ED Magedson – Founder
COINBASE14525 SW Millikan Way #26680 Beaverton, Oregon USA
COINBASE Fraud - They hide behind "high risk" transactions to profit off you Beaverton Oregon
On November 15 I registered with Coinbase to purchase some Bitcoin (BTC).
I verified my account by uploading a scan of my driver's license and utility bill. Then I linked my bank account, and waited to verify my bank account.
The next Monday, November 18, my bank account was verified. I immediately put in an order for .5 BTC at $288.57 to try out their service.
At this point I was told they had exceeded their buy order for BTC that day and I would have to wait until Friday to get my BTC. I also wouldn't get the exchange rate at the time Monday, but would get whatever it was Friday. [continued below]....
Wednesday November 20 the money was removed from my bank account. In the meantime, BTC was going nowhere but up. It was around $570 when I initally attempted to order, and would go over $900 a few days later.
On Friday November 22, after waiting all week for Coinbase to provide what was promised, they sent me an email at the last minute canceling my order. Their excuse was it was labeled a "high risk transaction." They had the money, I verified my identity, and it was less than $300. That's "high risk?"
The most outrageous part is their cancellation email said something to the effect of "you may have better luck in a few weeks." Unless my bank account or identity happen to change how exactly would that be possible?
They got my money, sat on it for days, the price of BTC went way up, then they canceled my order. I had planned on investing in alt coins over the weekend, which proceeded to explode while I sat on the sidelines unable to do anything thanks to Coinbase and their scam practices.
Their last response after stiffing me?
"Good luck with legal; you agreed to our terms."
Avoid this company at all cost. Search online and you'll find many people they've pulled this scam on.
This report was posted on Ripoff Report on 11/26/2013 12:41 AM and is a permanent record located here: http://www.ripoffreport.com/reports/coinbase/beaverton-oregon-97005/coinbase-fraud-they-hide-behind-high-risk-transactions-to-profit-off-you-beaverton-or-1102229. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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