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Cryptocurrency Complaints

Code: DD-1500.2160

Programs that accept and, where possible, attempt to resolve cryptocurrency complaints which took a major jump after the price of bitcoin hit an all-time high and then lost more than 60% or its value. Due to the unregulated nature of bitcoin and most companies operating in the crypto space, there is little legal recourse available for consumers who fall victim to related scams or suffer a loss of funds due to operational issues or account closures on trading platforms. A cryptocurrency is a digital asset designed to work as a medium of exchange using strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. The first decentralized cryptocurrency was bitcoin, soon followed by Namecoin, Litecoin, Peercoin, PotCoin (developed strictly for use in the cannabis industry) and others. The legal status of cryptocurrencies varies substantially from country to country and is still undefined or evolving in many of them.

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