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JimLawyer
JimLawyer, Solicitor
Category: Law
Satisfied Customers: 13907
Experience:  Senior Associate Solicitor
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I'm from Denmark and I'm having problems with Binance and

Customer Question

I'm from Denmark and I'm having problems with Binance and Arox Capital to release my funds. What can I do?
JA: Have you talked to a lawyer about this? In which country do you live? If different, which country is your legal question related to?
Customer: I live in Denmark
JA: What steps have you taken so far?
Customer: I have spoke to them on the phone and via emails, but suddely they stoped answering
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: I have EUR 25-30.000 in their account. I'm affraid that I won't see them again
Submitted: 13 days ago.
Category: Law
Expert:  JimLawyer replied 13 days ago.

Hello, this is Jim and welcome to JustAnswer. I will be the lawyer working with you today.
Sorry to hear of the issue. I will set out my written answer shortly.

Expert:  JimLawyer replied 13 days ago.

I have checked and that trading company is not authorised according to the Financial Conduct Authority (the FCA). The law changed in 2020 and if they are to take your money as an EU citizen they must be authorised - to not obtain authorisation means they have acted illegally.

Therefore I am almost certain this is a scam and they have just taken your money.

The first thing to do is to report this to the Police and to Action Fraud so that you can obtain a crime reference number. The Action Fraud website where you can report the crime is here: https://www.actionfraud.police.uk/

Once you have done that then see if your bank or credit card company can do a charge-back on the monies as a lot of these trading companies are not legitimate outfits. If you paid with a credit card you may be able to make a claim against the card provider under your consumer credit law.

If you paid by debit card then your bank may be subscribed to the consumer voluntary code to refund you if you have been scammed. The bank can charge-back up to 120 days from the date you sent money or paid money to a scammer, or from the date you first noticed the problem.

In future my advice is to check whether the trading company is FCA-regulated first of all to ensure they are legitimate. You can check here : https://register.fca.org.uk

The FCA website has a list of regulated companies so this would be worth checking. If you prefer to speak to the FCA then they can be reached on +44(###) ###-####

If there is no record, I would urge caution and do not give them your personal details, nor any money. The reason being if they are unregulated, there is nothing the FCA can do and in all likelihood the company is based abroad so suing them would be difficult if you wanted your money back. Most of these companies also ask for the initial 250 payment up front and tempt you to add more funds only for them to become non-responsive when you ask to withdraw.

There are a few companies who can claim to retrieve monies taken by a scammer but in reality they are also scams - the first scammer sells your data to another scammer. Once a scammer has the money it would be very difficult to sue them (most of them being based abroad) and even if you obtained a CCJ against them, enforcing it is another matter.

You can try any of these regulated law firms to see if they can recover the money for you:

They should be able to help you with a no win no fee agreement so that you do not have to pay anything up front to them. These are regulated law firms in the UK though they should still be able to help if you are in an EU country such as Denmark.

Expert:  JimLawyer replied 13 days ago.

I hope this helps and answers the question - my goal is to ensure you are happy with the answer and have the information you need. If you have any follow up questions then please let me know. I will reply as soon as I can to help with any further queries.

Many thanks,
Jim

Expert:  JimLawyer replied 13 days ago.

Please let me know if the answer helped or if you need me to cover anything else?. I am happy to clarify the answer or if you have any follow up questions. If so, I’d be grateful if you would let me know. I am free most days, including weekends, so feel free to ask me anything you are unsure of.

Best wishes,

Jim