In this article, I will explore why you may not be able to withdraw your funds from Crypto.com. Various factors come into play as to why this issue may arise.
Some of these challenges include purchase holding periods, daily withdrawal limits, security parameters, regulatory compliance, and even technical interventions. By taking these factors into account, we better comprehend and manage the risks that come with operating on the platform.
What Is Crypto.com?
Crypto.com is one of the top crypto companies of today enabling you to buy, sell or trade various cryptocurrencies as well as earn from staking and lending. Furthermore, it allows for the use of a secure wallet, spending with a Visa card, DeFi wallet usage, a NFT marketplace, and much more.
The company focuses on the appliances being used with Crypto maintenance cost being low while ensuring high levels of security.
The goal of the firm is to increase the world’s usage of cryptocurrencies in forms of innovative instruments and an easy to understand ecosystem. Crypto.com was established in 2016 and currently supports millions of users from around the globe.
Why Can i Not Pull out My Money From Crypto.com
Payouts in Fiat is Not an Option Yet
Crypto.commostly transacts in digital currency and as such at this time, does not facilitate any crypto.com payouts in fiat. Even if you liquidate your crypto for cash, the money could still be locked in your crypto account.
Holding Periods After A Crypto Purchase
In a bid to prevent fraudulent activity, Crypto.com has a policy that a set time must elapse before users withdraw any newly purchased coins This period is five days for crypto purchased via a credit card or via debit cards or seven days for crypto purchased via bank transfers .
Daily Limit On Withdrawals
A withdrawal limit on a per transaction basis has been established for accounts regardless of the level of verification. If you hit this target, attempts to go beyond this limit will result in transfers being aborted 2
Certificate
Crypto.comsaid that all user withdrawals will be suspended globally for 24-48 hours while it undertakes an assessment and remedial action in response to unauthorized access of accounts or fraud attempts.
Maintenance Work
Maintenance checks intervening with the ability to withdraw funds are not uncommon and can at times lead to unanticipated outages.
Regulatory Control
In some cases, locations may require Crypto.com to impose region-based withdrawals.
Crypto.com Stopped Supporting Withdrawals in Fiat Currency
Crypto.com does not cater to the clients looking for a platform for depositing or withdrawing in FIAT as the company operates with the focus of digital assets. The company has 68 million users all of whom currently facilitate in buying and selling of cryptocurrency with the company and features of withdrawing cash from one’s bank to the account has not yet been rolled out.
I understand it’s risky having your funds locked in an exchange you don’t trust. However, this is not an ordinary crypto exchange, as of July 2022, they are ranked among the top 10 crypto apps in the world and have secured $2.5 billion in venture funds to grow their business further.
Also, remember that if you don’t have the option of withdrawing cash you do not have to be worried. In this case, you would have to trade your digital assets for fiat currency, then after a certain period, you would be able to withdraw the currency into an external account. I will explain how to do it in a moment!
Why can’t I Withdraw My Money from Crypto?
It’s quite possible that your crypto assets have a holding period, during which selling or moving them around is not permitted. If you’re in this category, then you would have recently purchased crypto using a card, an ACH, or through Open Banking services.
As a security measure, the system ensures that withdrawals from your cash account (GBP, EUR, or USD), transfers to your DeFi Wallet or sending funds to an external wallet are not possible until the period has expired. Usually, a holding period is between a couple of days to more than a week, depending on how the payment was made.
Pros And Cons
Pro:
Improved Users’ Protection: The withdrawal limitations enable to aid shield customers’ money from any unauthorized claims and potential fraud.
Regulatory Compliance: Makes certain that Crypto.com adheres to the rules regarding the place where the business is located, which minimizes the chances of conflicts and ensures that the authorities’ confidence is not lost.
Fraud Prevention: The existence of waiting periods and limits on the amount of money that can be taken out will mitigate violent activities like laundering of money.
Technical Stability: Short-lived suspension of withdrawals owing to scheduled maintenance or technical failures can avert bigger issues and ensure smooth functioning of the system.
Con:
Market Education: Users might be annoyed and inconvenienced to the point that they cannot wait for their money any longer.
Economic Effect: Users who have incurred a cost and wish to recoup it at once will suffer because they may be unable to meet the spending need.
Market Credibility Reduction: The problems which relate to the withdrawal of coins in most cases and for a long time will lead to the decrease in the trust to the crypto exchange.
Influence in the Market: Problems experienced when trying to withdraw could affect the entire sphere of crypto currencies, thereby interfering with trade functions and making the markets liquid.
Conclusion
To summarize, there are a number of reasons why you might not be able to transfer your funds out of Crypto.com. These may include direct fiat withdrawals restrictions and limitations, withdrawal periods after purchases, daily maximum withdrawals, security systems, technical glitches, and regulations and restrictions on money movements.
All of these measures, are aimed at providing security and compliance to regulations and can sometimes be a hindrance to a user’s need to have easy access to their money. As usual it is good practice to see if there are any news from Crypto.com and to contact their support for case specific help.
