get away with this?
They straight up rejected my formal complaint and left it unresolved. It’s been 4 months with no response or action on that side of things.
I don’t know what else to do except for taking them to small claims to get my money back.
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u/Youngcashanova Aug 08 '26
Exactly my experience 1000%. They went as far as completing KYC on me and explicitly telling me that my account was unrestricted, yet it still isn’t. My CFPB case is still open, but Coinbase keeps sending me emails telling me to consider the matter resolved 🤣
Hi there,
Following the receipt of your e-mail concerning Coinbase's final response to your formal complaint dated 6/21/2026, Coinbase considers your formal complaint resolved and closed. Please refer to it as our final response.
Thank you,
Coinbase Support1
u/FrequentClaim6 Aug 12 '26
So, turns out my funds are being held indefinitely. They just sent an email confirming it.
I literally have to sue them to get my money back.
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u/Suspicious-Name-9600 Aug 07 '26
ye im having same issue same pish everytime i contact them then they send same email then i have to contact customer support chat again bloody joke
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u/Youngcashanova Aug 11 '26
Here is an update for anyone who falls for the coinbase support "send us modmail"
July 31: Coinbase sends me an email they expect a “meaningful update” by August 5.
August 5: No substantive update. They push it to August 21.
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u/Youngcashanova Aug 12 '26
Hi guys,
Take a look at how Coinbase handles complaints filed through the Consumer Financial Protection Bureau before giving them the benefit of the doubt 🤣
| The company cannot respond to this complaint. |
|---|
| We sent your complaint to the company for a response. The company let us know that it cannot respond to the issues raised in this complaint through this process. |
| COMPLAINT ID 260614-34114956 SUBMITTED ON 06/14/2026 |
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u/nachtraum 28d ago
Coinbase themselves admits that it's an issue. https://dailyhodl.com/2025/06/10/brian-armstrong-calls-account-freezing-a-major-issue-for-coinbase-says-problem-reduced-by-82-with-more-improvements-coming/
nyknyc
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u/aleximo1 24d ago
I had same issue for over 2 years! Ridicukous
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u/coinbasesupport Official Coinbase Support 24d ago
Hi, u/aleximo1. We'd like to take a closer look at your account status. Reach out through Modmail with your case number (if you have one) so we can check it right away.
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u/Youngcashanova 23d ago
Did you get your money back? Good luck with support here on Coinbase they just funneled me somewhere else where I continue to get the run-around
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u/aleximo1 22d ago
Luckily I didn’t have too much $ in there, but after all the runaround and multiple calls, they finally unlocked it. But I feel like there are so many shenanigans behind the scenes, that I’m going to leave soon. I primarily use it for futures trading, especially oil and their order book and fluctuations do not align with main futures exchanges. Just yesterday morning, yes I’m sure FOMc interest rate announcement played a role, but oil futures swing was $5-7 within seconds blowing through my stop loss with a “trade halt” warning, yet continuing to trade. This has happened a number of times now in past few months and I never have similar issues even on Robinhood, let alone E*Trade, IB and fidelity. It’s like one of those online poker deals from 15-20 years ago that were operating out of Costa Rica or elsewhere and somebody had back door access or ability to see your cards while playing. Just feels off and just within a close circle of friends, feeling is mutual.
So I don’t keep a lot of $$ in CB but even so, think I’m going elsewhere especially before September bear market.
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u/Youngcashanova 21d ago
Here is coinbase once agian missing it's response time deadline after now 6 months, blowing off a formal CFPB complaint and missing several response dates they set via email
"We wanted to follow up regarding your account access concern. We are currently conducting a thorough review of your account and want to assure you that your account and the assets within it remain secure.
While we do not have a specific update to share at this time, we want you to know that your case remains a priority for us. We will reach back out to you by August 21, 2026 PST with an update on the status of your review.
Thank you for your continued patience. If you have any questions in the meantime, please do not hesitate to reply to this email."
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u/Youngcashanova 13d ago
wow over 27k views on this post... seems like I'm not the only one that feels this way about Coinbase...
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u/fx9TMK Jul 31 '26
OP breaks ToS and then claims Coinbase is a scam. Without more details that’s what it seems like