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Home»NFT»Crypto.com suspends US institutional service as SEC investigation intensifies
Crypto.com suspends US institutional service as SEC investigation intensifies
NFT

Crypto.com suspends US institutional service as SEC investigation intensifies

2023-06-09No Comments2 Mins Read
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On Friday, June 9, Crypto.com, the Singapore-based cryptocurrency exchange, announced the suspension of its institutional exchange services in the United States, according to a statement from the company. The decision, effective June 21, 2023, is primarily attributed to weak demand from institutional clients in the prevailing market scenario.

Institutional clients, typically large, accredited entities with substantial investment capabilities, have been the target audience for Crypto.com’s institutional service. However, the current market landscape, most recently led by tight regulatory oversight and volatile conditions, has led to a decline in demand from these institutional entities.

Credit: Crypto.com

Read the regulation room

While Crypto.com suspends its institutional exchange service, the company’s mobile retail application and platform will continue to operate unimpeded in the US. In fact, retail users will still have access to cryptocurrency derivatives trading regulated by the Commodity Futures Trading Commission and the exchange’s UpDown Options offering, which allows users to speculate on the future movements of various cryptocurrencies.

In the wake of the SEC’s lawsuit this week against Coinbase and Binance alleging violations of securities laws, globally managed exchanges are taking the temperature of the regulatory atmosphere. This move comes at a time when the US is proving to be challenging territory for cryptocurrency companies. Such regulatory action has intensified over the past eight months following the collapse of FTX and has been met with resistance from the wider cryptocurrency ecosystem.

Just prior to the suspension of its US institutional service, Crypto.com received a license for a major payment institution for digital payment token services from the Monetary Authority of Singapore, allowing it to offer its services in the country.

See also  The NFT Market Faces a 16.55% Sales Drop Amid the Cryptocurrency Downturn

Crypto.com, a recognized brand in the crypto space, had earlier this year announced a 20 percent reduction in its global workforce by January 2023. The company (known in part for its commercial starring actor Matt Damon in 2021) is enabling customers to buy and sell cryptocurrencies. It also offers a Visa debit card that allows users to spend digital assets.

As regulations in the United States continue to evolve, exchanges around the world may be forced to quickly change their policies and operations to avoid falling into a situation similar to Binance and Coinbase.

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