Singapore’s Crypto.com to Halt US Institutional Division Citing ‘Limited Demand’
Singapore-based cryptocurrency exchange Crypto.com announced that it intends to halt services for institutional traders in the United States on June 21, 2023. The exchange cited “limited demand” as the reason for suspending its institutional offering.
Crypto.com to Cease U.S. Institutional Services on June 21
Crypto.com, the Singapore-based cryptocurrency exchange with 80 million customers worldwide, announced on Friday that it will cease its institutional offering in the United States. The exchange stated that it will close its U.S. institutional services on June 21 and emphasized that all institutional partners have been notified.
The announcement, as seen by Bitcoin.com News, emphasized that Crypto.com’s retail clients need not worry, as the firm’s retail services are completely unaffected by the transition. Crypto.com cited “limited demand” in the country’s “current market landscape” as the reason for the move. The decision by Crypto.com comes in the wake of recent lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase.
A spokesperson from Crypto.com spoke to ESPN and assured the media firm’s staff reporter, Dave McMenamin, that the recent decision would not impact the naming rights for Crypto.com Arena in Los Angeles. “We remain fully confident in the continued success of our market differentiating capabilities and offerings and will continue to offer all other regulated services in the markets in which we operate,” Crypto.com informed ESPN.
Crypto.com emphasized the potential for its U.S. institutional division to make a comeback. The day before, the company forged a partnership with Coinroutes to “enhance institutional access to liquidity within the digital assets market.” Prior to that, Crypto.com obtained a major payment institution license from the Monetary Authority of Singapore (MAS).
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