Regulatory Bodies Beyond Exchanges to Escalate a Complaint for Swift Resolution

Darker45

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Quote from: alastantiger on February 16, 2024, 01:06:48 PM

Quote from: Darker45 on February 14, 2024, 08:31:18 PM

But it doesn't necessarily mean that escalating your concern to these agencies would result into a "swift resolution". It might even delay it much further as there will certainly be procedures and processes and whatnot. Surely, they won't just call the concerned exchange and instruct them to settle so-and-so's issue right away.

So in all the best way to a resolution is to be patient with the their support and be as detailed as possible with whatever information they request. From this, since swift resolution is not guaranteed when reported to a higher regulatory body, then they should be the very last resort where other measures have failed.

That's what I think at least. Rather than immediately escalating your concern directly to government authorities, you better exhaust first all available means of directly communicating with the exchange. At least when they finally take notice of your concern, they can act on it right away. Whereas, when CFTC or FTC finally takes notice of your communication, they would still contact the concerned exchange. It will be another round of waiting. Surely, they will also give them ample time to respond. Direct line is always better than going through another party.

Also, there are more avenues than one to reach out to an exchange's support. Besides creating a ticket, there's also email, live chat, social media, and even phone. You can make follow-ups as well.

Yamane_Keto

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In many cases, it takes years to recover the money, and the amounts may be recovered in dollars or in Bitcoin, but with a different exchange rate, but an investment in Mt.GOX ten years ago would have been worth millions now, but no one knows when they will receive their money, and even those who receive it may be in dollars, so if it fails. As a result of the platform, such as bankruptcy and fraud, the opportunity to recover your money is limited and it will often take years to do so.

Quote from: Darker45 on February 14, 2024, 08:31:18 PM

It probably depends on your specific concern. Crypto exchanges are regulated under various agencies. To a certain extent, exchanges are under the regulations of the SEC, CFTC, FTC, and probably some others both on the state level and the federal level.

It will be a very long process. Binance claims that customer funds are insured, but the insurance amount is in the millions of dollars while trading is in the billions, and even if all assets are liquidated and sold, it will not cover all customer funds, let alone unknown platforms.

read more Could protection funds restore investors confidence back to CEX?

alastantiger

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Quote from: Darker45 on February 14, 2024, 08:31:18 PM

But it doesn't necessarily mean that escalating your concern to these agencies would result into a "swift resolution". It might even delay it much further as there will certainly be procedures and processes and whatnot. Surely, they won't just call the concerned exchange and instruct them to settle so-and-so's issue right away.

So in all the best way to a resolution is to be patient with the their support and be as detailed as possible with whatever information they request. From this, since swift resolution is not guaranteed when reported to a higher regulatory body, then they should be the very last resort where other measures have failed.

Quote from: Husires on February 15, 2024, 05:46:30 AM

Binance has Binance.US, which operates under a license, which is Alabama, SC 814/Arizona, 1009212, and Binance.com, which has its headquarters in the Seychelles. if you have a problem with .US and you are a citizen of the United States, you can easily contact the regulatory authority to solve your problem or contact a lawyer for A legal dispute. As for Binance.com, given the absence of clear legislation and the regulations in Seychelles are somewhat flexible, unfortunately, you cannot do much. This is assuming that the claim that their license in Seychelles is true.

Non-resident US citizens are fucked from this because there is no law to speak for them if they decide to bring up a law suit against any exchange where they feel that other measures have failed and the law is what will settle it for them.

Husires

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There are two types of licenses. Some of these platforms operate with a local license issued by the regulatory authorities in your country, and some operate with an international license, such as the one found in the Seychelles.

Binance has Binance.US, which operates under a license, which is Alabama, SC 814/Arizona, 1009212, and Binance.com, which has its headquarters in the Seychelles. if you have a problem with .US and you are a citizen of the United States, you can easily contact the regulatory authority to solve your problem or contact a lawyer for A legal dispute. As for Binance.com, given the absence of clear legislation and the regulations in Seychelles are somewhat flexible, unfortunately, you cannot do much. This is assuming that the claim that their license in Seychelles is true.

for .US legal info can be found here https://support.binance.us/hc/en-us/articles/360050532193-Licenses

Darker45

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It probably depends on your specific concern. Crypto exchanges are regulated under various agencies. To a certain extent, exchanges are under the regulations of the SEC, CFTC, FTC, and probably some others both on the state level and the federal level.

But it doesn't necessarily mean that escalating your concern to these agencies would result into a "swift resolution". It might even delay it much further as there will certainly be procedures and processes and whatnot. Surely, they won't just call the concerned exchange and instruct them to settle so-and-so's issue right away.

I guess a lawyer practicing on these matters will help you a lot.

alastantiger

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If I encounter any problems with crypto exchanges like Binance, Coinbase, Huobi, Kraken, Bithumb, and Bitfinex, and despite presenting evidence of transaction showing that the fault is not from my end and if their support remains unresponsive, what are the regulatory authorities beyond them where complaints can be escalated for swift resolution? For instance, is the Financial Conduct Authority and the Securities and Exchange Commission which are organizations aimed at safeguarding consumer rights two of such higher authorities?

Topic: Regulatory Bodies Beyond Exchanges to Escalate a Complaint for Swift Resolution (Read 84 times)