Crypto.com Exchange Referral Code: sgreferralpromo (Referral Promotion)

Note: this article is a repost of the article published on SgCryptoInvestor.com and last updated in August 2022.

Company

Founded in 2016.

Investors

Crypto.com has grown without ever taking an outside investment.

“We’ve obviously had a tremendous amount of interest, with some very generous offers, but cash hasn’t been a limiting factor given the amount of revenue the company produces” - source

Key metrics

• 50+ million customers [May 2022]
• 1+ million followers on Twitter [Oct 2021]
• 4000+ employees in offices across the Americas, Europe and Asia [May 2022]

Notable developments

• Crypto.com receives in-principle approval from the Monetary Authority of Singapore for Major Payment Institution License [22 Jun 2022]
• announced reduction of about 260 positions or 5% of corporate workforce [Jun 2022]
• Cyber-security breach of 483 customer accounts [17 Jan 2022]
  • users reported that Ethereum and other cryptocurrencies were wiped from their accounts.
  • Singapore-based Crypto.com CEO Kris Marszalek confirms 483 accounts hacked, says affected customers reimbursed
  • unauthorised withdrawals totalled 4,836.26 ETH, 443.93 BTC and approximately US$66,200 in other currencies. In cash terms, more than $33 million in funds was stolen.
  • post-mortem: Security Report & Next Steps
    • Crypto.com shared findings, announced enhancements to the security infrastructure and introduced the Worldwide Account Protection Program (WAPP).

Presence in Singapore

• Entity: Foris DAX Asia Pte. Ltd. (UEN: 201917495R)
• Location: 1 ‌Raffles‌ Quay #‌09‌-‌06 Sin‌ga‌pore 04‌85‌83

Regulatory Compliance

Monetary Authority of Singapore (MAS)

On 22 Jun 2022, Crypto.com announced that it has received in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution License.

Once granted, this license will enable Crypto.com to offer a range of payment services within the Payment Services Act, including Digital Payment Token (DPT) services to customers in Singapore.

Other regions

Might not be a complete list:

• Cyprus: received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) [Jul 2022]
• Dubai: provisional approval from Dubai Virtual Assets Regulatory Authority [Jun 2022]
• Greece: received registration from the Hellenic Capital Market Commission
• Italy: received registration and regulatory approval from the Organismo Agenti e Mediatori (OAM) in Italy as a provider of virtual currency and digital wallet services [Jul 2022]
• South Korea: secured Electronic Financial Transaction Act and Virtual Asset Service Provider registration
  • by acquiring payment service provider ‘PnLink Co., Ltd.’ and virtual asset service provider ‘OK-BIT Co., Ltd.’.
• UK: registration approval as Cryptoasset Business from UK Financial Conduct Authority (FCA) [Aug 2022]

Travel Rule

Crypto.‌com announced in February 2022 that it will be introducing several measures in 2022 to comply with the Monetary Authority of Singapore’s incorporation of the Financial Action Task Force Value Transfer Requirements (‘Travel Rule’) under the Payment Services Act (Notice PSN02). See FAQ.

In the first phase, Crypto.‌com users are required to provide additional information for the following transactions:

• Outgoing digital token transfers

  • You must provide the name of the beneficiary party, whether the transfer is going to a private wallet or a cryptocurrency exchange, and other supplementary information.

• Incoming digital token transfers

  • You should share additional details about your incoming transfers for the protection of your account, including the name of the originating party and whether the transfer is from a private wallet or a cryptocurrency exchange.

  • The beneficiary/originating party information will be assigned to the respective digital wallet address. You will not be required to furnish the beneficiary/originating party’s information for subsequent transfers to or from the assigned digital wallet address.

Social media

• Crypto.com Singapore Community 🇸🇬 :
  • Facebook
  • Telegram
• Twitter: @Cryptocom_Insto is dedicated to Crypto.com Exchange.
  • Follow to stay up to date on:
    • New listings across Spot, Margin, and Derivatives Trading, as well as supported coins for Lending
    • Fresh features and upgrades for all Exchange users, including VIPs and institutional clients
    • Trading competitions and giveaways
    • Market insights, chart analysis, and more

Ecosystem

Access to platform

• Android
  • The ‘Crypto.com Exchange App’ meant for this platform has a black logo.
  • The ‘Crypto.com App’ meant for the Crypto.com App platform has a blue logo.
• iOS
• Web

Cronos (CRO) Coin

Cronos (formerly Crypto.com) Coin

Crypto.‌com Price

Utilise Crypto.‌com Price to find market cap rankings, price charts, upcoming NFT collections, and other information that can help you make informed decisions about your crypto holdings. You can sign in with a Crypto.‌com App account.

Another useful feature is Showroom where users can check out the day’s most relevant tokens and coins.

Discovery Zone

The ‘Discovery Zone’ was launched in Nov 2021 and enables users to find and trade the token of exciting new projects.

When accessing the platform from web browsers, it can be found in the “Markets” section.

Supercharger

• A simple, flexible, and secure liquidity mining platform
• Deposit and mine the most popular DeFi tokens with the option to withdraw at any time

There is a minimum deposit of 100 CRO to take part in the Supercharger. The Supercharger for both Crypto.com App and Exchange goes to the same liquidity pool.

The Syndicate

The Syndicate is a fundraising platform for the promising crypto projects to list their coins or tokens on the Crypto.com Exchange. Crypto.com Coin (CRO) holders, those who have staked CRO in the Exchange, will receive priority token allocation for these events at a discount.

Soft staking

• Earn up to 4% p.a. just by holding a balance on the Crypto.com Exchange
• Withdraw and trade your crypto at any time

Trading bots

Crypto.com Exchange launched trading bots in late April 2022.

Unlike KuCoin, which limits traders to 10 concurrent trading bots, there is no cap on Crypto.com Exchange.

DCA Bot

The first type of trading bot introduced performs Dollar-Cost Averaging (DCA) for Spot trading. This enhancement enables traders to hedge market risk by automatically investing a set amount on a regular schedule.

Grid Bot

Buy low, sell high automatically

✔️ Unique Selling Proposition (USP)

100% of user cryptocurrencies are held offline in cold storage

Crypto.com has a strategic partnership with Ledger, integrating its institutional-grade custody solution, Ledger Vault. They also leverage hardware security modules (HSM) and multi-signature technologies.

All funds held in hot wallets are corporate funds. They are primarily used to ensure smooth day-to-day withdrawal requests from customers.

Advanced order types

Enter and exit the market automatically using Advanced order types:

• Stop Loss
• Take Profit
• One-Cancel-the-Other (OCO) order (added in Dec 2021)

Best Execution Prices

Proprietary Vortex Liquidity Engine pools liquidity from major exchanges globally and routes them to ensure the lowest crypto prices.

Convert stablecoins at a 1:1 ratio without transaction fees

This feature gives you the flexibility to instantly exchange between and trade with 4 different stablecoins, including USDC and the newly-added TUSD, BUSD, and GUSD.

First Cryptocurrency Platform to Achieve SOC 2 Compliance

Achievement demonstrates company’s ongoing dedication to security and data privacy

Crypto.com announced on 22 Nov 2021 that it has successfully completed the Service Organization Control (SOC) 2 Audit, conducted by globally recognized audit and consulting firm Deloitte, which affirms that Crypto.com’s information security practices, policies, procedures, and operations meet the SOC 2 standards for security, availability, confidentiality and privacy.

First FinTech Company To Achieve Singapore’s Data Protection Trust Mark

Crypto.com is the first FinTech company to achieve the coveted Data Protection Trust Mark (DPTM) awarded by Singapore’s Infocomm Media Development Authority (IMDA).

IMDA, a statutory board under the Ministry of Communications and Information, has awarded less than 70 DPTM’s to organizations in Singapore of any kind.

Crypto.com’s Singapore-based customers can be assured that Crypto.com has put in place responsible data protection practices for their personal data, aligned with Singapore’s Personal Data Protection Act (PDPA), incorporating elements of international benchmarks and best practices.

Funds Protection

Insurance against losses

Crypto.com has secured a total of USD 750M in cold storage insurance against physical damage or destruction, and third-party theft.

Worldwide Account Protection Program (WAPP)

Introduced in the aftermath of the hacking incident in January 2022 and rolling out from February 2022 in select markets, WAPP offers additional protection and security for user funds held in the Crypto.com App and the Crypto.com Exchange. The protection program was rolled out in Singapore in early March 2022.

It is designed to protect user funds in cases where a third party gains unauthorized access to their account and withdraws funds without the user’s permission. WAPP restores funds up to USD$250,000 for qualified users; terms & conditions apply.

To qualify for the WAPP program, users must:

1. Enable Multi-Factor Authentication (MFA) on all transaction types where MFA is currently available,
2. Set up an anti-phishing code at least 21 days prior to the reported unauthorized transaction,
3. Not be using jailbroken devices,
4. File a police report and provide a copy of it to Crypto.com; and
5. Complete a questionnaire to support a forensic investigation.

Low trading fees

Crypto.com Exchange restructured their fees and limits in August 2022. The trading fee structures are now simplified, and advancing through the levels is more straightforward

Trading fees now start from 0.075% with no minimum trading amount and can go to as low as ZERO!

New Users: 2% Deposit Bonus

New users who have completed account verification for ‘Advanced level’ are eligible for the 2% deposit bonus.

All direct deposits made to your Crypto.com Exchange Wallet address within 30 days from the new account creation date will receive a 2% bonus of the deposit value in CRO.

Usage Notes and Tips

Crypto Dust Conversion

Crypto Dust Conversion was added to the Crypto.com Exchange in January 2022. Users can now instantly convert up to 20 small balances at a time into CRO.

Funds related

Funding Crypto.com Exchange account

There methods to fund the account:

1. Transfer USD from your bank account, and receive the funds in USDC at a 1:1 ratio.
2. From an ­External Wallet
3. From the Crypto‌.com App (no fees)

Method 3 allows you to fund using Singapore dollars (SGD). The workflow would be:

• Crypto‌.com App: StraitsX (Fiat Wallet) -> USDC
• Transfer with zero fees, USDC from Crypto‌.com App -> Crypto‌.com Exchange

Learn more on crypto investing in Singapore