New Delhi: Crypto.com, a Singapore-based cryptocurrency exchange, will no longer serve institutional clients in the United States after announcing the suspension of the service starting June 21. The primary reason for this move is cited as limited demand from institutional customers, exacerbated by testing prevailing market conditions.
As per the reports, the platform’s institutional users were given advance notice about the suspension of services. Crypto.com’s retail mobile application and platform remain fully operational in the United States.
American retail users still have access to cryptocurrency derivatives trading regulated by the Commodity Futures Trading Commission as well as the exchange’s UpDown Options offering, allowing users to open long or short trading positions on future movements of various cryptocurrencies.
Crypto.com remains open to a potential relaunch of its institutional exchange in the United States.
Amid its closing the curtain on its U.S. institutional offering, Crypto.com recently received an official major payment institution license for digital payment token services from the Monetary Authority of Singapore, which permits it to provide its services in the country.
In America, June 2023 has proven to be an exciting month for cryptocurrency exchanges. The Securities and Exchange Commission (SEC) set its sights on Binance.US and Coinbase, starting legal proceedings against both exchanges for a myriad of alleged securities laws violations.
The wider cryptocurrency ecosystem has hit back at the SEC’s actions, as the U.S. regulatory crackdown on the industry seems to tighten some eight months on from the collapse of FTX.
