Home Blockchain Crypto.com suspends institutional exchange services in the US

Crypto.com suspends institutional exchange services in the US

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  • Crypto.com noted limited demand for institutional-level services.
  • The service will be suspended from June 21st.
  • Crypto.com’s retail mobile application and platform remains fully operational in the United States.

Crypto.com has announced that it will be discontinuing its institutional trading services in the US starting June 21st of this year. This means that we will no longer be able to serve our institutional customers in the United States.

The majority of cryptocurrency players are concerned about the continued crypto onslaught by the U.S. Securities and Exchange Commission (SEC), but Crypto.com cited a lack of demand from institutional investors as a major factor in this decision. , and market testing made things worse.

However, if market conditions change, the exchange still has the potential to resume its suspended institutional exchange services in the US.

Retail Crypto Services Still Available in US

Institutional users of the platform were informed in advance that the service would be suspended, Crypto.com said in a statement. However, the exchange maintains that its retail mobile application and platform remain fully operational in the United States.

In addition, Crypto.com’s CFTC-regulated cryptocurrency derivatives trading remains available to retail users in the United States. Also available is an UpDown Options product that allows users to open long or short trading positions against various potential future cryptocurrency movements.

Virtual currency onslaught by US SEC

June 2023 has proven to be the most tumultuous month in the history of US-operated cryptocurrency exchanges. The Securities and Exchange Commission (SEC) has launched legal action against both Binance and Coinbase on various charges, including violations of securities laws.

Eight months after the demise of FTX, the SEC’s actions have drawn criticism from the larger crypto community as it appears to be ramping up its regulatory crackdown on the crypto sector.

Crypto.com has yet to undergo an SEC investigation, but the exchange continues to expand around the world. The Monetary Authority of Singapore (MAS) recently granted Crypto.com an official Major Payments Institution (MPI) license for its Digital Payment Token (DPT) service, despite suspending the service for U.S. institutions. Crypto.com has made the service available.

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