- EDXM’s CEO, Jamil Nazarali, explained their selective approach to cryptocurrency listings, driven by compliance with U.S. SEC regulations to avoid classification as securities.
- The exchange’s move to delist BCH has sparked speculation about the reasons behind it, indicating the impact of evolving regulations on trading offerings in the cryptocurrency industry.
EDX Markets, a U.S.-based virtual asset exchange, has officially announced its decision to remove Bitcoin Cash (BCH) from its list of supported cryptocurrencies. This news has garnered the attention of investors and raised questions within the cryptocurrency community. Interestingly, despite the delisting announcement, the price of Bitcoin Cash was on the rise on Thursday, November 2.
The speculation about BCH’s removal from the EDXM platform emerged on November 1, leading users and investors to seek clarification on the matter. Jeanine Hightower-Sellitto, EDXM’s Chief Strategy Officer (CSO), confirmed that the exchange is discontinuing support for Bitcoin Cash.
However, the exchange didn’t provide any specific details regarding the rationale and timing behind this delisting. When questioned about the decision, Hightower-Sellitto directed users to check the “Trading Resources” page for the current cryptocurrency offerings on EDXM and encouraged them to subscribe to the exchange’s newsletter for updates on future listings.
EDXM Offers Limited Crypto Listings
EDXM’s CEO, Jamil Nazarali, had previously explained the exchange’s cautious approach to cryptocurrency listings. In August, he emphasized that EDXM had been selective in listing only a handful of cryptocurrencies, primarily due to regulatory considerations.
Nazarali specifically referenced the regulatory framework set by the U.S. Securities and Exchange Commission (SEC), emphasizing the critical role of these regulations in the cryptocurrency selection process. Compliance with SEC regulations is essential to avoid a cryptocurrency being classified as a security.
Many market observers anticipate the addition of XRP to the platform following XRP’s recent legal victory, where it was ruled not to be a security. A visit to the “Products Traded” page on the EDX Markets website revealed that, at the time of writing, only three cryptocurrencies were available for trading: Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). This limited selection aligns with EDXM’s commitment to regulatory compliance and avoiding classification as securities.
The delisting of Bitcoin Cash (BCH) by EDXM has left the cryptocurrency community in suspense, prompting speculation about the reasons behind this decision. As the cryptocurrency landscape evolves and regulations continue to influence trading offerings, EDXM’s move may indicate a broader trend within the industry. The community eagerly anticipates further details and explanations from EDXM regarding the BCH delisting.
It’s worth noting that, at the time of writing, the price of Bitcoin Cash had risen by 1.14 percent to $243.67, with a 29.05 percent increase in trading volume, reaching $234.29 million. Additionally, the cryptocurrency’s market cap saw a 1.14 percent increase, standing at $4.76 billion.
Regulatory actions on crypto exchanges have been on the rise in 2023. The US SEC has slapped lawsuits against some of the top crypto exchanges such as Coinbase and Binance.
