Consumer complaint received 2025-04-23 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Other transaction problem — 
Company: BIYING Inc

Complaint narrative:
Urgent Follow-Up Complaint Regarding Frozen Account and Lack of Cooperation by Pionex XXXX XXXX XXXX Complaint ID : XXXX ) Dear CFPB Authorities, I am writing to file a new complaint regarding the unresolved issue with Pionex Exchange, concerning the freezing of my cryptocurrency account and the companys continued lack of cooperation. Despite multiple efforts to engage with Pionex and follow all legal procedures as advised, I am still unable to access my funds. This has placed my family and me under significant financial stress, and I am urgently requesting your help.

Background of the Case : I previously submitted two complaints to CFPB about this matter. My most recent complaint ID was XXXX. In the companys response, Pionex stated that I should apply to the U.S. Department of the Treasurys Office of Foreign Assets Control ( OFAC ) for a license to unblock the funds, which I have since XXXX. 

Attempts to Resolve : Pionex Communication Failure : I initially contacted XXXX on XX/XX/XXXX. Since then, I have made numerous attempts to reach them via online support, email, and even XXXX. I received no meaningful response or assistance from them for weeks. 

OFAC Applications : Following Pionexs advice, I applied to OFAC twice for a license to unblock my account. In both cases, OFAC responded that they could not locate my funds or account records at Pionex, and advised that I should contact Pionex to provide this missing information.

Further Attempt to Contact Pionex : I again contacted Pionex and asked for the necessary account details that OFAC requires to proceed. On XX/XX/XXXX, I received the following response from Pionex customer service ( from a representative named XXXX XXXX : We recommend that you inform the Office of Foreign Assets Control ( OFAC ) and have them contact us directly at XXXX regarding your case. 

In essence, Pionex is refusing to provide me with the account details OFAC needs unless OFAC reaches out to them directly, which delays the process further and leaves me unable to proceed. 

The Impact : I am a XXXX XXXX XXXX XXXX XXXX XXXXXXXX. The blocked funds were intended for my family in XXXX, who are relying on this money for basic living expenses and loan repayments. This unresolved issue has created a serious financial emergency for us. I have fully cooperated with all legal processes and agencies, and yet I am unable to make progress because Pionex refuses to provide the critical information required.

Request : I respectfully request that the CFPB intervenes and compels Pionex to : Confirm the status and details of the frozen account ; Provide the required information to either me or directly to OFAC so my license application can proceed ; Assist me in complying with any remaining legal requirements needed to release my funds.

Your urgent support would mean a great deal to me and my family during this very difficult time. Thank you for your time, understanding, and assistance. 

Kind regards, XXXX XXXX

Company response to consumer: Closed with explanation