Crypto.com has announced it will discontinue its institutional exchange services in the United States from June 21st this year due to limited demand for institutional-grade services and testing of the market. Institutional users were informed in advance that the service would be suspended, however, the company’s retail mobile application and platform remain fully operational in the US.
The suspension of the services comes amid an onslaught of crypto regulations by the US Securities and Exchange Commission (SEC). The SEC has already started legal action against Coinbase and Binance for alleged violations of the securities laws. Although Crypto.com has yet to be targeted by the SEC, the exchange has been expanding its operations to other countries. Most recently, the Monetary Authority of Singapore (MAS) granted Crypto.com an official major payment institution (MPI) license for digital payment token (DPT) services.
Despite the suspension of institutional services in the US, Crypto.com’s retail services remain available. American retail users have access to the exchange’s CFTC-regulated cryptocurrency derivatives trading, as well as its UpDown Options product that enables users to open long or short trading positions on potential future movements of different cryptocurrencies.
The market conditions may still enable Crypto.com to re-launch its suspended institutional exchange services in the US in the future. In the meantime, the company is committed to providing retail services in the US.
