Crypto.com Sets Deadline For CoinQuora To Repay Crypto Customer Loans

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Crypto.com Sets Crypto Customer Loan Repayment Deadline

  • Crypto.com suddenly announces a deadline for customers from countries restricted by its lending program to repay their crypto loans.
  • The company also updated its list of restricted countries to include the US, UK and 38 other countries.
  • The reason(s) for the sudden change in policy is unclear, but many believe it has to do with regulatory pressure or the company’s recent marketing spree.

Crypto.com today set a deadline for users in its loan program’s restricted countries to repay their cryptocurrency loans. The deadline is set for 2 a.m. UTC, March 15, and the reasons for the announcement are still unclear.

Crypto.com has updated its list of restricted countries to include the US, UK and 38 others. According to the new policy, if users do not repay their loans on time, their collateral will be sold and loan positions closed by the platform.

Cryptocurrency lending products have been in the regulatory spotlight for just over a year now. Several cryptocurrency companies have received security breach notices from respective state regulators. Well-known cryptocurrency platforms such as Gemini and Celsius also came under US Securities and Exchange (SEC) investigation in January this year.

Additionally, BlockFi was also hit with a $100 million fine in February for offering customers unregistered cryptocurrency lending products.

However, regulatory pressure is not seen as the only reason for policy change.

Another possible reason for the policy change could have to do with the exchange’s aggressive marketing campaign and spending over the past year, which has raised some concern given that the company, unlike many other “unicorns” of cryptocurrencies, did not raise much capital from investors.

Many customers are convinced that Crypto.com’s sudden change in policy has something to do with the company’s overspending on its marketing campaign, which includes millions spent on celebrities, buying arenas, And much more.

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