Crypto.com is a leading and safe cryptocurrency exchange platform that originated in Singapore. About 10 million users around the world are using this platform.
The app has a mission to become the topping digital asset exchange organization offering various cryptocurrency commodities and services, meaning that a crypto investor can purchase, sell, swap, market, store, earn, loan cash, and pay bills with his cryptocurrencies using the Crypto.com platform.
It is gradually rising in popularity around the globe which is the reason why many people keep asking.
“How does Crypto.com work? ” If you are one of those with this big question, do not worry; here is all you need to know about it.
Many Crypto.com users have been left with a significant question ringing in their mind “is crypto.com insured”? Is my fund safe with them?”
Is Crypto.com Insured?
Yes, Crypto.com is highly and fully insured. Keep your trust in Crypto.com as it is dedicated to the security of its platform and recognizes a bold “Insurance in Depth” strategy. This strategy is where they put up a safety growth mindset into every aspect of their business operations.
In 2012, the Crypto.com platform was awarded a direct insurance protocol of USD 100 million. It was done by Lloyd’s Syndicate.
And it was one of the largest and most valuable coverages provided to crypto.com’s cold assets.
Existing, Crypto.com is holding an estimated coverage of around $750 million. This coverage includes all the long-term and short-term coverages provided by different custodians.
Undoubtedly, the security protection and coverage of Crypto.com is growing rapidly to keep ensuring the user’s safety from theft and loss.
Also Read: Is Crypto.com Safe & Legit?
Is Crypto.com FDIC Insured?
Yes, Crypto.com is FDIC insured. However, it only works for USD funds. The Federal Deposit Insurance Corporation (FDIC) is a self-sufficient agency established to maintain stability and social assurance in a nation’s economic activities.
The FDIC permits deposit and oversees financial institutions for safety, strength, and consumer protection. It is responsible for making large and complex financial institutions answerable to every monetary transaction.
We already know, cryptocurrency is not a legal tender and is not regulated by any governmental body or agency.
Cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Stablecoins like USDC are not accountable to and insured by Federal Deposit Insurance Corporation (“FDIC”).
Is Crypto.com SIPC Insured?
No, SIPC doesn’t insure Crypto.com. SIPC stands for Securities Investor Protection Corporation. Its sole responsibility is to safeguard financial institutions against the loss of cash and securities. It is limited in operation because it only protects the control function of the broker-dealer, which means that SIPC acts to reclaim to customers their securities and cash present in their accounts when the brokerage corporation liquidation starts.
It is of great importance to note that SIPC protection is not similar to FDIC for your cash at a Federal Deposit Insurance Corporation (FDIC) because SIPC does not insure the price of any security.
Delegates from the SIPC and the FDIC validated that neither protects crypto assets. This means that there’s no federal protection for your cryptocurrency, and as far as the government is not involved, you’re on your own all the way through.
None of FDIC or SIPC coverage pertains to cryptocurrencies. And cryptocurrencies pose some unique risks that cash and securities do not possess…The risk of loss, i.e., If you lose your secret keys and digits, your cryptocurrency is permanently lost.
On November 22, 2021, it was announced that Crypto.com had completed the Service Organization Control (SOC) 2 Audit, performed by globally identified audit and consulting firm Deloitte.
It asserts that Crypto.com’s proof security practices, strategies, protocols, and operations meet the SOC 2 criteria for security, availability, privacy, and confidentiality.
To work with SOC 2, Crypto.com confirmed it had put in place rigorous strategies and policies by the AICPA Trust Services Criteria.
SOC 2 ascertains the validity of internal influences which have been formulated and executed to meet the necessities for the security standards.
This free validation of security control is essential for organizations operating in highly legislated industries.
Crypto.com has become the first Cryptocurrency exchange platform to attain SOC 2 Compliance and an Increased “Adaptive” maturity rate for the NIST Cybersecurity and Privacy Framework. The achievement reveals the company’s continuous dedication to security and data privacy.
Also Read: How Does Crypto.com Work?
Last but not least, Crypto.com is designed on a solid rock of security, privacy, and subordination.
With a base in Singapore and more than 2,600 people in offices across America, Europe, and Asia, Crypto.com is advancing the world’s shift to cryptocurrency.