Crypto.com has announced that it will discontinue its institutional exchange service in the United States. The service will be discontinued on June 21, 2023.

The company cited limited demand from institutional clients as the main reason for the move. Crypto.com said that the decision was made after careful consideration of current market conditions.

The company's retail mobile app and platform will remain fully operational in the United States. US retail users will continue to have access to CFTC-regulated cryptocurrency derivatives trading, as well as the exchange's UpDown options offering.

Crypto.com remains open to a possible relaunch of its institutional exchange in the United States in the future.

The news comes as the cryptocurrency market continues to struggle. Bitcoin has lost more than half its value since its all-time high in November 2021. Many other cryptocurrencies have also lost significant value.

The bear market has caused a decrease in demand for cryptocurrency investment products and services. This has forced many cryptocurrency exchanges to make changes to their offerings.

In addition to Crypto.com, other cryptocurrency exchanges that have recently made changes to their institutional offerings include Binance and Kraken.

Binance announced in May that it would discontinue its margin trading service for users in the United States. Kraken announced in April that it was closing its institutional over-the-counter (OTC) desk.

The changes made by these exchanges are a sign of the challenging market conditions currently facing the cryptocurrency industry. It remains to be seen how the industry will weather the storm.

#crypto.com #crypto #Sec #SEC #cryptocurrency

Following the announcement of the service's suspension on June 21st, Crypto.com will no longer provide institutional clients with services in the United States.

The Singapore-based cryptocurrency exchange claimed the lack of institutional demand as the main driver for the decision, which was made worse by market testing.

According to a statement from Crypto.com, institutional users of the site were informed in advance that the service will be suspended. The U.S. retail mobile platform and application for Crypto.com are still fully functional.

CFTC-regulated cryptocurrency derivatives trading is still available to American retail users, as is the exchange's UpDown Options product, which enables users to create long or short trading positions on potential future movements of different cryptocurrencies.

The possibility of relaunching its institutional exchange in the United States is still on the table for Crypto.com.

The Monetary Authority of Singapore has granted Crypto.com an official large payment institution license for digital payment token services, enabling it to provide its services there even while it shutters its institutional U.S. business.

The month of June 2023 has proven to be turbulent for American cryptocurrency exchanges. The Securities and Exchange Commission (SEC) started legal action against both Binance.US and Coinbase for a variety of alleged breaches of the securities laws.

The broader cryptocurrency ecosystem has responded to the SEC's activities as the SEC appears to be tightening its regulatory oversight of the sector eight months after the collapse of FTX.

#crypto.com #cryptocurrency #cryptoexchange

We have been hearing of money from birth and wonder what this word is or we don't even bother to know the meaning of the name ( MONEY) . In my school's days we say. M - many shall get in problems because of me . O - on me many shall depend. N - nothing can be done without me . E - engage me in all things. Y - yet of still the root of all evil. Before the physical cash . Our fore father traded in barter . Simply given what you have to get what you want. The History of Money: From Barter to Banknotes ,and digital moneyNo one knows for sure who first invented such money, but historians believe metal objects were first used as money as early as 5,000 B.C. Around 700 B.C.,Cowries were also used as money too. The Lydians became the first Western culture to make coins. Other countries and civilizations soon began to mint their own coins with specific values.The first coin ever minted features a roaring lion. Coins then evolved into bank notes around 1661 AD. The first credit card was introduced in 1946 .Now I define MONEY as a legal tender that is generally acceptable as a means of doing business. There are other types of money known as digital money e.g MOBILE MONEY and CRYPTOCURRENCIES . MOBILE MONEY : These are digital form of money that are provided by the different MOBILE NETWORKS PROVIDER ( MTN,VODAFONE and others ).Its just like a mini bank account . CRYPTOCURRENCY (or crypto currency) : is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, . E .g Bitcoin,BTTC,ETHEREUM ,Monero ,USDT, BNB,DOGE, ADA AND RIPPLECATEGORIES OF CRYPTOCURRENCY Payment Cryptocurrencies, Tokens, Stablecoins Central Bank Digital Currencies.which can be traded ( buying & selling ) through WWW.LOCALBITCOIN.COM, DESKCOIN.COM, CRYPTO.COM ,COINBASE and others. Most countries now are going digital . Facebook LIBRA ,china cryptocurrency junking too.The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system. To use cryptocurrencies, you need a cryptocurrency wallet. It eliminates the need to carry physical money. It exists only in digital form, and although people mainly use it for online transactions, you can make some physical purchases. you can buy as a form of investment just like the stock . Unlike traditional money printed only by the government, several companies sell cryptocurrency. Kindly make your own research #CryptoWhaleWatch ,#BinanceCEO #Coinbase. #crypto.com #BinanceSquareAnalysis NOTE. Please press the follow button to follow ,comment ,like ,share and show some love