Since there is no concept of "crypto exchanges" as a special type of legal entity in Russian legislation, very often many of them work without licenses. Often crypto exchanges and legal entities for which an exchange account is opened in a bank are, from a formal point of view, independent of each other entities. Accordingly, it is not always possible to link their resources together in the event of bankruptcy.
In addition, a huge number of transactions with cryptocurrencies are of a cross-border nature. Accordingly, determining the jurisdiction of a particular cryptocurrency asset is very difficult, if not impossible.
States are trying to solve this problem by considering the jurisdiction of assets based on the jurisdiction of the exchange on which they are placed. But this mechanism does not always work without failures. After all, for example, a cryptocurrency exchange and its server can also function in different jurisdictions, which creates additional difficulties.
However, the knowledge of these nuances and gaps in the legislation does not make it easier for the client of the cryptocurrency exchange if the exchange has gone bankrupt. Naturally, when applying for a refund, the exchange user must submit documents that will confirm:
1) formation of funds for the purchase of cryptocurrencies,
2) making transactions for the purchase of cryptocurrencies on this exchange.
It is better to calculate all the options in advance and take screenshots of transactions made by these cryptocurrency exchanges.
There is another important point. Cryptocurrency transactions attract many users with their anonymity. But if the cryptocurrency exchange does not require the user to pass identification, then it will be almost impossible to return the money in case of its bankruptcy. After all, formally you are an "anonymous" who is not connected with this exchange in any way.
In the event that the user fundamentally does not want to be identified on a cryptocurrency exchange, he needs to store his assets not on the exchange, but in a hardware wallet.
This will protect your finances from the risk of disappearing in the event of the bankruptcy of the cryptocurrency exchange.
The chances of a refund in case of bankruptcy of a cryptocurrency exchange are also reduced if the exchange is registered in an offshore jurisdiction. But, for example, if it is registered in the United States, then the American Federal Marshals Service has impressive experience in seizing digital assets and their subsequent sale in order to compensate debts to creditors.
Therefore, creditors of American cryptocurrency exchanges have certain chances to receive at least part of the invested funds in case of bankruptcy of the exchange.
But even with a successful outcome of the events, the procedure for returning funds from the cryptocurrency exchange may take more than one year. In particular, there are many examples of how users of cryptocurrency exchanges have been waiting for the return of their money for five or more years, but have not waited for this moment. In any case, it is necessary to immediately contact a qualified lawyer specializing not only in the field of bankruptcy, but also in the field of cryptocurrencies and cryptocurrency transactions. However, there are still not so many such specialists.