Crypto.com has announced the closure of its institutional service to U.S. customers. The decision, effective June 21, is due to limited demand from U.S. institutions in the current market landscape. The winding down of the institutional service will not affect Crypto.com’s retail app, which is used by more than 80 million users worldwide. The company, known for its prominent presence in the crypto industry and even featuring actor Matt Damon in a commercial, cut its staff by 20 percent earlier in January. The move comes amid a difficult environment for cryptocurrency companies in the U.S., due to recent lawsuits from the Securities and Exchange Commission (SEC).

The SEC crackdown and remarks from Chairman Gary Gensler, who has expressed skepticism about digital assets as unregistered securities, have contributed to the growing difficulties faced by cryptocompanies operating in the United States. However, Crypto.com’s decision to close its institutional service is primarily due to a lack of demand from U.S. institutions, not regulatory concerns. The company continues to offer its customers the ability to buy, sell and spend cryptocurrencies through its platform, including offering a Visa debit card for digital asset transactions.