/biz/ - Business & Finance

Post liabilities

>>52500996
They have posted customers holdings which they hold for 1:1

>>52501052
Cool, now post liabilities.

>>52500877
Cool story. Still withdrawing my shit.

>>52501580
Thanks for the withdrawal fee

>>52501605
FTX shill or retard who can't control for risk?

>>52501580
$$$

Reminder CRO made more money this year than last years bull market.

>>52501642
Ayyyy lmao

>>52501639
I’m staking cro in the DeFi wallet , I’m a simply a holder who want justice after cz and discord trannies unleashed there fud force on biz last Sunday and a apology from biz

>>52501698
you're getting the justice you deserve. cro is down so much you probably won't be alive to see it recover. just let it die

its extremely doubtful cryptocom is gonna have issues with margin/lending, they're the most heavily regulatory compliant crypto business and wouldn't be allowed to do that at all.
with that said, its always better to store the bulk of your funds in your own custody, and everyone should do this, especially after that retarded ETH transfer to gate.io a week or so ago. better safe than sorry.
>>52501698
>I’m staking cro
ouch, sorry for your losses. you should be fine in the long term though.

>>52502301
>they're the most heavily regulatory compliant crypto business
Explain why in your own words. What countries are they regulated in specifically?

>>52502301
this, they killed their exchange utility a while back by removing lending, margin trading etc. for most customers. They saw the writing on the wall regarding the impending crackdown on this in EU and other jurisdictions. This tells me they probably did not incur severe losses from leveraged trading and hedging customer funds from that point on.


>>52502330
google DOT com SLASH search?q EQUALS crypto DOT com PLUS regulated

ya lazy cunt

>>52502358
You specifically said most heavily regulatory compliant crypto business. What makes them more regulatory compliant than their competitors? Is it the Matt Damon commercial?

i kneel...

>>52502391
Not the same person lol

Well first off, they are the only crypto company to have secured a "Major Payment Institution License" in SIngapore, a market where Binance tried and gave up. They can now print and issue their own cards in this market, not via any partner. This is very unique in the crypto space.

Further, they were the only crypto card company that was not shut down in europe during the purge in 2018 and was allowed to keep their higher-than-allowed cashback in the EU markets.

I could go on, as i am a founding member and have been though everything since may 2017, but i am technically at work so i have to do shit

If you're actually interested you should DYOR.

>>52502456
>i am a founding member
prove without doxing yourself

>>52502391
the CEO goes over it in that AMA he did this week here https://youtu.be/SQeqdR_nbNY?t=172

if you want more details you can scroll through the several years of compliance news on their website, 4chan thinks the link is spam so you're going to have to type it in yourself from pic related.
4chan is utter dogshit and i hope nutwitter kills it. fuck the jannies, seriously

>>52502301
>>52502358
>>52502456
I don't believe that CDC is doing FTX-tier fraud. But, serious question here: CDC spends even more than FTX did on advertising, endorsements, and sponsorships. They don't have the same amount of VC money coming in. As pointed out, they dont have the shady money-spinners that FTX did (widely-available margin, countertrading with their own hedge fund, launching their own PnD tokens). So how the fuck could they be solvent? It doesn't mean they're stealing customer funds, but how do they exist in a year's time? In what world are they sustainable, given what we know about the profitability of exchanges currently (FTX books, Coinbase losing over a billion this year, CDC marketing spend and trade volume)?

>>52502464
heres my old card i use when my nose is stuffed

>>52500877
My crypto.com Visa card does not work

>>52502534
It's such an obvious comparison, but Pets.com wasn't Enron. They weren't criminal or a fraud. They just spent too much on marketing at the wrong time, banking on market growth that didn't happen.

>>52502512
So you have no argument.

>>52502544
How do you unstuff your nasal orifice using a credit card ?? Do you scrape with the corners ?

>>52501698
The likelihood of them having done what FTX did and leveraged their worthless CRO against billions in loans is fairly high. Taking the risk makes no sense when alternatives without that risk and similar upside potential exist. Don’t worry. You will get JUSTed in time

>>52502552
you have to have money in order to buy stuff you know

>>52502571
i scrape the unstuffing powder into nice even patterns ;^)


>>52502584
They sell big amounts of CRO to the markeds when they need funding, see how big dips coincide with large deals being struck and hiring sprees etc. They dont take out loans like FTX did, because they are not a trading firm and do not have a hedge fund with a crackwhore to prop up

>>52502608
>They dont take out loans like FTX did, because they are not a trading firm and do not have a hedge fund with a crackwhore to prop up
You have no idea of knowing this when they refuse to make their liabilities public. They could both be dumping tokens and taking out loans against it to fund marketing and operations, to keep the wheel spinning. They dont need a hedge fund to do that. The risk is high and the upside potential is no higher than other cryptos without that risk. It’s a stupid bet to take

>>52502534
>So how the fuck could they be solvent?
they charge fees for their services. the app and card is the only thing anyone with a brain cares about, but they did everything possible to get the most fees out of the wave of morons who entered the market in 2020/2021. launched an exchange, NFT marketplace, staking earnings programs, listed every possible shitcoin redditors asked for, and everything else to maximize their fee takings while the market was hot.
>>52502534
>In what world are they sustainable
the only expense they were paying out other than operating expenses were the staking rewards, which they slashed as soon as TERRA started to look shaky. this happened about a week before the UST depeg and the collapse of the market. people were mad about it at the time but it saved CDC a fuck ton of money while everyone else got their shit pushed in

>>52502608
>>52502584
Also, the layoffs in the summer period points to them reacting to the bear market situation. They were also one of the first earn enabled wallets to reduce APY when the markets soured. To me it sounds a lot like they are being among the more cautious crypto companies out there.

>>52502632
Think of it this way, they had record profits this year, in a bear market. Let that sink in. They make their money by charging normies extreme fees for buying, selling and moving their crypto. They have 70 million app users, do the math.

They also had next to none (less than $10 mill) exposure to FTX, unlike other similar services

>>52502561
i guess if you were a complete fucking retard you might come to that conclusion, sure

>>52502544
Based. thanks anon, I am also a CRO holdler myself too and my card is on the way currently. The CRO card itself was the main reason I bought as their are normally no cashback rewards on creditcards here in Europe. I was wondering, so the CEO was claiming that most of the revenue comes from trading fees, however the data on nomics.com it is barely 1 billion, is is this FUD?

>but i am technically at work so i have to do shit

Well you are answering costumers answers, so technically you are still at work.

>>52502671
>tHE MOST COMPLIANT EXCHANGE
>WATCH THIS VIDEO AND READ EVERY BLOG POST WE EVER MADE TO FIND OUT WHY
If you are right and they don't have a one page explanation of why they are the most compliant they are horribly incompetant.

>>52502684
>incompetant

>>52502669
>they had record profits this year
It does not matter if they levered up with their CRO as collateral. Whatever, I don’t care if you hold it to zero

>>52502456
>Not the same person lol
>
>Well first off, they are the only crypto company to have secured a "Major Payment Institution License" in SIngapore, a market where Binance tried and gave up. They can now print and issue their own cards in this market, not via any partner. This is very unique in the crypto space.
>
>Further, they were the only crypto card company that was not shut down in europe during the purge in 2018 and was allowed to keep their higher-than-allowed cashback in the EU markets.
>
>I could go on, as i am a founding member and have been though everything since may 2017, but i am technically at work so i have to do shit
>
>If you're actually interested you should DYOR.
basically a bootlicker exchange, will remove your funds if gov't ask them to do so, "muh compliance and loicense" is not a pro in cryto space.

>>52502690
English isn't my first language. It doens't change my point. If they are the best in the world at something and don't advertise it they are retarded. The more likely scenario is that you are lying to defend your staked CRO.

>>52500996
>>52501060
They're an exchange, their liabilities are the nominal user holdings.
For every coin, token, dollar, ... in user holdings, there has to be an equivalent coin, token, dollar, ... in assets/reserves.
That's the balance sheet of an exchange, end of story.

You're thinking of a situation like FTX where the liabilities of a trading firm (Alameda) were mixed into the balance sheet of an exchange; which is illegal to begin with.

>>52502710
look if you have any serious amount of money you can go look for yourself, i already have and am satisfied, but as far as i'm concerned you can win this one. what exchanges/custody do you use and how much time did you spend on DD when you chose them

>>52502717
not to mention FTX's audit firm was apparently run out of the metaverse (lol).

>>52502684
>incompetant

says the guy who cannot research the simplest things with the help of google

bruh, they dont cater to the pea brained with big, flashy tiktok videos explaining how they are the most compliant crypto exchange in the world. If you are actually asking sincerely, then you can find out via some quick googling


>>52502692
Sure, to each his own

>>52502700
Well, their exchange had the biggest net inflow of deposits 2 days ago, sooo.

Also, if they did not comply with local regulation, they could not operate like they do now and sponsor arenas and events etc. You are essentially complaining that a centralized exchange is... centralized?? I dont see your point


>>52502717
This guy gets it

>>52502755
>>52502690
Forgot pic

>>52502721
I have used Coinbase, Kraken and Coinmetro for fiat on ramps. All of those are more reliable than cdc. I also used Binance and Kucoin for shitcoins and have never run into problems but accept they are non regulated at all. I would position CDC are not safer than Kucoin who offer no guarantee of safety at all.

>>52502755
>bruh, they dont cater to the pea brained with big, flashy tiktok videos explaining how they are the most compliant crypto exchange in the world.
They made their Matt Damon video which was even more retarded than anything on TikTok. Maybe they realised this and that is why they deleted it.

>>52502755
>If you are actually asking sincerely, then you can find out via some quick googling
their support wagies are quite good with any questions about compliance as well
>>52502775
you're retarded if you think CDC is anything like kucoin, its that simple

>>52502788
>you're retarded if you think CDC is anything like kucoin, its that simple
Explain what licenses in the US and EU CDC have that Kucoin don't?

>>52502717
> liabilities are the nominal user holdings
once again shows crypto is full of retards. Liabilities are short term and long term debt owed, including contracts, obligations, etc. When these NEW COMPANIES pop out of thin air, they take on a TON of DEBT to GROW. Crypto.com like every new shitcoin company has a ton of debt. On top of that they had massive massive marketing campaign including spamming superbowl commercial, Lebron James, $700 Million for the naming rights to the stadium, etc. Coinbase which has been around since 2012 has $3 Billion in debt despite the fact that they are much more responsible in spending, have larger volume and more customers. Crypto.com is drowning in debt that is why they cut off all the rewards, perks, APY. They didn't do it to be responsible because of the bear market.

>>52502677
Ty based anon.

Regarding the trading fees, most of that stems from their in-app purchases and trading, as it has substantial fees compared to the exchange. Those numbers are not reflected in the Crypto.com exchange data, but i am sure it will be released with the coming audit. Since CDC is a normie-facing service, most of the users are on the phone app exclusively.

>>52502785
Thats marketing, not a broadcast of their compliance level

>>52502818
advertising costs can be considered assets actually:

If the advertising expenditures are for direct-response advertising, record the expenditures as an asset only if the situation meets both of the following criteria:

The primary purpose of the advertising is to generate sales from customers who can be shown to have responded specifically to the advertising. You must be able to document customer responses, specifying the name of the customer and the advertising that elicited the response (such as a coded order form or response card).

The advertising activity results in probable future revenues that exceed future costs incurred to realize the revenues, which can be proven with verifiable historical patterns of results for the entity. If there is no operating history for a new product or service, an entity can use as proof statistics for other products and services for which statistics can be highly correlated. Industry statistics are not considered sufficiently objective evidence.

>>52502807
Again, a 5 sec google searched landed this recently: Crypto.com Receives Registration Approval as Cryptoasset Business from UK Financial Conduct Authority (FCA)

i swear to god, these people refuse to learn shit that others dont spoonfeed them

>>52502818
>Crypto.com is drowning in debt that is why they cut off all the rewards, perks, APY. They didn't do it to be responsible because of the bear market.
Sure prove it, give me website where I can see it, googling it doesn't show me anything

>>52502818
>Liabilities are short term and long term debt owed, including contracts, obligations, etc.
In the case of an exchange, liabilities are entirely limited to nominal user holdings.
It's literally illegal to use these holdings to do any kind of business dealings with.

>>52502818
Also, you fail to understand the sponsor deals, they are over large time spans with a exponential cost curve, so the upfront cost for it is only in the tens of millions range

>>52502864
>Crypto.com Receives Registration Approval as Cryptoasset Business from UK Financial Conduct Authority (FCA)
That makes it legal for them to advertise crypto in the UK. I will give you that, Kucoin doens't have it. CDC have no money for advertisements and no USPs to attract new UK users though.

>>52502889
Here is Coinbase's Q2 report of liabilities. Liabilities are not limited to user holdings.
>>52502865
Crypto.com is a scam rebrand of Monaco. They are not a publicly traded company that has a transparent earnings report published to shareholders every quarter. So they can lie to you and feed to all kinds of bullshit like, "we're doing great. everything is FUD" just like Celsius, FTX, etc.
>>52502864
considering that the superbowl, naming the arena, spamming commercials...all marketing has only led to lower and lower volume and outflow of customer funds, their massive spending on advertising is not an asset.

>>52502983
I asked for US and EU licensing and the UK isn't in the EU by the way.

>>52502653
Thanks anon. It remains to be seen if they made enough to tide themselves over during the bear

>>52503073
Literally 99% of the liabilities in that pic are user holdings (cash and crypto).
Obviously exchanges will have SOME liabilities that aren't strictly user holdings, but anything other than operating costs and minute derogations are illegal.

>>52503073
>Crypto.com is a scam rebrand of Monaco. They are not a publicly traded company that has a transparent earnings report published to shareholders every quarter. So they can lie to you and feed to all kinds of bullshit like, "we're doing great. everything is FUD" just like Celsius, FTX, etc.

Kris specifically does not want to do that, because he was jewed out of his share of Ensogo for giving up too much voting share of his own company. He wants to maintain a majority share of the voting rights to avoid short term thinking board members running it into the ground for short term profits. Also, look at how coinbase's IPO and trading is going on the stock market...

They dont want to release earnings reports because that would give away too much of their revenue streams and stategies.

Some of the biggest funds and trading companies in the world are not publicly traded you know.
But here you go anyway:

Singapore, August 23, 2022 – Crypto.com, the world’s fastest growing cryptocurrency platform, today announced it has successfully completed the Service Organization Control (SOC) 2 Type II Compliance audit, further demonstrating its best-in-class security and data privacy practices. The audit was conducted by globally recognised audit and consulting firm Deloitte, affirming that Crypto.com’s information security practices, policies, procedures, and operations adhere to AICPA Trust Services Criteria in Security, Confidentiality, Availability, and Privacy.

Hold your criticism until the audit is released, then you can come back here on biz to post

>>52503091

another quick google search:

Crypto.com has secured registration from the Organismo Agenti e Mediatori (OAM)
Crypto.com Furthers European Presence with Regulatory Approval in Italy Following Greece

JUL 19, 2022
Italy Licensure Update
Rome, July 19, 2022 – Crypto.com, the world’s fastest growing cryptocurrency platform, announced today that it has received registration and regulatory approval from the Organismo Agenti e Mediatori (OAM) in Italy as a provider of virtual currency and digital wallet services. This approval will enable Crypto.com to offer a suite of products and services to Italian customers in compliance with local regulations.

i could go on spoonfeeding you if you'd like

>>52503192
lmao this, case in point

>>52503192
> Coinbase over $3 Billion in debt......."it's nothing"
> Coinbase's net revenue declined from $2.033 billion to $802.6 million, a drop of around 60%
you have to come up with money to service that debt anon and they are bleeding money. This is why Coinbase has tanked so much. And Coinbase has been around since 2012 building infrastructure, loyal client base since 2012, institutional custody, etc and they didn't blow their money naming arenas, paying stars, UFC, etc. Where do you think Crypto.com is going to come up with the money to service their debt?!! The charade can only go on for so long

>>52503192
>>52503298
Both right. Kris will just use user holdings to service that debt and hope to pay that back in the next bull market. User funds are locked anyways.

>>52503298
Even if the company goes completely bankrupt, as long as you know that every asset held by users is actually backed you know you're getting your shit back.
Proof of liabilities is virtually meaningless as long as you have definitive proof of reserves.

>>52503231
Again, all of those allow them to advertise within the country they are operating in. They could already operate in those countries, as can Kucoin. And again they have no money to advertise left or USPs to attract people in those countries.

>>52503219
>Hold your criticism until the audit is released, then you can come back here on biz to post
2 more weeks my fellow cronos holders!!
kys

>>52504555

you know audits take weeks right? have you ever worked in a professional capacity with accounting or auditing firms?

>>52504687
Why can't they tell us what they claim the audits will prove they have?

>>52500877
A company failing bothers me because it will have an impact on the lives of investors. I've been using Crypto Com, Cryptoxpress, Mexc, and Binance. Don't get me wrong but I want all these platforms to continue operating OP.

>>52504727
lmao no, the online mob will only listen to a trusted, independent third party. There is too much speculation and outright lying about CDC lately. Kimdotcom and the other twitter spaces retards out there are just out for a witch hunt with no actual research, just conjecture based on what they have read about them online.

>>52504756
smart lad, a rising tide rises all ships, and vice versa

>>52503374
i dont have the time to wade through all the previous press releases, but this post sums it up pretty good:

Singapore, September 9, 2022 –

Crypto.com has obtained a wide range of security compliance certifications. Crypto.com is the first virtual asset exchange company in the world to be certified with ISO/IEC 27701:2019, ISO27001:2013, ISO22301:2019, PCI:DSS 3.2.1, Level 1 compliance, Service Organization Control (SOC) 2 Type 2, and to achieve the highest maturity levels for NIST CSF and PF.

They have been industry-leading when it comes to security and compliance since they started

>>52504868
Singapore has a population of 6 million. I don't care if they are regulated there. I asked about the EU and America. Those are the markets that matter. If that wasn't the case then they wouldn't be the markets they spent all their advertisment money on. You are clearly copy and pasting shit you don't understand.

>>52504687
they had 6 YEARS to publish an audit
fuck off

>>52504868
Yes, and people continue to make fun of that particular failing. I don't get the purpose of making fun of those, though. I'll be much happier if everyone succeeds. Although there are many flaws in the crypto space, I'm confident that we will succeed.

>>52504968
tell me when the NEETs of the interwebz started demanding audits of non publicly traded crypto companies? was it 2 years ago? 3 perhaps? Or was it during the last 2 weeks? they dont have to cater to your demands, especially not retroactive ones.

why are you so mad?

>>52504940
Singapore is also known as one of the strictest jurisdictions when it comes to finance, which is why it is a good benchmark of a company's internal structures, controls and ISO-compliance. Only the big boys are allowed to play there, which is why Binance was banned and CDC was not (see pic)

Also, Singapore is only the location from which the press release was posted, kek.
NIST is a US department of commerce branch, ISO and PCI:DSS are international entities and AICPA is an american association representing the accounting profession.

Next time actually read into the information posted, not just the first few words.


Repost of what i previously posted for context:

Singapore, August 23, 2022 – Crypto.com, the world’s fastest growing cryptocurrency platform, today announced it has successfully completed the Service Organization Control (SOC) 2 Type II Compliance audit, further demonstrating its best-in-class security and data privacy practices. The audit was conducted by globally recognised audit and consulting firm Deloitte, affirming that Crypto.com’s information security practices, policies, procedures, and operations adhere to AICPA Trust Services Criteria in Security, Confidentiality, Availability, and Privacy.

>>52505282
2
more
weeks

>>52505211
Wise words. If Crypto.com fails it would be a big blow for the institutional trust in crypto, as they have the highest amount of certifications among the big exchanges

>>52502864
Your use case for capitalizing advertising would not apply to 99.99% of crypto.com advertising. It would be expensed as incurred.

>>52505312
if your investing timespan is affected by a 2 week wait i dont know what to tell you... Just buy XRP and doge and move away from this board if you hate doing due dilligence

And who cares? Their existence has no meaning on the industry whatsoever. Kneel to your Binance overlords faggot, buy and stake on Holoclear and Pancakeswap, buy Binance Token, put your stables on BUSD, and more importantly, buy Bitcoin.

>>52505282
>Also, Singapore is only the location from which the press release was posted, kek.
NIST is a US department of commerce branch, ISO and PCI:DSS are international entities and AICPA is an american association representing the accounting profession.
You are a paid shill. It passed cyber security audits done to internationally recognised standards of the institutions you namedropped. Those institutions do not have a relationship with CDC. I never accused them of having poor cybersecurity. I don't think hackers will steal their money which is all that wall of text you posted claims.

>Singapore is also known as one of the strictest jurisdictions when it comes to finance, which is why it is a good benchmark of a company's internal structures, controls and ISO-compliance. Only the big boys are allowed to play there, which is why Binance was banned and CDC was not (see pic)
So you are claiming they meet Singaporean standards and that exempts them from meeting the American and European ones every other legit exchange has? They are licensed in Singapore. That means I have faith in them not breaking any laws in Singapore and all of Singapores six million residents being allowed buy crypto on CDC. Nothing more nothing less.

>>52505338
That might be true, lets see how they mark it in their books in the audit. I was just clapping back at the previous anon who was talking out of his ass about how much debt they have etc. etc. CDC started out with tens of thousands of ETH from the ICO and they held on to a large portion of it after they started to scale the company, they never took out loans like he claims "every new company does". He obviously forgot about their fucking ICO lmao

>>52505408
bruh whos paying me? You said "HURR DURR UK NOT EU, GROG ASK FOR US AND EU" and i said that they have received the best scores in the industry from US government bodies, which is, of course from the US.

Their biggest EU license came way back in may 2021:

>12 MAY 2021
/
COMPANY
Crypto.com Becomes The First Global Cryptocurrency Platform to Receive a Class 3 VFA Service Provider Licence from the MFSA

Crypto.com is proud to announce that it has become the first global cryptocurrency platform to receive a Class 3 Virtual Financial Assets (VFA) License from the Malta Financial Services Authority (MFSA). This is a watershed moment for the cryptocurrency industry as regulatory bodies and trusted institutions come together to conduct business under the auspices of a regulated framework. Customers can now enjoy greater consumer protection when entrusting their assets to an EU licensed Class 3 VFA Service Provider that is subject to rigorous requirements of security, governance and compliance.

>Those institutions do not have a relationship with CDC

never claimed so


>So you are claiming they meet Singaporean standards and that exempts them from meeting the American and European ones every other legit exchange has?

LMAO dude they have been operating non-stop in EU and US, which is more than most other exchanges can claim, including binance... If they did not have the appropriate licenses they would be shut down long ago. I dont understand your arguement?

sperg harder cro shill, no one is buying your bags
fuck you and your shitty centralized casino

>>52505556
>Their biggest EU license came way back in may 2021:
>Crypto.com is proud to announce that it has become the first global cryptocurrency platform to receive a Class 3 Virtual Financial Assets (VFA) License from the Malta Financial Services Authority (MFSA).
Malta are greylisted because of giving out these licenses.

>LMAO dude they have been operating non-stop in EU and US, which is more than most other exchanges can claim
Kucoin. Binance specifically were C&D'd

>never claimed so
>>>52505282
>Also, Singapore is only the location from which the press release was posted, kek
If you didn't claim so why did you say this about Singapore?

>crickets
C'mon paid shill reply >>52505556

>>52505659
>If you didn't claim so why did you say this about Singapore?

cus you asked why i brought up singapore, and i responded with why it is important (its a benchmark).

>>52507050
some people actually have jobs and a life outside 4chan, imagine that NEETs

>>52505585
i dont want you to spend your mcbuck wage on buying $100 worth on crypto per month lmao. did i at one point tell anyone to buy/sell/do anything in this thread? Why are you so angry boi

>>52502330
Singapore which has some of the strictest regulations in the world
>>52502534
>They don't have the same amount of VC money coming in
Dude the fees are arbitration alone is more than enough because its so high and the fear selling on all crypto just adds to those fees

>>52502552
Sorry anon its not a credit card
>>52502584
>You will get JUSTed in time
2 MORE WEEKS!

>>52502710
>English isn't my first language
found the binance shill