Singapore-based cryptocurrency exchange Crypto.com announced on Friday its decision to suspend services for institutional clients in the U.S. beginning June 21.
The suspension is attributed to subdued demand among institutional clients, which has been further exacerbated by the prevailing challenges in the market.
In a statement released by Crypto.com, it was emphasized that institutional clients were informed well in advance regarding the suspension and that the exchange’s retail mobile application and platform continue to be functional for users in the U.S.
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American retail consumers continue to have access to cryptocurrency derivatives trading, which is regulated by the Commodity Futures Trading Commission, along with the UpDown Options. The latter is a service that empowers users to take long or short trading positions based on the anticipated fluctuations in the value of various cryptocurrencies.
Additionally, while suspending its institutional services in the U.S., Crypto.com is not ruling out the possibility of a future re-establishment of its institutional exchange within the country.
Meanwhile, Crypto.com was recently granted a significant payment institution license for digital payment token services by the Monetary Authority of Singapore (MAS).
This license enables Crypto.com to continue offering its services within Singapore.
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