Popular cryptocurrency exchange Crypto.com announced in a statement that it will no longer serve corporate companies in the US from June 21.
The Singapore-based company cited "limited demand" from corporate customers in light of the "current market environment" as the reason for the shutdown.
The company said that individual investors will not be affected by this decision and Crypto.com will continue to use the platform in the US, including UpDown Options, which is regulated by the CFTC.
The decision came the same week that crypto exchanges Binance and Coinbase were sued by the US Securities and Exchange Commission (SEC) for alleged violations of securities laws.
Crypto.com's statement included the following statements:
“We have recently made a commercial decision to suspend the corporate services of Crypto.com Exchange in the US as of 11:59 pm EDT on June 21, 2023 due to limited demand from US institutions under current market conditions. Affected corporate users have been given advance notice to support a smooth transition.”
Bitcoin exchange Crypto.com has recently obtained an official major payment institution (MPI) license for digital payment token (DPT) services by the Monetary Authority of Singapore (MAS) and was allowed to offer its services in the country.
*Not investment advice.