Banking, fintech and digital asset disputes in Cyprus
Where the money stops
An account is frozen, a payment does not arrive, a transaction appears that nobody authorised, or funds leave a platform and do not come back. Kleanthous & Platis acts for businesses and individuals in disputes with banks, payment institutions, electronic money institutions and online platforms, and in claims against the people and companies that took the money.
This is a disputes and contracts practice. We run Cyprus court proceedings and we review the documents that sit behind the relationship. We do not do licensing work, and the section further down says so plainly, because you should know what you are buying before you instruct us.
Loan, security and guarantee documents
Most banking disputes are decided by a document signed years earlier. We review and negotiate facility letters and loan agreements, including default, acceleration and set-off clauses; personal and corporate guarantees, and the extent of what a guarantor is signing up to; mortgages, charges over shares and receivables, and assignments; and restructuring and settlement agreements with lenders and credit acquiring companies.
If you are being asked to sign a guarantee, the time to send it to us is before signature, not after demand.
Recovering money and digital assets
Where money or cryptocurrency has been taken, the claim is run as ordinary Cyprus civil litigation. The Cyprus courts can grant interim relief in support of a claim, including orders for disclosure and orders restraining dealings with assets. Whether that relief is realistically available in your case depends on the evidence, on whether the person or company holding the money can be identified and named, and on where the assets sit.
We are direct about this. Tracing funds across exchanges and jurisdictions needs blockchain analysis and foreign law advice. We coordinate that work with technical analysts and foreign lawyers, we do not carry it out ourselves, and it is a real cost that has to be weighed against what is recoverable. If the money has gone somewhere that no Cyprus judgment will reach, we say so at the start rather than after a year of fees.
Where a matter needs a specialist
If your problem is an authorisation application, a licence condition or a supervisory inspection, that is regulatory work and it belongs with a regulatory firm or a licensed compliance consultant. We will say so early, help you frame the question, and work alongside whoever you appoint on the parts that are contractual or contentious.
What to send us in a first enquiry
The agreement or terms you signed, the account statements or transaction records covering the disputed period, the correspondence with the bank or platform, and a short chronology of what happened and when. That is usually enough for a first view on whether there is a claim worth running.
What we do not do
We do not prepare or file licensing and authorisation applications.
We do not build AML, KYC or data protection compliance systems, and we do not sign off on compliance frameworks.
We do not advise on which jurisdiction to incorporate in, and we do not structure token issues.
We do not carry out blockchain tracing in house. Where a case needs it, we bring in analysts and foreign counsel and manage that work as part of the claim.Disputes with banks and payment providers
We act on:
accounts frozen, blocked or closed, and requests for the reasons and the underlying file
unauthorised or disputed transactions, including transfers and card payments
payments not executed, delayed or sent to the wrong beneficiary
complaints about how a credit, investment or insurance-linked product was sold
breach of facility terms: interest applied, charges added, default declared, security enforced
correspondence and complaints to the provider before proceedings
Some of these matters settle on the strength of a well-evidenced complaint letter and never reach a courtroom. We will tell you which of the two we think you are in.
Frequently asked questions about banking and fintech law in Cyprus
My bank has frozen my account and will not tell me why. What can you do?
We write to the bank setting out the account, the amounts and the effect on your business, and we ask for the reasons and the internal file. Many freezes are resolved at that stage once the bank has the documents it actually wants. If the freeze holds without a proper basis, the next step is a complaint or proceedings, and we will tell you which is proportionate.
Can a Cyprus court freeze the accounts of someone who took my money?
The court can grant interim relief in support of a claim, but not automatically. You need a defendant who can be identified and named, evidence that stands up on affidavit, and assets the order can realistically reach. Where the money has moved offshore or through anonymous accounts, the honest answer is often that the cost of pursuing it exceeds what comes back.
I lost cryptocurrency to an investment platform. Is it worth suing?
Sometimes. It depends on whether the platform or the individuals behind it can be identified and served, whether any assets sit somewhere a Cyprus judgment or a foreign court can reach, and what the tracing will cost. Send us the transaction records and the correspondence and we will give you a view on prospects before you spend anything on the claim.
Do you handle licensing or authorisation applications?
No. We do not prepare or file authorisation applications, and we would not do a good job pretending otherwise. If that is what you need, we will point you to a regulatory firm or licensed consultant and stay involved only on the contract or dispute elements, if there are any.
Can you review a guarantee before I sign it?
Yes, and this is one of the cheapest pieces of legal work you will ever buy. We look at what is guaranteed, whether liability is capped, what triggers a demand, what happens on default, and whether the security given is what you think it is. A short review before signature is worth more than a defence after demand.
Send us the agreement, the statements and the correspondence, and we will tell you whether you have a claim worth running and what it will realistically cost. Email office@kleanthousplatis.com or call +357 22 680 330.
Related practice areas: Corporate & Commercial and Restructuring & Insolvency.