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Digital asset firm Bakkt has recently undertaken a significant delisting of crypto tokens on its Apex Crypto trading platform, removing 25 out of the 36 tokens previously available.
This move has raised eyebrows within the cryptocurrency community, as the delisted tokens include some of the major players in the decentralized finance (DeFi) and nonfungible token (NFT) ecosystems.
According to a spokeswoman for Bakkt, the decision to delist the tokens was part of their routine coin listing review process. The company emphasized its commitment to prioritizing the best interests of its clients and their consumers. In doing so, Bakkt stated that they carefully consider the most up-to-date regulatory guidance and the latest industry developments.
Bakkt's decision to acquire Apex Crypto in November was aimed at strengthening its foothold in the fintech market that the trading platform catered to. The acquisition, finalized in April, involved a payment of $55 million in cash and $145 million in stock. Additionally, Bakkt obtained a broker-dealer license from Bumped Financial in February, which further enhanced its capabilities in the cryptocurrency space.
Bakkt's Strategic Shift: From Retail App to B2B Focus, Raises Regulatory Concerns
In a strategic move earlier this year, Bakkt shut down its retail-oriented app, which provided crypto-related services such as trading, loyalty rewards, and gift cards. The company's focus shifted towards catering to business-to-business (B2B) operations, aiming to offer crypto and loyalty solutions to businesses through software-as-a-service (SaaS) and application programming interface (API) keys.
After the announcement of the token delisting, Bakkt, which is primarily owned by Intercontinental Exchange, the parent company of the New York Stock Exchange, saw a 7% decrease in its stock value on May 12.
While specific details regarding the reasons behind the delisting and Bakkt's future plans are currently limited, the move has sparked discussions about the evolving regulatory landscape for cryptocurrencies and the potential impact on digital asset firms like Bakkt. This delisting further highlights the importance of regulatory compliance and the need for companies to adapt to changing guidelines and industry developments.
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