MEXCBinance CEO CZ Applauds Crypto Exchange Backed By Citadel, Fidelity
In a recent development, Binance CEO CZ expressed his support for a new cryptocurrency exchange called EDX, which boasts backing from prominent financial institutions including Citadel Securities, Fidelity Investments, and Charles Schwab. CZ took to Twitter, sharing a screenshot of a Wall Street Journal article about the exchange and commenting on its impeccable timing.
CZ Binance Supports New Crypto Exchange
Binance CEO CZ tweeted:
Impeccable timing. But the more the merrier.
Applauding developments in times of regulatory scrutinies, he believes more competition in the crypto space is a positive thing. Clearly as a crypto exchange CEO, he is not threatened by emerging players due to its broader vision.
Though CZ Binance has expressed relief over SEC disagreement settlement, SEC is still wary of crypto developments in the US. New Exchange EDX, a “noncustodial” platform. is set to offer trading exclusively in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) initially.
The company plans to launch a clearing house later this year to settle trades. According to the Wall Street Journal, even after the clearing house is operational, EDX intends to rely on third-party banks and a crypto custodian to hold customer assets.
Timing Matters In Crypto World
This move comes as both Binance, including CZ Binance and Coinbase face legal action from the Securities and Exchange Commission (SEC). The regulatory scrutiny surrounding crypto exchanges has been primarily driven by SEC Chairman Gary Gensler’s assertion that most cryptocurrencies should be classified as securities falling under the agency’s jurisdiction.
Read More About SEC v. Binance Lawsuit
Recently, SEC Chair spoke about the need to protect investors, saying the crypto markets should not be allowed to harm them.
In addition to the backing from prominent US firms Citadel Securities and Fidelity Investments, EDX recently concluded a funding round with investors such as Miami International Holdings, DV Crypto, GTS, GSR Markets LTD, and HRT Technology.
Also Read: Fidelity Filing For Bitcoin ETF..
- $7B Virtu Financial Holds $63M XRP as Whales Accelerate Daily Sell-Off
- Breaking: Coinbase Nears $2B Deal to Buy Stablecoin Platform BVNK
- Coinbase CLO Fires Back at Senator Murphy Over ‘Corruption Factory’ Claim
- Crypto Prices Rise: Why Are BTC, ETH, LTC, XRP, SHIB, and ADA Up Today?
- Michael Saylor’s Strategy Eyes S&P 500 Spot Amid Bitcoin-Backed Credit Products Launch
- Pepe Coin Price Forms Multi-Year H&S Pattern as Whale Selling Intensifies
- Ethereum Price Forecast: $5K in Sight Post-Fusaka Upgrade
- Chainlink Price Eyes $25 as AllUnity Integrates CCIP for EURAU Expansion
- Sei Price Forecast: Will Robinhood Listing Spark a Rally?
- XRP Price Outlook as ETF Nears Possible November 13 Launch
- Cardano Price Risks 20% Crash Amid Death Cross and Falling ADA ETF Odds
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
