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Crypto.com Winding Down U.S. Institutional Business

The move won't affect the company's retail operations.

By Helene Braun
AccessTimeIconJun 9, 2023 at 5:07 p.m. UTC
The exterior of Crypto.com Arena (Rich Fury/Getty Images)
The exterior of Crypto.com Arena (Rich Fury/Getty Images)
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Singapore-based crypto exchange Crypto.com will no longer be offering its services to institutional clients in the U.S., effective June 21, the company announced Friday.

The exchange cited "limited demand" from institutional customers in light of the "current market landscape."

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    • Retail investors will not be impacted by this decision, said the firm, and will continue to be able to use the platform in the U.S., including Crypto.com's CFTC-regulated UpDown Options.

    The decision comes in the same week as crypto exchanges Binance and Coinbase were sued by the U.S. Securities and Exchange Commission (SEC) on allegations that they have violated securities laws.

    Edited by Stephen Alpher.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Helene Braun
    Helene Braun

    Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.

    Follow @HeleneBraunn on Twitter

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