Is Crex24 Legal in US? Is Crex24 Safe?
Choosing a trustworthy cryptocurrency exchange is crucial as it directly impacts the safety and security of your digital assets. The high risk of scams in this area necessitates extreme caution from users.
Our analysts have noticed a growing interest in Crex24 services among users in the US. However, questions remain regarding its safety and legal status within the US. Traders Union experts have addressed this concern by crafting a detailed review that explores both the pros and cons of using Crex24.
So, let us tell you if Crex24 is allowed in the US and if it's safe to use for trading.
Is Crex24 legal in US? Does it have a license?
Currently, the Crex24 is not regulated at the government level, which remains a common scenario in the cryptocurrency market. However, such platforms generally fall short compared to exchanges with Tier-1 regulation, which signifies oversight by top-tier financial authorities such as the FCA (UK), SEC (USA), or ASIC (Australia), ensuring strict compliance with security and operational standards. We compared Crex24 with two Tier-1 regulated exchanges to help you make an informed choice
| Crex24 | Bybit | MEXC | |
|---|---|---|---|
Tier-1 regulation |
No |
Yes |
No |
Government-regulated |
No |
Yes |
No |
Successful hacks |
No |
Yes |
No |
Cold wallet storage |
No |
Yes |
Yes |
Investor protection fund |
No |
Yes |
No |
2FA |
No |
Yes |
Yes |
Verification (KYC) |
No |
Yes |
Yes |
Open an account |
|
|
Short summary about the Crex24 exchange
Crex24, launched in 2017 and registered in Estonia, ceased operations and is no longer accessible. Despite offering low fees and supporting a wide array of cryptocurrencies and fiat payment methods, the exchange faced a controversial reputation. Users frequently reported issues with withdrawal delays and overly stringent KYC/AML verification requirements, often resulting in blocked withdrawals of crypto.
Although Crex24 claimed to prioritize security with features like multi-signature wallets and DDoS protection, it struggled to gain client trust. Some users even accused the platform of orchestrating an “exit scam”. Further fueling negative sentiment were problems with customer support, including slow response times and difficulties with two-factor authentication recovery.
Numerous reports of users unable to access their funds led to widespread suspicion of fraudulent activity. The platform’s ultimate demise in 2024, marked by the shutdown of its official website, confirmed these suspicions and solidified its collapse.
| 💰 Account currency: | Cryptocurrencies, US dollars, Euro, Russian ruble, Japanese yen, Chinese yuan |
| 🚀 Minimum deposit: | 1 USD |
| ⚖️ Leverage: | 1:1 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptos, fiat currencies |
| 💹 Margin Call / Stop Out: | No |
Crex24 Pros and Cons
👍 Crex24 Pros:
•loads of cryptocurrencies and tokens (the list is constantly replenished) and large trading volumes;
•the exchange has its own token called CREX, which provides a discount on trading commissions;
•low commissions, their size depends on the pair traded and the total volume of trading during the previous 30 days;
•no commission for depositing cryptocurrency funds and no additional fees, exchange operation is 100% transparent;
•SSL certificate, protection from DDoS attacks, 2FA authentication, and other security measures;
•Easy-to-use trading terminal with extensive functionality for technical analysis;
•“Cranes" function for free coins, regular contests with real prizes;
•the exchange officially operates under the financial legislation of Cyprus.
👎 Crex24 Cons:
•no investment solutions are offered;
•withdrawal of funds takes up to three days;
•absence of app for iOS.
Rules and Regulation
Crypto regulations in the U.S.
Cryptocurrency trading in the United States is regulated by various federal agencies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Additionally, certain states may have their own regulatory frameworks governing cryptocurrency activities, adding an extra layer of oversight to ensure compliance with applicable laws.
Crypto investor protection in the U.S.
Regulations enforced by the SEC and CFTC aim to protect investors participating in cryptocurrency trading activities. These regulations focus on enhancing market transparency, preventing fraudulent activities, and ensuring fair trading practices. Moreover, investor education initiatives and disclosure requirements contribute to empowering investors and mitigating risks associated with cryptocurrency investments.
Crypto tax in the U.S.
Profits generated from cryptocurrency trading are subject to taxation in the United States. The Internal Revenue Service (IRS) treats cryptocurrencies as property for tax purposes, meaning that capital gains received from cryptocurrency transactions are taxable. Tax rates on capital gains vary depending on several factors, including the individual's income level and the duration of holding the assets. Additionally, tax reporting requirements ensure compliance with tax laws and facilitate accurate tax calculations for cryptocurrency traders.
Do I recommend using Crex24 in the US?
The Crex24 cryptocurrency exchange will not be a good choice for traders from US. The company does not hold a license, although the main reason for that is that the financial regulator of the country does not license crypto exchanges in general. There have been security-related incidents on the platform, and the accounts are not protected in the best possible way. Also, users periodically have questions about the quality of the exchange’s operation.
FAQ
Can I work with crypto exchanges considering that they don’t have a license in US?
The fact that a crypto exchange does not have a license doesn’t mean that traders from US will have problems while working with it. Cryptocurrency exchanges are not subject to licensing in many countries, while there are many exchanges with good reputation. Assess the available information about the exchange and check its reputation.
What security methods for account protection do crypto exchanges employ?
Cryptocurrency exchanges may offer various security methods. These include the two-factor authentication, first and foremost, and also such methods as a security question, additional passwords, etc.
Can an exchange that has had a security-related incident in the past be trusted?
You need to check whether such incidents were regular. If it was one episode several years ago, while the reputation of the exchange is good, you can work with such an exchange.
Should I work with an exchange if I have doubts about its reputation?
No. Always choose the cryptocurrency exchanges that have a good reputation.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.