Rules
Consumer rights at an EU-licensed crypto provider
MiCA and broader European consumer protection give users of licensed crypto services a number of concrete rights. At the same time, crypto remains a risky asset class without the guarantees you know from a bank account. This guide sets out what rights you do have, what a complaint and dispute procedure looks like, and what is explicitly not protected.
Rights with a licensed provider
A licensed crypto service provider must keep client money and assets segregated from its own company assets. This means your crypto and money are in principle not mixed with the provider's own business funds, reducing the risk of your balance disappearing in the company's own bankruptcy.
You also have a right to clear, non-misleading information about costs, risks and the features of a service, and the provider must have an internal policy for handling complaints. For custody of assets, additional care requirements apply, and the provider is in principle liable for loss of custodied assets caused by its own errors or negligence.
- Segregation of client assets from company assets
- Right to clear information about costs and risks
- Provider liability for loss caused by its own errors
Complaint procedure: step by step
The first step in a dispute is always the provider's internal complaint procedure; licensed firms are required to offer one and respond within a reasonable time. Keep evidence of your communication, transaction data and any screenshots, as these are needed if the complaint needs to be escalated.
If you can't resolve it with the provider, you can bring the complaint to the national supervisor, such as the AFM in the Netherlands or the FSMA in Belgium. For cross-border disputes within the EU there is also a network of bodies for out-of-court dispute resolution, which can often reach a solution without going to court.
- Step 1: internal complaint procedure with the provider
- Step 2: report to the national supervisor
- Step 3: out-of-court dispute resolution for cross-border cases
What is explicitly not protected
Price risk remains with the user: no licence or supervisor guarantees that a crypto asset's value will stay stable or rise. There is no deposit guarantee scheme for crypto as there is for bank accounts; if a provider becomes insolvent due to poor business management rather than fraud or negligence, repayment is not guaranteed, even if the firm is licensed.
Transactions to or from a self-custody wallet, where no provider is involved at all, also fall outside the scope of most consumer protection rules: losing a private key or sending to the wrong address is entirely at your own risk.
- No guarantee against price loss
- No deposit guarantee scheme for crypto
- No protection for errors in self-custody transactions
Practical tips before filing a complaint
First check whether the provider is actually licensed via the public register, since this determines which complaint route is open and which supervisor has jurisdiction. State your complaint factually, back it up with data and amounts, and be specific about the outcome you expect: refund, correction or a written explanation.
Frequently asked questions
Do I get my money back if a licensed provider goes bankrupt?
It depends on the cause: segregated client assets offer more protection than with an unregulated firm, but there is no guarantee fund for crypto as there is for banks.
What if the provider doesn't respond to my complaint?
You can bring the complaint to the national supervisor, such as the AFM or FSMA, which can act if a provider fails to meet its complaint-handling obligations.
Am I protected if I enter the wrong address myself?
No, a transfer error caused by your own mistake falls outside consumer protection; blockchain transactions are generally irreversible.
Can I resolve a cross-border dispute without going to court?
Yes, within the EU there are bodies for out-of-court dispute resolution that can handle cross-border consumer complaints.
Read next
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MiCA in the Netherlands: AFM and DNB explained
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