Crypto.com CEO Denied Imposing Restrictions On Withdrawals

Crypto.com CEO Denied imposing restrictions on withdrawals on the platform and he remains confident about the future of his company despite the reduction in the workforce so let’s have a closer look at today’s latest crypto news.

With the recent rise of crypto companies that suspended essential services beucase of liquidity issues, the speculations on the next victim of the market crash went rampant in the community. Kris Marszalek as the Crypto.com CEO denied imposing restrictions on withdrawals and clarified that he didn’t run additional promotional programs about the deposits as well.

Our withdrawals policy is the same as it always was, we didn’t implement any new restrictions.

We run no special deposit promotions (and we make sure all regular ones that we do run are profitable).

— Kris | Crypto.com (@kris) July 5, 2022

In response to the rumors that the Singaporean exchange changed the withdrawal policy and introduced a special deposit promotion, the CEO labeled both claims as FUD being manufactured as false clickbait. He argued that the company is in a good place and claimed that it could have been one of the top three exchanges in the world for the past two years. Kris also revealed that the company chose to optimize the unit economics and market downturns so after the massive scaling last year, the exchange is able to handle the huge drop in revenue and activity to the low point of today.

Marszalek’s practice of optimizing units could have referred to the earlier announcement of cutting down 5% of the workforce or 260 employees to be exact, which is a typical measure taken by struggling companies in order to help them cut down on expenses. In the meantime, like most altcoins on the bear market, Cronos is down by 80% year-to-date. The Polish entrepreneur saw the current bear market as a cleanup for the industry to get rid of the failing companies to make the entire crypto space stronger again:

“The industry will be better off after sub-scale companies with broken business models are out. “

As recently reported, The leading digital asset exchange Crypto.com recieved in-principle approval from the Monetary Authority of Singapore to provide payment services in the Asian state. The regulator also gave a green light to the two additional companies as a part of the industry Genesis and Sparrow to over similar services. The Singapore MAS regulator added that Crypto.com can now offer services for the citizens of the city-state and the exchange explained that this approval will enable the exchange to offer plenty of settlement solutions within the Payment Services Act including the Digital Payment Token services for Singaporean clients.