The majority of the Crypto clients were from an institutional background. Recently crypto.com have stated they won’t be entertaining institutional clients anymore. Their suspension begins on 21st June. The decision was uncalled for. However, global institutional-grade services have been limited.
The Singapore-based company limited the demand from global clients. They are operating in the US currently.
Before legalizing the act, all the clients were made aware of the condition and the decision.
The market conditions perhaps led to such decisions.
Crypto.com Keeping Their Other Options Open In The States
The crypto.com mobile application is still accessible in the United States. All the users were made aware of the upcoming situation. However, they still have the possibility of relaunching it in the US.
All the retail users in the states have the option for operating other applications made by crypto.com.
It would also allow many cryptocurrency users to open trading positions in the future.
It totally depends on them if they want a long or short position in trading.
Crypto.com has closed the access for the US institutional offerings. They have received a major license for digital payment token services. It was provided by the monetary authority of Singapore.
This also could be accessible in Singapore as well.
However, crypto.com is moving from Singapore hence the decision.
Crypto has taken a toll on the United States, given everything around cryptocurrency is falling apart. The SEC has issued a warrant against the CEO of Binance. And again the Bitcoin money laundering fraud caused havoc in the country. Definitely not good for business in the country. However, many users have expressed their concern regarding this particular currency exchange.