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<p><strong>Crypto.com decided to suspend its institutional exchange services due to the “current market landscape”.</strong></p>
<h2 style="text-align: center;" id="leaving-the-u-s">Leaving the U.S.</h2>
<p>Crypto.com, a Singapore-based cryptocurrency exchange, has <a href="https://blockworks.co/news/crypto-com-suspending-us-institutional-exchange" target="_blank" rel="noopener">announced</a> the suspension of its institutional exchange services in the United States due to limited demand and challenging market conditions. The decision does not affect the exchange&#8217;s retail mobile application and platform, which remain fully operational in the US.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en"><a href="https://t.co/hglQp7AMzv">https://t.co/hglQp7AMzv</a> said Friday that it will shut down its U.S. institutional service. The firm cited &#8220;limited demand,&#8221; although the move comes amid the SEC&#8217;s broader crypto crackdown. <a href="https://t.co/OPQ6rzR5bB">https://t.co/OPQ6rzR5bB</a></p>
<p>— Decrypt (@decryptmedia) <a href="https://twitter.com/decryptmedia/status/1667261572136198144?ref_src=twsrc%5Etfw">June 9, 2023</a></p></blockquote>
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<h2 style="text-align: center;" id="limited-demand-and-market-landscape">Limited Demand and Market Landscape</h2>
<p>The main reason cited by Crypto.com for the suspension is the lack of demand from institutional customers in the current market landscape. The ongoing lawsuits against Binance and Coinbase by the US Securities and Exchange Commission (SEC) may have contributed to the challenging environment for institutional-grade services.</p>
<h2 style="text-align: center;" id="smooth-transition-and-potential-relaunch">Smooth Transition and Potential Relaunch</h2>
<p>Crypto.com provided advance notice to its institutional users about the suspension to ensure a smooth transition. Although the exchange is discontinuing the service for now, it remains open to the possibility of relaunching its institutional exchange in the US if market conditions change.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">JUST IN: Crypto(.)com Suspends U.S. Institutional Business <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> <a href="https://t.co/k0eUtqGwab">pic.twitter.com/k0eUtqGwab</a></p>
<p>— Altcoin Daily (@AltcoinDailyio) <a href="https://twitter.com/AltcoinDailyio/status/1667226481859387395?ref_src=twsrc%5Etfw">June 9, 2023</a></p></blockquote>
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<h2 style="text-align: center;" id="continued-retail-crypto-services">Continued Retail Crypto Services</h2>
<p>While institutional exchange services are being suspended, Crypto.com emphasizes that its retail mobile application and platform are unaffected. American retail users can still access cryptocurrency derivatives trading regulated by the Commodity Futures Trading Commission (CFTC). The exchange&#8217;s UpDown Options offering also allows users to open long or short trading positions on the future movements of various cryptocurrencies.</p>
<h2 style="text-align: center;" id="cryptocurrency-regulatory-crackdown">Cryptocurrency Regulatory Crackdown</h2>
<p>The announcement from Crypto.com comes amidst a turbulent period for cryptocurrency exchanges in the US. The SEC has initiated legal actions against major exchanges Binance and Coinbase, alleging violations of securities laws. This regulatory crackdown has raised concerns within the cryptocurrency community.</p>
<h2 style="text-align: center;" id="expansion-and-regulatory-compliance">Expansion and Regulatory Compliance</h2>
<p>Although not directly targeted by the SEC, Crypto.com has been <a href="https://walletinvestor.com/magazine/crypto-com-is-taking-over-brazil-the-company-wants-every-wallet-to-hold-cryptos" target="_blank" rel="noopener">expanding its services globally</a>. It recently obtained an official major payment institution license for digital payment token services from the Monetary Authority of Singapore (MAS). This allows the exchange to offer its services in Singapore, demonstrating its commitment to regulatory compliance while navigating the evolving crypto landscape.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">We&#8217;re excited to share our latest regulatory achievement in one of the world&#8217;s leading crypto hubs, <a href="https://twitter.com/hashtag/Singapore?src=hash&amp;ref_src=twsrc%5Etfw">#Singapore</a> 🇸🇬<a href="https://t.co/vCNztATSCO">https://t.co/vCNztATSCO</a> has been granted the Major Payment Institution Licence by The Monetary Authority of Singapore <a href="https://twitter.com/MAS_sg?ref_src=twsrc%5Etfw">@MAS_sg</a></p>
<p>Learn more:<a href="https://t.co/4PwkuGgsnr">https://t.co/4PwkuGgsnr</a> <a href="https://t.co/AklwjP2Z4C">pic.twitter.com/AklwjP2Z4C</a></p>
<p>— Crypto.com (@cryptocom) <a href="https://twitter.com/cryptocom/status/1664104003750486016?ref_src=twsrc%5Etfw">June 1, 2023</a></p></blockquote>
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<h2 style="text-align: center;" id="conclusion">Conclusion</h2>
<p>Crypto.com&#8217;s decision to suspend institutional exchange services in the US reflects limited demand and the challenging market landscape. The exchange remains focused on its retail services and is open to revisiting its institutional offering in the future. As regulatory scrutiny continues to impact the cryptocurrency industry, companies like Crypto.com are adapting to regulatory changes and exploring opportunities in other jurisdictions.</p>

Crypto.com Suspends Institutional Exchange Services in the US

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