Singapore-based crypto exchange Crypto.com has announced that it would halt offering services to institutional clients in the U.S. as of June 21, citing limited demand and current market conditions. The firm said its corporate customers were informed about the process. Crypto.com's retail operations in the U.S. will remain fully operational. - The retail customers will still be able to access the mobile application, retail exchange, wallet, derivatives trading service, and the derivatives product dubbed UpDown Options.
- Institutional customers outside the U.S. will not be impacted by the decision.
- The platform underlined that it would consider relaunching the institutional operations for U.S. customers in the future.
The move came amid rising concerns about the regulatory environment in the U.S. - The tension in the regulatory landscape has most recently been even more intensified after the U.S. Securities and Exchange Commission (SEC) filed two consecutive lawsuits against Binance, the largest crypto exchange by trading volume, and Coinbase, the largest U.S. exchange, over alleged U.S. securities law violations.
- Many other crypto exchanges, including Kraken and Bittrex, have also come under increased scrutiny by the SEC over the last several months.
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