News

Crypto.com Will End Support For US Institutional Customers On June 21

Key Points:

  • The cryptocurrency exchange stopped providing services to institutional clients in the United States on June 21.
  • This outage comes from “limited demand” from institutional clients due to the “current market landscape”.
  • Retail investors will not be affected by this decision and will continue to be able to use the platform in the United States.
The company announced on Friday that Crypto.com will no longer offer its services to institutional customers in the United States, effective June 21. The Singapore-based crypto exchange has announced that it will no longer provide services to institutional customers in the United States from June 21.

The Crypto.com exchange said that institutional users have been informed in advance of the decision to suspend services given the “current market context,” which has “limited demand” from institutional customers. Retail investors will not be affected by this decision and will continue to be able to use the platform in the United States.

The decision came in the same week as crypto exchanges Binance and Coinbase were sued by the US Securities and Exchange Commission (SEC), alleging that they violated securities laws.

On-chain data shows that since enforcement action by the US Securities and Exchange Commission (SEC) comes 12 hours after Binance.US announced it was suspending USD deposits and notifying customers that they were preparing to suspend fiat withdrawals, the exchange has seen a negative net outflow of $25.4 million in the past 24 hours and $1.4 million in the past hour.

Cryptocurrency companies are scaling back in the United States as regulators expand their desire to control the cryptocurrency market with draconian regulations. The massive exodus of crypto companies to leave the US and European markets to other Asian promised lands like Hong Kong has begun since the beginning of the year.

Last week, the Monetary Authority of Singapore (MAS) awarded crypto exchange Crypto.com a significant payment institution (MPI) license for digital payment token (DPT) services from June 1. With the license, Crypto.com can continue to provide DPT services to domestic consumers, including cryptocurrency issuance, account issuance, and cross-border and domestic remittances.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News

Victor

Recent Posts

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

34 mins ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

4 hours ago

Step into BlockDAG’s Presale Frenzy This November: Secure a Massive 100% Bonus with BDAG100!

November is the perfect time for BlockDAG's huge presale. Use BDAG100 to double your purchase.…

6 hours ago

OpenSea New Version Will Be Launched In December

OpenSea new version is scheduled to launch in December, with an improved user experience, improved…

6 hours ago

This website uses cookies.