Bitrabo Editorial
Crypto.com, a Singapore-based cryptocurrency exchange, has announced the suspension of its institutional exchange service for US customers citing limited demand. The move comes amid regulatory concerns in the US market, possibly triggered by legal actions against Coinbase and Binance. The shutdown will be effective from June 21, 2023. The company provided advance notice to the affected users to ensure a smooth transition. However, this closure will not affect Crypto.com’s retail trading app and its Commodity Futures Trading Commission-regulated crypto derivatives product-UpDown Options.
Crypto.com has clarified that it might reopen the institutional trading platform in the future, but it refrained from specifying the conditions that would need to be met to reopen its doors. Despite this setback, the company has received a significant payment institution license from the Monetary Authority of Singapore (MAS), which allows it to offer digital payment token services to customers in Singapore.
Recently, the company announced a strategic partnership with CoinRoutes to enhance institutional access to liquidity in the digital assets market. The integration will facilitate a more seamless trading experience for institutional investors, enabling them to access Crypto.com’s liquidity and trading pairs via CoinRoutes’ platform. This partnership will also enable institutional investors to access a broader range of trading pairs and liquidity across multiple exchanges, offering a more efficient trading experience. CoinRoutes, a provider of algorithmic trading solutions, will allow Crypto.com to provide best execution pricing for institutional clients as they navigate the fragmented digital asset market.
Currently, Hong Kong has allowed retail traders to trade digital assets, but regulators have made it mandatory for crypto exchanges to obtain licenses with the Securities and Futures Commission (SFC) before they can market and sell to Hong Kong customers. So far, HashKey PRO and OSL have obtained licenses, while Huobi has applied to the SFC to offer its services in Hong Kong, and OKX has confirmed that it will offer crypto trading to Hong Kong residents through its app.