The CEO of Crypto.com denies rumors of withdrawal restrictions
As the ongoing crypto-bloodbath has brought many crypto-oriented businesses to the brink of collapse, general sentiment toward Crypto.com points to the next victim.
While many other crypto companies are making changes to their policies to prevent platforms from the drastic effects of today’s macro headwinds, rumors have surfaced that the crypto exchange has introduced withdrawal restrictions. But as it should be, Kris Marszalek, CEO of Crypto.com, took to Twitter to reassure the stock exchange community that the management does not impose any “special deposit campaign” and no other withdrawal restrictions.
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Kris added:
Our withdrawal policy is the same as it always was. We did not implement any new restrictions. We do not run any special deposit campaigns (and we make sure that all the regular ones we run are profitable).
The CEO further emphasized in the same Twitter thread that the platform has a strong position in the crypto space and called these rumors “false clickbait.” He added:
People are free to FUD everything they want, but this does not change the facts: will be a top 5, maybe even top 3 crypto platform globally after sales this year. Only two other players have a higher number of users than us.
In the same thread, he encouraged that the company has made enough money in the scaling of previous years to be able to handle low trading volumes and revenues in this challenging time today. And the company has decided to use unit economy to implement security measures.
Crypto.com recently cut its workforce to reduce costs
The recent move of the platform to reduce the workforce by 260 employees, which accounted for 5% of the entire staff, refers to the unit economy to minimize the cost of surviving the long-term bearish.
In the series of tweets, Kris expressed his opinion on the current market situation and called ongoing crises a clean-up in the industry to remove bad crypto projects. He said:
The industry will be better off after subscale companies with broken business models are out. There will be some short-term pain, and we have seen some of it play out already, but the whole place will come out stronger due to this much-needed clean-up.
Similarly, in May, the exchange removed Dogecoin and Shiba Inu from its rewards programs along with other 13 cryptocurrencies. However, the exchange’s guidelines for Bitcoin, Ethereum, etc., remained unchanged. Furthermore, without stating the reason behind the delisting of these tokens, the company announced via tweet that they also revised the prices for five stack coins.
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Like other other coins that fell significantly, the original token of crypto.com, Cronos (CRO), has lost around 80% in one year. But at the time of writing, the CRO has increased by over 3.5% in the last day, trading at $ 0.117.
Featured image from Pixabay and chart from TradingView.com
