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Cryptocurrency exchange Crypto.com said Friday that it will wind down its institutional service for American clients on June 21.
The Singapore-based digital asset platform added that it made the decision due to “limited demand from institutions in the U.S. in the current market landscape.”
Institutional investors are large, accredited customers with more money to invest than typical retail clients. Only companies can use Crypto.com’s institutional service.
“Impacted institutional users were given advance notice to support a smooth transition,” a statement shared with Decrypt read.
“This decision regarding the Crypto.com exchange business in the U.S. does not impact our Crypto.com retail app used by more than 80 million users worldwide in any way,” it added.
Crypto.com is a platform that allows clients to buy and sell cryptocurrencies. It also offers clients a Visa debit card to spend digital assets.
The company, a recognized crypto brand which in 2021 did a commercial with actor Matt Damon, said it was cutting its global workforce by 20% back in January.
Its announcement comes as the U.S. becomes an increasingly difficult place for crypto companies to do business.
The SEC this week sued major crypto exchanges Binance and Coinbase, and the regulator’s Chairman, Gary Gensler, hinted that digital asset companies weren’t welcome. “We don’t need more digital currency,” he said.
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