In a show of solidarity amid the regulatory challenges major cryptocurrency exchanges face, Binance CEO CZ has expressed his support for a new exchange called EDX. The platform is supported by leading financial institutions such as Citadel Securities, Fidelity Investments and Charles Schwab. It aims to provide an “unattended” trading experience only in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Here are the details…
Binance CEO praised this exchange
CZ shared a screenshot of a Wall Street Journal article about EDX on Twitter. He then praised his “impeccable timing”. Despite ongoing legal proceedings between the U.S. Securities and Exchange Commission (SEC), CZ was unaffected. He believes that the increased competition in the crypto space in general is a positive development. Regulatory scrutiny surrounding cryptocurrency exchanges has been shaped by the moves of SEC Chairman Gary Gensler. Gensler stems from the argument that most cryptos should be classified as securities. However, CZ’s support for EDX demonstrates its broader vision. It also highlights his confidence in the future of the crypto industry.
EDX is aiming to open a trading room for trades later this year. As reported by The Wall Street Journal, the exchange will initially rely on third-party banks and a crypto custodian to hold client assets. EDX aims to build credibility and trust in the market by collaborating with established financial institutions. In addition to support from Citadel Securities and Fidelity Investments, EDX recently completed a successful funding round with investments from Miami International Holdings, DV Crypto, GTS, GSR Markets LTD and HRT Technology. The involvement of these reputable organizations further confirms EDX’s potential to disrupt the crypto exchange landscape.
There is a wave of optimism in the cryptocurrency market
CZ Binance recently expressed relief about reaching a dispute settlement with the SEC. Meanwhile, regulatory concerns still remain in the US crypto market, as we’ve also reported on Cryptokoin.com. Despite these challenges, the emergence of EDX brings a new wave of optimism as industry leaders and institutional investors realize the value and potential of cryptocurrencies. SEC Chairman Gary Gensler emphasized the importance of protecting investors and ensuring that crypto markets do not harm individuals. As the industry continues to evolve, it protects the interests of investors, both for regulators and market participants. But striking a balance that encourages innovation is crucial.
It points to CZ’s positive outlook on EDX’s support and growing competition in the crypto space. It also demonstrates its willingness to embrace change and foster a healthy ecosystem. With the support of major financial institutions, EDX is poised to make its mark on the industry and contribute to the continued development and acceptance of cryptocurrencies. As EDX prepares to enter the market, the attention it receives from leading names like CZ Binance is significant. Also, the support of reputable institutions points to a potential shift in the dynamics of the crypto exchange environment. Investors and enthusiasts eagerly await the launch of this new platform, keeping a close eye on its progress and the regulatory climate surrounding the wider crypto industry.
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