Is Crypto.com Going To Suspend US Institutional Exchange Service?
This month has been pretty tough for crypto so far. It started with the filing lawsuit against the most popular two crypto exchanges Binance and Coinbase by the SEC. It may create more uncertainty in the crypto market and other crypto exchanges will make their decision to stay safe.
Now crypto.com decides to suspend its US institutional exchange service which is going to be effective on June 21. It will not be good for the crypto exchange when institutional investors will not have options to trade there. So why did this crypto exchange make this tough decision?
Crypto.com pointed out that limited demand from institutional customers and the current challenging market condition are the reasons behind this action. Retail customers will remain unaffected by this decision. They will have full access to the crypto.com platform and do trading and investment.
Is crypto exchanges leaving the US market? No one wants to leave a big market. But when they are forced to do something and make it very difficult to run the business without having regulatory clarity, they do not have other options. It also revealed which cryptocurrencies are going to fall under unregistered securities in the United States.
Crypto and stock trading platform Robinhood decides to stop supporting Cardano, Polygon, and Solana since the SEC gives these cryptos a lebel of unregistered securities while suing crypto exchanges Binance and Coinbase. It will affect investors' decisions to invest in crypto assets.
Crypto will move forward at its own speed despite challenges and difficulties. Other countries will embrace crypto businesses and let them grow and thrive that will drive more innovation and development. It is revealed that crypto.com plans to list EURO to trade against cryptocurrency. Listing EURO as a base currency, traders can trade it against crypto assets like BTC, ETH, and USDT.
I don't see any sign to slow down the regulatory crackdown on cryptocurrency. It will ultimately force crypto businesses to do things that they don't plan before. Adapting to the situation is a must to survive in the crypto industry.
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