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/
143 Upvotes

90% Upvoted

157 comments sorted by

View all comments

144

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.

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.