Cryptocurrency exchange Crypto.com announced the suspension of service for institutional customers in the U.S. from June 21. This is due to the low demand for such services.
The site said in a statement that current market conditions and the regulatory environment in the U.S. have further reduced trading volume on the platform for institutional clients.
Investors have been warned in advance of the suspension of service. Management reserves the right to reactivate the service in the future;
The mobile app and retail platform will remain fully functional, however. There will also remain access to the product UpDown Options, which gives the opportunity to earn on the price movements of various cryptocurrencies.
Recall that Crypto.com’s U.S. retail platform allows customers to trade cryptocurrency derivatives regulated by the Commodity Futures Trading Commission (CFTC).
Crypto.com recently successfully completed a one-year pre-licensing test period and received approval to operate in Singapore.