Crypto.com to suspend US institutional exchange

The decision was made in light of “limited demand” among US institutions because of the “current market landscape”

article-image

Emre Akkoyun/Shutterstock modified by Blockworks

share

Crypto.com said Friday that it will shut down its institutional exchange service for US customers in less than two weeks, saying demand is drying up.

In a statement provided to Blockworks, Crypto.com explained that there is a lack of demand due to the market landscape in the US — no doubt a reference to the lawsuits against fellow exchanges Binance and Coinbase

Read more: Crypto firms beefing up legal support amid regulatory crackdown

“We recently made a business decision to suspend the institutional offering of the Crypto.com Exchange in the U.S. as of 11:59pm EDT June 21, 2023 due to limited demand from institutions in the U.S. in the current market landscape. Impacted institutional users were given advance notice to support a smooth transition,” the statement said. 

Crypto.com also stressed that this closure does not affect its retail trading app, which includes its CFTC-regulated crypto derivatives product, UpDown Options. 

The Singapore-based crypto exchange added that it could reopen the institutional trading platform in the future, though it declined to provide more details on what conditions would need to be met to open its doors again.

Crypto.com started the month of June with a win, announcing that it had received a license for digital payment token services in Singapore, allowing the exchange to offer its services in the country.

Blockworks previously reported that the head of product for Crypto.com, Abhi Bisarya, believes that AI will be “game-changing” for crypto exchanges.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research

article-image

Judge Analisa Torres said the parties have not demonstrated that vacating her prior ruling is in the best interest of the public

article-image

Prediction markets have found a mainstream fit

article-image

Money for enemies isn’t fun, but crypto can be

article-image

Onchain SOL perps wiped $31 million, outpacing CEX volumes two days in a row

article-image

Fed Chair Jerome Powell told Senators Wednesday that the timeline on lowering interest rates is up in the air

article-image

Credit infrastructure DeFi protocol Grove makes allocation into a CLO segment “ripe for movement into DeFi”