The decision by Crypto.com comes just within a month of BlockFi’s $100 million penalties for its lending products, as many speculate regulatory clampdown could be the potential reason behind the decision.
Crypto.com is reportedly giving users from countries restricted from its loan program until March 15 to repay their crypto loans. The firm updated the list of restricted countries to include the United States, United Kingdom and 38 others. Users from European nations such as Germany, Switzerland and the U.K. have all shared emails from the company regarding the loan closure date. It’s worth noting that some of these users who do not have crypto loans on the platform have received the emails as well.According to the new policy, if users fail to repay their loans by March 15, their collateral will be sold and loan positions will be closed by the exchange. Crypto.com didn’t respond to Cointelegraph’s requests for comments
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