Cryptocurrency platform Bakkt is removing support for 25 of the 36 tokens offered by its recently acquired trading platform Apex Crypto.
Bakkt’s decision to delist these tokens is part of a wider trend of companies reducing their exposure to risk as they attempt to navigate uncertain regulatory changes.
The list of de-listed tokens largely includes major decentralized finance (DeFi) tokens compromised, including Aave (AAVE), Avalanche (AVAX), Bancor Network Token (BNT), Basic Attention Token (BAT), Chainlink ( LINK), are included. Chiliz (CHZ), Compound Token (COMP), and Cosmos (ATOM).
Curve DAO (CRV), Engine Coin (ENJ), Phantom (FTM), FileCoin (FIL), Gala (GALA), The Graph (GRT), Internet Computer (ICP), Looping (LRC), Maker DAO (MKR), Republic (REN), Stellar (XLM), SushiSwap (SUSHI), Synthetix (SNX), Texos (XTZ), and Uniswap (UNI) are also on the list.
“Following the closing of our acquisition of Apex Crypto and as part of our regular coin listing review process, we have decided to delist several coins from the platform,” a spokesperson for the exchange reportedly said. Said,
“The best interests of our clients and their consumers are our core commitment, and our review process ensures that those interests are best served while we consider the most up-to-date regulatory guidance and the latest industry developments.”
Bakkt, which is majority-owned by Intercontinental Exchange – the parent company of the New York Stock Exchange, recently acquired the unprofitable Apex Crypto in a bid to gain more foothold in the fintech market.
The acquisition was completed in April for $55 million in cash and $145 million in stock, allowing Bakkt to offer execution, clearing, custody, cost basis and tax services to five million customers through 30 fintech fintechs. A significant advantage was given in space. Customer.
company in march revealed It is shutting down its retail-oriented app that offered crypto trading, loyalty rewards and gift cards.
Instead, the company said it would focus on providing crypto and loyalty services to businesses through service-as-a-sale and application programming interface solutions.
US Regulators Ramp Up Scrutiny of Crypto Companies
Bakkt’s recent move comes as US regulators have increased their scrutiny of the crypto industry, with Securities and Exchange Commission (SEC) chairman Gary Gensler arguing that most crypto tokens trade as securities.
As reported, the commission has accused now-defunct crypto exchange Bittrex US of running an unregistered securities exchange.
In particular, sec alleged that Bittrex’s listing of OMG, DASH, ALGO, Monolith (TKN), NAGA (NGC), and IHT Real Estate Protocol (IHT) tokens constitute an unregistered securities offering.
Last week, The Wall Street Journal informed of The SEC has so far identified 76 digital tokens that trade or have been traded with Ripple as securities in the US. XRP Token is the most famous and most valuable.
According to the report, there are now 16 tokens that are considered securities that still trade on one or more major US-registered crypto exchanges.