Crypto.com faced heavy criticism after allegations emerged that a manipulated vote led to a reversal of a massive token burn on its Cronos blockchain. The incident raised concerns about transparency and governance within one of the largest cryptocurrency exchanges in the world.
Several users questioned the move and the firm’s commitment to decentralization. Despite the scandal, Crypto.com performed exceptionally well in the year 2024. The company made $1.5 billion in revenue and has more than 140 million active clients as of the current year. If the employees’ salaries and the operational expenses are subtracted, it had a gross profit of $1 billion.
Strong profits fuel expansion and compliance
The firm spent $700 million on branding, incentives, and user acquisition. This generated a net operating profit of $300 million. The rise in the value of Bitcoin also supported the financial standing of Crypto.com. The firm claimed that its balance sheet reached all-time highs on the back of its holdings.
Having this head start, Crypto.com laid the groundwork for investments that would be aggressive, even in the event of a potential market downturn. It planned to expand organically and through acquisitions and mergers. Regulation remained a priority area. Crypto.com received licenses in over 100 jurisdictions across five continents.
It operated under the oversight of financial regulators in Singapore, the United Kingdom, Dubai, and Canada. Its overseas exchange business, the firm said, was growing at the fastest pace in the industry.
Crypto.com expands amid regulatory hopes
Crypto.com published its roadmap for 2025 in November, where it laid out an expansive growth plan. It intended to include stocks, banks, and credit cards in the list of services offered by it. For that, it acquired businesses and gained licenses to deal in derivatives across geographies. The website expanded its services further to compete with the conventional financial system.
Crypto.com leadership believed in the company’s future, particularly in the United States. They had confidence in the policy direction of the new administration when it came to the regulation of cryptocurrency. Engagement with government officials reinforced their belief that the U.S. would become a global leader in digital assets.
As the crypto market continued to evolve, Crypto.com embarked on expanding its market share. The Cronos blockchain voting scandal did little to discourage the company’s long-term vision. With robust financial backing and developments on the regulatory front, it embarked on solidifying its position as a dominant force in the market for digital assets.
The firm actively hired new recruits, with more than 500 available positions globally. It invited those with its vision for the future of cryptocurrency to be part of its workforce. Crypto.com continued to be growth-oriented, expand its regulation, and develop its products despite continued scrutiny.
