Consumer complaint received 2025-05-04 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Fraud or scam — 
Company: BIYING Inc

Complaint narrative:
Dear sir/ madam I am writing you Becasue I would like to inform you about a company ( Pionex ) ( www.pionex.com ) They have activity related to crypto currencies ) they are hiding themselves under some international law with abusing XXXX XXXX, to take the funds of users in their platform and in the other words, stealing them. They are in XXXX that have registered company but they give services abroad. And the adress of them is not registered anywhere. Me and my wife with the help of a lawyer found that. They are under English law but they do not give service in XXXX. And however they mentioned in their contract about mediation services, they are not registered anywhere for that. The most important thing, they mentioned in their contract that legal action should take place in XXXX and EVEN in XXXX juridictions. As you know its so hard and expensive to to that for users. So they keep money of people in their platform like XXXX, XXXX XXXX or more or less, from users that they have some nationalities from some countries facing sanction rules however they live in XXXX. And this platform block their funds and they do not give any solution and even they do not ask about biography and income of users. ( they block the funds without notice and after some time like XXXX months, they block the accounts, in a shocking way without any notice before or after ) and they just ask communications related to transactions. As you know after months or maybe years, many people can not access this kind of datas. So : Pionex is holding user funds without reporting or transparency, they may be violating anti-money laundering ( AML ) laws. XXXX regulations require financial institutions to report suspicious transactions and verify customer identities.they just keep the money for them. 
They also took XXXX DOLORS of me and my wife that it was gift for our marriage from our parrents, its been almost 2 years this money is in their platform. And they do not want to give it back to us. however we both ( me and my wife ) legal people and we work legally and earn legally. Even my wife wanted to do some medical treatment sergury in XXXX and when she wanted to withrow, she just faced to a shocking comment that this finds us frozen. Becasue long time ago one of the transactions was from some banned country ( we dont know when even maybe it was before sanctions ) and even we never knew that the funds are comming from which kind of wallet Becasue this platform never gave us any alarm. We did like 55 transactions in and out. Even Pionex charged fees for all transactions and let them in and out!

This company is abusing sanction rules and collect money of people in a tricky way. And THEY DO NOT DO ANYTHING THEY JUST KEEP IT! 

And this company is not registered anywhere to help us to use mediation service! This platform ask the users to do legal action via XXXX under XXXX XXXX and it will cost us like XXXX euro minimum! Apparently this company just have the aim to keep the funds in their platform. 
And they do not respond they just copy and paste one thing to us even to a lawyer which already sent them a letter of demand.

We kindly asking you to help us in this matter with investigating about this company. 
They have just have one email for contact : XXXX Best regards XXXX XXXX My wife user ID in XXXX : XXXX : XXXX

Company response to consumer: Closed with explanation