Crypto.com announced Friday it would shut down the institutional exchange for US clients in two weeks or less, citing a lack of demand.
In a statement provided to Blockworks, Crypto.com explained that there is a lack of demand due to the market landscape in the US — no doubt a reference to the lawsuits against fellow exchanges Binance and Coinbase.
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“We recently made a business decision to suspend the institutional offering of the Crypto.com Exchange in the U.S. as of 11:59pm EDT June 21, 2023 due to limited demand from institutions in the U.S. in the current market landscape. Impacted institutional users were given advance notice to support a smooth transition,” The statement reads:
Crypto.com has also stated that the closure of its retail trading application, including its CFTC regulated crypto derivatives, UpDown Options, does not impact its app.
Singapore-based cryptocurrency exchange also said that the institution trading platform could be reopened in the near future. It declined to elaborate on which conditions were required for it to do so.
Crypto.com has started June off with a bang, having announced it received a Singapore license for its digital payment token services, which allows the exchanges’ services there.
Blockworks reported previously that Abhi Biarya, the Head of Product for Crypto.com believes AI will become mainstream. “game-changing” For crypto exchanges.
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