Consumer complaint received 2024-11-22 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Money was not available when promised — 
Company: Winklevoss Exchange LLC

Complaint narrative:
My name is XXXX XXXX XXXX. I reside in XXXX and I have an account with Gemini Trust LLC that is based in New York but had approval from the XXXX XXXX XXXX XXXX to operate in our country. 

Just a short summary of the issue. Back in XX/XX/year>, I had held a XXXX {$6900.00} Futures Position for a certain XXXX XXXX called XXXX in my Gemini Account. As it was reduced to XXXX XXXX {$600.00} and approaching liquidation, I had to top up the account and the only way possible was to transfer monies I had in my Primary Account to the Derivatives Account. Even though I had monies to transfer, I was unable to do so and there was no Maintainence announcement at that point of time. I immediately emailed their support via email. 

As there was no reply and the position was reaching liquidation and reduced to XXXX {$600.00} and there was no response from them, I was forced to clear a portion of my position. Despite my repeated emails there was no response to rectify the position. I clearly had the necessary funds in my Primary Account to keep the position open. Soon the position reached liquidation and immediately after that, the function to make the transfer became available. I was really upset and wrote to the Mgt asking for an explanation. They admitted there was an " incident impacting certain web pages such as Balances and transfer account facility '. I also questioned them how the fun
ction was restored immediately after my position was liquidated.

After a month of repeated emails they credited an amt of US {$700.00} into my account but by then the price had appreciated. After another round of complaints they disbursed another amt of $ XXXX. But again the price had appreciated. I wrote in again to ask for further compensation but it was flatly denied. 

At today 's current value, my position will be worth XXXX {$700.00} XXXX as I had no intention to sell that position at that point in time. I was extremely disappointed with the way the matter was handled and the additional credit is not at all proportionate to the Monetary loss I suffered and also not taking into account the stress that I was made to go through as well as the number of emails I had to send and wait lengthy periods of time to receive a response.

I was appealed at how the function to switch monies from the Primary to the Derivatives account became immediately available after my position was liquidated. Though the management has explained the reason and has taken responsibility that the error was on their part, they have not sufficiently addressed the issue and my attempts to resolve the issue has been flatly denied and my attempts to arrange meetings with them back here in XXXX has been unanswered. I would like to bring this to the attention as well to customers who may have invested huge funds as well as this malpractice will result in a lot of monetary loss and cause a lot of stress when handling the matter. I sincerely appeal to the authorities to look into the matter and seek redress regarding this before I decide on other options. Kindly help consumers like me to ensure that they do not face all these inconveniences as well.

Company response to consumer: Closed with explanation