Crypto.com to halt US institutional exchange offering; retail users unaffected

2023-6-10 23:25

Crypto.com will soon end U.S. access to its institutional exchange, according to a statement from the company on June 9.

That statement said the decision had been made due to limited demand in that market. Crypto.com said that the institutional exchange would remain available outside of the U.S. and that it would consider relaunching the U.S. service in the future.

The firm said that the change will come into effect at 11:59 p.m. EDT on June 21, 2023. It added that institutional users were given advance notice.

Service change will not affect retail users

Crypto.com emphasized that the change does not impact retail users, who have access to the company’s retail exchange, wallet, and other services. It noted that its derivatives product, UpDown Options, will also remain available to retail users.

The company added that its recent partnership with CoinRoutes, which aims to provide improved institutional access to liquidity, remains effective.

Crypto.com’s announcement of the service reduction comes after the U.S. Securities and Exchange Commission’s lawsuit against competing exchanges Coinbase and Binance earlier this week.

The post Crypto.com to halt US institutional exchange offering; retail users unaffected appeared first on CryptoSlate.

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