Crypto.com Supported Countries | US & EU Allowed? | Beginner's Guide (2023) (2024)

FAQs

Why is Crypto.com saying unsupported jurisdiction? ›

Why is the crypto exchange app not available in certain jurisdictions? Crypto.com may not offer certain products, features and/or services on this website and the Crypto.com Exchange App in certain jurisdictions due to potential or actual regulatory restrictions.

Crypto.com holds a money services business license with U.S. FinCEN, so it's legal in the U.S. It also holds a money transmitter license in every U.S. state that requires it, except New York. It is also available legally in American Samoa, Northern Mariana Islands, Puerto Rico, and the U.S. Virgin Islands.

Last June 9, Singapore-based crypto exchange Crypto.com announced that it would no longer offer services to institutional clients in the U.S., effective June 21. The exchange cited “limited demand” from these customers given the current crypto market conditions.

Simply go to the withdrawal drawer in your Fiat Wallet and tap Add a Bank Account. Follow the onscreen instructions and tap Submit to save your bank account. You can then proceed to make withdrawals.

On 14 November, Marszalek, the firm's CEO, assured users that the exchange was functioning as normal. On June 9, 2023, Crypto.com announced plans to shut down its institutional exchange in the United States by June 21, citing low demand from large financial institutions.

Crypto.com restricts its services in various countries and regions due to distinct regulatory demands. Notable restricted nations are Afghanistan, China, Cuba, Iran, Iraq, North Korea, Russia, and Venezuela, among others. In the United States, New York faces specific restrictions.

Choose a reputable exchange: Popular exchanges in the USA include Coinbase, Gemini, and Kraken. These exchanges allow you to buy and sell Bitcoin using US dollars and other fiat currencies, and they typically have strict compliance standards to comply with US regulations.

The United States already has a number of rules in place, and is likely to introduce more. It is these existing regulations, both at a state and national level, that prevent many crypto exchanges from operating in the U.S. Exchanges have to register as money service businesses (MSBs) and get money transfer licenses.

Yes. In the United States, your transactions on Crypto.com and other platforms are subject to income and capital gains tax. If you've earned or disposed of crypto (ex. Sold or traded away cryptocurrency) during the year, you'll have a tax liability to report to the IRS.

Coinbase is the most popular cryptocurrency exchange based in the United States, and offers an extremely user-friendly UI and trading experience.

Why is crypto banned in New York? ›

The New York Senate passed Bill S6486D banning cryptocurrency mining in the state when relying on carbon-based energy sources to power their operation. 1 Here's a closer look at what's in the bill and what the cryptocurrency community needs to know.

Crypto.com Arena (stylized as crypto.com Arena; formerly Staples Center) is a multi-purpose indoor arena in downtown Los Angeles.

In January 2023, our previous banking service provider, Metropolitan Commercial Bank (MCB), announced that it would exit the cryptocurrency market. As a result, we are now working with Community Federal Savings Bank (CFSB) to offer USD fiat services to our users.

For seamless verification, please ensure you deposit USD from the bank account which you have selected, and your bank account name matches with your Crypto.com Exchange account's legal entity name. If these details are incorrect, your deposit request may be rejected.

Crypto.com users can withdraw USD from the App by selling crypto to their USD fiat wallet and transferring USD funds from this wallet to their U.S. bank account(s) on the ACH network.

User reports indicate no current problems at Crypto.com.

The Commodity Exchange Act (CEA) plays a crucial role in regulating cryptocurrency markets, with the Commodity Futures Trading Commission (CF sTC) and the Securities and Exchange Commission (SEC) exercising jurisdiction over different aspects of these markets.

Good Jurisdictions for Offshore Legal Structures

When it comes to offshore structures, two jurisdictions, in particular, come to mind: the BVI (British Virgin Islands) and the Cayman Islands. Both can be favorable havens for crypto trading due to the relative ease of setting up a trust or business there.