EDX Markets, a new cryptocurrency exchange backed by Citadel Securities, Fidelity Investments, and Charles Schwab, has quietly entered the market, aiming to attract brokers and investors interested in digital assets.
The exchange, which has yet to announce its official launch, operates as a noncustodial exchange, meaning it does not handle customers’ digital assets directly. Instead, it serves as a marketplace where firms can execute trades. This eliminates the risk of bank-run style failings that the industry witnessed in 2022 with FTX, Celsius and others.
The development comes just as American exchange Coinbase and worldwide exchange Binance face lawsuits from the U.S. Securities and Exchange Commission. While the crackdown indicated increasing scrutiny from regulators, it seems that larger institutions are viewing this as an opportunity to swoop in for market share. These firms often have close ties to regulators and are much more effective at complying with regulations as a result
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