In response to the U.S. Securities and Exchange Commission’s (SEC) recent deeming of Solana (SOL) as a security, Bakkt, the one-stop solution to crypto, has delisted the token from its trading platform. Meanwhile, Tradecurve, a new hybrid exchange will allow users to trade Solana along with a variety of financial instruments not found on Bakkt and other centralized exchanges (CEXs).
Bakkt Announces the Delisting of Solana
Bakkt, the popular New York-based derivatives crypto exchange, has announced that it will delist Solana (SOL) due to the recent regulatory pressure in the United States. The decision from Bakkt comes a week after Solana was listed as a security in the SEC’s lawsuit against crypto exchanges, Binance and Coinbase.
According to the announcement, Bakkt will wait for further regulatory clarity before compliantly expanding the number of digital assets offered on the platform. Bakkt now joins eToro and Robinhood as major crypto exchanges to delist Solana over regulatory uncertainty.
Why are Centralized Platforms Struggling With Regulators?
The SEC has been taking enforcement actions against centralized exchanges because these platforms hold and place trades on behalf of their users. Since the collapse of FTX in November 2022, regulators have increased their scrutiny of CEXs to prevent securities fraud, mismanagement of users’ funds, money laundering, and other financial offenses.
This is one of the major limiting factors of CEXs. Because Solana (SOL) has been deemed a security by the SEC, if Bakkt and other cryptocurrency exchanges offer them on their platforms, they could be charged with the unregistered offering and sale of securities. Hence, Bakkt has been forced to delist Solana (SOL).
New Hybrid Exchange to Offer Solana and More Assets to Traders
To avoid further regulatory issues, Bakkt, along with other CEXs has been forced to delist Solana (SOL) and other digital assets classified as securities. However, hybrid exchanges retain decentralization, allowing users to manage their private keys and digital assets. This means hybrid exchanges like Tradecurve cannot be charged with the unregistered offering and sale of securities by listing Solana.
Because of this, Tradecurve will be able to offer a larger range of assets to traders than most CEXs on the market. Tradecurve is building the first hybrid exchange where users will be able to trade assets from the forex, stocks, ETFs, options, and commodities markets from a single account. In addition, Tradecurve will prioritize privacy, allowing traders to open accounts without KYC restrictions and trade anonymously from anywhere in the world.
Experts have predicted that the lack of regulatory issues currently challenging CEXs like Binance, Coinbase, and Kraken, along with the support for more tradable assets will make Tradecurve one of the biggest crypto exchanges in the coming months.
Tradecurve is in the fourth presale stage and its utility token is currently valued at $0.018 per token They also believe the growth of the platform will cause Tradecurve’s utility token to explode, projecting a price of $1.5 by the end of 2023.
Visit the links below to get more information about Tradecurve and the TCRV token:
Click Here To Buy TCRV Presale Tokens
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