Crypto.com said Friday that it will shut down its institutional exchange service for US customers in less than two weeks, saying demand is drying up.
In a statement provided to Blockworks, Crypto.com explained that there is a lack of demand due to the market landscape in the US — no doubt a reference to the lawsuits against fellow exchanges Binance and Coinbase.
“We recently made a business decision to suspend the institutional offering of the Crypto.com Exchange in the U.S. as of 11:59pm 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,” the statement said.
And honestly, who didn’t see this coming?
As a customer of Crypto.com‘s online platform, I have attempted to withdraw the funds I invested for months, to no avail.
The company provides instructions on how to sell the coins but when attempting to do so it defaults to you having to purchase another coin. There is no option to withdraw back to your bank account and now we know why.
Crypto.com made headlines when it took over the naming rights of the Downtown Los Angeles basketball arena, formerly known as Staples Center, in early 2022. The announcement caused the price of the CRONOS (Crypto.com) coin to skyrocket, then it plummeted a month later.
If you have invested in any coins on the Crypto.com app it’s your best bet to get out while you can.
Blockworks contributed to this report.
