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HomeCrypto NewsExchangesCryptoCom CEO Dismisses Ongoing Rumors About Exchange’s Plan to Halt Withdrawals 

CryptoCom CEO Dismisses Ongoing Rumors About Exchange’s Plan to Halt Withdrawals 

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CryptoCom CEO says we are not banning any withdrawals.


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In light of rumors that Crypto.com is facing a liquidity crisis, Kris Marszalek, CEO of the leading exchange, has dismissed the report, describing these claims as false clickbait.

In a Twitter update, Marszalek said despite the exchange’s effort to scale its public unit and organization exercise, rumor mongers have continued to spread fake news about the trading platform.

“I have seen two just this week — that we are slowing down withdrawals and running special deposit promotions. This is all false clickbait,” Marszalek said.

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He went further to assure its users that there is no change in exchange withdrawal policy as reported across various social media platforms, adding that no special deposit promotions are ongoing as reported.

“Our withdrawal policy is the same as it always was, we didn’t implement any new restrictions. We don’t run special deposit promotions (and we make sure all regular ones that we do run are profitable),” Marszalek added.

Marszalek: Crypto.Com Will Record Huge Profit This Year

The Crypto.Com CEO assured users that regardless of the FUDs, the cryptocurrency exchange will still finish ahead of other trading platforms in terms of revenue this year.

Crypto.Com Affected By Ongoing Crypto Winter

Meanwhile, Marszalek’s Twitter update does not rule out the possibility that Crypto.com is also affected by the ongoing crypto winter.

Crypto.Com is one of the cryptocurrency-related companies affected by the ongoing crypto winter. Like Coinbase, Crypto.com announced that it is laying off 260 employees, representing 5% of its total work strength to cope with the massive slash in digital currency prices.

Based on the development, it is not surprising to see negative reports being fabricated about the exchange.

Negative Reports Plague the Crypto Industry

The cryptocurrency market has been plagued with a series of Fear, Uncertainty, and Doubts (FUDs), following the numerous unfortunate developments that have rocked the nascent industry in recent times.

Before now, crypto investors were only faced with the issue of losing the value of their crypto asset holdings due to sell-offs. Lately, investors now risk losing access to their funds stored on different cryptocurrency platforms.

Cryptocurrency trading platforms that initially denied reports of plans to halt withdrawals later made a U-turn to deny users access to funds, a perfect example is crypto lender Vauld.

Last month, Celsius Network was among the first crypto trading firms to announce it would be halting token withdrawals, swaps, and transfers on its platform, citing unfavorable market conditions. At the time, users were left with no choice but to see the value of their assets on the platform decline amid the massive volatility in the crypto market.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Author

Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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