- About this Annual Review
- Year at a glance
- Acknowledgement of country
- Board Chair message
- Chief Executive Officer and Chief Ombudsman message
- Organisational overview
- AFCA Independent Review
- Who complained to AFCA?
- Overview of complaints
- Open cases
- Closed cases
- Banking and finance complaints
- Buy now pay later
- Financial difficulty complaints
- Small business complaints
- General insurance complaints
- Significant events
- Life insurance complaints
- Superannuation complaints
- Investments and advice complaints
- Complaints lodged by consumer advocates and financial counsellors
- Legacy complaints
- Complaints outside AFCA’s Rules
- Systemic issues
- Code compliance and monitoring
- Previous schemes
- Engagement, awareness and accessibility
- Corporate information
- AFCA General Purpose Financial Report 2021–22
- Appendix 1
Cryptocurrency is an internet-based-virtual currency that is created and stored electronically.
Cryptocurrency, or digital asset providers, are generally not required by law to be AFCA members. This is because cryptocurrency is not a regulated financial product under the Corporations Act. However, some providers have chosen to be members of AFCA voluntarily, or have joined as a condition of membership of an industry association.
In 2021–22, AFCA received 198 complaints about cryptocurrency, which is 36% more than the previous year.
AFCA closed 204 complaints (complaints closed included those received in the previous year), the majority of which were resolved by agreement. On average, it took 81 days to resolve a complaint.
The majority of complaints in this area are about whether the cryptocurrency exchange should have been aware the complainant was intending to buy and transfer cryptocurrency to a third-party scammer and acted to prevent the exchange. Given the execution-only nature of these services and the anonymous nature of the blockchain, it can be very difficult to establish whether the financial firm could have identified the scam prior to executing the consumer’s instruction.
198 complaints received
204 complaints closed
Total compensation awarded
57% of complaints resolved by agreement
89% of determinations in favour of financial firms
Stage at which cryptocurrency-related complaints resolved