Crypto.com to suspend US institutional exchange (2024)

FAQs

Is Crypto.com shutting down in the US? ›

“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.

While the shutdown impacts institutional trading, Crypto.com assured retail investors they can still use the platform in the U.S. This includes the exchange's CFTC-regulated derivatives trading.

No customers experienced a loss of funds, as any users that had been affected were fully reimbursed. Crypto.com also implemented the Account Protection Program (APP) for additional security of user funds. Compared to other cryptocurrency exchanges, Crypto.com is decently secure and trustworthy.

Crypto.com is licensed to operate in the U.S. and 49 states as a money services business.

User reports indicate no current problems at Crypto.com.

Your virtual assets are stored 100% safely and perfectly.

Our users can verify our reserves and their funds through our Proof of Reserves verification page, conducted by an independent third-party.

Financial institutions are not allowed to facilitate bitcoin transactions. Regulators have warned the public that bitcoin does not have legal protection, "as the currency is not issued by any monetary authority and is therefore not entitled to legal claims or guarantee of conversion".

The regulatory environment for crypto exchanges in the USA is complicated and most exchanges are unable to meet the requirements at a federal and state level. As such, many exchanges choose not to operate in the US to avoid penalties.

While the Crypto.com App is only available on mobile, the Crypto.com Exchange offers both an app and a desktop platform. To start trading on the Crypto.com Exchange, users sign up for a Crypto.com Exchange account and complete the 'know-your-customer' (KYC) procedures.

According to our Crypto.com coin price prediction, the token may trade between $0.082 and $0.21 in 2024, with a minimum price of $0.080 and a maximum price of $0.21. The Crypto.com forecast also suggests that the average price may be $0.05.

Is crypto com still viable? ›

Overall, Crypto.com is best for those who want to do more with their cryptocurrency than simply buy and hold. It's a good platform for active traders and anyone interested in using crypto as an actual currency, not just an investment.

All Users' deposits are held in cold storage, for security reasons, however, withdrawal requests - for all cryptos - are automated. In most cases, withdrawals are almost instant and normally should take no longer than 2-3 hours to be processed.

Its retail trading app will still survive. Starting June 21, the Singapore-based Crypto.com says that it will be shutting down institutional services on its platform in the U.S. due to the “current market landscape” that shows “limited demand” for its services.

That's because the FDIC does not insure crypto exchanges or cover cryptocurrency. The FDIC has even issued letters to crypto sites instructing them to take down misleading statements that allude to FDIC protection.

Kraken is one of the safest crypto exchanges for investors looking to trade 200+ cryptocurrencies. Crypto exchanges aren't generally regarded as the safest or most transparent platform, so industry-leading crypto trading platforms like Kraken stand out quite a bit.

You can withdraw to bank accounts you have used to deposit funds into the Crypto.com App.

Yes. In the United States, your transactions on Crypto.com and other platforms are subject to income and capital gains tax. If you've earned or disposed of crypto (ex. Sold or traded away cryptocurrency) during the year, you'll have a tax liability to report to the IRS.

Crypto.com Arena is located 1111 S. Figueroa Street, Los Angeles, CA 90015 in the heart of downtown Los Angeles adjacent to L.A. LIVE.