The Financial Commission, an external dispute resolution organization for retail traders, announced this Thursday that it is launching a new service for customers of blockchain-based brokers and exchanges.
Thursday’s announcement comes amidst a huge wave of growth in the cryptocurrency trading market. Unlike the retail FX or contracts-for-differences (CFDs) markets, cryptocurrency traders don’t have a great deal of recourse if they face problems with the broker or exchange they trade with.
To understand the problems traders are facing, the Financial Commission will be setting up a Blockchain Expert Committee (BEC). Comprised of professionals within the cryptocurrency and blockchain industry, the committee will provide consultations, feedback, and recommendations to those that come to the Financial Commission for dispute resolutions.
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A Neutral Opinion
According to the statement issued by the Financial Commission, the establishment of the BEC will enable them to provide a neutral, unbiased disputes resolution process. Through this, traders will be able to get an informed, professional opinion on the problems they are facing.
Alongside this, the feedback that clients receive will address any of the possible underlying causes of their case. This, in turn, could enable them to find a resolution to the dispute in which they are engaged.
Currently, members of the Financial Commission engaged in FX or CFD brokering have to adhere to any of the resolutions brought forth by the organization. Sadly for any mistreated cryptocurrency traders, this will not, at least for now, be the case with any disputes they bring to the dispute resolution organization.
Nonetheless, any information garnered by traders from the commission can still be used to help their case and improve their understanding of the industry in which they are operating. On a macro level, such a scheme could help to improve the transparency and practices of what is considered by many, not unreasonably, to be something of a wild west industry.