Crypto.com Suspends US Institutional Exchange Service

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Crypto.com will no longer serve institutional customers in the United States after announcing the suspension of the service from June 21.

The Singapore-based cryptocurrency exchange cited limited demand from institutional clients as the main reason for the move, which was exacerbated by testing prevailing market conditions.

A statement from Crypto.com noted that institutional users of the platforms were given advance notice of the decision to suspend the service. Crypto.com’s mobile retail app and platform remain fully operational in the United States.

Related:Crypto.com Gets New Regulatory Approval in France

US retail users still have access to Commodity Futures Trading Commission-regulated cryptocurrency derivatives trading as well as the UpDown Options trading offering, which allows users to open long or short trading positions. on the future movements of various cryptocurrencies.

Crypto.com remains open to a possible relaunch of its institutional exchange in the United States.

As it closes the curtain on its US institutional offering, Crypto.com recently received an official Major Payment Institution License for Digital Payment Token Services from the Monetary Authority of Singapore, allowing it to offer its services in the country.

June 2023 turned out to be a tumultuous month for cryptocurrency exchanges in America. The Securities and Exchange Commission (SEC) has set its sights on Binance.US and Coinbase, taking legal action against both exchanges for myriad alleged violations of securities laws.

The broader cryptocurrency ecosystem has hit back at the SEC’s actions, as the US regulatory crackdown on the industry appears to be tightening roughly eight months after FTX’s collapse.

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