So on 25 March 2017, I initiated a sale of 18 ETH into S$1, 251.42. The ETH were debited from my account, the money not credited. I emailed Coinbase support immediately.
After weeks of email correspondence with peripheral Coinbase staff/ automated bot mails, they finally replied to me via BBB on 26 April 2017:
“We are very sorry for the continued trouble with your funds. This is a bug we are monitoring and looking to resolve as soon as possible. I know this inconvenient, but sometimes matters like these can take weeks (sometimes months) to resolve. We are hoping to have a conclusion soon, but we can't give a time table as to when this will be resolved. But we still have amount due to the customer and full record."
Months??? 2 months? 18 months? 324 months? What?
I didn’t know whether to laugh or cry at their response. I’ve never ever had a company mess up then say, “ok we have your money, we just cannot figure out how to send it back to you”.
It has been 37 days. 18 ETH is now worth approximately S$2,000. So, besides expending a ridiculous amount of time and energy just to have Coinbase staff tell me to wait wait and wait, I now have to bear this 70% loss.
Other victims of Coinbase have contacted me to warn that, if no action were taken by me and a number of days have lapsed, Coinbase will simply seize the funds.
Since Coinbase is not regulated/ licensed by California Department of Business Oversight, I’ve sent in complaints to the New York State Department and California Finance Protection Bureau.
To preempt all the trolls who like to jump in at this point and go, “oh Coinbase is regulated by FinCEN so you must be some dodgy shit”, I beg you to please go and harass someone else. Where do these people come from anyway? Are they paid Coinbase staff? Why else would anyone victim-blame and express glee at others’ misfortune? That money is more than sufficient to pay couple months’ rent/ food.
Anyway, FinCEN’s reply was that being merely registered as a Money Services Business does not imply compliance, and for me to contact IRS.
For others in the same boat as I am, the following info may or may not help:
Coinbase, Inc. is registered as a Money Services Business with FinCEN, MSB registration number: 31000096791896, Address: 548 Market St, #23008, San Francisco, CA, 94104. Tel: (800) 343-5845, (415) 843-1515
1 Buxom St, Apt 410, San Francisco, CA, 94107
The first address is a mail forwarding address provided by earthclassmail.com. No idea what the second address is. I’ve been told the telephone numbers just lead to voicemails.
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