Ankex, Qredo’s Cryptocurrency Exchange, Closes Operations
Ankex, the cryptocurrency exchange spearheaded by former Genesis Trading CEO Michael Moro, has announced the shutdown of its operations. The exchange, which was launched last year and aimed to combine centralized and decentralized features, has not provided a specific reason for its closure. However, it is speculated that financial setbacks during the ongoing bear market may have played a role.
Financial Struggles and Staff Cutbacks
Ankex debuted shortly after the collapse of FTX in 2022, with Genesis losing $175 million in the process. Qredo raised over $80 million in funding earlier this year for Ankex. However, when the beta platform was launched in September, Qredo had to make staff cutbacks due to financial pressures.
A Turbulent Time for Crypto Exchanges
Ankex is the latest crypto exchange to face setbacks in a turbulent year for the industry. FTX recently received a $24 billion tax bill from the IRS after its founder’s successful fraud trial. Binance’s founder also stepped down amidst regulatory enforcement actions against the exchange. The future of Ankex remains uncertain, but Michael Moro has updated his bio to reflect his departure from both Genesis and Ankex.
Hot Take: The Challenges of Running a Crypto Exchange
The closure of Ankex highlights the difficulties faced by cryptocurrency exchanges in an unpredictable market. Financial setbacks, regulatory pressures, and operational challenges can all contribute to the closure of these platforms. It serves as a reminder that investing in cryptocurrencies carries risks and requires careful consideration. As the industry continues to evolve, exchanges must adapt to changing conditions and find sustainable business models to thrive in this dynamic landscape.
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