Crypto.com Calls it Quits
- Introduction
- Crypto.com Winding Down U.S. Institutional Business
Introduction
Crypto.com is a Singapore-based cryptocurrency exchange and platform that offers a wide range of services to individuals and businesses in the world of digital assets. Founded in 2016, Crypto.com provides users with a secure and user-friendly platform for buying, selling, and trading cryptocurrencies. The platform also offers various financial products and services, including crypto-backed loans, staking, and a Visa debit card that allows users to spend their crypto assets in real-world transactions. With a strong emphasis on security, innovation, and user experience, Crypto.com has quickly grown to become one of the leading players in the crypto industry, serving millions of customers globally.
Crypto.com Waves Goodbye to US Institutional Business
Crypto.com, a Singapore-based crypto exchange, has made the decision to discontinue its services for institutional clients in the United States starting from June 21. The company stated that this move is a result of "limited demand" from institutional customers due to the prevailing market conditions.
The recent announcement from Crypto.com regarding discontinuing its services for institutional clients in the United States will not impact retail investors. The company has assured that retail investors will still be able to utilize the platform in the U.S., including accessing Crypto.com's regulated UpDown Options. It is worth noting that this decision coincides with a week that saw prominent crypto exchanges Binance and Coinbase facing lawsuits from the U.S. Securities and Exchange Commission (SEC) over alleged violations of securities laws.
Reference
Braun, H. (2023) Crypto.com winding down U.S. Institutional Business, CoinDesk Latest Headlines RSS. Available at: https://www.coindesk.com/business/2023/06/09/cryptocom-winds-down-us-institutional-business/?utm_campaign=coindesk_main&utm_source=twitter&utm_medium=social&utm_content=editorial&utm_term=organic (Accessed: 10 June 2023).