Singapore-based cryptocurrency exchange Crypto.com announced on Friday its decision to suspend services for institutional clients in the U.S. beginning June 21.
© Provided by Benzinga
The suspension is attributed to subdued demand among institutional clients, which has been further exacerbated by the prevailing challenges in the market.
Load Error
In a statement released by Crypto.com, it was emphasized that institutional clients were informed well in advance regarding the suspension and that the exchange’s retail mobile application and platform continue to be functional for users in the U.S.
Also Read: Cardano And Solana Counterattack Against SEC’s Classification Of Cryptocurrencies As Securities
Must Read: Donald Trump, acusado de 38 crimes: o que diz a acusação federal
American retail consumers continue to have access to cryptocurrency derivatives trading, which is regulated by the Commodity Futures Trading Commission, along with the UpDown Options. The latter is a service that empowers users to take long or short trading positions based on the anticipated fluctuations in the value of various cryptocurrencies.
Additionally, while suspending its institutional services in the U.S., Crypto.com is not ruling out the possibility of a future re-establishment of its institutional exchange within the country.
Meanwhile, Crypto.com was recently granted a significant payment institution license for digital payment token services by the Monetary Authority of Singapore (MAS).
This license enables Crypto.com to continue offering its services within Singapore.
Read Next: OKX Ignites A Financial Inferno: Torches $258M In Tokens
Photo: Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
SPONSORED
Retirement can be a difficult part of life to navigate, and a financial advisor can help. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
This article Crypto.com Slams The Door On US Institutional Clients: A Retreat Or A Rebellion? originally appeared on Benzinga.com.