Di. Sep 26th, 2023

• Crypto.com CEO Kris Marszalek reassured customers that their funds were safe after Sam Bankman Fried’s crypto empire collapsed in November.
• On January 20, 2023, the Bank of Lithuania suspended Crypto.com’s fiat payment processor Transactive Systems UAB due to its violations of money laundering and terrorist financing regulations.
• Crypto.com remained silent about the incident, only notifying customers two days later about “migrating FIAT Wallet to a new provider” without providing additional information or warning them about making euro-denominated transactions through already frozen payment processor accounts.

Crypto.com’s Transparency in Question

Kris Marszalek, the CEO of Crypto.com, ensured his client’s funds were safe immediately after Sam Bankman Fried’s crypto empire collapsed last November and reminded everyone of his company’s top priority: to be a trusted, responsible player that is fully transparent and can provide a safe and secure place for its users. However, some recent events have called this commitment into question.

Payment Processor Suspension

On January 20th, 2023, the Bank of Lithuania temporarily suspended Crypto.com’s fiat payment processor Transactive Systems UAB due to its significant breaches of the Law on Prevention of Money Laundering and Terrorist Financing – freezing its funds and ordering it to stop servicing clients – as well as prior fines for misreporting customer balances and equity capital back in 2022. As a result of this suspension, all euro deposits made by Crypto.com customers were frozen with no prior notification from the platform itself; only two days afterwards did they receive an email regarding the completion of migration to a new provider (Malta-based Foris MT Limited).

User Complaints & Lack Of Communication

In addition to this incident with Transactive Systems UAB, there are also various user complaints regarding compliant-loose payment partners as well as stalling fiat transfers accumulating against Crypto.com – yet they remain unaddressed by the platform due to their lack of communication on these issues with their customers despite their proclaimed commitment to transparency and trustworthiness.

Implications For The Future

These events raise questions about what else may be hidden from us by Crypto.com – will they take responsibility for their actions or continue shirking away from addressing customer concerns? Will further incidents arise which would damage customer trust in this self-proclaimed “transparent company”? What does this mean for future investments made through Crypto? These are all important considerations when deciding whether or not you can trust your money with this platform going forward

Von admin