Crypto.com Suspends Withdrawals After ‘Unauthorized Activity’ (2024)

FAQs

Did crypto com suspend withdrawals? ›

Withdrawals ceased

The suspension of withdrawals was confirmed by the firm on Monday via a tweet wherein it said: "We have a small number of users reporting suspicious activity on their accounts.

In the event of bankruptcy, crypto customers with custodially held assets are typically last in line to receive payment. In other words, those who have their cryptocurrencies locked away in non-custodial or self-custodial wallets won't be affected since they own the private keys.

Here is how to withdraw money from Crypto.com and transfer it to your US bank account on the ACH network: Step 1: Open the "Fiat Wallet" from the menu button or the “Accounts” menu. Then press "Transfer" > "Withdraw" > "USD". Step 2: Click on your USD balance and choose to Withdraw USD.

The name of the bank account you provide must match the legal name associated with your Crypto.com App account. Mismatched names will result in a failed withdrawal and fees may be deducted by the receiving bank for processing the refund.

On 14 November, Marszalek, the firm's CEO, assured users that the exchange was functioning as normal. On June 9, 2023, Crypto.com announced plans to shut down its institutional exchange in the United States by June 21, citing low demand from large financial institutions.

Only institutional clients enjoy fee-free withdrawals at Crypto.com. All users have a daily maximum fiat withdrawal limit of $1,000,000 after they fully verified their Crypto.com account.

In some cases, it may be possible to recover a portion or all of the funds through legal means or assistance from law enforcement agencies. However, it's important to note that recovering funds from cryptocurrency scams can be challenging, and in many instances, complete recovery may not be possible.

If you forgot to include a memo/tag or inputted it incorrectly, you can contact Customer Support to recover your deposit manually.

In January 2022, Crypto.com staff admitted that it lost $30 million in a hack of the Because the exchange keeps all of its customers' funds in cold wallets, however, none of Crypto.com's 50 million users lost any crypto or cash.

If you've recently purchased crypto via card, ACH or Open Banking, your crypto may be subject to a holding period. During a holding period, you cannot withdraw from your cash (GBP, EUR, or USD) account, send funds to your DeFi Wallet, or send to an external wallet.

How long do I have to wait to withdraw from Crypto com? ›

Withdrawals- Processing Time

Withdrawals to an external address may take 2-3 hours to process. Withdrawals to the Crypto.com App are instant.

What is 24-Hour Withdrawal Lock? It is a feature that adds an additional layer of security to safeguard your funds. It protects your account by disabling withdrawals for 24 hours to addresses that have been newly-whitelisted.

To safeguard your funds, you are recommended to enable the 24-hour withdrawal lock, which protects your account by disabling withdrawals for 24 hours to addresses that have been newly whitelisted.

All Users' deposits are held in cold storage, for security reasons, however, withdrawal requests - for all cryptos - are automated. In most cases, withdrawals are almost instant and normally should take no longer than 2-3 hours to be processed.

We hold all customer assets deposited on our platform in institutional-grade reserve accounts on a 1:1 basis, meaning funds are responsibly backed by Crypto.com and accessible at customers' convenience.

Withdrawals- Processing Time

Withdrawals to an external address may take 2-3 hours to process. Withdrawals to the Crypto.com App are instant.