Crypto.com to shut down US institutional service amid SEC crypto crackdown

[ad_1]

Cryptocurrency exchange Crypto.com announced on Friday that it will end its institutional service for US customers on June 21.

The Singapore-based digital asset platform added that it made the decision due to “limited demand from institutions in the United States in the current market landscape.”

Institutional investors are large accredited clients who have more money to invest than typical retail clients. Only companies can use the Crypto.com institutional service.

Matt Damon Says He Advertised on Crypto.Com Due to ‘Low Year’ at Clean Water Foundation

Affected institutional users have been notified in advance to encourage a smooth transition, a statement shared with Decrypt read.

This decision regarding Crypto.com exchange activity in the United States does not impact our Crypto.com retail app used by more than 80 million users worldwide, he added. .

Crypto.com is a platform that allows customers to buy and sell cryptocurrencies. It also offers customers a Visa debit card to spend digital assets.

The company, a recognized crypto brand that did a 2021 commercial with actor Matt Damon, said it was cutting its global workforce by 20% in January.

His announcement comes as the United States becomes an increasingly difficult place for crypto businesses.

The SEC this week sued major crypto exchanges Binance and Coinbase, and regulators chairman Gary Gensler hinted that digital asset companies were not welcome. We don’t need more digital currency, he said.

[ad_2]