Crypto.com has announced that it will cease serving institutional clients in the United States, effective June 21. This decision was made based on limited institutional demand and a tight squeeze. regulatory authority in the cryptocurrency industry.
Crypto.com institutional customers have been notified in advance of the suspension of this service. However, Crypto.com’s retail mobile app and platform are still operating normally in the United States.
US retail users still have access to crypto derivatives trading through Commodity Futures Trading Commission regulation, as well as using the exchange’s UpDown options to open trading positions. buy or sell transactions based on predictions about the future of different cryptocurrencies.
Crypto.com remains open to the possibility of relaunching its institutional trading service in the United States.
During the termination of service to institutional customers in the United States, Crypto.com has obtained a major payment institution license from the Monetary Authority of Singapore, which allows them to provide digital payment related services. token in this country.
June 2023 saw strong volatility for crypto exchanges in the US. The SEC has begun legal proceedings against Binance.US and Coinbase for multiple alleged securities law violations.