Crypto.com suspends US institutional exchange services.
- Crypto.com has announced that it will no longer offer institutional exchange services in the United States from June 21 of this year.
- The decision to suspend services was made due to limited demand from institutional clients, worsened by market testing.
- Crypto.com’s retail mobile application and platform will remain fully operational in the US.
Crypto.com informed institutional users of the platform in advance that the service would be discontinued. The exchange, however, has not ruled out the possibility of relaunching the suspended institutional exchange services in the US if market conditions change.
In spite of the ongoing crypto regulatory crackdown by the US Securities and Exchanges Commission (SEC), Crypto.com cited a lack of institutional demand as the primary reason for the decision.
Retail crypto services still available in the US
Crypto.com’s retail mobile application and platform will remain fully operational in the US. Furthermore, the exchange’s CFTC-regulated cryptocurrency derivatives trading and its UpDown Options product will continue to be available to American retail users.
Crypto onslaught by the SEC in the US
The month of June 2023 has been turbulent for cryptocurrency exchanges operating in the US, with the SEC taking legal action against Binance and Coinbase for various allegations, including securities law violations. The SEC’s actions have drawn criticism from the larger cryptocurrency community as it appears to be tightening its regulatory clampdown on the sector.
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Despite the regulatory challenges in the US, Crypto.com continues to expand globally and was recently granted an official major payment institution (MPI) license for digital payment token (DPT) services by the Monetary Authority of Singapore (MAS).
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