Crypto.com Halts US Institutional Exchange Services Due to Low Demand

Singapore-based exchange Crypto.com has announced the suspension of its institutional exchange services for US customers due to limited demand. The closure will take effect on June 21, 2023, coinciding with regulatory concerns in the US market. The affected institutional users were given notice in advance to facilitate a seamless transition.

Crypto.com Offers Advanced Notice To Institutional Users

The suspension of the institutional trading platform does not impact the exchange’s retail trading app, which includes its Commodity Futures Trading Commission (CFTC)-regulated crypto derivatives product, UpDown Options. Crypto.com has stated that it may reopen the institutional trading platform in the future, however, it has not disclosed the terms and conditions that need to be met for its reopening.

Crypto.com Halts Us Institutional Exchange Services Due To Low Demand

Despite this setback, Crypto.com has recently 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. Hong Kong regulators have made it compulsory for crypto exchanges to seek a license with the Securities and Futures Commission (SFC) before selling and marketing to customers in the region. So far, only two exchanges, HashKey PRO and OSL, have been granted licenses.

Crypto.com Partners with CoinRoute to Enhance Liquidity in Digital Assets Market for Institutional Access

Crypto.com has announced its strategic partnership with CoinRoutes to enhance institutional accessibility to liquidity in the digital assets market. The integration will enable institutional investors to access Crypto.com’s liquidity and trading pairs via the CoinRoutes platform more smoothly. CoinRoutes will allow Crypto.com to offer best execution pricing for institutional clients by enabling them to access a wider range of trading pairs and liquidity across multiple exchanges.

According to Bobby Ong, co-founder, and COO of CoinGecko, “By tapping into CoinRoutes’ best execution technology, Crypto.com will be able to provide a better trading experience for its institutional clients. This partnership underscores the importance of collaboration in the digital asset space as we work towards providing a more accessible and efficient market for all participants.”

BTC continues its sideways price action on the 1-day chart. Source: BTCUSDT on TradingView.com

Featured image from Unsplash, chart from TradingView.com

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Bitrabo Editorial
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