Crypto.com announced that it intends to halt services for institutional traders in the United States on June 21, 2023. The exchange cites “limited demand” as the reason for suspending its institutional offering.
Crypto.com is a cryptocurrency platform that offers a range of products and services to its users. It was founded in 2016 and is headquartered in Singapore. The platform provides various features, including a cryptocurrency exchange, a digital wallet, a Visa debit card that can be loaded with cryptocurrencies, and a crypto lending service.
Crypto.com’s native cryptocurrency is called CRO. It serves as the utility token of the platform, enabling users to access certain features and benefits. The platform offers a staking program where users can lock up their CRO tokens for a specific period to earn rewards and access enhanced features.
The Singapore-based cryptocurrency exchange with 80 million customers worldwide, announced on Friday that it will no longer serve its US-based institutional customers starting from the mentioned date, retail investors will still have full access to the crypto exchange.
According to Crypto.com, the company is still committed to meeting the demands of its customers even in the face of the new changes. “We remain fully confident in the continued success of our market differentiating capabilities and offerings and will continue to offer all other regulated services in the markets in which we operate.”
The changes made by the firm are coming in at a time when two popular crypto exchanges are being charged to court by the US SEC. Binance and Coinbase have been sued by the US authority that believes that the crypto exchanges are not operating in line with the established rules.