Crypto.com Suspends US Institutional Exchange Service
- Global cryptocurrency exchange Crypto.com has announced the suspension of its institutional service in the United States, citing limited demand for such services under current market conditions.
- The platform’s mobile application and platform remain fully operational in the US, with users still having access to crypto derivatives regulated by the Commodity Futures Trading Commission.
- Crypto.com remains open to a potential relaunch of its institutional exchange in the United States.
Crypto.com is a Singapore-based cryptocurrency exchange that offers retail and institutional services. On June 21st, 2021, Crypto.com announced it will suspend its institutional service in the United States due to limited demand from customers under current market conditions. All existing US-based institutional clients were given advance notice of this decision prior to its implementation date.
Retail Services Still Available
Despite suspending its institutional service, Crypto.com’s retail mobile application and platform remain fully operational in the US. American retail users can still access cryptocurrency derivatives trading regulated by the Commodity Futures Trading Commission as well as use UpDown Options, which allows them to open long or short trading positions on future movements of various cryptocurrencies.
Though closing its curtain on US-based institutions for now, Crypto.com remains open to a potential relaunch of its institutional exchange when market conditions are more favorable for such services in America—making this move temporary rather than permanent at this time.