Former Mt. Gox CEO to Launch New Crypto Exchange This Month

• Using Poland as its hub, the soon-to-be platform EllipX will debut in Europe.
• The new crypto exchange is making efforts to comply with MiCA regulations.

During an interview at the Korea Blockchain Week event in Seoul, South Korea, crypto entrepreneur Mark Karpeles—former CEO of Mt. Gox—said that he plans to launch his new cryptocurrency exchange later this month with an emphasis on transparency and user-friendliness.

Using Poland as its hub, the soon-to-be platform EllipX will debut in Europe later this month. Karpeles said that he is familiar with Poland as a nation since it was the location of Mt. Gox.

Efforts for MiCA Compliance

He also mentioned that the new exchange is making efforts to comply with MiCA regulations. Under Karpeles’s leadership as chief technology officer, EllipX will manage its technological components.

Transparency for customers, particularly crypto newbies, will be EllipX’s goal, according to the former CEO of Mt. Gox. The top 100 exchanges are dominated by major players like Binance and Coinbase.  Karpeles warned that beyond the first five or six names on the list, it becomes impossible to determine which firms are really operating the exchanges.

Karpeles intends to separate the several governing bodies of the trading platform in order to ensure openness. According to Karpeles, the new exchange would mimic the New York Stock Exchange’s structure—only it will be dedicated to cryptocurrency.

Karpeles added:

“Basically what I see for the future is to have one entity that deals with the trading on the market, and brokers located in different countries providing localized service, while the trading entity will only deal with trading. The actual movement of hands on crypto will happen through clearing houses, basically companies like BitGo, that would still be separated from brokers.”

The majority of the largest cryptocurrency exchanges boast complete openness and security measures in response to the growing importance of transparency among crypto investors.

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