The company assured that despite the suspension, other functions will continue to operate seamlessly.
In the wake of unpredictable market trends, Crypto.com has decided to suspend its institutional services in the United States from June 21st. The primary trigger for this move appears to be the underwhelming demand from institutional clients.
Setting the stage for the shift, the Singapore-based crypto exchange has previously made its institutional clients aware of this upcoming change.
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Despite this significant shift, the mobile application and platform for Crypto.com will continue to function seamlessly for users based in the United States.
Highlighting an interesting contrast, American retail users will still be able to leverage cryptocurrency derivatives trading. In addition, the UpDown Options offering also remains accessible, enabling users to speculate on the future price movements of different cryptocurrencies.
Looking ahead, Crypto.com is open to reconsidering this decision, leaving the door open for the potential resurgence of its institutional services in the US market.
Despite winding down its institutional services in the US, Crypto.com has been making strides elsewhere. The Monetary Authority of Singapore awarded the firm a significant payment institution license for digital payment token services, thus expanding its foothold in the Asian market.
June 2023 has been a period of upheaval for crypto exchanges in America. The Securities and Exchange Commission (SEC) has launched legal proceedings against Binance and Coinbase, alleging multiple violations of securities laws.
The tightening regulatory scrutiny on the crypto industry is facing strong pushback from the broader crypto ecosystem, especially in the wake of FTX's collapse nearly eight months ago.
The evolving landscape paints a dynamic picture of the crypto industry's resilience and adaptability in the face of regulatory changes and market volatility.
