Digital Banking
Crypto.com shuts down US institutional services
June 12, 2023
Crypto.com, a cryptocurrency exchange will shut down its institutional services for U.S. customers in less than two weeks. The company claims the decision is due to a lack of demand due to the current landscape in the U.S., according to a report by Yahoo! Finance
"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," the company told Blockworks.
The move may be motivated by the SEC's recent lawsuits against Binance and Coinbase. The SEC claims the companies violated securities laws by offering unregistered securities such as tokens. It also alleges Binance diverted customer funds and artificially inflated its trading volumes.
Crypto.com said the decision will not impact its retail trading app.
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SecurityPresented ByDiebold Nixdorf
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