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Crypto.com Confirms Arena Name Won’t Change Despite Institutional Exchange Shutdown

Last updated: | 1 min read
Source: Crypto.com Facebook Page

The Los Angeles-based sports and entertainment arena, Crypto.com Arena, will be keeping its name despite the cryptocurrency exchange’s decision to shut down its institutional exchanges in the United States.

On 9 June, Crypto.com unveiled plans that it will be stopping its institutional exchange service for professional clients in the US from 21 June, however, its mobile application will continue to be available to users.

In a statement provided to Blockworks, the crypto exchange explained the decision to shut down their institutional exchange services in the Us came amid a shortage of demands, possibly influenced by the tense relationship between crypto firms and the US Securities and Exchange Commission (SEC).

“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 company said.

The timing of the announcement came right as soon as the SEC had filed lawsuits against the crypto exchanges Binance and Coinbase citing securities law violations.

Despite the shutdown, the naming rights of the Crypto.com Arena will not be affected, this was confirmed by the exchange itself via email to Forbes.

The arena, which was formerly known as the Staples Center, is home to some of the biggest sporting acts in the US including the Lost Angeles Lakers, Los Angeles Clippers Los Angeles Kings and Los Angeles Sparks.

Crypto.com’s native token, CRO, has been fluctuating quite a lot since the news, first losing around 14% of its value and falling down to $0.05074 on 10 June from $0.05858 the day before.

It has since managed to recover about 7% of its losses, surging to $0.05498 in the past 24 hours.  

In other news, Crypto.com has also announced that it will be integrating with the provider of smart order routing and execution services, CoinRoutes, to help institutions access liquidity and make trading for Crypto.com and CoinRoutes clients smoother.