Cryptocurrency asset management platform Crypto.com has unveiled a new USDC withdrawal service on its trading platform, allowing users to convert USDC holdings into USD at a 1:1 ratio and withdraw funds directly to personal bank accounts. While this feature supports over 30 countries globally, Asian regions currently only include Singapore and Hong Kong.
Partnership with Circle
In June 2023, Crypto.com announced a collaboration with stablecoin issuer Circle to enable users to deposit USD for 1:1 USDC conversions. The platform confirmed that withdrawal capabilities would follow "as soon as possible," delivering this feature within a month. According to their latest update, users who previously completed USD deposits are eligible for withdrawals, though geographic restrictions apply.
Supported Regions: Singapore and Hong Kong
Key requirements for deposits/withdrawals:
- Transfers must use the same bank account for deposits and withdrawals.
- Minimum deposit: $500 USD per transaction.
- Daily deposit limit: $50,000 USD.
- Monthly deposit cap: $500,000 USD.
Additional notes:
- A 25 USDC fee applies per withdrawal.
- Failed SWIFT transactions still incur a 25 USDC charge per attempt.
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Market Strategy and Limitations
While Crypto.com aims to capture local fiat exchange markets, its service faces challenges in non-USD economies due to added currency conversion steps. A Hong Kong-based reader noted:
"Bank exchange rates are less competitive. Peer-to-peer platforms like Binance’s C2C often offer faster, cheaper conversions of USDT to HKD. Most users avoid holding USD in low-activity bank accounts."
FAQ Section
1. Which countries support Crypto.com’s USDC withdrawals?
- Over 30 countries, primarily in Europe. Asian availability is limited to Singapore and Hong Kong.
2. What are the deposit/withdrawal limits?
- Daily: $50,000 USD | Monthly: $500,000 USD.
3. Are there fees for withdrawals?
- Yes: 25 USDC per withdrawal, plus potential SWIFT charges.
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Risk Disclosure
Cryptocurrency investments carry high volatility and risk. Prices may fluctuate drastically, potentially resulting in total capital loss. Assess risks thoroughly before investing.
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