Crypto.com, a global cryptocurrency exchange based in Singapore, has decided to stop providing its institutional exchange service in the United States from June 21. The exchange said that the demand for this service was low among its institutional customers and that the current market conditions were challenging. The exchange informed its institutional users about this decision in advance.
Crypto.com’s retail mobile app and platform are still available in the US. Retail users can also trade cryptocurrency derivatives regulated by the CFTC and use the UpDown Options feature, which lets them bet on the future price movements of various cryptocurrencies.
Crypto.com is open to restarting its institutional exchange in the US in the future. Meanwhile, the exchange has obtained a major payment institution license from the Monetary Authority of Singapore, which allows it to offer digital payment token services in the country.
The US has been a tough market for cryptocurrency exchanges since June 2023. The SEC has launched legal actions against Binance.US and Coinbase, accusing them of violating securities laws. The cryptocurrency community has criticized the SEC’s moves, as the US regulatory pressure on the industry has increased since the fall of FTX.