Crypto.com Winding Down U.S. Institutional Business
The move won't affect the company's retail operations.
Jun 9, 2023 at 5:07 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/YDTZXKMFENGLNOHV3YF7CF643Y.jpg)
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."
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.
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Helene is a New York-based news reporter at CoinDesk, currently covering the criminal trial of infamous crypto mogul Sam Bankman-Fried. Helene is a recent graduate of New York University's business and economic reporting program and has appeared on CBS News and Nasdaq TradeTalks. She holds BTC and ETH.
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