According to reports, Crypto.com has taken the lead in enforcing the upcoming EU travel rules, directly preventing users from making XRP deposits, which has triggered a strong reaction from the community. According to the EU regulation (EU) 2023/1113, exchanges are required to collect detailed transfer information (including the identities of both parties and the source/destination of funds), which is set to take effect on December 30, but Crypto.com has chosen to "cut in" early.
Well-known crypto figure and Alpha Lions Academy CEO Edoardo Farina voiced his complaints on X, stating that when he attempted to deposit XRP, he was required to fill out additional information. "The rules are not yet in effect, why do I have to suffer first?" He questioned whether this requirement only applied to cross-border transactions, while he was trading within his own country. Farina further pointed out that this kind of "preemptive enforcement" reminds people of the previous Ripple lawsuit: some exchanges delisted XRP ahead of time, leaving users in unnecessary predicaments.
Centralized exchanges: Compliance pioneers or user nightmares?
In recent years, centralized exchanges have faced criticism for repeatedly "crossing the line" between regulation and user rights: from Coinbase suddenly freezing accounts to Crypto.com imposing early restrictions, it all makes one reflect on whether these platforms' behaviors are contrary to the original intentions of the crypto industry.
In comparison, decentralized exchanges are favored by some users for their censorship-resistant characteristics, but they have also sparked controversies over illegal activities due to loose regulations. In this context, Crypto.com's recent actions seem to signal that global regulation of the crypto industry will only become more stringent, and the enforcement of the EU travel rules may just be the beginning.
Trump's presidency, the "American time" for the crypto market?
Interestingly, in contrast to the tightening regulations in the EU, the American market seems to be welcoming a turning point. With Trump's return to the White House, he has clearly expressed his intention to vigorously promote the development of the crypto industry. Analysts predict that the U.S. may become the leader of the global crypto market, and a global competition in the crypto landscape may unfold in the future.
With tightening regulations and compromised privacy, can players still maintain their freedom? Join the hunters to track rule changes and see the opportunities behind the storm!
