The Securities and Exchange Commission and the California Department of Business Oversight have reportedly received 134-page complaints against crypto platform Coinbase.
Clients of the company mostly cite that their money disappear and Coinbase refuses to comment on their petitions. Traders say, they tried many times to talk with the company representative but received only formal e-mail letters.
"Coinbase has been in possession of my funds ($21,000) since August 30th, 2017," according to the document, "They have effectively stolen my money at this point. They have no way to reach them by phone, and they are ignoring my repeated attempts to resolve this matter."
According to the media, a user stated that money disappeared after transfer from one Coinbase account to another. It was a big problem to receive any explanation or response from the company within almost a month.
"I have sent 17,023.00 from my Coinbase account to another Coinbase account on 12.21.2017," the complaint reads, "the other Coinbase account never received the funds as of 1/16/2018. I have contacted Coinbase over 7 times and all they say is that they have so many issues, they will get back to me and it is been a month."
Some traders reportedly believe that Coinbase deliberately holds that money to invest into other profit-making projects. For reference, Coinbase already faced two class action suits for insider trading while listing Bitcoin Cash and violation of the California state law about unclaimed property.