EU Crypto Exchanges Must Comply with New Complaints Procedure Deadline

For crypto investors in the EU who have experienced issues with their exchange providers, there is now a clear framework for submitting complaints. The deadline of two months to a decision applies from the moment the complaint reaches the provider, not when they take note of it.

The MiCA regulation sets out specific procedures that exchanges must follow, including acknowledgement of receipt within 5 days and communication of the outcome within a reasonable period, which cannot exceed two months. The provider's self-imposed deadline can be shorter than two months but will always have to be published.

Article 71(2) MiCAR is clear: customers can submit complaints free of charge, without any handling fee or obligation to pay in advance. Additionally, the conditions for a complaint to be admissible and complete must be fair and reasonable and cannot unduly restrict the right to complain.