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Exclusion of other countries: Cryptocom wants loans back

 


Crypto.com is giving users from countries banned from its lending program until March 15 to repay their crypto loans. 


The company has updated its list of countries that no longer have access to the program. This now also includes the United States, Great Britain and 38 other countries. Users from European countries like Germany, Switzerland and the UK have received emails from the company detailing the loan deadlines. Some users who do not have crypto loans on the platform have also received these emails.



If users do not repay their loans by March 15, their collateral will be sold and the loan positions will be closed by the exchange. Cointelegraph has reached out to Crypto.com for comment but has not received a response as of press time.


This sudden change has angered Crypto.com customers and caused them to shake their heads. Many claim that the exchange spent too much money on advertising and marketing and is now in financial trouble. The exchange's aggressive marketing over the past year has caused a stir as the company hasn't raised much capital from investors, unlike many other crypto unicorns.



Crypto.com's marketing budget has been discussed in the community for some time. Among other things, the company has spent millions on celebrity advertising , buying stadiums and much more. However, the sudden change in lending has only made this theory more plausible to some people in the community.


Crypto lending products have been under the scrutiny of regulators for over a year. Several crypto firms have received notices of securities law violations from their respective state regulators. The Gemini and Celsius credit products were under review by the US Securities and Exchange Commission in January. BlockFi was fined $100 million in February for offering unregistered crypto lending products.

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