When a Crypto Exchange or a Forex Broker is regulated, they require each user to complete the Know Your Customer (KYC). This is done to reduce the possibility of any fraudulent activities and money laundering. If it happens that there was a case of fraud that has happened on an exchange, it will be easier to trace what could have happened.Its a great requirement because as users we will feel secure when using these exchange platform.

If you open an account with Crypto exchange platforms like Kucoin, you can proceed and trade crypto currencies without completing the KYC. You can do any other transactions but you will be restricted on the amounts of money you can withdraw in 24 hours e.g on other Crypto Exchanges for you to withdraw 2BTC and above you much complete KYC.

CRO Token Purchasing

CRO is listed on many crypto exchange platforms including Decentralized Exchange like ChangeNow and they have the ERC20 version and ERC20 are associated with exorbitant transaction fees which makes it difficult to fully transact freely. On 8 November 2021 Crypto.com launched their mainnet and they now have CRO tokens on Cosmos chain which has lower fees. The problem that we have is that, the CRO on Cosmos is only found on the Crypto.com Exchange only and no any other Crypto Exchange or Dex. So its limited and for you to buy it on Their Crypto Exchange you are forced to complete the KYC and without completing you can not transact and there are a lot of countries restricted from using Crypto.com so this means that they will lose more investors due to restrictions.

Crypto.com NFT Market Place

When it comes to their NFT Market place its one of the most complicated as compared to market places like Opensea. On Opensea you just connect your wallet and your are good to go but on Crypto.com you have to first create an account using an email and there is a clear case of centrality here.

After you create your account on the NFT Market place and verifying from the email, they will now take you to a step where you are supposed to enter the email from your Crypto.com app and it has to be verified so that you can receive the link. That is the main disadvantage of centralized exchanges because every processes needs to be verified and for those living in restricted countries will not be able to use the services. So its obvious that Crypto.com will lose a lot of potential investors due to these long and hard processes. At least they should have decentralized functionalities and do less of centrality.

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