September 13th, 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 launch of free dispute resolution services for customers that trade digital currencies (cryptocurrencies) on exchanges or through financial firms that transact on blockchain technology. The Commission also announces the formation of a new Blockchain Expert Committee and Blockchain Association aimed at advancing self-regulatory efforts for the digital currency trading community.
Blockchain Dispute Resolution
Taking into account the rapid growth of blockchain technology and cryptocurrency trading, the Financial Commission has launched a new dispute resolution service specifically for customers of cryptocurrency exchanges and financial firms that transact on blockchain technology. Such traders of digital currencies now have the opportunity to use the Commission’s neutral and unbiased resolution process, which provides feedback from experts in reviewing their issue, making sure the trader receives a transparent, informative professional opinion regarding their matter.
Unlike disputes with Forex and CFD brokers, the resolution process for customers trading digital currencies will not be binding and a decision for or against a particular company or client will not be issued. As such, the resolution service 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.
Blockchain Expert Committee
The Financial Commission has formed 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 disputes submitted to the BEC.
The Blockchain Association was created by the Financial Commission with the goal of advancing self-regulatory efforts for the digital currency trading community by uniting exchanges and financial firms that are committed to upholding the highest standards of commercial honor and best business practices in the cryptocurrency and blockchain space.
By joining the association members contribute to a new self-regulatory process to resolve issues with their customers that has never previously been offered by regulators or other self-regulatory organizations. In joining the new professional community companies also have the unique opportunity to consult with industry experts and fellow association members on how to resolve issues and adopt best practices to sustain growth during the current rapid development of blockchain technology and digital currency trading.
Requirements and membership details will be announced shortly. In the meantime, the Commission invites all cryptocurrency exchanges and financial firms transacting on blockchain to join us in our efforts!
To get more information or apply to join the Blockchain Association, please reach out to us at [email protected].