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ACCOUNTS AND LOANS RECEIVABLE, NET OF ALLOWANCE
 9 Months Ended
Sep. 30, 2022
Receivables [Abstract]  
ACCOUNTS AND LOANS RECEIVABLE, NET OF ALLOWANCE ACCOUNTS AND LOANS RECEIVABLE, NET OF ALLOWANCE
Accounts and loans receivable, net of allowance consisted of the following (in thousands):
September 30,December 31,
20222021
In-transit customer receivables$42,552 $102,720 
Trade finance receivables7,512 1,865 
Custodial fee revenue receivable11,477 23,727 
Loans receivable(1)
116,601 218,461 
Interest and other receivables(2)
79,164 73,803 
Allowance for doubtful accounts(3)
(16,952)(24,551)
Total accounts and loans receivable, net of allowance$240,354 $396,025 
__________________
(1)The fair value of collateral held as security exceeded the outstanding loans receivable as of September 30, 2022 and December 31, 2021, so no allowance was recorded.
(2)Includes accounts receivables denominated in crypto assets of $11.0 million and $26.4 million as of September 30, 2022 and December 31, 2021, respectively. See Note 12. Derivatives for additional details.
(3)Includes provision for transaction losses of $4.2 million and $16.8 million as of September 30, 2022 and December 31, 2021, respectively.
Loans receivable
The Company issues loans to retail users and institutions. As of September 30, 2022 and December 31, 2021, the Company had issued loans with an outstanding balance of $116.6 million and $218.5 million, respectively. The related interest receivable on the loans as of September 30, 2022 and December 31, 2021, was $0.8 million and $1.3 million, respectively.
The amounts loaned are collateralized with the crypto assets held by the borrower in their crypto asset wallet on the Company’s platform. The Company does not have the right to use such collateral unless the borrower defaults on the loans. The Company’s credit exposure is significantly limited and no allowance was recorded against these loans receivable. Loans receivable are measured at amortized cost. The carrying value of the loans approximates their fair value. As of September 30, 2022 and December 31, 2021, there were no loans receivable past due.
ACCOUNTS AND LOANS RECEIVABLE, NET OF ALLOWANCE ACCOUNTS AND LOANS RECEIVABLE, NET OF ALLOWANCE
Accounts and loans receivable, net of allowance consisted of the following (in thousands):
September 30,December 31,
20222021
In-transit customer receivables$42,552 $102,720 
Trade finance receivables7,512 1,865 
Custodial fee revenue receivable11,477 23,727 
Loans receivable(1)
116,601 218,461 
Interest and other receivables(2)
79,164 73,803 
Allowance for doubtful accounts(3)
(16,952)(24,551)
Total accounts and loans receivable, net of allowance$240,354 $396,025 
__________________
(1)The fair value of collateral held as security exceeded the outstanding loans receivable as of September 30, 2022 and December 31, 2021, so no allowance was recorded.
(2)Includes accounts receivables denominated in crypto assets of $11.0 million and $26.4 million as of September 30, 2022 and December 31, 2021, respectively. See Note 12. Derivatives for additional details.
(3)Includes provision for transaction losses of $4.2 million and $16.8 million as of September 30, 2022 and December 31, 2021, respectively.
Loans receivable
The Company issues loans to retail users and institutions. As of September 30, 2022 and December 31, 2021, the Company had issued loans with an outstanding balance of $116.6 million and $218.5 million, respectively. The related interest receivable on the loans as of September 30, 2022 and December 31, 2021, was $0.8 million and $1.3 million, respectively.
The amounts loaned are collateralized with the crypto assets held by the borrower in their crypto asset wallet on the Company’s platform. The Company does not have the right to use such collateral unless the borrower defaults on the loans. The Company’s credit exposure is significantly limited and no allowance was recorded against these loans receivable. Loans receivable are measured at amortized cost. The carrying value of the loans approximates their fair value. As of September 30, 2022 and December 31, 2021, there were no loans receivable past due.