Crypto.com announced that it would shut down its institutional exchange services customers in the United States in less than two weeks.
On Friday, Singapore-based crypto exchange Crypto.com announced that it would suspend its institutional exchange service for US customers. In a statement provided to media publication Blockworks, the exchange explained that demand is drying up due to the current market conditions in the US.
Although it did not specifically reference the lawsuits against Binance and Coinbase, it was undoubtedly the overriding factor in the exchange’s decision.
In a statement, Crypto.com said:
We recently made a business decision to suspend the institutional offering of the Crypto.com Exchange in the U.S. as of 11:59 pm EDT June 21, 2023, due to “limited demand” from institutions in the U.S. in the “current market landscape.” Impacted institutional users were given advance notice to support a smooth transition.
The exchange explained that the closure of the US
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