Crypto.com has announced its decision to discontinue its institutional exchange service for clients in the United States, effective from June 21. The Singapore-based cryptocurrency exchange stated that the move was prompted by a combination of limited demand from institutional customers and challenging market conditions.
An anonymous figure known as CryptoTea within the cryptocurrency community has drawn attention to the recent actions of the Securities and Exchange Commission (SEC). Specifically, the SEC has explicitly mentioned several tokens traded on the Crypto.com platform, including Solana, Sandbox, MATIC, CHZ, BNB, MANA, ALGO, and others, as potentially falling under the category of securities that Binance and Coinbase faced scrutiny for just a week earlier.
Crypto.com clarified that the decision to suspend institutional services in the United States was made due to limited demand from institutions in the current market landscape. The company provided advance notice to affected institutional users to facilitate a smooth transition.
Although June 2023 has witnessed turbulence in the cryptocurrency exchange landscape in the United States, Crypto.com assured retail investors that they will not be impacted by the suspension of institutional services. Retail investors will retain full access to the platform, including the availability of Crypto.com’s regulated UpDown options.
Despite discontinuing its institutional service in the US, Crypto.com shared positive news in late May. The company announced its plans to introduce the euro as a trading option. This move aims to enhance liquidity and enable users to trade various cryptocurrencies, such as bitcoin (BTC), ethereum (ETH), and USDT, against the euro.
Through the introduction of crypto-euro trading pairs, Crypto.com seeks to provide users with the convenience of depositing, trading, and withdrawing supported cryptocurrencies using the euro as a base currency.