Popular crypto exchange Crypto.com is cutting multiple cryptocurrencies from its rewards program, Crypto Earn, which enables investors to accrue daily rewards for investing in crypto assets. The company offers up to 14.5% rewards on tokens like Tether, Polkadot, and Polygon, among others.
However, the company announced that it was no longer offering rewards for popular memecoins like Dogecoin and Shiba Inu, along with 13 other cryptocurrencies, as of June 27.
The company said it would return funds to users for the aforementioned tokens by Tuesday.
At the same time, Crypto.com said it was adding support for three cryptocurrencies: ZIL, NEAR, and FTM.
At the end of each week, users receive their rewards in their crypto wallet, which they can use immediately.
The program is offered to everyone except citizens of Hong Kong, Switzerland, or Malta.
It was not immediately clear why the company was removing 15 cryptocurrencies from its rewards program, though the move has been branded as a step forward for Crypto.com's goal of long-term financial stability. Some users called it a "shame" that Dogecoin and Shiba Inu were nixed from the program altogether, while others highlighted that Crypto.com's low interest rates made it an unattractive destination to store crypto tokens in the first place.
Two weeks ago, Crypto.com slashed 5% of employees, citing a "market downturn."