Jun 10, 2023
Crypto.com, which holds a 20-year, $700 million Los Angeles arena naming rights deal signed in 2021, is suspending its institutional exchange service for U.S. customers on June 21. The company cited the “current market landscape” in its decision, which comes the same week as cryptocurrency firms Binance and Coinbase were sued by the Securities and Exchange Commission on allegations that they violated securities laws.
“We recently made a business decision to suspend the institutional offering of the Crypto.com Exchange in the U.S. as of 11:59 pm 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,” Crypto.com said in a statement to Blockworks.
Institutional investors are typically large accredited customers and companies. U.S. customers will still be able to use Crypto.com’s retail app which has more than 80 million users worldwide.
Source: Front Office Sports