Security - Industry-Leading Security Infrastructure | Crypto.com (2024)

FAQs

Does crypto com have good security? ›

The Crypto.com app is indeed a safe cryptocurrency platform for cryptocurrency exchange. This safety is underpinned by the platform's comprehensive security measures, which include advanced MFA, real-time monitoring for suspicious activities, and substantial insurance coverage to protect user funds and assets.

We use Multi-Factor Authentication (MFA).

Transactions are protected by MFA, which includes password, biometric, email, phone, and authenticator verification.

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.

If Crypto.com goes bankrupt and can't pay you the crypto it owes you, then there is no one to bail you out. Crypto is not insured by the FDIC or any other fund.

Both Coinbase and Crypto.com are considered user-friendly platforms! Crypto.com may have a slight edge with users looking to trade primarily on mobile, while Coinbase may be a better choice if you wish to trade on desktop and mobile.

Additionally, with industry-leading compliance, security certifications, and Proof of Reserves, the Crypto.com App is where users can safely and securely trade popular cryptocurrencies — including Bitcoin (BTC) and Ethereum (ETH) — using 20-plus fiat currencies or a credit/debit card.

If you have lost access to your device and/or suspect your account is compromised, you may reach out to our Customer Support Team at contact@crypto.com to temporarily lock your account. This restricts access to your account and the withdrawal of your assets.

Yes. In the United States, your transactions on Crypto.com and other platforms are subject to income and capital gains tax. If you've earned or disposed of crypto (ex. Sold or traded away cryptocurrency) during the year, you'll have a tax liability to report to the IRS.

London, December 4, 2023 – Crypto.com, trusted by more than 80 million customers worldwide and the industry leader in regulatory compliance, security and privacy, announced today that it has been authorised as an Electronic Money Institution (EMI) by the UK's Financial Conduct Authority (FCA).

Last June 9, Singapore-based crypto exchange Crypto.com announced that it would no longer offer services to institutional clients in the U.S., effective June 21. The exchange cited “limited demand” from these customers given the current crypto market conditions.

What happens to my money if crypto com goes bust? ›

Cryptocurrency Is Not FDIC Insured

If a bank fails, the FDIC insures deposits. Investors should know that if their crypto exchange goes out of business, no government agency will make them whole. That's different from a bank, where the government insures funds up to account and institution limits.

Poor customer support: Customer complaints mention slow and low-quality customer support responses. Trading fee discounts can be confusing to navigate: Crypto.com's trading fee discount tiers may be complex to navigate.

In January 2023, our previous banking service provider, Metropolitan Commercial Bank (MCB), announced that it would exit the cryptocurrency market. As a result, we are now working with Community Federal Savings Bank (CFSB) to offer USD fiat services to our users.

Insurance Fund and Socialised Loss Mechanism | Crypto.com Help Center. The Insurance Fund represents the total amount of Liquidation Fees maintained by Crypto.com. It is designed to cover losses from traders where the Wallet Balance is less than 0 USD after all liquidations have occurred under Forced Liquidation.

Retail investors will not be impacted by this decision, said the firm, and will continue to be able to use the platform in the U.S., including Crypto.com's CFTC-regulated UpDown Options.

Crypto.com - Maintains a total of $750 million in cold storage insurance against physical damage or destruction, and third-party theft.

Binance vs Crypto.com - Comparison at a Glance

Binance vs Crypto.com cryptocurrency exchange overall score comparison reveals that Binance has a higher overall score of 9.8, while Crypto.com gathered an overall score of 6.0.