Crypto.com Suspends Euro Deposits From Bank Accounts

1. Crypto.com has suspended all euro deposits from bank accounts.
2. EU customers can still deposit to Crypto.com via US dollars instead.
3. Lithuania started a crackdown on crypto, citing terrorism financing and money laundering reasons.

Crypto.com has suspended all euro (EUR) deposits from bank accounts. According to an email sent to customers, Euro deposit transactions are bound to fail, especially if they come from “old bank details.”

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The email read:

“Following our email from 24 January 2023, please be reminded that you cannot deposit EUR into your Crypto.‌com EUR Fiat Wallet (“EUR Fiat Wallet”) from your bank account at this time. Deposits made to the EUR Fiat Wallet using your old bank details will fail.”

However, not all Crypto.com customers claimed to have received an email on January 24 about the EUR deposit suspension.

Fortunately, customers who already have EUR deposited on their Crypto.com account before the suspension will still be able to use the said fiat money to buy and sell crypto on the platform. What is more, they can still withdraw and deposit crypto.

Alternatively, Crypto.com advised customers that they can also deposit to Crypto.com from their bank account using US dollars instead. Using SWIFT, customers will be able to convert USD into USDC in their Crypto.com wallet.

The crypto trading platform did not provide a specific reason for the suspension. However, in January, EU country Lithuania started its crackdown on crypto, citing money laundering and terrorist financing reasons. It is not sure whether Crypto.com’s EUR deposit suspension is based on the aforementioned crackdown.

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