Home Kripto Former Mt. Gox CEO Mark Karpeles to Unveil New EllipX Crypto Exchange in Europe
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Former Mt. Gox CEO Mark Karpeles to Unveil New EllipX Crypto Exchange in Europe

Former Mt. Gox CEO Mark Karpeles to Unveil New EllipX Crypto Exchange in Europe

Mark Karpeles, the former CEO of the now-defunct cryptocurrency exchange Mt. Gox, is set to launch a new crypto exchange named EllipX this September. Based in Poland, EllipX will initially cater to European users, with ambitions to extend its services globally. The launch represents a significant step in Karpeles’ re-entry into the cryptocurrency world following the high-profile collapse of Mt. Gox.

EllipX

EllipX aims to start as a crypto-only platform but has plans to incorporate banking and fiat currency services in the future. The new exchange seeks to align with the European Union’s Markets in Crypto-Assets Regulation (MiCA), underscoring its commitment to compliance and transparency. This commitment is further evidenced by its initiative to conduct regular third-party audits, ensuring operational integrity.

During an interview at Korea Blockchain Week, Karpeles highlighted the advancements in technology and security that now facilitate the safe storage of cryptocurrencies. He expressed a desire to lead by example in the crypto exchange industry, emphasizing the need for full transparency in operations. Karpeles noted, “Exchanges, especially, didn’t change much over the years… I think the best way would be basically to lead by example, to show that connection can be built in a fully transparent way.”

Rebuilding Trust and Offering Reparations

Addressing the legacy of the Mt. Gox debacle, Karpeles informed Cointelegraph that EllipX would offer significant trading fee discounts to former Mt. Gox users. Specifically, these users can receive at least 50% off trading fees, a gesture linked to non-fungible tokens issued a few years ago as part of a reparation effort. However, uptake of these tokens has been low, with only a few hundred of the million affected Mt. Gox users claiming them thus far.

Karpeles hopes this initiative will help reconnect with those who suffered losses during Mt. Gox’s collapse in early 2014 and demonstrate his commitment to making amends. Despite receiving death threats in the aftermath of the hack, Karpeles remarked that attitudes towards him in the crypto community have softened significantly in recent years, leading to invitations to speak at industry conferences.

In a significant development on July 5, Mt. Gox began repaying some of its rehabilitation creditors via designated crypto exchanges. These repayments, made in BTC and Bitcoin Cash, were executed as part of the ongoing efforts to settle the outstanding obligations of the exchange. According to an X post by MtGoxBalanceBot, the Mt. Gox Trustee’s total BTC balance was 94,457 BTC at the time of the announcement. Contrary to expectations of a massive sell-off, most creditors have retained their holdings, ending a decade-long wait for reimbursement.

Feature/Initiative Description
Regulatory Compliance Aligns with EU’s MiCA regulation for safety and transparency
Third-party Audits Regular audits to ensure compliance and integrity
Fee Discounts for Mt. Gox Users Offers reparations through discounted trading fees
Global Expansion Plans Plans to extend services worldwide after European launch

Mark Karpeles’ launch of EllipX marks a notable return to the cryptocurrency exchange industry, underscored by a strong emphasis on security, regulatory compliance, and transparency. Through initiatives like fee discounts for former Mt. Gox users, Karpeles seeks to rebuild trust and address past grievances, while positioning EllipX as a leading platform in the evolving digital asset marketplace.

As EllipX prepares for its inaugural launch, the crypto community watches closely, eager to see how Karpeles will navigate the challenges and opportunities in this next chapter of his career in the cryptocurrency sector.

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