Crypto.com, the Singapore-based exchange, has announced that it will shut down its institutional exchange service for US customers due to limited demand. The closure will take effect on June 21, 2023, and comes amid regulatory concerns in the US market, likely referencing the recent legal actions against Binance and Coinbase.
Crypto.com Offers Advanced Notice To Institutional Users
In a statement provided to Blockworks, the company explained that the lack of demand from US institutions led to the decision to suspend the institutional offering of the Crypto.com Exchange. The impacted institutional users were given advance notice to support a smooth transition.
It is important to note that this closure does not affect the exchange’s retail trading app, which includes its Commodity Futures Trading Commission (CFTC)-regulated crypto derivatives product, UpDown Options.
The company also stressed that it could reopen the institutional trading platform in the future, although it declined to
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