Crypto.com, the Singapore-based exchange, has announced that it will shut down its institutional exchange service for US customers due to limited demand. The closure will take effect on June 21, 2023, and comes amid regulatory concerns in the US market, likely referencing the recent legal actions against Binance and Coinbase.

Crypto.com Offers Advanced Notice To Institutional Users

In a statement provided to Blockworks, the company explained that the lack of demand from US institutions led to the decision to suspend the institutional offering of the Crypto.com Exchange. The impacted institutional users were given advance notice to support a smooth transition.

It is important to note that this closure does not affect the exchange’s retail trading app, which includes its Commodity Futures Trading Commission (CFTC)-regulated crypto derivatives product, UpDown Options.

The company also stressed that it could reopen the institutional trading platform in the future, although it declined to provide more details on the conditions that would need to be met to open its doors again.

Despite this setback, Crypto.com has received a major payment institution license from the Monetary Authority of Singapore (MAS), allowing the company to extend its digital payment token services to customers in Singapore. This comes almost a year after the crypto company received in-principle approval from the central bank. 

The announcement of the license on June 1st coincided with Hong Kong’s decision to allow retail traders to trade digital assets. However, regulators in Hong Kong have made it mandatory for crypto exchanges to seek a license with the Securities and Futures Commission (SFC) before they can sell and market to Hong Kong customers. 

So far, only two exchanges, HashKey PRO and OSL, have been granted licenses, while Huobi has applied to the SFC to offer its services in Hong Kong, and OKX has said it will be offering crypto trading to Hong Kong residents via it

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Author: Ronaldo Marquez

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