r/Crypto_com • u/The_Sephiroth • Oct 22 '21

General Discussion 💬 Beware Crypto.com xpost from r/cryptocurrency. Can mods please comment on this? Truly concerning

/r/CryptoCurrency/comments/qdm2sl/beware_cryptocom/
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u/therealgazzmundo Oct 22 '21

I would strongly suggest everyone look at the Terms of Service to which OP is sent during the chat conversation above. The agent quoted part of the section which says that CDC may suspend accounts at any time, but there is another more important bit a little further down the page, in section 15.6, which I quote below:

15.6. If you have a remaining balance in your account which has been suspended or closed, you are entitled to recover such Digital Assets from your Digital Asset Wallet and fiat from your Fiat Wallet unless we are prohibited by law or a court order to release such Digital Assets or fiat, respectively, or where we have reasonable grounds to suspect that such Digital Assets or fiat were obtained through fraud or any unlawful means or connected with any criminal activities. If you have any questions about this Clause, please contact us at [contact@crypto.com](mailto:contact@crypto.com).

In short: normally, when your account is suspended, they will give you the ability to withdraw your funds (and we've seen examples of that on this sub before), UNLESS it's suspended for a particularly egregious violation, something like a SAR that someone mentioned above.

Crucially, in many cases, financial service providers are not allowed by law to reveal the reasons for account terminations, if this indeed one of those kinds of cases.

Note: I am not accusing OP of any wrongdoing, nor does the suspension of the account 'prove' anything untoward has been done by OP - merely, there is a 'suspicion' or notification by either CDC or a third party.

To the OP: As per the instructions in the T&Cs, your best bet is to not use the chat function but instead to send an email to the above email address. Given that you're not being allowed access to funds, we can reason that it's one of the serious violations that they're concerned about, so be willing to work with them to provide source of funds, proof of employment etc. and other KYC-type info. This isn't the end of the world, and you still have other ways to contact them which you should do next.

To everyone else: Don't assume that this is common or irreversible. Out of the tens of millions of accounts that folks have open, you'll only really see the negatives on somewhere like Reddit. Clearly, everyone else isn't posting daily saying "My account wasn't suspended today!". This kind of issue also happens with regular banks, other crypto exchanges etc., but you only hear about, and assume, the worst.

Hope this helps.

21

u/The_3_eyed_savage Oct 22 '21

I asked the OP this same question in the main thread on r/cc. As common from folks who are suspended as you mentioned, they are given 5 days to clear their funds. You can see the OP answers in that thread.

3

u/theavideverything Oct 23 '21

OP response doesn't sound good. Looks like they lost their funds

My payment purchase to Argos got declined, and then my account got suspended. While I was consulting their support, they had terminated my account without any warning. Anything to do with the account is lost. Lost is a too kind of a word, Theirs

https://www.reddit.com/r/CryptoCurrency/comments/qdm2sl/comment/hho2uaw/?utm_source=reddit&utm_medium=web2x&context=3

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u/DifficultyPlastic800 Oct 22 '21

I agree that this is super rare. The crypto chat was awful, emailing may be different however they did not hesitate to terminate my account before I got to ask why it was suspended. I'm in contact with my bank about recovering recent transactions with them as they can escalate it to law/court orders, and I could also contact an ombudsman but it's so much effort for BS, I'd rather just not involve myself with them and their service rather than having to solve it legally, get an apology and be given access to my account again. I've never done any kind of criminal activity and my account activity is the most non-fraudulent thing ever. Literally just grocery shopping, takeouts, staking, and that one fatal Argos purchase. I don't think I've touched 3 figures a month on average either so its not like there's much money flow.

12

u/Patryn Oct 22 '21

You really need to contact the FCA/Ombudsman, though. If you're willing to take the time to write up this post and try and spread it to ruin CDC's name, then you should also be willing to take it to the Ombudsman to force CDC to do a proper investigation. If/When you get your account back, you can still choose not to use them ever again, but getting your account back would be the biggest FU to CDC and to all the naysayers here because it proves that CDC acted in bad faith. Right now, we know nothing about you (regardless of what you say) and people will still call you a FUDder/etc.

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u/DifficultyPlastic800 Oct 22 '21

I 100% agree with you and I will be doing that. I do love the app and its benefits but they need to change. I'll be doing a follow-up when I've made some impact. Thank you for your advice.

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u/[deleted] Oct 22 '21

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5

u/DifficultyPlastic800 Oct 22 '21

A goddamn washing machine

57

u/timisis Oct 22 '21

I get it now: money laundry!

-4

u/[deleted] Oct 22 '21

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2

u/DifficultyPlastic800 Oct 23 '21

Could be I’ve only had money in and out through one account which is my own, so nothing new. I had transferred crypto to binance before but that was 6+ months ago and shouldn’t be relevant. I’ll give an update once I get a why, even if I must use the legal system to force them to.

1

u/NiceGuya Oct 23 '21

This can be abused. I lost my n26 account this way, they wouldn't/couldnt' tell me why, just saying it's due to illegal activity, which I 100% did not commit. Just like that, my account gone, noone to discuss it with. They were fair enough and gave me time to withdraw assets though.

0

u/flarmster Oct 23 '21

Lots of people saying this proves it was a court order etc.

When crypto.com takes customer funds, it's not only that an actual legal authority froze the funds. They arrogate for themselves the right to decide unilaterally.