Crypto.com, a Singapore-based cryptocurrency exchange, suspends services for US institutional customers from June 21. Find out more
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Crypto.com Closes Access to U.S. Institutional Clients
On Friday, the cryptocurrency exchange Crypto.com, which is situated in Singapore, made the announcement that beginning on June 21 it will no longer provide services to institutional customers in the United States.
This decision was made in reaction to the falling demand among institutional customers, which is being further exacerbated by the difficulties that are currently being faced by the market.
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Consequences of Suspension Decision
In a statement that was made public by Crypto.com, emphasis was placed on the fact that institutional customers had been warned in advance of this delay.
Nevertheless, both their mobile apps and their retail platforms are still usable by customers in the United States.
That is to say, retail customers based in the United States still have access to UpDown Options and trading in bitcoin derivatives that are governed by the Commodity Futures Trading Commission (CFTC).
The second type of service provides consumers the ability to engage in either short-term or long-term trading, depending on their outlook for future changes in the value of the cryptocurrency.
Possible Re-Establishment of institutional services in the US
Despite the fact that Crypto.com has temporarily stopped offering its institutional services in the United States, the company has not ruled out the potential of doing so again in the near or far future.
This points to the possibility that any holdups may only be temporary and will be affected by changes in market conditions and customer demand in the future.
Important licenses From The Monetary Authority of Singapore
Crypto.com has recently been awarded a substantial payment institution licence by the Monetary Authority of Singapore (MAS). This comes at the same time that the company has discontinued its institutional services in the United States.
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This licence grants Crypto.com the ability to continue providing its services in Singapore and ensures that the company will face no legal obstacles while it continues to conduct business in the nation.
Take Away
The fact that Crypto.com has decided to stop providing services to institutional customers in the United States is indicative of the falling demand in the sector as well as the obstacles that are now being faced. Despite this,
the company is still dedicated to providing services to retail customers in the United States through their mobile apps and platforms.
Crypto.com will be able to keep its activities going in Singapore once it obtains the new licence required from the Monetary Authority of Singapore.
Even though Crypto.com has temporarily stopped providing institutional services in the United States, there is no assurance that they will not restart the institutional exchange at some point in the near or distant future.
“Blogcitynews.com” Article and its content does not provide any investment advice, please take a financial consultation with a professional. All rights reserved.
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Crypto.com Slams The Door On (US Institutional Clients)
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