Crypto.com Arena Keeps Controversial Name Despite Exchange Shutdown

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Topline

The naming rights of Crypto.com Arena in downtown Los Angeles will not be affected by the shutdown of Crypto.com’s institutional exchange service, the company says, despite speculation, the update exchange could have led to a change in the name of the historical arenas.

changed following Crypto.com’s decision to shut down its institutional exchange in the United States (AP Photo/Mark J. Terrill)Copyright 2022 The Associated Press. All rights reserved. Highlights

According to a statement provided to Blockworks on Friday, Crypto.com said it will soon shut down its institutional exchange service for US customers due to a lack of demand from financial institutions.

The shutdown, which affects fewer than 400 entities, will not impact the company’s retail app, which serves many of its more than 80 million users.

The closure of the institutional exchange generated online speculation that it would affect the company’s naming rights for Crypto.com Arena, but Crypto.com confirmed in an email to Forbes that the development would have no impact on arena names.

ESPN first broke the news on Friday afternoon.

Key Context

Crypto.com has entered into a $700 million naming rights deal in 2021 with AEG, the owner and operator of the arena known for years as Staples Center. Crypto.com’s decision to abandon the institutional exchange comes amid government pressure on other cryptocurrency exchanges, with the US division of Binances announcing on Thursday that users would no longer be able to trade the US dollar on its platform following a lawsuit by the Securities and Exchange Commission. The SEC also sued crypto exchange Coinbase for an alleged violation of trading rules.

To monitor

Crypto.com said it would continue to assess the suitability of the product market for a possible relaunch of its institutional exchange for US customers in the future. It is not known exactly when the relaunch will take place.

Further reading

Crypto.com to suspend US institutional trading (Blockworks)

Sources: Crypto.com’s change won’t affect LA Arena naming rights (ESPN)

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Antonio Pequeo IV is a breaking news reporter based in Los Angeles. Prior to joining Forbes, Antonio was a reporter for the San Fernando Valley Business Journal and the Los Angeles Business Journal, covering the local finance and biotechnology industries. He graduated from CSU San Marcos and the University of Southern California. Tips: [email protected] | Twitter @pequeno04

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