Crypto.com is going toto suspend institutional Exchange in US

Hello Friends

I am good and I hope that you are doing well.

My schedule has been busy for the last couple of weeks and because of this, I'm not much active on this platform. I try to go through some of the posts whenever I get the time and also try to keep myself updated with ongoing news across the world in the crypto market. The situation in the current crypto market is not good because we are seeing the market price drop due to negative news running around. SEC is very strict on the action and they are trying to Target multiple exchanges operating in the US.

src

Any exchange having a presence in the US is going through a tough time because of the regulation issues created by the Security and Exchange Commission. Many exchanges like Coinbase, Binance, Gemini, Kucoin, etc have been gone by the lawsuit by SEC and this is not over yet which means this can be difficult for them in the coming months. Some of the exchanges have also started looking out in different countries to set up their business hub.

Crypto.com these exchange has announced that they are going to discontinue trading for institutions in the US. This is part of their operations requirement as they do not see much attraction in this area hence it is better to stop it.

“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,”

src

The US is one of the markets that is adding good value to the Crypto market but it is not everything because there are many other countries contributing a significant amount to the overall crypto trading worldwide. this way things might not be easy for people staying in crypto anymore. there should be a proper guideline and policy created by the Security and Exchange Commission (SEC) for the crypto exchanges to follow. this can help them have more clarity that what they are required to do and whatever guidelines they are expected to follow.

What are your views about the current situation for crypto exchanges in the country and do you think that all this will be resolved soon?

Thanks a lot

Posted Using LeoFinance Alpha