coinspress.com
Crypto.com, a major cryptocurrency exchange, has halted its institutional trading platform for US clients in response to the Securities and Exchange Commission's (SEC) legal action against Coinbase and Binance.
The decision, effective from June 21, is driven by a lack of demand from US-based institutions and the uncertain regulatory environment for cryptocurrencies in America.
The suspension solely affects institutional traders, while regular users can continue to fully utilize Crypto.com’s platform. They can buy, sell, and trade cryptocurrencies, use the crypto debit card and mobile app, and access regulated derivatives trading and UpDown Options.
Crypto.com, like many other crypto companies, has faced challenges operating in the US. It remains unclear if and when the exchange will resume services for US institutional clients due to evolving regulations for hedge funds and investment firms.
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Despite this setback, Crypto.com is committed to expanding its global reach of over 80 million customers. The company recently announced a partnership with CoinRoutes to enhance liquidity and improve accessibility for institutional investors outside the United States.
The SEC’s strict stance on crypto regulation poses frustrations for enthusiasts and companies. Nevertheless, Crypto.com and similar exchanges must adapt to the changing regulatory landscape to comply with oversight requirements.