Singapore-based cryptocurrency exchange Crypto.com has announced it is closing its U.S. institutional customer service program, citing a lack of demand for these services. The real reason may be the lawsuits of the American regulator against the Binance and Coinbase platforms.
Institutional investors include large organizations: investment and pension funds, insurance companies and banks. “We recently made a business decision to suspend the Crypto.com US Institutional Program from 23:59 ET on June 21, 2023 due to limited demand from US institutions in the current market environment. Affected institutional users have been notified in advance of the support for the transitional period ,” the site said in a statement.
Crypto.com emphasized that the closure of the program will not affect the retail direction, including the U.S. Commodity Futures Trading Commission (CFTC)-aligned UpDown Options crypto derivatives offering. The platform administration added that in the future it could return the institutional investor service program, but did not specify under what conditions this would happen.
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