Crypto.com will no longer serve institutional clients in the United States. This decision just announced by the Singapore-based crypto exchange will take effect from June 21. The decision was made in light of “limited demand” from US institutions due to the “current market landscape”.
Crypto.com withdraws from the US market
Friday, June 09, Crypto.com announced that it would close its institutional exchange service in the United States in less than two weeks. The main reason would be an increasingly insufficient demand. In a statement provided to Blockworks, the crypto exchange explained that there was a lack of demand due to the market landscape in the United States. According to Blockworks, Crypto.com refers to legal proceedings faced by other exchanges including Binance and Coinbase.
” We have recently made the trade decision to suspend the institutional offering of Crypto.com Exchange in the United States effective 11:59 p.m. EDT on June 21, 2023 due to limited institutional demand in the United States in the current market landscape . Affected institutional users have been notified in advance to facilitate a smooth transition “, can we read in the press release.
However, Crypto.com would like to point out that this closure does not affect its retail application including its CFTC-regulated crypto derivative, UpDown Options.
The closure is not final
Crypto.com did not provide further details on the terms of a possible return to the United States. The crypto exchange still hinted that it might return. The month of June, however, started well for Crypto.com since the exchange had announced the obtaining of a major license. Indeed, Singapore finally gave him the authorization allowing payment token services to be offered in the country.
The war waged by the Securities and Exchange Commission or SEC, the stock market policeman against crypto businesses in the United States, could very well last several years. Especially since real crypto regulation is slow to come. Several crypto exchanges are starting to settle permanently and mainly in Asia.
By its hostility towards cryptocurrencies, the United States leaves the monopoly of innovation in this sector to China. The country that had banned crypto on its territory in 2021 seems to flip-flop. Could the Chinese government, which likes to control everything, do better than that of the United States for the industry?
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