FAQ
Whether you are a certified member or just use one of its services, you may have additional questions. Below, we have compiled the key ones for each participant in the dispute resolution process. Feel free to read them.
Crypto Finance Commission is a self-regulated company that serves as a qualified mediator in broker-client disputes. Since it has no monetary interest in recognising the rightness of either party, it can serve as a non-jurisdictional body that successfully helps restore justice. All clients who have complaints about their financial service providers can use the services of this company. It is important to note that its decisions are binding only on those brokers who have a membership status. Expressing Crypto Finance Commission’s independent position in disputes related to cryptocurrency transactions is beneficial for both parties.
Verification of brokers’ actions and legality has not been, is not, and will never be the company’s main task. The company always resolves conflict situations in the “broker-client” scheme. To do this, it applies balanced and adequate measures. Before filing a complaint against a broker, the client should make sure that it is a member and subject to regulation by the authorities of its country.
There are two main goals of the company that should be considered. The first one is a creation of a Committee of fair professionals in the financial sector. The second one is a possibility to make decisions in a time frame significantly shorter than that required by official bodies.
The Crypto Finance Commission’s list of requirements for broker-members includes a clause requiring them to provide their clients with a Complaint Contact and the ability to use the Internal Dispute Resolution (IDR) procedure. According to them, the broker’s actions after receiving a complaint must be as follows:
- Confirmation of receipt.
- Provision of compensation, if applicable in a particular case.
- Provision of explanations if compensation is not possible.
After passing the IDR procedure, if the client has not received a convincing result, his/her next step may be to forward the complaint to Crypto Finance Commission for a final resolution of the situation.
Only brokers that provide quality service and have a membership status can be the subject of a complaint to Crypto Finance Commission. If a broker was once one of our members, but is no longer or its status is listed as “under review”, a complaint against it cannot be filed. In this case, clients are advised to contact the legal authorities of their country.
Becoming a part of Crypto Finance Commission gives you the confidence to face market uncertainties, knowing that you have full support at all steps. Moreover, the ability to file complaints enhances your reputation as a transparent and reliable broker. Your clients will recognise that they can always turn to impartial professionals, which will instil assurance when they choose to work with you.
Crypto Finance Commission’s goal is to build a dynamic team of financial experts within an independent and fair Committee, free from outside interference. This team will use their collective knowledge to address and resolve conflicts swiftly, offering a more efficient solution than traditional regulatory bodies.
There is a membership request form on the Company’s official website. Fill in all the fields with relevant information. By contacting us by email info@cryptofinancecommission.com , you can receive a copy of your request in electronic form.
An official response to your request from the Crypto Finance Commission’s Board of Directors will be received by you no later than 21 days after sending it. After receiving approval, you will be sent a certificate, membership code and a welcoming information pack.
Each broker that receives membership status is obliged to provide its clients with a Complaint Contact and an Internal Dispute Resolution (IDR) procedure. The broker’s actions upon receipt of a complaint must be as follows:
- Acknowledge that it has been received.
- Pay compensation for all losses incurred.
- Provide a reasonable explanation if the compensation is not possible.
If the broker does not agree to pay compensation and the client is dissatisfied with this decision, he/she has every right to forward his/her complaint to Crypto Finance Commission.