Crypto.com suspends US institutional exchange service.
Crypto.com has announced that it will no longer provide services to institutional clients in the United States, starting from June 21. The Singapore-based cryptocurrency exchange stated that the limited demand from institutional customers was the primary reason for this decision, which has been worsened by the current market conditions. The platform’s institutional users were given advance notice of the suspension of the service. However, Crypto.com’s retail mobile application and platform remains fully operational in the U.S.
American retail users can still access CFTC-regulated cryptocurrency derivatives trading, as well as its UpDown Options offering, which enables users to open long or short trading positions on future movements of various cryptocurrencies. Crypto.com is open to potentially relaunching its institutional exchange in the U.S.
Furthermore, Crypto.com recently received an official major payment institution (MPI) license for digital payment token (DPT) services by the Monetary Authority of Singapore (MAS), allowing it to offer its services in the country.
June 2023 has been a turbulent month for cryptocurrency exchanges in the U.S. The Securities and Exchange Commission (SEC) has started legal proceedings against Binance.US and Coinbase for alleged securities laws violations. The wider cryptocurrency ecosystem has criticized the SEC’s actions as the U.S. regulatory crackdown on the industry seems to tighten some eight months after the collapse of FTX.
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