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Crypto

Crypto.com Shuts Down US Institutional Exchange, Here’s Why

Ronaldo Marquez
by Ronaldo Marquez
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Crypto.com, the Singapore-based exchange, has announced that it will shut down its institutional exchange service for US customers due to limited demand. The closure will take effect on June 21, 2023, and comes amid regulatory concerns in the US market, likely referencing the recent legal actions against Binance and Coinbase.

Related Reading: Breaking: DOJ Takes Down Mt. Gox Hackers For Multi-Million Dollar Crypto Theft

Crypto.com Offers Advanced Notice To Institutional Users

In a statement provided to Blockworks, the company explained that the lack of demand from US institutions led to the decision to suspend the institutional offering of the Crypto.com Exchange. The impacted institutional users were given advance notice to support a smooth transition.

It is important to note that this closure does not affect the exchange’s retail trading app, which includes its Commodity Futures Trading Commission (CFTC)-regulated crypto derivatives product, UpDown Options.

The company also stressed that it could reopen the institutional trading platform in the future, although it declined to provide more details on the conditions that would need to be met to open its doors again.

Despite this setback, Crypto.com has 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. This comes almost a year after the crypto company received in-principle approval from the central bank. 

The announcement of the license on June 1st coincided with Hong Kong’s decision to allow retail traders to trade digital assets. However, regulators in Hong Kong have made it mandatory for crypto exchanges to seek a license with the Securities and Futures Commission (SFC) before they can sell and market to Hong Kong customers. 

So far, only two exchanges, HashKey PRO and OSL, have been granted licenses, while Huobi has applied to the SFC to offer its services in Hong Kong, and OKX has said it will be offering crypto trading to Hong Kong residents via its app.

Crypto.com Teams Up With CoinRoute

On the other hand, the Singapore-based exchange, has announced a strategic partnership with CoinRoutes to enhance institutional access to liquidity in the digital assets market. The integration will provide a more seamless trading experience for institutional investors, enabling them to access Crypto.com’s liquidity and trading pairs via CoinRoutes’ platform.

In a statement, the company explained that this partnership will enable institutional investors to access a wider range of trading pairs and liquidity across multiple exchanges, ultimately providing a more efficient trading experience. CoinRoutes, a provider of algorithmic trading solutions, will enable Crypto.com to offer best execution pricing for institutional clients as they navigate the fragmented digital asset market.

Related Reading: Bitcoin Active Addresses Spike, What Does This Mean?

Speaking about the partnership, Bobby Ong, co-founder and COO of CoinGecko stated:

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.

Crypto
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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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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