Consumer complaint received 2025-07-20 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Confusing or missing disclosures — 
Company: Foris DAX, Inc.
State: TX

Complaint narrative:
On [ Multiple dates from XX/XX/XXXX through XX/XX/XXXX ], I placed a transaction on Crypto.com that was later acknowledged by a company representative as a wager when informing me what was the wager order number which indicates a bet. This occurred while I was physically located in XXXX, Texas, where gambling through digital platforms is expressly prohibited under Chapter 47 of the Texas Penal Code, I didnt know of the Texas laws at the time until I lost all of my funds. 

During my interaction with Crypto.coms support team, a representative explicitly referred to the transaction as a wager, which contradicts Crypto.coms public framing of its products as event contracts or federally regulated derivatives. Once that representative asked for the wager order ID I provided the wager order ID number and the representative acknowledged it and stated thank you for providing it. At that point this now reclassifies everything according to Texas laws, and the Deceptive Trade Practice Act. This now becomes a legal matter and Geo-blocking was not in place and restrictions was also was not in place that would have prevented me from accessing this part of the app that caused my financial lost. I was not protected on this platform and was fully confused and misled.

1. Legal and Consumer Concerns The platform allowed a transaction classified as a wager to occur in Texas, a state that prohibits such activities.

No location-based restriction, warning, or geo-blocking was implemented to prevent illegal conduct.

The reps acknowledgment creates a contradiction between Crypto.coms internal understanding and its legal position exposing consumers to financial and regulatory harm.

I was not provided with sufficient notice or disclaimers about the legality of wagering from my jurisdiction.

2. I am requesting A full refund of the all wager amounts plus all unrealized gains profit from the cryptocurrency DogeCoin. I had over {$36000.00} in a crypto currency called DogeCoin at average price of XXXX the price has now risen to XXXX which would have doubled my funds and I would be in profit. 
An investigation into Crypto.coms compliance practices relating to wagering in prohibited jurisdictions. 
Consideration for enforcement action under applicable Texas laws and consumer protection statutes including the Deceptive Trade Practices Act My case occurred prior to Crypto.coms recent platform latest update that I have not updated because As of XX/XX/XXXX, Crypto.com has implemented a Terms & Conditions update that significantly alters the legal posture of its platform. This update includes a binding arbitration clause and class action waiver, effectively stripping users of their right to collective legal recourse. Additionally, Crypto.com asserts unilateral control over digital asset custody, interest-bearing mechanisms, and fund storage even while disclaiming FDIC insurance XXXX These terms contradict the platforms marketing representations and mislead users regarding risk, recourse, and asset protection. The platforms shifting definitions of ownership and control mirror those of financial institutions, yet Crypto.com fails to offer equivalent consumer safeguards. These provisions, paired with the use of gambling-related terminology such as wager order ID, reflect a deliberate strategy of legal evasion and misrepresentation that warrants regulatory scrutiny and consumer restitution.. The features now being rolled out including jurisdictional risk controls, enhanced transparency, and expanded compliance coverage appear to address the same systemic failures that caused my financial harm. Their silence and lack of procedural clarity at the time only amplify the impact of those unresolved issues. I am requesting full restitution on the basis of their recognized need for platform corrections. 

The GENIUS Act ( 2025 ), which mandates consumer safeguards and prohibits misleading representations in digital asset platforms. Crypto.coms terminology and lack of geo-restriction contradict the GENIUS Acts intent to protect users from unlawful or deceptive financial activity.

The CLARITY Act ( 2025 ), which establishes clear regulatory boundaries between digital commodities and securities. Crypto.coms rep used gambling language inconsistent with permitted classifications, raising concerns about misrepresentation and improper product framing. 

I have informed Crypto.com of the situation that happen and the matter was escalated. Once I provided proof of the screenshots and the what was violated on their end the person named XXXX who is over the case has yet to email me back and their support team is not responding to anything. Crypto.com was informed on the matter 7-8 days go and this have been an ongoing situation with no clear response on their end.

Company response to consumer: Closed with explanation