Crypto exchange terminated my account. Are they obligated to provide access to my account data and transaction records?

[Baldy44]

Recently, an Australian cryptocurrency exchange terminated my account without prior notice or providing a specific reason or clause from the contract under which the termination occurred.



After receiving the email notification, I reached out to the exchange via email, requesting:


• A copy of my transaction records


• Account data, including the balance of my digital assets


• Any other information related to my account held by the exchange



It has been several weeks, and I have not received a response. At this point, I doubt they intend to reply.


My questions are:


1. Is the exchange legally required to provide the information I have requested?


2. Which act, bill, or legislation outlines the obligations cryptocurrency exchanges have toward their customers in Australia?



Any guidance or references to relevant legal frameworks would be greatly appreciated.

 

[EduardBakers]

Relevant Legislation: As mentioned, the Privacy Act and AML/CTF laws are likely to apply. The Australian Securities and Investments Commission (ASIC) also has guidelines on how financial services, including crypto, should treat customer data.

 

[Tim W]

Check the choice of law clause in the T&Cs of your account.
You may find that you have agreed to a deal made under the law of <some country that isn't Australia>.
You may find that you'll need to bring any action in that jurisdiction.

Next, check the T&Cs of your account to see if they have a clause in it that says (something that boils down to) that they can close you down at any time for any reason.

Next, work out how much actual, real, money (that is, not mere crypto unrealised trading gains)
you have contributed, and therefore potentially lost.

Once you know those things, go and see a lawyer. This is not DIY.

 

[Suandorz]

I'm sorry to hear about the exchange terminating your account. It’s frustrating when that happens. In most cases, crypto exchanges aren't strictly required by law to give you access to your data, but they should still provide some transaction records. It depends on the terms and conditions of the exchange you’re using, as well as the laws of your country. Some exchanges are better at customer service and will share data if you ask. If you need that info, you could try contacting them and asking nicely for your records. Some sites like extractor.live might help you get some details about your transactions if the exchange won’t cooperate.

 

[Baldy44]

Thanks all for the feedback.

The crypto exchange mentioned is Coinstash.com.au which is based in Brisbane.

The Terms are governed by the laws of Queensland, Australia.
Coinstash is also a holder of an Australian financial licence so I believe they are regulated by the corporations Act.
Additionally they are regulated by the AML/ CTF and consumer law.

I have not had the opportunity to review Asic's website or the corporations Act as of yet however Chapter 20 of the AML/CTF obligates all registered parties to the Privacy ACT and Australian privacy principles.

I believe Australian privacy law gives me the right to access my personal information from an entity who holds the record.

I have contacted the exchange and requested the my information noting their obligations mentioned above. i

Should I expect a reply or should I file a privacy complaint ?

 

[Roche1n]

I've had a similar experience with an exchange that suddenly froze my account, and getting answers felt impossible. In my case, reaching out to customer service was a dead end, but after some research, I found that exchanges do have certain legal obligations in Australia, though it varies by platform. For detailed legal info, I came across blackeaglefg.com, which provided some useful guidance.

 

[Baldy44]

Relevant Legislation: As mentioned, the Privacy Act and AML/CTF laws are likely to apply. The Australian Securities and Investments Commission (ASIC) also has guidelines on how financial services, including crypto, should treat customer data.

Choice of law clause in the T&Cs : Queensland Australia

Mandatory arbitration clause: If a dispute arises either party may not commence any Tribunal or Court proceedings in relation to the dispute, unless the compulsory dispute resolution process has been complied with.

Termination of account for any reason: Subject to local applicable laws, TWMT reserves the right to discontinue or cancel your membership at any time and may suspend or deny, in its sole discretion,

Real Money: By this you mean how much money I deposited into the fund from my own personal account (around $500).

Trading generated money: I recall over $60,000. In this moment I can provide a screenshot that represents well over $50,000 in my account.



Cointree finally responded to my request under the privacy act. A request for the following was made:

1. Account Details: All account registration and profile information.

1. Transactions: Details of deposits, withdrawals, transfers, exchanges, and purchases made through my account.

1. Balances and Portfolio: Full account balance history and portfolio details.

1. Rewards: Rewards earned or purchased, including stash points, reward chests, prizes won, wheel spins, and Bitcoin draw entries.

• Wheel spins: 5 wheel spins (1 wheel spin was returned in the form of 200 Stash Points after the Promotion ended, in accordance with the Promotion terms

1. Loyalty Program: Deposits, withdrawals, and balance information related to the loyalty program.

1. Promotions: Any participation or activity related to promotional campaigns.

1. Records such as spreadsheets, reports, or summaries involving my account activity.

In response they provided a spreadsheet which represents some of the information requested displayed in the most inconvenient way which made it somewhat meaningless.

Coinstash stated I received, acquired and accumulated currency assets in error, acknowledged they had "adjusted" my account in the letter terminating the contract between us. The information they provided was clearly a representation of my account after their adjustments were made without including the adjust ments themself. The information requested was displayed in the most inconvenient way which made it somewhat meaningless.

So what's my position with this since most of the money of concern is money that was generated from the trading platform. It was not real money as you put it.