1. Deribit Support
  2. Compliance
  3. Legal

Complaints Handling Policy

  • Updated

1 Introduction

The Deribit Group is composed of Deribit FZE (“Exchange””) which operates the crypto derivatives trading platform Deribit, and of DRB Panama Inc., a broker based in Panama City (“Broker”). Both the Exchange and the Broker offer clients the possibility to gain short-term exposure in selected spot pairs and futures, options and perpetual swap contracts in selected cryptocurrencies, including but not limited to, Bitcoin, Ether, USDC and USDT.

Clients and potential clients may be unhappy about the level of or an aspect of the services rendered by the Exchange or the Broker, and may wish to submit a Complaint. This Complaints Handling Policy (“policy”) defines what a Complaint is, how and to whom a Complaint must be submitted, the internal process that must be followed when dealing with Complaints, the escalation of concerns or issues to senior management and the provision of pertinent management information.

2 Purpose

The purpose of this policy is to ensure that:

  • Clients are treated fairly; and

  • Complaints are handled and resolved promptly.

3 Scope

3.1 Who?

This policy applies to all Deribit Group staff that receive a Complaint from a (potential) client of the Exchange or the Broker.

3.2 What?

This policy applies to all actions or inactions from the Exchange or the Broker, in relation to providing its services, that lead to financial loss, material distress or material inconvenience to (potential) clients.

4 Definition

A Complaint is a written expression of dissatisfaction, whether justified or not, from, or on behalf of, a person about the provision, or failure to provide, a service by the Exchange or the Broker that cannot be resolved immediately. 

5 Responsibilities

The Compliance department is responsible for:

  • The implementation of this policy;

  • Handling any Complaints that are received by the Exchange or the Broker;

  • Maintaining the internal Complaints Register;

  • Escalating concerns or issues to senior management;

  • Providing management information in relation to Complaints; and

  • Retaining a record of all Complaints received from clients, all measures taken in response to the Complaint and the resolution of all Complaints for a period of 8 years from the time the Complaint is made.

  • The complaint should not be directly handled by a member of staff who is directly involved in the subject matter of the complaint.

Support is responsible for:

  • Responding to technical and other issues from (prospective) clients that are submitted via Telegram or email to support@deribit.com; and

  • In case the (prospective) client is still unhappy, to inform the (prospective) client that he or she has the possibility to submit a written Complaint to the Compliance department of the Exchange or the Broker as explained in section 7.1 below.

6 Complaints time limit

Any Complaint must be submitted no later than 6 months after the alleged action or inaction by the Exchange or the Broker that resulted in the Complaint being made.

Any Complaints submitted after this date may be deemed not admissible by the Exchange or the Broker. 

7 Complaints Handling Process

7.1 Submission of a Complaint

(Potential) clients can submit a complaint to the Compliance department of the Exchange or the Broker via email to compliance@deribit.com or by filling a form which is accessible on the Deribit website.

The Complaint must include as a minimum the name, contact details (email address if the complainant is a customer of the Exchange or the Broker), account number (for existing customers) and a description of the issue.

The Exchange or the Broker must not at any point impose any fees or charges whatsoever for the submission or handling of any complaints.

7.2 Receipt of a Complaint submitted to the Compliance department

Following a Complaint being made, the Compliance department must:

  1. Send the complainant a prompt written acknowledgement within one week of the Complaint being made, which states that the Exchange or the Broker has received the Complaint and will endeavor to respond within 4 weeks of the date of the complaint;

  2. Ensure that the complainant is promptly informed of any additional information that is required from the complainant to respond to the Complaint; and

  3. Inform the complainant if the firm needs more time to respond to the Complaint, including the reason for the delay. In this extraordinary circumstance, the Exchange or the Broker must:

    1. Provide the client with an update on the status of the Complaint and explain the circumstances that lead to the delay of its resolution;

    2. This update must be made within 4 weeks of the Complaint being made; and

    3. Ensure that the Complaint is to be resolved within 8 weeks of the Complaint being made.

7.3 Dealing with the Complaint submitted to the Compliance department

The person responsible for dealing with the Complaint will gather all relevant information including, but not limited to, and where appropriate, log-in information, order, transaction and market data and speak to relevant people within the firm, including senior management to provide him/her with a full picture of the relevant circumstances in relation to the Complaint, to enable him/her to draft an adequate response.

7.4 Responding to a Complaint by Compliance

The Exchange or the Broker must, within 4 weeks of the Complaint being made, send the complainant a written response which:

  • Accepts the Complaint and, where it deems it appropriate and in its sole discretion, offers redress or remedial action;

  • Does not accept the Complaint, but, where it deems it appropriate and in its sole discretion, offers redress (“goodwill gesture”) or remedial action; or,

  • Rejects the Complaints and gives the reason for doing so.

As explained under section 7.2, if the Exchange or the Broker is unable to resolve the Complaint within 4 weeks of the Complaint being made, this must be communicated to the (prospective) client.

8 Complaints Register

The Compliance department maintains a Complaint Register of all Complaints that were submitted to the Compliance department. This Register includes the following information:

  • Reference;

  • Date the Complaint was received;

  • Name of the (potential) client who submitted the Complaint;

  • E-mail address of the complainant;

  • UID of the client if it is an existing client;

  • The type of Complaint;

  • Description of the Complaint;

  • Whether the complaint was acknowledged within 1 week;

  • Whether the 4-week resolution was accomplished;

  • Whether the 8-week resolution was accomplished if the 4-week resolution was not;

  • Person responsible for the resolution of the Complaint;

  • Status through to resolution (open, Complaint accepted, Complaint not accepted, rejected);

  • Date of final response;

  • Details of final response;

  • Amount of goodwill gesture paid in fiat/cryptocurrency;

  • Amount of redress paid in fiat/cryptocurrency; and

  • Measures taken for the resolution of the Complaint. 

9 Management information

The Compliance department will provide management information about Complaints submitted to them. This management information is reported to the Board of Directors of the firm and details:

  • The number of Complaints received during the previous month;

  • The number of Complaints received year-to-date;

  • The number of Complaints that are:

  • Open;

  • Closed and accepted;

  • Closed and not accepted; and

  • Rejected.

  • The type of Complaint;

  • Total amount of redress paid in fiat/cryptocurrency (including goodwill gestures) during the previous month;

  • Total amount of redress paid in fiat/cryptocurrency (including goodwill gestures) year to date;

  • Total amount of redress demanded by clients in fiat/cryptocurrency of open Complaints;

  • Number of Complaints that were not dealt with within 4 weeks of the Complaint being made;

  • Number of Complaints that were not dealt with within 8 weeks of the Complaint being made.

10 Third Party Providers

Clients may submit a Complaint in respect to a third party which provides services which are directly connected to and are part of the Exchange or the Broker’s services.

In such instances, the Exchange/Broker shall facilitate and handle the Complaint between the client and the relevant third party to ensure that the Complaint is resolved. In doing so, the Exchange or the Broker may, to the extent applicable, adapt the Complaints handling procedure outlined above to assist in resolving the Complaint.

The Exchange or the Broker shall remain responsible for the resolution of such Complaints.

11 Record keeping

The Exchange or the Broker will retain all records relating to Complaints (including the communication with the complainant) sent to the Compliance department for a minimum period of 8 years from the date the Complaint was made on.