Cryptocom announced that it is suspending clearing transactions for US institutions.
Cryptocom announced that it is suspending its corporate exchange service in the US. The global cryptocurrency exchange states that demand for institutional-grade services is limited in current market conditions. Therefore, Cryptocom will stop serving corporate customers in the US as of June 21.
Cryptocom to Stop Crypto Service to US Institutions
The Singapore-based cryptocurrency exchange tested market conditions and showed that the main reason for the increased volatility was limited demand from institutional clients. Cryptocom stated that the platform has already announced its decision to suspend the service to corporate users. However, Cryptocom’s retail mobile app and platform continues to operate fully in the US.
American retail users still have access to a variety of cryptocurrency transactions regulated by the CFTC, such as cryptocurrency derivatives trading and UpDown Options offer. Crypto.com remains open to a potential resumption of the corporate exchange in the US.
Cryptocom has recently obtained an official major payment institution (MPI) license for its digital payment token (DPT) services by the Monetary Authority of Singapore (MAS), while terminating its corporate service in the US. Thanks to this license, Crypto.com has obtained permission to offer its services in other countries.
June 2023 has been a turbulent year for cryptocurrency exchanges in America. The Securities and Exchange Commission (SEC) has taken legal action against exchanges such as Binance US and Coinbase for a series of alleged breaches of securities laws.
