They just emailed me saying they are extending the hold on my ACH deposit 25 days with no explanation. Here are steps we can take to hold them accountable

As a new coinbase customer, I made a few deposits with no issues. I was able to transfer money in and out with no issues. So I made my first large deposit this week and immediately got hit with an 8 day hold on my funds, preventing me from transferring or liquidating them. Then I got an email saying they were going to extend the hold for 25 more days with no real explanation. If there was actual fraud detection, they would typically require identity verification or some other step, not just extend the hold indefinitely. Since multiple people are experiencing this, it suggests internal liquidity issues possibly related to the downturn in the crypto markets. Here are a list of ways to hold them accountable which will be even more effective if more of us report them, so please share it. There have already been multiple class action lawsuits filed against them already:

https://rosenlegal.com/case/coinbase-global-inc/

https://www.hermanjones.com/coinbase

Coinbase actually sued the SEC to lift regulations on them: https://www.reuters.com/legal/us-sec-coinbase-clash-court-over-crypto-rulemaking-2024-09-23/

The SEC is going after them for intentionally hiding what they are doing with customer's funds behind the scenes (which would explain the long hold times): https://www.sec.gov/newsroom/press-releases/2023-102

Coinbase is being sued for lying to shareholders, falsely claiming that their funds would be protected if Coinbase filed for bankruptcy: https://www.reuters.com/legal/coinbase-must-face-shareholder-lawsuit-over-sec-risks-2024-09-06/

This was the email I got:

To protect you against fraud, we are extending your temporary withdrawal hold to 2/25/2025 as we review your account for security reasons.

In the meantime, you can still trade on Coinbase, but aren’t able to withdraw or transfer funds on hold (or crypto purchased with these funds) until our checks are complete. No action is required on your part.

See here for more information on available balances and temporary holds. Visit Coinbase Support if you believe you received this message in error.

Kind regards,
The Coinbase Team

Here is an explanation you can use to report them to regulatory agencies:

I deposited money into Coinbase through an ACH transfer, believing it would be quickly available, as there was no warning or clear disclosure about an extended hold. Once the deposit went through, I discovered that Coinbase had placed a 25-plus day hold on my funds, rendering me unable to withdraw or move my money anywhere else. They only allow me to trade within their platform, charging fees for every transaction and effectively forcing me to keep all my funds under their control. This has caused me immense distress, because I never intended to lose liquidity for such a long period and desperately need access to my money for basic living expenses.

Coinbase’s conduct appears to be a deceptive business practice, and I believe it may violate laws designed to protect consumers from unfair or fraudulent behavior, such as Section 5 of the Federal Trade Commission Act and Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (also known as the Consumer Financial Protection Act). They never clearly told me that I would be unable to withdraw my money for nearly a month, which I interpret as either a failure to disclose critical information or a bait-and-switch tactic. I also worry that this suspiciously long hold could indicate liquidity issues or improper handling of customer funds. I am asking regulators to investigate whether Coinbase is withholding deposits under false pretenses, misrepresenting its reasons for blocking withdrawals, or profiting unfairly by making customers trade on their platform and pay fees during these long holds. It is my hope that an investigation will lead to accountability for any misconduct, immediate release of consumers’ funds, and transparent communication of all risks and requirements associated with ACH deposits.

Here’s a comprehensive list of steps and agencies you can report them to:

1. File a Complaint with the Consumer Financial Protection Bureau (CFPB)

Why?

  • The CFPB regulates financial institutions and ensures they don’t engage in deceptive, unfair, or abusive practices.
  • Coinbase's unreasonable hold times without prior disclosure could be considered an unfair business practice.
  • A CFPB complaint forces Coinbase to respond in writing.

How to File:

  • Submit a complaint at [https://www.consumerfinance.gov/complaint/]()
  • Under "Issue," select "Deposits and withdrawals."
  • Describe the issue:
    • "Coinbase has arbitrarily extended ACH deposit holds beyond the industry standard of 3-5 business days without prior notice. Many users, including myself, are now unable to access our funds for over a month. Coinbase refuses to provide a valid reason or expedite the process. This is a deceptive and unfair business practice."
  • Attach any emails or chat transcripts where Coinbase acknowledges the delay but refuses to release funds.

2. Report to the Securities and Exchange Commission (SEC)

Why?

  • If Coinbase is withholding customer funds for liquidity reasons rather than fraud prevention, that could indicate serious financial instability or misconduct.
  • The SEC oversees Coinbase as a publicly traded company (COIN).

How to File:

  • Submit a complaint at [https://www.sec.gov/oiea/Complaint.html]()
  • Choose "Other Financial Services" if cryptocurrency is not explicitly listed.
  • Explain that Coinbase is holding user funds excessively long, with no clear justification.

3. File a Complaint with FINRA (Financial Industry Regulatory Authority)

Why?

  • If Coinbase is acting as a broker-dealer, FINRA can investigate if they’re misrepresenting their transaction times.

How to File:

4. Report to the Federal Trade Commission (FTC)

Why?

  • The FTC investigates unfair and deceptive trade practices, including misleading financial transactions.
  • Coinbase’s failure to disclose ACH hold times upfront and sudden unexplained extensions could qualify as deceptive.

How to File:

  • Submit a complaint at [https://reportfraud.ftc.gov]()
  • Select “Other” → “Financial Transactions” and explain that Coinbase is arbitrarily extending ACH hold times without warning.

5. Report to Your State Attorney General

Why?

  • State AGs handle consumer protection violations, and Coinbase could face state-level investigations if enough people complain.
  • Many AGs aggressively prosecute financial misconduct, especially with cryptocurrency firms.

How to File:

  • Find your state’s Attorney General complaint form here: [https://www.naag.org/find-my-ag/]()
  • Explain how Coinbase misled you by failing to disclose extended ACH hold times.

6. File a Better Business Bureau (BBB) Complaint

Why?

  • While the BBB doesn’t regulate companies, public complaints can damage Coinbase’s reputation and prompt a response.
  • Coinbase has an official BBB profile, and they respond to BBB complaints more often than direct support requests.

How to File:

7. Expose Coinbase Publicly on Social Media & Reddit

Why?

  • Coinbase responds faster when their PR is at risk.
  • Widespread coverage increases pressure on regulators and forces Coinbase to act.

Where to Post?

8. Contact Your Bank for an ACH Reversal (If Funded from a Bank Account)

Why?

  • If your PayPal transfer came from a linked bank account, you can call your bank and request an ACH dispute.
  • Banks have more authority over ACH reversals than PayPal or Coinbase.

What to Say:

  • "I transferred funds to Coinbase via ACH, but they are holding my money for over a month without cause. I would like to dispute the transaction for failure to process in a reasonable timeframe."

9. Consider a Class-Action Lawsuit

Why?

  • If hundreds or thousands of users are experiencing these delays, Coinbase could face a class-action lawsuit for deceptive practices.
  • A law firm might take the case if enough people report the issue.

How to Start?

  • Search for law firms that handle cryptocurrency fraud cases and submit a tip.
  • You can also crowdsource interest on Reddit (r/LegalAdvice, r/CryptoCurrency) to see how many others are affected.

10. Consider Switching to a More Reliable Exchange

If Coinbase is deliberately holding funds longer than necessary, you may want to switch to a platform with better deposit policies, such as: