Cryptocurrency platform Crypto.com denies rumors about suspension of withdrawals

Cryptocurrency platform Crypto.com CEO Chris Marshalek posted a post on Twitter denying rumors about the company’s liquidity problems and the suspension of withdrawals.

According to Marshalec, the trading platform has no plans to impose any restrictions on its customers. Currently, Crypto.com is operating as usual, with some changes — the company recently laid off 5% of its employees (all due to the fall in the value of digital currencies and bearish market sentiment).

The concerns of the crypto community about the possible suspension of Crypto.com's withdrawals are not unfounded, given the financial difficulties of some crypto companies. For example, the KuCoin cryptocurrency exchange started massive with drawals a few days ago (despite the company’s CEO’s previous statements about the stability of the financial situation). About $ 1.7 billion worth of cryptocurrency was withdrawn from wallets linked to the KuCoin centralized exchange, and as of July 4, only $ 10 million remained in 14 wallets known to users.

The Coinbase crypto exchange is going through hard times due to market volatility: in mid-June, the international rating agency S&P Global Ratings published a negative forecast for the exchange’s profitability for the next 12 months: it predicts a decline in revenues and an increase in expenses.