Crypto exchange Crypto.com has announced that it will no longer serve its institutional clients from the US.
Limited demand from corporate customers
Effective June 21, Singapore-based crypto exchange Crypto.com will no longer serve its institutional clients in the United States. The primary driver of this decision is limited demand from corporate customers, a situation exacerbated by current market conditions.
While the decision will affect its enterprise customers, Crypto.com has stressed that everyone involved has been informed of the change in advance. Additionally, the normal platform, including the mobile app, is fully functional for US users.
The door remains open to reintroducing the product at the best of times
Despite this temporary setback, the door remains open to reintroducing Crypto.com’s institutional exchange service in the US.
With this potential relaunch looming on the horizon, Crypto.com has recently taken a big step forward. That is, it has an official license from the Monetary Authority of Singapore to provide digital payment token services. This allows Crypto.com to expand its services within Singapore, despite withdrawing from the US corporate market.
June 2023 has turned out to be a turbulent time for crypto exchanges in the US. The US Securities and Exchange Commission (SEC) has targeted both Binance.US and Coinbase and initiated legal proceedings against both exchanges over several alleged securities law violations.
Eight months after FTX’s collapse, US regulators appear to have stepped up their stricter approach to the industry. This has created an environment where the crypto ecosystem is highly resilient to regulatory pressures.
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