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If you have withdrawal issues or other problems with brokers regulated in Cyprus, you have to complain step by step
How to complain:
- First of all, request the withdrawal of all funds and complain to the broker itself (Compliance department). Save a copy of the complaint. You must receive a confirmation with a reference number within 5 days. If not, please ask for confirmation and reference number again. (You can refer to the CySEC Circular 100 issued on December 7, 2015)
- Then, complain to the CySEC (online complaint).
- If you live in Europe You can complain to the European Consumer Centre of your country and use the Online Dispute Resolution portal.
- After 3 months since your first complaint to the company (but not later than 4 months after the broker response), you can complain to the Cyprus Financial Ombudsman by submitting the complaint form. The fee is 20,- €. Please consider that this arbitration body is not a public entity, is not independent, and the procedure can take longer than 24 months.
- If you already complained to the CySEC and got no reaction, you can complain to the ESMA against the Cyprus Securities and Exchange Commission.
How to file criminal charge:
- If you have fallen victim to fraud, you should file criminal charge to your local Prosecutor.
- Recently, the FBI is investigating binary options fraud worldwide. A spokeswoman for the FBI said that anyone from all over the world with a complaint or tip about binary options fraud can contact the agency’s Internet crime complaint center, www.IC3.gov.
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