Is Crypto.com Safe? (Read This First)

Is Crypto.com legit and safe? 

Crypto.com is one of the world’s most well-known and trusted exchanges, serving more than 140 million customers! 

Headquartered in Singapore, Crypto.com operates in more than 90 countries and holds licenses and registrations in the U.S., the EU, the U.K., and more.

Here’s why Crypto.com is one of the safest exchanges on the market: 

• Regular audits and stress tests from third-party firms 
• Multiple security certifications including PCI DSS v4.0 Level 1 Service Provider compliance
• Fiat assets held in regulated banks 

How does Crypto.com protect customer assets? 

Crypto.com uses the following features to keep customers safe: 

• Multi-factor authentication (MFA)
• 1:1 offline storage for all assets, with Proof of Reserves published on the website 
• Digital insurance ($750 million policy underwritten by Lloyd’s) 
• Real-time risk monitoring and fraud detection
• Whitelisting addresses for withdrawals 

Has Crypto.com ever been hacked? 

Crypto.com suffered a breach in January 2022 that affected 483 users and resulted in over $33 million in stolen funds.

Crypto.com had a strong response to the breach, which included the following: 

• Full reimbursement of all impacted users
• Full audit and revamp of multi-factor authentication infrastructure
• Introduction of a 24-hour delay on withdrawal address change
• Launched of the Worldwide Account Protection Program (WAPP) to restore funds to users in the case of unauthorized withdrawals

Is Crypto.com FDIC Insured?

Cryptocurrency assets are not FDIC insured. 

However, Crypto.com has $750 million in insurance on its assets — covering events like physical damage and third-party theft.

This is one of the largest insurance programs in the industry. However, it may not cover losses from user error. 

Is Crypto.com regulated by financial authorities? 

Crypto.com complies with global KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations. You must verify your identity to get started trading and investing on Crypto.com. 

Yes—Crypto.com is regulated by financial authorities across the globe: 

• U.S.: Registered with FinCEN and operates through Crypto.com USA, Inc.
• EU: Holds a Markets in Crypto-Assets (MiCA) license
• U.K.: Registered with the Financial Conduct Authority (FCA) under anti-money laundering rules
• Canada: Registered under FINTRAC
• Australia: Holds a Financial Services License

Is Crypto.com legal in the US? 

Crypto.com is legal in the United States. The platform is available in all US states except New York — which is known for its exceptionally strict regulations on cryptocurrency exchanges. 

Is Crypto.com shutting down? 

No. Crypto.com is active and expanding. In 2025, the company is planning to roll out new products — such as stock option trading and international bank accounts. 

While the company shut down its exchange for institutional investors in 2023 due to low demand, the product was relaunched in January 2025. 

Is Crypto.com safer than Coinbase? 

Both Crypto.com and Coinbase are considered among the most trusted crypto platforms — with similar security features in terms of multi-factor authentication, cold storage, and whitelisting. 

If you’re choosing between the two platforms, remember that both are considered safe, trusted exchanges. When making your decision, you should take into account other factors like user experience and fees. 

What are the risks of using Crypto.com? 

Every crypto platform comes with risk—Crypto.com included. While Crypto.com is a trusted and established exchange, it’s important to remember that there is always a risk you may lose your crypto in the case of a centralized failure. 

It’s also important to protect your account and be wary of common scams. Do not share your account information with anyone (scammers often impersonate Crypto.com support reps) and do not click on suspicious links. 

For long-term holdings, consider moving your assets to a hardware wallet — such as Ledger and Trezor. These wallets hold your private keys offline, offering an additional layer of security against online attacks.

Does Crypto.com report to the IRS? 

Yes—Crypto.com collects KYC information and reports to the IRS. 

Currently, the platform issues Form 1099-MISC for income earned from cryptocurrency including staking income and referral bonuses. You will receive this form if you earned more than $600 of crypto income during the year. 

Starting in 2026, the platform will issue Form 1099-DA for all capital gains from digital assets. 

Looking for an easy way to track your crypto taxes across all of your wallets and exchanges? Crypto tax software like CoinLedger makes it easier than ever to calculate your gains and losses on Crypto.com and hundreds of other platforms. 

In conclusion 

Crypto.com is a safe and trusted platform, but like all cryptocurrency exchanges, it’s not without risks. Always make sure to secure your log-in information and take steps to avoid online attacks.