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October 16, 2017

Question:Can we report to Cyprus Financial Ombudsman regarding to Cryptocurrency trading?

Answer:

According to CySEC, Cryptocurrency traders have no rights to report to the Cyprus Financial Ombudsman in case of a dispute with the firms.

At the same time, there is no regulatory frameworks or coverage by MiFID regarding to such products(virtual currencies/Cryptocurrencies), thus you are recommended to be aware of extra risks incurred by trading the products.

You are also reminded that trading in Virtual currencies/Cryptocurrencies does not entitle the investors to any protection under the Investors Compensation Fund.

*The information above is according to the document published by CySEC on October 13th. There may be updates made on the matter.

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