August 23rd, 2018, The Financial Commission, a leading independent member-driven external dispute resolution (EDR) organization for international online brokerages that participate in global foreign exchange (forex), derivatives, and CFD markets, today announces the development of free dispute resolution services for customers of brokers and exchanges that transact on blockchain technology and a Blockchain Expert Committee.
Blockchain Dispute Resolution
Taking into account the rapid growth of blockchain technology and cryptocurrency trading, the Financial Commission has voluntarily begun to develop a dispute resolution service for customers of cryptocurrency exchanges and financial firms that transact on blockchain technology. This proactive approach is aimed at creating a neutral and unbiased process by which customers and traders can engage blockchain technology experts in reviewing their issue and receive a transparent, informative professional opinion regarding their matter.
After establishing all information pertaining to a particular customer’s issues, the Financial Commission will assist the client by formulating an opinion regarding the nature of the issues, their possible underlying causes and a possible resolution.
To accomplish this task the Commission will form a new Blockchain Expert Committee (BEC) comprised of blockchain and crypto industry professionals. The Financial Commission will rely on the BEC to provide consultations and feedback on the individual cases received from customers and recommendations for solving the specific issues identified in the case.
This will give customers of brokers and exchanges that transact on blockchain technology the opportunity to get an independent, professional opinion regarding their issue and expand their knowledge of the virtual currencies market and blockchain.
Unlike disputes with Forex and CFD brokers, the resolution process for customers of brokers and exchanges that transact on blockchain will not binding and the Committee will not issue a decision for or against a particular company or client. As such, the resolution service does not produce a judgement but is provided as a form of assistance to customers, cryptocurrency exchanges and financial firms that transact on blockchain to resolve common issues and work towards increased transparency and best practices.
In developing this new initiative the Commission welcomes all interested cryptocurrency exchanges and firms transacting on the blockchain network to join the Commission in support of this initiative to improve industry practices and provide customers with added piece of mind.
To find out more about the new service and how your firm can participate, please contact the Financial Commission at [email protected].