Crypto.com has made the decision to discontinue its institutional exchange service for clients in the United States, with the suspension set to take effect on June 21.
The Singapore-based cryptocurrency exchange attributed the move to a combination of limited demand from institutional customers and challenging market conditions.
Leaving the U.S.
CryptoTea, an anonymous figure known for its involvement in the cryptocurrency community, has raised an important observation regarding the Securities and Exchange Commission’s (SEC) recent actions.
Specifically, the SEC has explicitly mentioned multiple tokens traded on the Crypto.com platform as potentially falling under the category of securities that Binance and Coinbase were under fire for just a week earlier. These tokens include Solana, Sandbox, MATIC, CHZ, BNB, MANA, ALGO, and others.
“We recently made a business decision to suspend the institutional offering of the Crypto.com Exchange in the U.S. as of 11:59pm EDT June 21, 2023, due to limited demand from institutions in the U.S. in the current market landscape. Impacted institutional users were given advance notice to support a smooth transition.”Crypto.com.
June 2023 has been a month marked with significant turbulence for the cryptocurrency exchange landscape in the United States.
The Securities and Exchange Commission (SEC) targeted two prominent exchanges, Binance.US and Coinbase, in the first week of the month, initiating legal actions against them for alleged violations of securities laws.
According to the company, retail investors will remain unaffected by the recent decision to suspend institutional services in the United States. Crypto.com has assured that retail investors will still have full access to the platform, including the availability of Crypto.com’s c-regulated UpDown options.
When one market closes, another opens
Despite the announcement of Crypto.com leaving their U.S. institutional service, the firm shared more promising news at the end of the May.
Crypto.com revealed its plans to list the euro as a trading option. This move aims to leverage the liquidity of the euro and provide users with the ability to trade several crypto assets, including bitcoin (BTC), ethereum (ETH), and USDT, against the euro.
By introducing crypto-euro trading pairs, Crypto.com will enable its users to conveniently deposit, trade, and withdraw supported cryptocurrencies using the euro as a base currency.