Crypto.com Announces Shutdown of US Institutional Business in Another Blow for Industry

2023-6-10 01:00

The American crypto industry met with another setback today as Crypto.com announced plans to wind down its institutional service. The exchange is the latest company to make an exit from the United States as Gary Gensler’s Securities and Exchange Commission (SEC) comes knocking on doors.

Crypto.com has announced that it will cease its institutional service for American clients from June 21. The platform blamed “limited demand from institutions in the US in the current market landscape.”

Crypto.com Retail Side to Continue

An institutional investor is a large organization that invests on behalf of others, such as pension funds or mutual funds. On the other hand, a retail investor refers to an individual who invests their own personal funds.

Just starting out? Learn what are the best cryptocurrency exchanges to trade your digital assets: 11 Best Crypto Exchanges for Beginners

In a statement shared with Decrypt, Crypto.com said that “impacted institutional users were given advance notice to support a smooth transition.”

Barring unforeseen developments, the Crypto.com retail app, which more than 80 million people use, will continue operating as normal.

The regulatory environment is harsh. In recent months, multiple crypto firms have said they are reducing or ceasing their activity in the United States. Most cite the increasingly hostile tenor of rulemaking and enforcement. Gary Gensler’s SEC is the main culprit.

Earlier this week, the SEC announced two legal suits against Coinbase and Binance, the two largest crypto exchanges on the planet. Coinbase has already said it plans to relocate out of the country.

Galaxy Digital, as well as Nexo and Paxo, two other exchanges, also plan to leave for regulatory reasons. Departing businesses are being actively lured by other jurisdictions around the world, aiming to profit at the expense of the US.

The post Crypto.com Announces Shutdown of US Institutional Business in Another Blow for Industry appeared first on BeInCrypto.

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crypto institutional industry another blow announces shutdown

Источник: beincrypto.com

crypto institutional → Результатов: 126


Crypto is losing touch with institutional cash

Key Takeaways Crypto.com this week shut down its institutional exchange in the US, citing a lack of demand The regulatory climate has worsened significantly in the US, meaning crypto is becoming less practical for institutions  The macro picture and scandals across the space last year have also contributed, writes our Head of Research, Dan Ashmore […] The post Crypto is losing touch with institutional cash appeared first on CoinJournal.

2023-6-14 18:40


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2018-12-22 09:31


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One of the world’s largest cryptocurrency platform has had a stellar week, as positive news floods in regarding the platform’s expansive development plans. Coinbase’s Custody Service Secures The Business Of A $20 Billion Hedge Fund Institutional investment seems to be all the rage in cryptocurrency circles, with many citing this form of interest and investment.

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Crypto Custodian Services to Launch in Hong Kong

A prominent South East Asia-based fund management company is considering the launch of a cryptocurrency custodial service targeting regional institutional investors. The Demand for Cryptocurrency Custodians As reported by South China Morning Post on July 22, 2018, the Singapore-based Fusang Investment Office is planning to offer cryptocurrency holding services after clients expressed rising interest in […] The post Crypto Custodian Services to Launch in Hong Kong appeared first on CryptoSlate.

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Elpis Investments to Build World’s First Hybrid AI-driven Trading Company for Traditional and Crypto Assets

Elpis Investments introduces AI trading technology enabling traditional, institutional and novice investors start profiting from both digital and traditional assets. The post Elpis Investments to Build World’s First Hybrid AI-driven Trading Company for Traditional and Crypto Assets appeared first on CoinSpeaker.

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