- EllipX, launching in September, will start as a crypto-only platform and plans to expand to banking and fiat services.
- The exchange will comply with EU’s MiCA regulations and undergo regular third-party audits to ensure transparency.
- Former Mt. Gox users will receive a 50% fee discount on EllipX, linked to NFTs issued previously, aiming to repair past grievances.
Mark Karpeles, the former CEO of Mt. Gox, is set to launch his new cryptocurrency exchange, EllipX, this September. EllipX, a Polish company, will first serve users in Europe before hoping to go global.
Notably, the platform will initially only provide services related to cryptocurrencies, but it intends to later add options for banking and fiat money. This action is in line with Karpeles' plan for restoring his reputation and win back the confidence of the cryptocurrency community.
Compliance with EU Regulations
Consequently, EllipX will comply with the Markets in Crypto-Assets Regulation (MiCA) of the European Union, which places a strong emphasis on security and transparency in cryptocurrency transactions. To make sure it complies with these rules, the exchange will go through routine audits by outside parties.
Furthermore, EllipX hopes to establish a new benchmark for regulatory compliance in the cryptocurrency sector by adhering to MiCA guidelines. Karpeles' adherence to these rules may have a big impact on other platforms trying to establish their reputation in a market that is changing quickly.
Reparations for Mt. Gox Victims
Notably, EllipX is extending a significant trading fee discount to former Mt. Gox users in an impressive show of goodwill. Individuals who were impacted by the 2014 Mt. Gox hack will have their fees reduced by at least 50%.
Moreover, Karpeles is attempting to atone for the losses incurred during the collapse of the previous exchange in part with this initiative. The discount will be associated with non-fungible tokens (NFTs) that were distributed to Mt. Gox users several years ago.
However, the majority of those impacted have not yet claimed them. Karpeles is hopeful that the crypto community will rebuild relationships and trust through the implementation of this reparative measure.
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