In a surprising move, Cryptocom, one of the leading cryptocurrency platforms in the world, announced that it will shut down its US affiliate by the end of this year. The decision comes amid increasing regulatory scrutiny and legal challenges from US authorities and customers. The decision comes after facing regulatory hurdles and legal challenges from various authorities in the country.
Cryptocom said that it will focus on expanding its operations in other markets where it has a stronger presence and more favorable conditions. The company also assured its existing customers in the US that they will be able to withdraw their funds and access their accounts until the closure date.
Cryptocom, which was founded in 2018 and has over 10 million users worldwide, offers a range of services such as trading, lending, staking, and payments using various digital assets. The platform also operates its own native token, CRO, which has a market capitalization of over $2 billion.
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Relatively, Binance-US, one of the leading cryptocurrency exchanges in the United States, has announced that it will temporarily suspend USD deposits and withdrawals on its platform. The company cited technical issues with its banking partner as the reason for this decision. Binance-US assured its customers that their funds are safe and that they are working to resolve the problem as soon as possible. The suspension will affect both fiat and stablecoin deposits and withdrawals, but not crypto-to-crypto transactions. Binance US apologized for any inconvenience caused by this disruption and thanked its users for their patience and support.
However, the company has faced several difficulties in operating in the US market, which is one of the most regulated and competitive in the world. According to a statement from Cryptocom, the US affiliate has been unable to meet the compliance requirements and customer expectations in the country and has suffered from low profitability and high operational costs.
As a result, Cryptocom decided to cease its operations in the US and focus on other markets where it has a stronger presence and growth potential. The company said that it will provide a smooth transition for its existing US customers, who will be able to withdraw their funds and transfer their accounts to other platforms before the shutdown date.
The announcement has sparked mixed reactions from the crypto community, with some expressing disappointment and frustration over losing access to Cryptocom’s services, and others praising the company for its honesty and transparency. Some analysts also speculated that Cryptocom’s exit from the US could pave the way for other crypto exchanges and crypto infrastures to look outword for conducive and workable environment for trading crypto.