Qredo's Ankex Crypto Exchange Closes, CEO Michael Moro Resigns

• Ankex, Noted Cryptocurrency Exchange, Halts Operations
• Ankex Pauses Development
• Ankex: A Victim of Unfavorable Timing?

Ankex, Noted Cryptocurrency Exchange, Halts Operations

Founded by the custody firm Qredo and spearheaded by Michael Moro, the former CEO of Genesis Trading, Ankex, a prominent cryptocurrency exchange, has ceased functioning due to unfavorable market conditions. Moro, who had taken charge of Ankex earlier this year, is believed to have now vacated his position. According to his X profile, he is formerly associated with @GenesisTrading and @Ankexcom.

Ankex Pauses Development

In response to the current state of affairs, Qredo addressed their community with the announcement: "Ankex development has been paused." The cryptocurrency exchange, which was primed for a public beta launch after successful testing by some community members earlier this year, is compelled to halt its progression at this point.

Ankex: A Victim of Unfavorable Timing?

In the wake of FTX$3.28 -5.38%'s collapse last year, Ankex's concept of allowing crypto exchange clients to retain custody of their own assets seemed like an appropriate solution. However, Ankex's suspension could possibly be attributed to its unfortunate timing, coinciding with the cryptocurrency industry's slow recovery from an extended bear market. Moro's departure from Genesis happened in August 2022, which was followed by a portion of the company filing for bankruptcy protection.

The cessation of Ankex's operations was initially reported by The Block.

Edited by Jonathan Stoker