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Who do you call when money goes missing in transit?

I have a trading account with a bitcoin exchange (Coinjar) that is a legitimate operator in this space. I’ve been with them for years and for the most part things go just fine with them.

In early January I transferred about $1000 out of a cash account on their site to my bank account. I’ve done it before, and I’ve withdrawn from them since. But on this occasion, the money never arrived in my bank account.

I’ve raised support requests, but they have not responded with anything other than an automated “we received your request” email. It’s been a while now, and I’m beginning to think I need the assistance of a consumer body to help unravel this.

Who would I escalate this to now that I’ve tried approaching the business multiple times and gotten nowhere?

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Intransigent .

Have you seen this:
Https://status.coinjar.com

From their web stie

CoinJar utilises local settlement services provided by NPS Payment Services Pty Ltd (ABN 23169185406), a related entity within the CoinJar group of companies registered in Australia, to process AUD payments, deposits and withdrawals for Australian customers.

It is a month later than their post so one should not give a financial entity a benefit of the doubt because traces and liability are often time sensitive.

If they are not responsive to conducting a timely trace or even responding you can make a formal complaint to https://www.apra.gov.au/ and in the absence of them accepting a complaint, perhaps https://asic.gov.au/for-consumers/

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What does APRA have to do with market traders?

The appear to have some responsibility for regulating payment systems, and the problem is posted as a payment (transfer from Coinjar to the bank) going missing, not a trade. It is possible the RBA ‘owns’ the problem but does not appear to have a consumer complaints line (I could have missed it) with the exception of privacy issues.

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It’s RBA for payment systems, not APRA.

Would appreciate if you would post the complaints contact info then.

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Also possibly AFCA??

https://www.afca.org.au/

https://www.afca.org.au/make-a-complaint

https://www.afca.org.au/make-a-complaint/banking/banking-deposits-and-payments-products-and-issues

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Sometimes it seems like they bought a scrabble set and randomly throw 4 tiles in a hat to get agency names :frowning:

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Four scrabble tiles in a hat might actually be of more use than the agencies.

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So @Dylan, have you tried other methods of contacting this company about your issue? Phone? Email rather than support request form?
From what you say this is a one-off where a transfer has just disappeared into the cyber never never land.
I would pursue the various communications channels you can find with the company before resorting to some Gov agency who will almost certainly, if you actually manage to find the right four letter combination that has jurisdiction, require you to have done all you can to deal with the company in the first place.
Good luck.

They do have an Australian number…

1300 264 652, or (03) 8518 4868. If they can help at all. If not…

Coinjar is a UK business

We are registered in England and Wales under company number 8905988 and have our registered office at Level 39, One Canada Square, Canary Wharf, London E14 5AB.

They indicate they comply with Australian regulations, but no information I can find that they are licensed to provide financial services in Australia. It says it uses Australian payment services (NPS Payment Services Pty Ltd). This is concerning as Australian government financial agencies are unlikely to have any jurisdiction.

The best bet is to work out who is responsible for their registration in the UK and who the financial services agency is. This will be your first port of call assuming they will assist foreign nationals.

Otherwise consulting with lawyers who understand UK financial system is an alternative, but this won’t be worth it unless a large investment is at stake (far more than $1000).

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NPS Payment Services Pty Ltd is registered both with an ABN and ACN ( ACN 169 185 406) in Australia and so would likely be under Australian Financial Services Jurisdiction or at least Company Law.

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That is the payment service and not Coinjar. They might…a very long shot…know if the alleged transaction has occurred.

Unfortunately being a payment service, unless they have your money and reason for transaction not occurring, it will fall back to Coinjar, the UK company.

Let us know how you get on calling the number…or any other action you take.

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