June 14, 2023
By Tsering Namgyal
Crypto.com will stop serving institutional clients in the United States citing limited demand from institutional investors, according to Cointelegraph. The suspension of the service will start June 21.
The Singapore-based cryptocurrency exchange – which recently obtained Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) for digital payment token –-said that the lack of demand has been exacerbated by difficult market conditions in the US.
Crypto.com, however, remains open to a potential relaunch of its institutional exchange in the United States.
The online news service quoted a statement from Crypto.com that noted that “the platform’s institutional users were given advance notice of the decision to suspend the service.” Crypto.com’s retail mobile application and platform remains fully operational in the United States.
The past month has proved to be challenging for crypto exchanges in America with the Securities and Exchange Commission (SEC) starting legal proceedings against Binance.US and Coinbase for various alleged securities laws violations.
The wider cryptocurrency industry has hit back at the SEC’s actions, as the U.S. regulatory crackdown on the industry seems to have tightened since the collapse last year of FTX, then the second largest in the world.
About the author
Tsering Namgyal is the chief content officer of NFTMetta.com.
