The trading platform 24 Exchange has announced the shutdown of its spot crypto product citing falling market demand.
As the Securities and Exchange Commission’s (SEC’s) cracks down on the crypto market, the fallout is continuing to spread.
SEC Targets Trading Firms
According to Bloomberg, 24 Exchange announced sunsetting its spot crypto product due to declining demand and regulators’ crackdown on the asset class.
CEO Dmitri Galinov believes that the demand for crypto spots fell due to the collapse of FTX, Signature Bank, and Silvergate. Furthermore, the SEC has been determined to go after the crypto firms, particularly trading firms.
In 2023 other exchanges such as Paxful, Beaxy Exchange, and Bittrex also had to shut down their operations in the US due to regulatory pressure. The SEC has sued two of the largest crypto exchanges, Binance and Coinbase.
24/7 Equities Trading
In the future, 24 Exchange plans to facilitate 24/7 trading of equities after its crypto spot product shutdown.
Galinov believes:
“Anyone who wants to trade crypto 24/7 would also like to trade Apple or Microsoft 24/7.”
Read our guide for the curated list of the best crypto trading platforms in 2023 here.
24 Exchange raised over $14 million in 2021 in a round led by Steve Cohen’s Point72 Ventures. Cohen also invested in another trading firm Radkl and, notably, the crypto analytics firm Messari.