Hello All,
Please do yourself a favor. Go to the Crypto.com phone app, navigate to "Crypto Credit" and click Crypto Credit T&C. Spend 10 minutes to read T&C before you think Crypto.com as a saviour and boon for your life.
I found some T&C's which are really "Grey", unexplained and that could mean that they have a leeway if "ANYTHING" goes wrong. Forget your insurance, it's all blah blah.
CRYPTO CREDIT T&Cs Last material update: 1 January 2021
1) They have the right to "close, suspend, limit, restrict or terminate your access to Crypto Credit; ". Under what circumstances, they never clearly reveal. It's very vague.
2) There is a constant mention of "ineligible user" and they can delete their account without any notice. Now, who the hell is ineligible user and what makes one so?
3) Under Risk Disclosure section: In such event, there may be no remedy, and holders of Digital Assets are not guaranteed any remedy, refund, or compensation. I thought they had a $150M insurance fund right? It seems to be all their marketing gimmick. If you suffer a hack, at best expect a return in USD $ valuation, not in Bitcoins, years later.
4) Crypto insurance: "The Digital Assets held in your account including your Crypto Credit" are not protected by any third party insurance scheme or government-backed insurance scheme.
5) Crypto.com is not responsible for "(vi) viruses, malwares, other malicious computer codes or the hacking of any part of the Crypto.com App Services or Crypto Credit"
6) Taxes: "Notwithstanding the foregoing, Crypto.com will make any tax withholdings or filings that we are required to make by law." They can hold your assets, if you delay in your tax filing, or if they suspect or has reason to believe so.
And you need to read further to find more red flags.
What are your thoughts?
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