(MENAFN- CoinXposure)
Crypto.com has announced that it will no longer serve institutional consumers in the united states , effective June 21.
The Singapore-based cryptocurrency exchange cited a lack of demand from institutional clients as the primary reason for the move, exacerbated by current market conditions.
According to a statement from Crypto.com, the platform's institutional users were informed before the decision to suspend service.
Crypto.com's retail mobile application and platform remain utterly operational in the United States.
Retail users in the United States still have access to CFTC-regulated cryptocurrency derivatives trading as well as its UpDown Options offering, which allows users to establish long or short trading positions on the future price movements of various cryptocurrencies.
Crypto.com is still receptive to relaunching its institutional exchange in the United States.
The Monetary Authority of Singapore (MAS) has granted Crypto.com an official major payment institution (MPI) license for digital payment token (DPT) services, enabling it to offer its services in the country.
This comes as Crypto.com concludes its institutional offering in the United States.
See also binance assists in seizing $4.4m worth of crypto 2 weeks ago
June 2023 was a turbulent month for cryptocurrency exchanges in the United States.
The Securities and Exchange Commission (SEC) targeted binance.us and coinbase , initiating legal action against both exchanges for alleged violations of numerous securities laws.
Eight months after the collapse of FTX, the broader cryptocurrency ecosystem has criticized the SEC's actions as the U.S. regulatory assault on the industry appears to intensify.
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