Consumer complaint received 2025-12-08 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Other transaction problem — 
Company: Foris DAX, Inc.
State: AZ

Complaint narrative:
Dear CFPB Case Officer, I am writing to file a formal complaint against Crypto.com, a digital asset service provider operating in the United States and servicing U.S. consumers, for unfair, deceptive, and abusive acts and practices ( UDAAP ) under the Consumer Financial Protection Act. Their actions have resulted in a significant financial loss, the restriction of my account without justification, the withholding of my own funds, and a refusal to provide mandatory disclosures and support records. 
This complaint concerns a transaction involving {$75000.00} USD, which Crypto.com has refused to restore after preventing me from completing the transaction for which the conversion was made. 
XXXX. Summary of the Issue I deposited {$75000.00} USD into my Crypto.com account via wire transfer. 
I converted it to USDT for the sole purpose of performing an external crypto transfer for futures trading, which was fully allowed on my account at the time. 
Crypto.com permitted the conversion and charged spreads/fees up to approximately {$2300.00}. 
Immediately after the conversion and external wallet transfer, Crypto.com restricted all external crypto transfers on my account without explanation, preventing me from using the USDT for its intended purpose. I need to not that this wan not my first time neither my XXXX time carrying out same transaction. 
When I requested reversal of the conversion ( since the transaction could not be completed ), Crypto.com refused. They said I can only make cash withdrawals which requires me to convert back to usd with another potential loss of approx. {$2300.00} As a result, I am being forced to accept a XXXX XXXXXXXX financial loss due to spreads charged on a transaction Crypto.com prevented me from completing. 
XXXX. Concerning Account Restriction Without Explanation Crypto.com claims that my account underwent a routine review, but : They did not identify any specific compliance issue. 
They did not cite any applicable law requiring the restriction. 
They did not request any additional XXXX  documentation XXXX 
They did not provide any remediation steps or appeal process. 
They claim the decision is final, which is contrary to due process in financial services. 
This constitutes an unfair practice, as the restriction was applied after they allowed the transaction and charged the associated costs. 
XXXX. Financial Harm Resulting From Their Actions Because the conversion was made solely to allow a withdrawal ( which they later blocked ), I am potentially left with : Over {$5300.00} in losses caused entirely by Crypto.coms unilateral restriction. 
No access to the service that justified the conversion. 
No ability to reverse the transaction. 
No explanation for why my asset withdrawal function are restricted. 
Crypto.com effectively charged me for a service they prevented me from using. 
This resembles unfair retention of consumer funds, a form of UDAAP violation. 
XXXX. Misrepresentation of Pricing and Spread Practices Crypto.com claims the discrepancy in my exchange value is due to market spreads, but : Their execution price differed materially from widely recognized market rates. 
They refused to show the exact spread or fee breakdown. 
Their pricing practices appear opaque and potentially misleading. 
They avoided addressing why the spread was significantly higher than market norms. 
This lack of transparency raises concerns regarding misleading pricing, improper disclosure, and deceptive practices. 
XXXX. Refusal to Provide Support Transcript During an in-app support conversation, I clearly explained to Crypto.com that : I was converting USD to USDT only to execute an external transfer, and that the transfer was necessary because Crypto.com does not provide futures trading. 
I repeatedly asked for a transcript of this chat, but : Crypto.com refused, and abruptly closed the chat instead of providing the record. 
This refusal obstructs my ability to document the issue and further raises concerns regarding transparency and accountability. 
XXXX. Crypto.coms Final Decision Statement Crypto.com has stated that : The restriction is final, No appeal or escalation is available, And they will not reverse the conversion or refund the lost amount. 
This is inconsistent with standard financial service obligations to provide : an internal review mechanism, a path for reconsideration, and a transparent justification. 
XXXX. Consumer Protection and UDAAP Grounds Crypto.coms actions constitute potential violations of the Consumer Financial Protection Act due to : Unfair Practices Causing financial harm that the consumer can not reasonably avoid. 
Restricting services after allowing the transaction that incurred loss. 
Retaining value derived from an uncompleted service. 
Deceptive Practices Presenting conversion and transfer capabilities as available when they were later removed. 
Misrepresenting pricing mechanisms or refusing to provide spread data. 
Abusive Practices Exploiting asymmetry of information. 
Preventing the consumer from accessing their own assets. 
Refusing transparency or documentation of support interactions. 
XXXX. Requested Relief I respectfully request that the CFPB assist in compelling Crypto.com to : XXXX. Reverse the USD - USDT conversion at the original value, restoring my full {$75000.00} USD. 
XXXX. Allow immediate withdrawal of my funds to my verified bank account. 
XXXX. Provide the transcript of my in-app support conversation. 
XXXX. Provide a written explanation of the specific policy or law used to justify the restriction. 
XXXX. Disclose all internal review notes related to the decision to restrict my account. 
I am not requesting the restoration of my crypto transfer capability, only the fair return of my original funds and the ability to withdraw them. 
XXXX. Supporting Documentation I am prepared to provide : Screenshots of relevant app screens Email correspondence with Crypto.com Transaction details Timeline of events Any additional documentation the CFPB requires Crypto.com has deprived me of the ability to complete a legitimate transaction, charged me for a service they later blocked, refused transparency, and caused significant financial harm. 
I request the CFPBs intervention to ensure the fair and lawful resolution of this matter. 
Thank you for your attention to this complaint. I am available to provide further details as needed. 
Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation