European Foreign Exchange Commission (EFEC) is a non-commercial organization created for the purpose of regulating the quality of services provided by brokers and dealing centers, as well as the reliability of services provided by participants of the cryptocurrency market: cryptocurrencies, cryptocurrency exchange markets, cryptocurrency cloud mining services and companies, which attract investments through ICO.
The Center employs certification of financial organizations to achieve its statute purposes. It signifies that every company undergoes a detailed inspection and receives a certain type of certificate of compliance based upon the audit results. Issuing the certificates of a certain level is strictly regulated by the Center’s internal documents. The certified companies are guaranteed to comply with EFEC conditions for the provision of fair and high quality services to its clients.
The main scope of EFEC activities includes:
- Evaluation of financial organizations’ activities and their subsequent certification;
- Coordination of financial market participants’ activities;
- Minimizing risks for the financial market participants;
- Development of financial organizations evaluation systems with subsequent implication of the systems;
- Establishment of the compensation fund for the clients of the companies certified by EFEC.
EFEC is an independent organization that propagates the policy of openness for every participant of the international currency exchange market, including the cryptocurrency market.
What is the advantages
- Guarantee of the conclusion of the agreement with a reliable and efficient company that provides high quality services for partners and clients.
- Protection of traders and cryptocurrency market participants rights and resolving any disputes that may arise in the process of cooperation of client and financial organization certified by EFEC.
- Existence of the compensation fund for reimbursement of client’s damages inflicted by the companies certified by EFEC.
- Guaranteed payout of funds to traders and investors deposited into accounts (proof required) with a IFMRRC certified company that was declared bankrupt.
- In case the company cannot be contacted to be presented with legal claims as to the return of the funds to the clients or in case of the company’s dissolution as the result of force-majeure or other circumstances EFEC guarantees the payout of funds under the condition of proof of their existence in the accounts with such companies.
In regard to claims referring to short-received profit or moral damages reimbursement, EFEC is not financially liable and does not guarantee any compensations or payouts