An investor who cannot withdraw funds from a broker or who suspects an online trading platform is operating unlawfully may need to contact several different organisations.

There is no single “North American regulator” responsible for every brokerage, crypto, banking and investment complaint. The correct reporting channel depends on:

1. the country and state or province in which the investor lives;
2. the type of product involved;
3. whether the business is registered;
4. whether the investor wants to report misconduct, resolve an individual dispute or report suspected criminal activity.

In the United States, securities, derivatives, banking, consumer finance and internet crime are handled by different federal and state bodies. Canada uses provincial and territorial securities regulators alongside a national self-regulatory organisation. In Mexico, complaints about financial institutions are generally directed through CONDUSEF, while the CNBV supervises regulated financial entities.

This guide explains what the main authorities accept, what they may do with a report and what evidence an investor should prepare.

Complaint, Regulatory Tip or Criminal Report?

Before submitting information, it is important to identify what kind of case you have.

Individual complaint

An individual complaint concerns a direct dispute with a financial business, such as:

• a withdrawal that remains pending;
• disputed investment transactions;
• unauthorised trading;
• excessive fees;
• unsuitable investment recommendations;
• account access restrictions;
• failure to follow client instructions;
• misleading information about a financial product.

These cases normally begin with a written complaint to the company. Compensation may later be pursued through an ombudsman, arbitration forum, court or other dispute-resolution process.

Regulatory complaint or tip

A regulatory report concerns possible misconduct affecting the market or other investors, including:

• an unregistered broker;
• a cloned financial company;
• misuse of a licence or registration number;
• misleading investment advertising;
• suspected securities fraud;
• unlawful solicitation;
• market manipulation;
• repeated complaints about the same business;
• suspicious forex, derivatives or crypto activity.

Regulators may investigate, issue warnings or take enforcement action. Filing a report does not guarantee that the regulator will recover an investor’s money.

Criminal or cybercrime report

A criminal report may be appropriate where the case involves:

• deliberate deception;
• identity theft;
• account takeover;
• unauthorised transfers;
• fake investment platforms;
• cryptocurrency theft;
• impersonation;
• phishing;
• extortion;
• cyber-enabled financial fraud.

In the United States, the FBI’s Internet Crime Complaint Center accepts reports involving cybercrime and online fraud, including reports from people outside the United States. Complaints may be referred to federal, state, local or international law-enforcement partners.

United States Financial Regulators and Complaint Channels

Securities and Exchange Commission

The US Securities and Exchange Commission regulates securities markets and receives reports concerning possible violations of federal securities law.

What the SEC accepts

The SEC’s tip and complaint system covers matters such as:

• securities fraud;
• Ponzi schemes;
• insider trading;
• market manipulation;
• misleading investment offers;
• misconduct by investment professionals;
• problems involving investment accounts;
• potentially unlawful securities offerings;
• suspicious crypto assets that may fall within securities regulation.

The SEC provides separate channels for suspected securities-law violations and for problems involving an investment account, firm or financial professional.

SEC complaint channels

Investors can use the SEC’s online investor complaint form or submit a tip through its Tips, Complaints and Referrals system.

Investor assistance telephone: 800-732-0330
Investor assistance email: help@sec.gov

The SEC also allows supporting information to be submitted through its official complaint process.

What the SEC may do

The SEC may:

• review the report;
• refer it internally;
• open an investigation;
• pursue civil enforcement;
• seek penalties or other relief;
• use the information to identify broader misconduct.

However, the SEC does not act as a private lawyer for an investor and does not guarantee reimbursement in response to an individual complaint.

FINRA

The Financial Industry Regulatory Authority is a self-regulatory organisation overseeing US brokerage firms and registered brokers.

What FINRA accepts

FINRA’s Complaint Program accepts complaints involving brokerage firms and their employees, including allegations of:

• unsuitable investment recommendations;
• unauthorised trading;
• account mismanagement;
• excessive trading;
• misrepresentation;
• improper fees;
• failure to execute instructions;
• fraudulent or suspicious practices;
• other misconduct by a registered broker or brokerage firm.

FINRA may investigate complaints and impose disciplinary sanctions such as fines, suspensions or industry bars.

Regulatory complaint versus compensation claim

A FINRA complaint informs the regulator about possible misconduct. It does not automatically produce compensation.

An investor seeking damages may need to use FINRA arbitration or mediation. FINRA operates a major securities dispute-resolution forum in the United States.

Useful FINRA contacts

General inquiries: 301-590-6500
Securities Helpline for Seniors: 844-574-3577
FINRA Ombuds: 888-700-0028

Investor complaints should normally be submitted through FINRA’s official online complaint centre.

Checking a broker

Before filing a complaint, investors should check the broker and firm through FINRA BrokerCheck. The database provides registration and disciplinary information about brokerage firms and professionals.

Commodity Futures Trading Commission

The Commodity Futures Trading Commission regulates US derivatives markets, including certain futures, options, forex and commodity-related activity.

What the CFTC accepts

The CFTC accepts complaints and tips involving:

• futures trading;
• commodity options;
• retail foreign exchange;
• derivatives;
• certain digital-asset matters;
• commodity pools;
• trading advisers;
• binary-options activity;
• unregistered foreign entities soliciting US residents;
• suspected fraud within the CFTC’s jurisdiction.

The CFTC has specifically warned that foreign entities soliciting US residents for forex or binary-options trading may be required to register.

CFTC complaint contacts

Consumer assistance and complaints: 866-366-2382
Main office: 202-418-5000

Information can be submitted electronically to the Division of Enforcement. Whistleblowers seeking statutory confidentiality, anti-retaliation protection or possible awards should use the Form TCR process.

CFTC complaint, whistleblower report and reparations claim

These are different processes:

• a complaint provides enforcement intelligence;
• a whistleblower submission may qualify for protections and an award;
• a reparations proceeding may be used in certain disputes involving registered commodity professionals.

The appropriate route depends on whether the investor wants to report misconduct or pursue an individual claim.

National Futures Association

The National Futures Association is the self-regulatory organisation for the US derivatives industry. It oversees registered members involved in futures, forex, commodity pools and related activities.

What NFA complaints cover

NFA complaints may concern:

• misconduct by an NFA member;
• improper handling of a futures or forex account;
• misleading statements;
• unsuitable practices;
• unauthorised transactions;
• other breaches of NFA requirements.

Customer complaints may contribute to NFA monitoring and disciplinary action. NFA also offers arbitration for certain disputes between customers and members.

Investors should confirm registration and disciplinary history through NFA BASIC before transferring money to a futures, forex or derivatives business.

Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau accepts complaints involving consumer financial products and services.

What the CFPB accepts

CFPB complaints can involve:

• bank accounts;
• credit cards;
• mortgages;
• consumer loans;
• debt collection;
• credit reporting;
• money transfers;
• payment services;
• prepaid cards;
• other consumer-finance products.

The CFPB sends eligible complaints to companies for response. Its current process includes submission, routing, company response, publication where applicable and consumer review.

CFPB contact information

Telephone: 855-411-2372

The CFPB states that most companies respond within 15 days, although some cases require additional time. Consumers may review the response and provide feedback.

When the CFPB is not the correct authority

The CFPB is generally not the primary regulator for:

• securities brokerage disputes;
• futures trading;
• market manipulation;
• investment-adviser misconduct;
• an unregistered offshore trading website.

Those matters may belong with the SEC, FINRA, CFTC, NFA, a state securities regulator or law enforcement.

Federal Trade Commission

The Federal Trade Commission accepts reports about fraud, scams and deceptive business practices.

What can be reported

The FTC’s reporting system covers matters such as:

• investment scams;
• impersonation;
• deceptive online businesses;
• fake recovery services;
• cryptocurrency fraud;
• payment scams;
• identity-related fraud;
• international consumer scams.

ReportFraud is the federal government’s central reporting website for fraud, scams and bad business practices. The FTC uses reports to identify patterns, support enforcement and share information with law-enforcement partners.

FTC consumer telephone: 877-382-4357
TTY: 866-653-4261

For cross-border fraud, the FTC also directs consumers to the international econsumer reporting system.

FBI Internet Crime Complaint Center

The Internet Crime Complaint Center, commonly known as IC3, is a central intake point for cyber-enabled crime.

What IC3 accepts

Reports may involve:

• online investment fraud;
• fake trading websites;
• cryptocurrency theft;
• romance investment schemes;
• phishing;
• business-email compromise;
• account takeover;
• extortion;
• cybercrime;
• impersonation;
• other internet-enabled financial offences.

IC3 states that people should submit a report even where they are unsure whether the matter qualifies. Non-US citizens may also file if they believe they have been affected by cyber-enabled crime.

Cryptocurrency evidence

For cryptocurrency cases, IC3 asks for:

• wallet addresses;
• cryptocurrency type;
• transaction amount;
• transaction hash;
• date and time;
• platform details;
• communications with the suspected operator.

The FBI encourages reporting even where no financial loss ultimately occurred.

State Securities Regulators

Securities regulation in the United States also operates at state level.

State regulators may investigate:

• unregistered securities offerings;
• unlicensed investment advisers;
• local solicitation;
• securities fraud affecting residents;
• misleading investment advertising;
• elderly investor exploitation.

In some cases, the state securities regulator may be the most direct authority because it is closer to the affected investor and the local conduct. The SEC has recognised that state regulators are often among the first authorities to receive complaints from harmed investors.

Canada: Regulators, CIRO and Investor Complaints

Canada does not have one single federal securities regulator. Securities supervision is carried out by provincial and territorial authorities coordinated through the Canadian Securities Administrators.

Canadian Securities Administrators

The CSA coordinates securities regulation across Canada, but individual complaints are handled by the relevant provincial or territorial regulator.

The CSA states that complaints about securities violations should be sent to the local securities regulator because enforcement is conducted at provincial or territorial level.

What local regulators accept

Provincial regulators may receive reports concerning:

• unregistered investment businesses;
• fraudulent investment offers;
• misuse of a regulated company’s identity;
• misleading securities promotions;
• unauthorised trading activity;
• suspicious crypto investment solicitations;
• unlicensed advisers;
• other possible securities-law violations.

Checking registration

Securities professionals generally must be registered in each province or territory where they conduct business. Investors can search Canada’s National Registration Search before dealing with a firm or adviser.

Investor alerts

The CSA maintains a central database of warnings issued by participating provincial regulators. These alerts concern businesses or individuals that may pose a risk to investors.

Canadian Investment Regulatory Organization

CIRO regulates investment dealers, mutual fund dealers and trading activity on Canadian debt and equity marketplaces.

How to make a complaint

CIRO recommends that an investor may complain to:

• the adviser;
• the adviser’s supervisor or branch manager;
• the investment firm;
• CIRO directly;
• OBSI if the investor is not satisfied with the firm’s response.

CIRO accepts complaints concerning its regulated firms and representatives.

Matters CIRO may examine

These can include:

• unsuitable recommendations;
• unauthorised trading;
• misleading representations;
• improper account handling;
• excessive trading;
• failure to follow instructions;
• dealer misconduct;
• possible market-integrity violations.

CIRO also examines complaints concerning potential violations of the Universal Market Integrity Rules.

Compensation is a separate process

A CIRO regulatory complaint may lead to investigation or discipline, but it does not itself guarantee payment of compensation.

Where an investor seeks financial compensation, the first step is normally a written complaint to the investment adviser and firm. CIRO states that the firm should provide a substantive response within 90 days. If the investor remains dissatisfied, OBSI may be available.

Ombudsman for Banking Services and Investments

OBSI provides an independent dispute-resolution process for complaints involving participating Canadian banking and investment firms.

OBSI contacts

Telephone: 1-888-451-4519
Email: ombudsman@obsi.ca
Address: 20 Queen Street West, Suite 2400, P.O. Box 8, Toronto, Ontario M5H 3R3

OBSI is intended for individual disputes, whereas CIRO and provincial securities regulators focus on compliance and market conduct.

Canadian authorities have also warned investors that it is not necessary to pay a claims-management business to communicate with the CSA, CIRO or OBSI. Their complaint-related services are available directly and free of charge.

Ontario Securities Commission

The OSC is responsible for securities regulation in Ontario.

OSC contact information

Toll-free telephone: 1-877-785-1555
Local telephone: 416-593-8314
Email: inquiries@osc.gov.on.ca

The OSC also provides an online intake form.

Investors who believe they may be victims of investment fraud may contact the OSC and can submit information anonymously through its reporting system.

The OSC issues both investor alerts about potentially harmful ongoing activity and warnings about businesses or individuals that may pose a risk.

Québec: Autorité des marchés financiers

The Autorité des marchés financiers regulates Québec’s financial sector, including securities, insurance and certain financial intermediaries.

A Québec consumer should normally begin by complaining directly to the financial firm. The firm must maintain a complaint-processing procedure and may be required to transfer the complaint file to the AMF where requested.

Updated Québec rules governing complaint handling and dispute resolution took effect in July 2025 and are intended to establish fair processing requirements across the financial sector.

Mexico: CONDUSEF and CNBV

Mexico distinguishes between consumer complaint handling and prudential financial supervision.

CONDUSEF

The National Commission for the Protection and Defence of Users of Financial Services, known as CONDUSEF, is the principal body for consumer disputes involving Mexican financial institutions.

What CONDUSEF complaints may cover

Complaints can involve:

• banks;
• lenders;
• insurers;
• credit products;
• payment services;
• authorised financial institutions;
• abusive debt-collection practices;
• disputed charges;
• contract or service problems;
• other consumer-finance issues.

CONDUSEF operates an electronic complaint portal that sends eligible complaints to the financial institution for management.

Registration checks

CONDUSEF also maintains tools through which consumers can check financial service providers authorised or registered to operate in Mexico.

Important limitation

CONDUSEF may not be able to resolve a case involving:

• an unidentifiable offshore website;
• a company with no recognised Mexican financial registration;
• a business outside its legal jurisdiction;
• an operator falsely claiming to be a Mexican financial institution.

In such cases, the complaint may also need to be submitted to law enforcement, the payment provider and the securities or cybercrime authority relevant to the conduct.

National Banking and Securities Commission

The CNBV supervises regulated financial entities in Mexico.

For complaints concerning services provided by financial institutions, the CNBV directs users to CONDUSEF. This reflects the division between institutional supervision and individual consumer complaint handling.

The CNBV may still be relevant for regulatory information, authorisation checks and reports involving supervised entities, but ordinary consumer complaints normally begin with the institution and CONDUSEF.

What Complaints Do North American Regulators Commonly Accept?

Withdrawal and account-access problems

Typical complaints include:

• withdrawals remaining pending without explanation;
• refusal to close an account;
• unexplained restrictions;
• liquidation of positions without clear authority;
• account access being removed after a withdrawal request;
• support ceasing communication.

Investment-adviser and broker conduct

Regulators may examine reports involving:

• unsuitable recommendations;
• unauthorised trading;
• churning or excessive transactions;
• false or incomplete disclosures;
• undisclosed conflicts;
• misuse of customer funds;
• failure to execute instructions;
• misleading performance claims.

Unexpected fees and payment demands

Common concerns include:

• fees that were not disclosed;
• demands for a tax before withdrawal;
• supposed insurance payments;
• account-unlocking charges;
• paid verification;
• security deposits;
• demands to make an additional investment before funds are released.

A request for additional money does not itself establish fraud, but it should be checked carefully against the company’s official terms and the rules of the relevant regulator.

Registration and impersonation concerns

Reports may involve:

• a company missing from the official register;
• a domain that does not match the regulated entity;
• use of another firm’s licence number;
• a cloned website;
• fake regulator documents;
• impersonation of a financial professional;
• a recently created website claiming a long operating history.

Crypto and online investment fraud

Relevant evidence may include:

• wallet addresses;
• transaction hashes;
• exchange records;
• screenshots of the balance;
• contact numbers;
• email addresses;
• chat accounts;
• social media advertisements;
• website domains and subdomains;
• demands for additional crypto transfers.

The FTC, CFTC, SEC and IC3 all provide reporting routes that may be relevant to cryptocurrency-related misconduct, depending on the facts and product involved.

What Regulators Usually Cannot Do

A regulator generally cannot promise that it will:

• recover all transferred money;
• reverse a blockchain transaction;
• provide private legal representation;
• force an offshore anonymous website to respond;
• disclose every investigative step;
• compensate the investor merely because a complaint was filed;
• act as a debt-collection service.

Regulatory complaints are often used as intelligence. Individual compensation may require arbitration, an ombudsman, litigation, a restitution programme or a claim against a regulated firm.

What Evidence Should Be Included?

A well-organised complaint should contain:

• the legal name of the company;
• every website and subdomain;
• the company’s claimed registration number;
• the names used by account managers;
• telephone numbers and email addresses;
• the investor’s account number;
• payment dates and amounts;
• bank or card records;
• cryptocurrency wallet addresses;
• transaction hashes;
• screenshots of withdrawals;
• copies of emails and chat messages;
• the company’s terms and conditions;
• records of additional payment demands;
• the firm’s formal complaint response;
• a concise chronology.

Avoid sending only a general statement that the platform “does not return money.” Regulators need dates, names, transactions and supporting evidence.

How to Choose the Correct Regulator

Use this sequence:

1. Identify the product: securities, forex, futures, banking, credit, insurance or crypto.
2. Identify the company’s claimed legal entity.
3. Search the official regulator’s register.
4. Confirm that the domain and contact information match the registered firm.
5. Submit a formal complaint to the company.
6. File a regulatory report with the appropriate authority.
7. Use arbitration, an ombudsman or court where compensation is sought.
8. Contact police or a cybercrime agency if intentional fraud is suspected.
9. Notify the bank, card issuer, crypto exchange or payment service promptly.

Country-by-Country Quick Guide

United States

Use:

• SEC for securities fraud and investment-account issues;
• FINRA for broker and brokerage-firm conduct;
• CFTC for derivatives, forex, futures and related misconduct;
• NFA for complaints about registered derivatives-industry members;
• CFPB for consumer banking, credit, payments and lending;
• FTC for fraud and deceptive business practices;
• IC3 for cyber-enabled fraud and internet crime;
• state regulators for local securities violations.

Canada

Use:

• the provincial or territorial securities regulator for securities-law concerns;
• CIRO for registered investment dealers, mutual fund dealers and market conduct;
• OBSI for qualifying individual banking and investment disputes;
• the OSC for Ontario securities matters;
• the AMF for Québec financial-sector matters.

Mexico

Use:

• CONDUSEF for consumer complaints involving recognised financial institutions;
• CNBV for supervisory and registration-related matters;
• law enforcement for suspected fraud, impersonation or unauthorised operations.

Frequently Asked Questions

Can the SEC recover money from a broker?

The SEC may seek financial remedies in enforcement proceedings, but filing an investor complaint does not guarantee that the complainant will receive compensation. A private dispute may also require arbitration, litigation or another claims process.

Should I complain to FINRA or the SEC?

A complaint about a registered broker or brokerage firm may be sent to FINRA. Suspected securities fraud or broader violations of federal securities law may also be reported to the SEC. In some cases, both may be relevant.

Where should I report a forex platform?

In the United States, reports involving retail forex may belong with the CFTC and NFA. If the platform is also suspected of internet fraud, an IC3 or FTC report may be appropriate.

Can a Canadian investor complain directly to the CSA?

The CSA coordinates provincial and territorial securities authorities, but individual complaints are handled by the regulator in the relevant province or territory.

Does CIRO award compensation?

CIRO investigates regulatory misconduct, but individual compensation usually requires the firm’s complaint process, OBSI, arbitration or legal proceedings.

What if the broker is offshore?

A domestic regulator may still record the complaint if the business targeted residents or falsely claimed local registration. Enforcement and compensation are often more difficult where the operator, ownership and assets are outside the country.

Can I report a crypto scam to IC3 from outside the United States?

Yes. IC3 states that a person from another country may submit a complaint where they believe they were affected by cyber-enabled crime.

Should I pay a company to submit regulatory complaints for me?

Investors can generally contact regulators and ombudsman services directly. Canadian regulators have specifically warned that investors do not need claims-management companies to communicate with the CSA, CIRO or OBSI.

Final Assessment

North America has a fragmented but relatively structured financial complaint system.

A regulator receives information about possible violations. A self-regulatory organisation supervises its members. An ombudsman or arbitration forum handles qualifying disputes. Law enforcement investigates suspected crime. Banks and payment providers may assist with recent transfers.

The most effective complaint is not the one sent to the largest number of authorities. It is the one sent to the correct authority with a clear chronology, verified company details and complete payment evidence.

Before filing, identify the legal entity, verify registration through an official database and separate three objectives:

• reporting wider misconduct;
• resolving an individual dispute;
• pursuing financial compensation.