Coinbase to Close its Institutional Platform in the United States

Coinbase, a San Francisco-based crypto exchange and wallet provider, is shutting down its institutional platform in the United States.

The company announced in a blog post that it will be closing Coinbase Institutional to new and existing customers on Thursday, April 4th at 5pm Pacific Time. The service will remain open to existing customers until April 10th at 5pm Pacific Time.

The move follows regulatory pressure and financial losses from Coinbase. The company has come under close scrutiny from US regulators and lawmakers after a series of famous hacks resulted in the laundering of billions of dollars in stolen funds through its platform. Coinbase's decision to shut down its institutional platform comes as blockchain startups are grappling with how to navigate the intersection between their technology and the regulatory environment of Wall Street.