Crypto.com to suspend US institutional exchange
Crypto.com's decision was made in light of “limited demand” among US institutions because of the “current market landscape.”...
- Crypto.com will shut down its institutional exchange service for US customers in less than two weeks due to limited demand.
- The lack of demand is attributed to the current market landscape in the US, possibly referring to the lawsuits against Binance and Coinbase.
- The closure does not affect Crypto.com's retail trading app, which includes its CFTC-regulated crypto derivatives product, UpDown Options.
- The Singapore-based crypto exchange may reopen the institutional trading platform in the future, but did not provide details on what would need to change in the market for that to happen.
- Crypto.com recently received a license for digital payment token services in Singapore.
- The head of product for Crypto.com believes that AI will be "game-changing" for crypto exchanges.
The article reports on Crypto.com's decision to shut down its institutional exchange service for US customers due to limited demand. While this may be seen as a negative development for the company, the article also highlights that the closure does not affect its retail trading app and that the exchange may reopen the institutional trading platform in the future. Additionally, the article notes that Crypto.com recently received a license for digital payment token services in Singapore, which could be seen as a positive development. Overall, the sentiment of the article is neutral.