- June 13, 2023
- Posted by: [email protected]
- Category:
Crypto.com, a Singapore-based cryptocurrency exchange, has announced that it will discontinue its institutional services for clients in the United States starting June 21. The decision comes in response to limited demand for institutional-grade services, particularly in current market conditions.
The exchange has already informed its institutional users in advance about the suspension of the service. However, Crypto.com’s retail mobile application and platform will continue to operate normally for individual users in the United States.
Despite the discontinuation of institutional services, retail customers in America can still participate in cryptocurrency derivatives trading regulated by the Commodity Futures Trading Commission. They also have access to UpDown Options, which allows them to take long or short positions on the future movements of various cryptocurrencies.
While Crypto.com is bidding farewell to its institutional exchange in the United States, it remains open to the possibility of relaunching it in the future.
In recent news, Crypto.com has obtained a major payment institution license from the Monetary Authority of Singapore, further solidifying its position in the industry. This license enables the exchange to provide services related to digital payment tokens in Singapore.
The month of June 2023 has been turbulent for cryptocurrency exchanges in the United States. Binance.US and Coinbase have been charged with several securities law violations by the Securities and Exchange Commission (SEC). The regulatory crackdown on the cryptocurrency industry has faced criticism from the broader crypto community as it continues to tighten following the collapse of FTX eight months ago.
