Cryptocom Announces Termination of Support for US Institutional Customers as of June 21

As of June 21, Crypto.com will no longer provide its services to institutional customers in the United States, the company stated on Friday.

Cryptocom Announces Termination of Support for US Institutional Customers as of June 21

The low institutional customer demand, which has been made worse by market testing, was cited as the main justification for the action by the Singapore-based cryptocurrency exchange. Given the current market context, which has limited demand from institutional customers, the Crypto.com exchange said that institutional users had been informed in advance of the decision to halt services. Retail investors will continue to be able to use the platform in the United States and will not be impacted by this decision.

UpDown Options Still Available

CFTC-regulated cryptocurrency derivatives trading is still available to American retail users, as is the exchange’s UpDown Options product, which enables users to open long or short trading positions on potential future movements of different cryptocurrencies.

About Crypto.com

Crypto.com is a Singapore-based cryptocurrency exchange. Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo established Crypto.com under the name “Monaco” in 2016. After obtaining the Crypto.com domain, which was reportedly valued between $5 and $10 million, the business changed its name in 2018.

A number of services are available on Crypto.com, including an app, an exchange, a wallet, and an NFT market. In addition, the business issues Cronos (CRO), its own token. The company had 4,000 employees and 50 million consumers as of May 2022.