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Crypto.com freezes XRP deposits and sparks controversy
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Crypto.com temporarily stopped XRP depositscausing concern among its users. The company implemented the call “travel rule” (“travel rule”) even before its entry into force, scheduled for December 30th in the European Union.
The measure generated criticism, mainly from traders such as Edward Farinawho consider the action a violation of rights.
Edward Farina shared his frustrating experience. He transferred 12 XRP to your exchange wallet, but received the message: “You have a pending deposit of 12 XRP. We will notify you when it is confirmed.”
Farina criticized the early application of the rule, highlighting that the measure should not be required before its official date.
Crypto.com, XRP and regulation in the EU
THE travel rulewhich is part of the MiCA (Markets in Crypto-Assets Regulation)requires that Detailed information about the sender and recipient accompanies all cryptocurrency transactions.
According to European regulation, the objective is ensure greater traceability and combat money laundering. However, Farina argues that Crypto.com misapplied the rules. This is because the transaction took place in your country of origin.
Despite the criticism, experts point out that the early application of the travel rule is not new. In countries like Canada and the United Kingdomsimilar measures are already in place.
Regulation requires data such as sender’s name, address and date of birthin addition to the identification of the recipient, even for transactions less than US$ 1,000.
The freezing of XRP deposits has generated division among users. Some consider the necessary measure to increase security in the sector. Others, however, see the centralization of information as a threat to privacy and defend the self-custody as an alternative.
The adoption of the MiCA Law marks a new phase for the cryptocurrency sector in the European Union. As announced in EU Official Gazettefrom 2025 onwards, all financial transactions must follow established standards.
Crypto.com freezes XRP deposits and sparks controversy
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Crypto.com freezes XRP deposits and sparks controversy
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Crypto.com freezes XRP deposits and sparks controversy
