ASIC is Assessing Complaints From MyCryptoWallet Users

Tuesday 06 April 2021, 1:00 PM AEST - 1 week ago

The Australian Securities and Investments Commission (ASIC) has reportedly begun assessing several complaints from users of MyCryptoWallet, an Australian digital currency exchange, according to a Monday report by the Syndey Morning Herald.

Many users had complained that they are unable to access their cryptocurrencies on the platform. A spokeswoman for MyCryptoWallet claimed they are completely unaware of the issues reported by the users.

The Issue With MyCryptoWallet

Launched by tech entrepreneur Jaryd Koenigsmann, MyCryptoWallet is considered a notable crypto exchange in Australia, as it amassed more than 20,000 users about three months after launch. It began facing some business-related challenges after a dispute with its banking partner, the National Australia Bank (NAB), which resulted in the freezing of the exchange’s bank account. 

As reported, MyCryptoWallet also had an issue with its technology partners, which led to the suspension of deposits and withdrawal on the platform. Later on, the exchange said all the issues had been resolved. However, most of the users were still not able to access their funds on the platform. The customer support page was reportedly inactive, and complaints raised by the users weren’t addressed. While speaking to SMH, a user said he hasn’t heard back from the company about $40,000 he put into the platform.

I would welcome the chance to get my funds back, but I don’t have a good feeling about it. I would also welcome an investigation from ASIC or AUSTRAC.

Another user of MyCryptoWallet

It’s “Almost Impossible” to Cease Trading

While commenting on the development, the spokeswoman for the exchange said they weren’t aware of these issues and that they lost access to their social media accounts back in 2019. She added it was “absolutely impossible” for the exchange to cease cryptocurrency trading without notifying the authorities. They opened a new support email address and began responding to the complaints shortly after speaking with SMH.

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