Former Mt. Gox Launches New Crypto Exchange EllipX

• Mt. Gox’s former CEO, Mark Karpeles, plans to start a new crypto exchange, EllipX, in Europe.
• The exchange will focus on transparency, user-friendliness, and MiCA compliance.
• Karpeles will be the firm’s chief technology officer and assures technical transparency.

Mark Karpeles, formerly at the helm of the now-defunct crypto exchange Mt. Gox, is set to launch a new crypto platform, EllipX, in Europe, with its base in Poland. Speaking at the Korea Blockchain Week event in Seoul, South Korea, Karpeles revealed that the new exchange, slated for launch this month, aims to prioritize transparency, user-friendliness, and MiCA compliance.

With this new venture, Karpeles hopes to bring transparency to crypto customers, particularly those who are new to the industry. He pointed out the prevalent lack of clarity in the space, stating that the community is often disconnected from the history and leadership of crypto companies, with the exception of major platforms like Binance and Coinbase. Karpeles believes that transparency should be a key focus, and he plans to separate the different working bodies of the trading platform.

Looking back at the history of Mt. Gox, the platform was once considered the largest Bitcoin exchange, handling nearly 80% of BTC trading. In 2014, the exchange suffered a devastating blow, losing a massive amount of Bitcoins, with suspicions of Russian attackers behind the exploit. After a decade, the exchange began its customer repayment procedures via the crypto exchange Kraken in 2024.

The ex-CEO of Mt. Gox is expected to serve EllipX as its Chief Technology Officer, overseeing the technical aspects of the exchange. Karpeles asserted that the exchange would be designed with a structure similar to the New York Stock Exchange. The exchange would have both a broker side to interact with customers and a storage side to safeguard crypto assets. He 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.”

Moreover, Karpeles assured customers that the company would share technical data to maintain complete transparency in the ecosystem. He suggests that other exchanges adopt the same level of transparency to mitigate potential threats and ensure customer satisfaction.