Filing a complaint it’s never something someone would like to do, really. It does not matter what you are filing it for. It is kind of a bad feeling. Something must have gone wrong previously, that led to the complaint.
The best way to avoid any cryptocurrency fraud is to be prepared and do detailed research before investing. Self-education is really important when it comes to buying any kind of crypto. You need to have a lot of information and read lots of guides on how to buy and safely store those cryptocurrencies. There are many online exchanges out there so take your time and do a little investigation to make sure everything is smooth and secure. Buying cryptocurrencies it’s not the same as buying a product on E-Bay or Amazon, because you are investing your money in something you expect a nice return. (ROI)
You should especially be careful before you invest in coins that are not listed on big exchanges. However, let’s say you made a mistake and you got scammed or you feel like something went wrong. Well, now you will most probably file a complaint.
If you are looking to complain about cryptocurrency exchanges most probably you did not receive your virtual currencies, you lost your funds or you are not able to withdraw your funds from an exchange market.
It sucks because you were so excited when you started trading and got so happy making money online. Now, suddenly, you find yourself looking for a place to complain against a cryptocurrency exchange or Bitcoin businesses.
There is actually a little legal resource available due to the unregulated nature of bitcoin and other crypto companies for customers who fell victim to scams or to those who lost funds due to different operational issues or account closures on exchange trading platforms.
To learn more in detail about blockchain and cryptocurrencies overall then Ivan On Tech is one of the leaders in this industry. He has more than 200K subscribers and covers all topics.
But this does not mean that people have not tried before.
Below we present you the ways to complain about cryptocurrency exchanges.
Exchangeratings.com it’s a platform that has been created to help people around the world complain about crypto exchanges. All you need to do is go to exchangeratings.com and select “Create Complaint”. Then you can select the best option that describes your issue such as General Trading Issues, Liquidation, API Issues, Withdrawal, General Account Issues, Issues with Wallet, Issues with Deposit or other issues. Also on this website you can see a complete list of the most exciting and popular exchanges, and the newest ones as well
U.S. Consumer Financial Protection Bureau (CFPB)
Congress, on November 21, 2019, introduced a bill that classified certain stablecoins as securities under the Securities Act of 1933. The focus has been increased since Facebook announced in June 2019 that it was going to create its own cryptocurrency, “Libra” that was backed by U.S. Treasuries and a basket of currencies. Since then, politicians and regulators paid more attention to money laundering, privacy, and national security. These congressional actions will likely influence regulators and cryptocurrency markets in 2020 although the bill is still far from becoming law. Well, we can at least say that something finally is being done. There is a light at the end of the tunnel.
Actually, there is something that can be done if you feel like you have been victimized.
If you are a United States (US) customer, you can send your complaint to the Consumer Financial Protection Bureau (CFBP). If you feel like a cryptocurrency exchange or bitcoin has been irresponsible and has resulted in the loss of your funds then you can reach out to CFSB and file a complaint. Consumer Financial Protection Bureau is a government agency in the United States, which is tasked with customer protection in the financial sector. After filing the complaint they will investigate the matter.
It could be a lengthy process considering that it is a government body, but hey, at least there is someone out there, who cares and can help you!
When you start the complaint, make sure you get everything right and accurate. All the details including the dates, amounts and other documents you want to include such as letters and billing statements from the company.
You can actually report Report fraud and other suspicious activity involving cryptocurrency, or other digital assets to:
– the FTC at ftc.gov/complaint
– the Commodity Futures Trading Commission (CFTC) at CFTC.gov/TipOrComplaint
– the U.S. Securities and Exchange Commission (SEC) at sec.gov/tcr
Financial Services Compensation Scheme (FSCS)
Well, not all the traders live in the United States, obviously. In the United Kingdom (UK) the Financial Services Compensation Scheme (FSCS) protects customers against the losses when different companies go through liquidation. But these companies have to be “authorized” financial companies, which unfortunately does not include crypto-financial companies since they cannot become authorized due to the lack of regulation in the cryptocurrency space.
Australian Competition & Consumer Commission (ACCC)
Stats show that more than 1,200 Australians complained to the national consumer watchdog about cryptocurrency scams in 2017. The Australian Competition & Consumer Commission’s (ACCC) Scamwatch, has received 1,289 complaints related to bitcoin in 2017, with reported losses totalling $1,218,206.
If you are a trader and you live in Australia the Australian Competition & Consumer Commission (ACCC) regulates fair trading and enforces customer laws. Many people who live in Australia have fallen victims to bitcoin scams and have laid complaints with the (ACCC). The results might not be as expected, but at least there is one door where you can knock!
You are totally eligible according to the law to recover what was taken from you. You just need to have the right evidence and the right approach and then you can recover what was lost. If you or someone you know was a victim of a fraud, it would probably be best to speak with a financial fraud recovery expert.
This company assists victims of financial fraud. They track wallet addresses of false companies, individuals and brokers using a sophistical high tech.
According to their website, they represented over 1300 client cases.
Consequently, they handled all of them and won 1201 cases. It would not hurt to check it out, so go take a look and maybe book an appointment!
Well, hopefully, everything will go right for you and you will never need to file a complaint related to any cryptocurrency exchange, but if you ever need to do so, we hope you will find this article helpful.
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