The Crypto.com exchange announced that, as of June 21, it will suspend services to institutional clients in the United States.
The main reason for this move is the limited demand from institutional clients.
Crypto.com noted in a statement that institutional users of the platform were notified in advance of the decision to suspend service.
"We recently made a business decision to suspend the institutional offering of the Crypto.com Exchange in the U.S. as of 11:59 pm EDT on 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 statement said.
The cryptocurrency exchange noted that its retail mobile app and Crypto.com platform will continue to provide services as usual.
Crypto.com also said it may reopen its institutional trading platform in the future, but did not provide specific timelines or terms.
Previously, we reported that Crypto.com received a Master Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS).
Crypto.com is a cryptocurrency exchange that provides a convenient way to trade the most popular cryptocurrencies at favorable conditions. The platform features large trading volumes, a wide range of assets available for trading, and the ability to use crypto loans.
