In this video, I show you how Crypto.Com circumvented the United States SEC by making the swap from MCO to CRO. The SEC is the Securities and Exchange Commission and they’re in charge of regulating financial markets in the US and have jurisdiction over new ICOs.
As most of you know, totally out of the blue, Crypto.com decided to drop MCO and force their users to swap all their MCO to CRO. This really upset the community and a lot of people felt tricked by crypto.com. But this wasn’t the first time Crypto.Com decided to make a major decision out of nowhere.
For the first 2, we have to go back in time. The first one was the cancellation of the Asset Contracts (2017), then the Airdrops (2018). Both the Asset Contract and the Airdrops were an incentive for users to buy and hold MCO tokens. The more MCO you had the bigger your reward would be. Once people actually started buying it and enough people were holding Crypto.Com decided to cancel these services. In both cases they blamed regulations.
Then Crypto.Com decided to announce a new coin, CRO. The community was promised there would never be a swap from MCO to CRO. Then, 2 years later, on the third of August Crypto.Com decided to make the swap anyways. Again, blaming regulations.
Either way, I believe there are 2 ways you can look at this. Or you believe that they did everything with a hidden agenda and it was all planned. Or you think that they weren’t aware of the ICO regulations and they made a mistake.
I hope it’s clear I’m not trying to force anybody to make a decision, I just feel that this is information everybody that is currently in Crypto.Com or is planning on investing should know.
If anything is unclear or if you have any questions leave a comment and join the Discord server on https://discord.gg/hTBE5Rh
Sources:
Timeline
https://crypto.com/en/about.html
Asset Contracts
https://crypto.com/en/about.html
Airdrops
https://twitter.com/cryptocom/status/1202849744193589248?lang=en
https://blog.crypto.com/cro-airdrop-unlock-update/
https://help.crypto.com/en/articles/2543259-cro-airdrop-initial-distribution
https://help.crypto.com/en/articles/3529523-cro-airdrop-unlock-updated-december-2019
The swap & Regulations
Live AMA with our CEO @kris_HK. Tune in now.https://t.co/Xgxb57nTA8
— Crypto.com (@cryptocom) August 4, 2020
https://crypto.com/en/about.html
https://www.skalex.io/ico-law-compliance/
#cryptocurrency #bitcoin #cro
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