On October 6, Chen signed the order for Ortiz v. Foris Dax, Inc. The company’s motion targeted the complaint for failing to state a claim, but made no mention of standing. Nonetheless, the judge raised standing, claiming that a federal court has an “independent duty” to police its own jurisdiction. The court cannot hear the case if there is no concrete injury. Jose Ortiz and Javier Hernandez, both from California, filed a lawsuit in October 2025 over the cookie banner on Crypto.com. Visitors can select “Accept All,” “Disable All,” or “Customize Settings” from the banner.

Plaintiffs aggrieved over cookie option on Crypto.com

They stated that they chose “Disable All,” but the site still placed cookies. The data was allegedly sent to Meta, Google, X, and Snap. The lawsuit alleged fraud, unjust enrichment, invasion of privacy, intrusion upon seclusion, and violations of the California Invasion of Privacy Act. Plaintiffs claimed that their financial interests and investment research were being tracked.

Chen relied on Popa v. Microsoft. In that case, the Ninth Circuit determined that a tool that detected a shopper’s “pet-store preferences and her street name” was more akin to “a store clerk’s observing shoppers” than a privacy violation. According to the Supreme Court’s Spokeo and TransUnion rulings, simply breaking a statute is insufficient. A plaintiff still must demonstrate the type of harm that courts have long recognized.

According to the order, the only identifiers sent from Crypto.com were IP addresses, user-agent strings, and cookie or browser IDs. Neither man claimed to have created an account, logged in, or entered a name, email address, or payment information into the website. Chen noted that they had been monitoring cryptocurrency prices and market data, but none of it revealed anything about their personal finances. Screenshots attached to the complaint revealed little more than page URLs and titles, timestamps, and screen and browser information.

According to the order, deception can push a privacy claim toward a “highly offensive” intrusion, which is known as a plus factor. However, a broken opt-out promise does not get there on its own when the data is so mundane. Chen used another recent ruling to make his point. “The key is the sensitivity of the information collected.” The judge could not conclude that a new complaint would be pointless, so the case was dismissed with leave to amend.

The 30-day period runs until November 5. On May 21, Chen agreed to part of a previously filed motion to dismiss. The plaintiffs amended their complaint on June 22, and Foris Dax filed a new motion to dismiss in July. Foris DAX is a Delaware company headquartered in Tyler, Texas. Citadel Securities invested $400 million in Crypto.com in July, valuing it at $20 billion, and the UAE central bank granted a payments license to a Foris DAX unit.

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Emirates Airlines is utilizing Crypto.com’s Pay solution to allow its customers to carry out payments on its website and application, with transactions processed in compliance with UAE regulatory standards. Crypto.com Pay is available to eligible UAE residents.

According to the statement, UAE residents can make bookings priced and settled in UAE fiat currency, the AED. Earlier this year, Crypto.com, through its UAE entity, Foris DAX Middle East FZE, received a Stored Value Facilities (SVF) license from the Central Bank of the UAE, allowing it to offer crypto payments in the UAE. Adnan Kazim, Emirates Airlines Deputy President and Chief Commercial Officer, noted that this initiative expands their commitment to customer choice in how they pay for travel, reflecting the preferences of a younger generation who use their phones.

Emirates Airlines launches new payment option in UAE

In his statement, Kazim said, “Moving from signature to launch with Crypto.com in under a year is a credit to both teams and to a regulatory environment that makes this kind of innovation possible, reflecting the UAE’s and Dubai’s ambition to lead in fintech and the digital economy.” Eric Anziani, President and Chief Operating Officer, noted that this partnership is a milestone for Crypto.com and is a testament to the UAE’s forward-thinking approach to innovation.

When customers use the website emirates.com or the Emirates application, they can opt for Crypto.com Pay at checkout and can complete the payment using their wallet on their phone or a QR code on a desktop and then approve the payment using the application. Once payment is approved, the booking is confirmed, and an e-ticket is issued on their screen. The service is part of Dubai’s Cashless Strategy under the D33 Economic Agenda. It aims to make 90 percent of all financial transactions across government and private sectors digital by the end of 2026.

Emirates Airlines joins only three other airlines globally in crypto payments, and they are airBaltic from Latvia, Vueling in Spain, and Peach Aviation in Japan. It is noteworthy that it will be Crypto.com’s entity that will accept the payments and then exchange them into either an AED stablecoin or an AED fiat currency to Emirates Airlines. This is because the UAE Central Bank only accepts regulated AED stablecoins or AED fiat currency for the payment of goods and products in the country.

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The new service is expected to make it easier for users in the UAE to fund their accounts and carry out their crypto trading services without delay, using an automated verification system. According to the announcement, the development is open to both retail and institutional investors, as it allows them to enter the crypto market.

Crypto.com offers fast transfers

Crypto.com has also promised its users in the UAE fast transfers, adding another layer of convenience to their activities. The exchange competes with bank transfers, which take days to clear transactions. Moreover, UAE users will be able to access funds almost instantly. However, this is not the first time Crypto.com has made such an announcement.

In August of 2024, it announced it would be launching its global retail services across 90 countries out of Dubai, UAE. The crypto exchange partnered with Standard Chartered Bank to allow the deposit and withdrawal of crypto and fiat easily. In addition, Crypto.com in the UAE has been working to integrate its offering across the board.

The crypto exchange signed deals with Emarat Energy, Dubai Land Department, and Emirates Airlines to allow its customers to make crypto payments using the exchange’s services. Whether it’s trading or payments, the exchange is trying to spread its wings within the UAE. Earlier this year, Crypto.com appointed Mohammed Al Hakim, a UAE national, as president of its UAE operation for the company’s growth and diversity in the region.

Crypto.com is strongly moving forward in the UAE market, as it has done in the USA. The competition between crypto exchanges in the UAE is intensifying, with each one trying to offer unique services, with some partnering with banks to offer crypto trading rails embedded within the bank’s offering, like the deal between RAK Bank and BitPanda.

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“Further enabling the utility of cryptocurrency is central to our vision at Crypto.com,” said Mohammed al Hakim, President of Crypto.com UAE. “The UAE is a cryptocurrency market leader, and we are excited to partner with Emarat, the region’s leading petroleum brand and serving tens of thousands of customers every day, in bringing digital assets into its next era.”

According to the announcement, Emarat will be looking to modernize its retail model and approach to appeal to teach-inclined users. It also wants to boost its digital image, and partnering with crypto.com will see the integration of the exchange at 10 service stations. There are plans to deepen the integration across the Emarat service station network.

Crypto.com to team up with Emarat to launch the Crypto.com service station

Through Project Landmark, the first project providing naming rights for fuel stations in the world by Emarat, Crypto.com, and Emarat will unveil the Crypto.com Emarat Service Station at Emarat’s Al Ameen Station in Al Wasl Road, a signature service station branded by Crypto.com and supported by the Crypto.com integration.

“At Emarat, we are constantly exploring new frontiers in innovation and customer experience. This partnership with Crypto.com introduces a new era of convenience and possibility for our customers, while strengthening our position as a future-focused brand. Together, we’re bridging the gap between energy retail and emerging financial ecosystems,” Ali Bin Zayed Al Falasi, Chief Retail Officer & Senior Vice President—Marketing at Emarat said.

Crypto.com users and Emarat customers will be able to enjoy more benefits from the partnership, including exclusive offers and a mutual promotional program to uplift customers’ experience. More and more retail entities across the UAE are partnering with regulated crypto service providers to offer stablecoin payments, better integration with the UAE banking sector, and better investment opportunities. Recently UAE MGX sovereign wealth fund invested $2 billion in Binance using a stablecoin, while Trump’s Tower project will allow purchases to be made in crypto.

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According to Crypto.com, it will leverage the partnership to push its operational efficiency, providing seamless banking to its users in the region. Deutsche Bank, on the other hand, has cemented its place in the banking industry, being one of the leading institutions in Germany. Crypto.com’s Global Head of Banking Partnerships Karl Mohan discussed the partnership, offering full insight into the details.

Crypto.com to provide retail crypto offerings

According to Mohan, the partnership will help its already budding global influence. “Teaming up with one of the world’s leading financial services providers further cements our, already strong, presence globally and we are excited to build on this with the support of Deutsche Bank,” he said. Although Deutsche Bank’s announcement did not shed light on the full details, it confirmed the deal through Kriti Jain, its Head of New Economy Corporate Coverage in the APAC region.

Jain, in his statement, confirmed that the bank provides a working environment for its new economy clients, noting that its innovation will serve Crypto.com’s goals. This partnership is one of the last few that the exchange has inked. The exchange has entered into a series of partnerships over the last few months, with the latest being a deal with Singaporean payment provider Triple-A. With this partnership, Crypto.com’s users will be able to spend crypto buying things online.

The exchange also recently announced a partnership with PayPal to serve its US clients, with another partnership with Standard Chartered helping users move fiat to their Crypto.com account. The partnerships are in line with the exchange’s goals to expand services for its retail users. However, there is a likelihood that it wants to expand beyond crypto.

Crypto.com recently announced an acquisition of United Arab Emirates-based Orion Principals Limited. The acquisition will allow Crypto.com to offer products like securities, options, and futures to eligible users through Orion’s Abu Dhabi Global Market (ADGM) license. These partnerships are in place with the recently released Crypto.com roadmap for 2025. The exchange revealed that it wants to focus on cards, banking, and stocks in the future. It also noted that the accessibility of the products to users will depend on compliance within the jurisdiction.

Crypto.com inches ahead in spot exchange gains for 2024

Crypto.com’s choice to focus on its retail market paid dividends this year, with the exchange taking a huge share of spot exchange gains in 2024. According to CCData, its spot market share increased by 5.82% in 2024, putting it at 8.24% year-to-date. CoinGecko puts its overall market share around 11%. With the gain this year, it ranks only second to Binance in exchanges by market share.

However, its usage trend dropped a bit, with its market share in this aspect dropping by 1%. Regardless, it is still ahead of Coinbase in the United States. Despite the drop, Crypto.com looks set on expanding in the Asia Pacific and Middle East regions. Some days ago, it announced a partnership with Mastercard to offer services to its users in Bahrain. The platform’s CEO Eric Anziani also reportedly met with Bahraini Crown Prince and Prime Minister Prince Salman bin Hamad Al Khalifa.

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In its filing, FTX claimed that Alameda maintained an account on Crypto.com before it filed for bankruptcy. The account was opened in the name of former Alameda employee Ka Yu Tin (also known as Nicole Tin).

The filing mentioned that the company frequently practiced that strategy, using its employee’s names and shell companies to open accounts to protect its trading strategies. Notwithstanding, the filing said that the account was funded and controlled by Alameda Research.

After Alameda filed for bankruptcy, Crypto.com placed an embargo on the account, restricting several FTX executives from accessing it despite many attempts. The filing said that despite several calls to enable access to the account, the platform repeatedly refused to heed the calls.

A possible scenario is the name on the account not matching any of the FTX executives who have tried to access the account. However, FTX claimed they explained beyond reasonable doubt and even showed court documents as proof, but Crypto.com did not lift the restrictions.

FTX wants authorization to hold Crypto.com assets

The issue between FTX and Crypto.com took a bizarre turn after the latter’s sister companies Foris MT and Iron Block also brought charges against FTX. The companies are seeking the green light to recover $18.4 million and $237,800 held on FTX’s platform before its collapse. FTX executives are now using the funds as leverage to recover the Alameda Research funds.

As part of their prayers to the court, FTX has asked the court to hold off on Crypto.com’s claims till it returns the Alameda asset. Aside from returning the funds, FTX wants the court to order the platform to pay its legal fees and other reliefs.

FTX has also initiated the same Crypto.com lawsuit against other firms in the industry to recover other Alameda funds. Aside from settling its lawsuit with Bybit recently, it still has an ongoing lawsuit against Upbit, KuCoin, and Gate.io.

Meanwhile, it remains relatively unknown if FTX is doing anything to recover about $400 million stolen from the platform after its bankruptcy. The hack was facilitated by Robert Powell, with the funds growing to $600 million. Powell has since been arrested and is presently under house arrest.

Criticisms trail the actions of the firm

The company’s executives believe the lawsuits are integral to recovering funds owned by Alameda and FTX. However, observers have criticized the approach of John Ray III and Sullivan and Cromwell law, which has led FTX to where it is after filing for bankruptcy.

Some observers also believe that the approach only increases the billable hours of the administrators. According to them, the administrators should have wound down all Alameda funds before filing for bankruptcy. As a result of their action, the company has funds lost on several centralized exchanges.

X user FTX Historian said the first examiner reported that $1.76 billion worth of digital assets were locked. He noted that the exchange will not be able to recover $130 million worth of funds on exchanges like BTCTurk, GATE, Huobi, and KuCoin.

Also, he said the administrators do not have the needed knowledge to handle post-bankruptcy recovery of assets, which has led to more losses. He referenced the situation of former Alameda Research CEO Caroline Ellison, who said the administrators fired her immediately after they took charge despite the new team lacking the needed expertise.

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The challenge to SEC’s jurisdiction and regulations

In its lawsuit, Crypto.com contests two significant components of the SEC’s approach to cryptocurrency regulation. The exchange claims that the SEC has overstepped its boundaries, expanding its jurisdiction beyond what is legally permissible. Additionally, Crypto.com argues that the SEC’s classification of trades involving nearly all cryptocurrencies as securities transactions is unfounded. The exchange notes that Bitcoin (BTC) and Ethereum (ETH) do not fall under this categorization.

Crypto.com’s legal team asserts that the SEC’s new rule was established without adhering to the necessary notice and comment period mandated by the Administrative Procedure Act. The exchange contends that the SEC’s application of this rule is arbitrary and capricious. They emphasize that many crypto assets share characteristics and are sold like BTC and ETH, calling into question the fairness of the SEC’s actions.

Response from Crypto.com CEO

CEO Kris Marszalek has publicly articulated the company’s stance on the matter. In a series of posts on X, he described the lawsuit as a justified reaction to the SEC’s regulatory approach, which he characterized as “regulation by enforcement.” Marszalek highlighted that the SEC’s actions have adversely affected over 50 million American crypto holders. He also revealed that Crypto.com has petitioned the Commodity Futures Trading Commission (CFTC) and the SEC to clarify the classification of crypto derivative products.

Despite the ongoing regulatory hurdles, Marszalek remains optimistic about the U.S. crypto market. He conveyed confidence in the company’s plans, which include expanding its offerings to U.S. customers. He stressed the importance of addressing what he views as the SEC’s unlawful rulemaking and unauthorized jurisdictional overreach.

Broader implications for the Crypto industry

Crypto.com’s legal challenge highlights broader concerns within the cryptocurrency community regarding regulatory clarity and fairness. Many industry participants believe that the SEC’s current stance could stifle innovation and deter investment in the sector. By questioning the SEC’s authority and regulatory approach, Crypto.com aims to defend its operations and advocate for a more balanced regulatory framework for all cryptocurrency entities in the United States.

The exchange’s legal action reflects a growing frustration among cryptocurrency firms facing increasing regulatory scrutiny. The lawsuit could set a precedent that influences future regulatory practices and the overall landscape of cryptocurrency in the U.S.

As the legal battle unfolds, the outcomes may have lasting implications for classifying and regulating cryptocurrencies. Crypto industry stakeholders are closely watching the developments, as they could significantly affect the operational environment for exchanges and investors alike.

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The error, originating from a clerical mistake, allowed Singh to access funds that were not rightfully his, leading to a significant legal battle.

Discovery of the financial blunder

In May 2021, an attempt by Singh to deposit $100 using his partner’s bank account led to a critical error when the deposit was rejected due to the names on the accounts not matching. An employee from Crypto.com, located in Bulgaria, erroneously transferred $10.47 million instead of the intended $100 refund into the bank account of Singh’s partner, Thevamanogari Manivel. This mistake was not discovered until an internal audit seven months later when Singh had already spent over $6 million.

Expenditure of Misappropriated Funds

Upon realising the error, Singh directed Manivel to withdraw the money immediately to prevent it from being reclaimed. Believing the windfall resulted from winning an online raffle, the couple embarked on a spending spree. They invested in real estate, purchasing two homes and two plots of land in Melbourne, and generously donated $1 million to a friend. After Crypto.com traced the error and demanded the return of the funds, Manivel, suspecting a scam, transferred $4 million to a bank in Malaysia. 

Legal proceedings and potential consequences

During a pre-sentence hearing in the Victorian County Court, Singh admitted to the theft. His lawyer, Martin Kozlowski, presented a defence stating that Singh did not initially understand the severity of his actions, believing the funds were legitimately his. Kozlowski highlighted the delay in Crypto.com’s detection of the error, suggesting a lack of immediate harm due to the company’s size and global reach. 

Kozlowski proposed a community corrections order, considering Singh’s year-long detention before sentencing. Contrarily, Prosecutor Campbell Thomson argued for a custodial sentence, emphasising the deliberate nature of Singh’s actions and the need for legal deterrence. He acknowledged that while some of the misappropriated funds had been recuperated in Australia, the $4 million in Malaysia was still unaccounted for.

The presiding Judge Martine Marich described the incident as not typical criminal masterminding but rather an exceptional case of finding sudden wealth. She acknowledged the unusual circumstances but highlighted the necessity for appropriate legal repercussions. The decision on Singh’s final sentencing is set to be announced later in the month.

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The Crypto.com article incorrectly reported the launch of TREAT and included a misleading link, prompting Shytoshi to warn the community about the potential risks. 

The Shiba Inu community quickly contacted Crypto.com to correct the error. The exchange has since removed the misleading information, but Kusama’s warning remains crucial for users to stay vigilant against such scams.

Emergence of fake TREAT tokens

The TREAT token, intended to be the fourth addition to the Shiba Inu ecosystem, has seen multiple imitations emerge before its official release. The ecosystem currently includes SHIB, BONE, and LEASH. According to Shiba Inu’s pseudonymous founder, Ryoshi, TREAT is designed to provide liquidity for the upcoming SHI stablecoin and replace BONE as the reward token on ShibSwap.

Despite the token being under development, fake versions have appeared on popular crypto aggregators like CoinMarketCap and CoinGecko. This has confused the community, but key members have proactively debunked these false claims. Shiba Inu spokesperson Lucie has repeatedly emphasized that the TREAT token has not been launched, stating, “IT WASN’T.”

Crypto.com has corrected its error and removed the misleading URL. Additionally, crypto data aggregators have added disclaimers to clarify that the TREAT tokens listed on their platforms are not affiliated with Shiba Inu. A disclaimer on CoinGecko reads, “This token is not affiliated with Shiba Inu nor their upcoming privacy-focused Layer 3 blockchain. Please DYOR before trading the token.”

Following these disclaimers, the fake TREAT token, launched in February 2024, has seen its value drop by 12% in the last 24 hours, currently priced at $0.0005878. The token has fallen 91% from its all-time high.

Calls for Binance to burn SHIB

In a separate development, the Shiba Inu community has advocated for Binance to burn 1% of all SHIB daily transactions. A Change.org petition created by influencer Labib has gathered 498 signatures out of the target 50,000. The SHIBARMY influencer Lola has also called on Binance CEO Richard Teng to support the burn initiative. Many community members believe reducing the SHIB supply through burns could increase the token’s value. However, Binance has not yet committed to this proposal.

The Shiba Inu community continues to be vigilant against scams while pushing for initiatives to enhance the value of their tokens. With active involvement from key members and influencers, they aim to maintain the integrity of their ecosystem and protect their investments.

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Marketing Efforts and Partnerships

Crypto.com’s marketing strategies have included sponsorships of notable sports events, such as hosting the NBA and NHL playoffs at the Crypto.com Arena and sponsoring the Formula 1 Crypto.com Miami Grand Prix. Additionally, the firm released a brand film titled “INEVITABLE,” part of the “Fortune Favors the Brave” campaign. The film debuted on television during the Los Angeles Lakers NBA Playoff game at the Crypto.com Arena in late April 2024.

The exchange has also collaborated with high-profile partners to expand its reach. Kris Marszlek, CEO of Crypto.com, mentioned that engaging campaigns and iconic partnerships have contributed to making the platform widely recognized. He also noted that Crypto.com has established itself as one of the most regulated platforms in the cryptocurrency industry through global licensing and registration.

Global Expansion and Compliance

In May, Dubai’s Virtual Assets Regulatory Authority granted Crypto.com a license to provide full operations in institutional crypto trading via its regional branch, CRO DAX Middle East FZE. The company obtained a Virtual Asset Service Provider license in 2023, enabling it to offer services like spot trading, staking, brokerage, and over-the-counter offerings. Crypto.com has announced plans to introduce the Crypto.com app and other products for retail investors in Dubai.

The company is also expanding its presence globally. In Korea, Crypto.com is launching a specialized trading platform catering to the needs of local users. In February, Crypto.com teamed up with Brazil’s BTG Pactual to improve banking services in Latin America. This partnership integrates BTG Pactual’s stablecoin, BTG DOL, with Crypto.com’s services to facilitate transactions between traditional financial systems and the digital economy.

The Central Bank of Brazil has licensed Crypto.com as a Payment Institution. It has also obtained licenses in the Netherlands, Spain, France, and the UK. Crypto.com’s user base has expanded significantly since it reached 70 million users in November 2022.

By aligning with well-known brands and securing licenses in multiple markets, Crypto.com has positioned itself as a prominent player in the cryptocurrency exchange landscape.

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