Users from countries banned from Crypto.com loan scheme have until March 15 to return their crypto loans, according to reports.
In fact, The United States, the United Kingdom, and 38 additional nations were added to the list of prohibited countries. Users from Germany, Switzerland, and the United Kingdom have all shared emails from the corporation about the loan deadline. It’s worth mentioning that the emails have also been sent to some of these people who do not have crypto loans on the platform.
Users who do not return their debts by March 15 will have their collateral liquidated. And their loan positions cancelled by the exchange, according to the new regulation.
Customers at Crypto.com have expressed their dismay and bewilderment at the abrupt policy change. With many saying that the exchange’s recent advertising and marketing spending has begun to affect its bottom line. Given that, unlike many other crypto startups, the exchange hasn’t received much funding from investors. The exchange’s strong marketing blitz over the past year has raised many eyebrows.
The marketing budget of Crypto.com, which includes millions spent on celebrity endorsements, arena purchases, and other expenses, has been a hot issue on the internet for a long time. The theory has gained traction as a result of the company’s abrupt change in lending policy.
For over a year, crypto loan products have been under regulatory scrutiny. With numerous crypto businesses receiving security violation notices from state regulators. In January, Gemini and Celsius presented lending products that were under investigation by the Securities and Exchange Commission (SEC). While BlockFi fined $100 million in February for promoting unregistered crypto lending products.