Crypto.com to suspend US institutional exchange

The decision was made in light of “limited demand” among US institutions because of the “current market landscape”

article-image

Emre Akkoyun/Shutterstock modified by Blockworks

share

Crypto.com said Friday that it will shut down its institutional exchange service for US customers in less than two weeks, saying demand is drying up.

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

Read more: Crypto firms beefing up legal support amid regulatory crackdown

“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 said. 

Crypto.com also stressed that this closure does not affect its retail trading app, which includes its CFTC-regulated crypto derivatives product, UpDown Options. 

The Singapore-based crypto exchange added that it could reopen the institutional trading platform in the future, though it declined to provide more details on what conditions would need to be met to open its doors again.

Crypto.com started the month of June with a win, announcing that it had received a license for digital payment token services in Singapore, allowing the exchange to offer its services in the country.

Blockworks previously reported that the head of product for Crypto.com, Abhi Bisarya, believes that AI will be “game-changing” for crypto exchanges.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Templates.png

Research

ZKPs enable efficient offchain transaction processing and validation, resulting in increased throughput and reduced fees. Solana's ZK Compression leverages ZKPs to minimize onchain storage costs, while Sui's zkLogin streamlines user onboarding by replacing complex key management with familiar OAuth credentials.

article-image

North Korea suspected in breach of Indian exchange’s multisig wallet

article-image

Plus, Sanctum’s CLOUD token has officially launched — but not without problems

article-image

It’s not yet clear whether Donald Trump is pumping bitcoin. But an unofficial memecoin is still seeing benefit.

article-image

StarkWare takes a step towards making StarkNet for Bitcoin

article-image

The numbers point to one conclusion: Risk is back, or at least it was during the first half of the year