Obtaining Crypto funds after the death of a loved one

FeatheryFeathers_01

Hi, I lost my partner New Years Day 2024, and he had an active Crypto account. I contacted Crypto last August who blocked my access to the account. They received all the relevant documentation, ie death cert, Proof of probate etc. In Jan this year they advised they had processed the request and would pay the sums, with no date given. I have chased multiple times but all i seem to get is what seem like auto responses, or the same generic answer from the service desk. I have requested my case be escalated multiple times, or a contact number for a complaints department but no one answers my questions, i just get the same auto response.

Has anyone had any experience in doing this and can advise how long they waited for the funds?
I have heard a few reports that this will be on going for a very, very long time in the hope the recipient forgets about it. 

Kind regards.

madbadrob

This is the issue with crypto currencies.  They are unregulated and the people selling them to us dont really want the people owing them to retriece the money they are owed.  I hope you get the money but I suspect you can kiss this goodbye without legal action

Rob

FeatheryFeathers_01

Thanks @madbadrob, This is what i expect to be the case. I shall not hold out much hope. Thanks for your response.

Keep_pedalling

Which crypto company?

user1977

In which jurisdiction are the funds located? Even legit providers would be entitled to require you to get the local equivalent of probate.

la531983

madbadrob said:

This is the issue with crypto currencies.  They are unregulated

They are, however the actual companies now have to register with the FCA, although likely depends which company the OP is on about

Cryptoassets | FCA

madbadrob

la531983 said:

madbadrob said:

This is the issue with crypto currencies.  They are unregulated

They are, however the actual companies now have to register with the FCA, although likely depends which company the OP is on about

Cryptoassets | FCA

I looked at the FCA site when I made my response.  In 2021 65 applied to teh FCA to be voluntarially regulsted of which only 25 were accepted.  As of now only 31 are registered and there is still no requirement to be FCA regulated.  Looking at these companies the true figure is lower as some are the same companies with multiple umbrellas.  In fact the FCA themselves say "It’s important to remember that crypto is largely unregulated in the UK, so it is highly unlikely you will be covered by the Financial Services Compensation Scheme, so you should not expect any kind of compensation to cover any form of crypto-related losses."

So if I am ever asked about them i respond that they are unregulated. 

Rob