CryptoCom CEO Denies Imposing Withdrawal Restrictions

With the recent rise of crypto trading firms suspending essential services due to liquidity-related issues, speculations on the next victim of the ongoing market crash have also gone rampant in the community. CryptoCom CEO Kris Marszalek took the latest rumors against his exchange to Twitter, clarifying that it did not implement withdrawal restrictions nor run additional promotional programs about deposits.

• In response to the rumors that the Singapore-based exchange has changed its withdrawals policy and introduced “special deposit promotions,” the CEO labeled both claims as FUD being manufactured as a “false clickbait.”
• He argued that the company is “in a good place,” claiming that it may have been one of the top three crypto exchanges in the world this year.

People are free to FUD all they want, but this doesn’t change the facts: https://t.co/pFc4PzqqHR will be a top5, maybe even top3 crypto platform globally by revenue this year. Only two other players have higher user count than us.

— Kris | Crypto.com (@kris) July 5, 2022

• In the same thread, Marszalek revealed that the company has chosen to “optimize unit economics” amid market downturns. Following the massive scaling last year, the exchange can now handle the significant drop in revenue and trading activities since the low point today, according to the CEO, is equivalent to the record-breaking revenue achieved in early 2021.
• Marszalek’s so-called practice of optimizing units may have referred to his earlier announcement of cutting 5% of the workforce – approximately 260 employees – a typical measure taken by struggling firms to cut expenses.
• Meanwhile, like most altcoins in the bear market, Cronos (CRO) – the exchange’s native token – is down over 80% YTD.
• The Polish entrepreneur viewed the current bear market as a “cleanup” of the industry to get rid of those failing companies and make the whole space “emerge stronger” again.

“The industry will be better off after sub scale companies with broken business models are out. “