Crypto.com has declared that it will no longer provide services to institutional customers in the United States, effective June 21.
The Singapore-based cryptocurrency exchange attributed the decision to a lack of demand from institutional customers, which has been compounded by the current market conditions.
Crypto.com stated that prior to the suspension of their service, their institutional users were notified in advance. The retail mobile application and platform of Crypto.com are still functioning properly in the United States.
Crypto.com has been granted new regulatory approval in France.
U.S. retail customers can still take advantage of CFTC-regulated cryptocurrency derivatives trading, as well as the UpDown Options feature, which enables them to open long or short positions based on anticipated price fluctuations of various digital currencies.
Crypto.com has not ruled out the possibility of re-establishing its institutional exchange in the United States.
Crypto.com has recently been granted an official Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS), which permits them to offer their services in the country, despite having closed their U.S. institutional offering.
In June 2023, cryptocurrency exchanges in America have experienced a lot of upheaval. The Securities and Exchange Commission (SEC) has taken legal action against both Binance.US and Coinbase for supposedly breaching various securities regulations.
The broader cryptocurrency community has expressed its disapproval of the SEC’s actions, as the U.S. regulatory pressure on the sector appears to be intensifying nearly eight months after the FTX debacle.
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