Crypto.com Announces Discontinuation of Institutional Exchange Services in the US
Crypto.com has made the decision to stop serving institutional exchanges to customers in the US, with the suspension effective June 21.
The Singapore-based cryptocurrency exchange attributed the move to a combination of limited demand from institutional clients and challenging market conditions.
Leave the United States
CryptoTea, an anonymous figure known for its involvement in the cryptocurrency community, made an important note regarding the recent actions of the Securities and Exchange Commission (SEC).
Specifically, the SEC has explicitly stated that multiple tokens traded on the Crypto.com platform likely fall under the category of securities that Binance and Coinbase came under fire just a week ago. These tokens include Solana, Sandbox, MATIC, CHZ, BNB, MANA, ALGO, and more.
“We have recently made the commercial decision to suspend the institutional offering of the Crypto.com exchange in the United States effective at 11:59 PM EST on June 21, 2023, due to limited demand from institutions in the United States in the current market landscape. advance notice to support a smooth transition.”
June 2023 was a month of great disruption for the US cryptocurrency exchange scene.
The Securities and Exchange Commission (SEC) targeted two prominent exchanges, Binance.US and Coinbase, in the first week of the month, suing them for alleged violations of securities laws.
According to the company, retail investors will remain unaffected by the recent decision to suspend institutional services in the US. Crypto.com confirmed that retail investors will still have full access to the platform, including the availability of regulated UpDown options from Crypto.com.
When one market closes, another opens
Although it was announced that Crypto.com would be leaving the institutional service in the US, the company shared more promising news at the end of May.
Crypto.com has revealed its plans to include the Euro as a trading option. The move aims to take advantage of the liquidity of the euro and provide users with the ability to trade several crypto assets, including bitcoin (BTC), ethereum (ETH), and USDT, for euros.
By offering Euro cryptocurrency trading pairs, Crypto.com will enable its users to easily deposit, trade and withdraw supported cryptocurrencies using the Euro as the base currency.