Steve Cohen-Backed 24 Exchange Pulls The Plug On Spot Crypto Trading As Regulatory Pressure Intensifies
Portfolio Pulse from Murtuza Merchant
24 Exchange, backed by Steve Cohen's Point72 Ventures, has discontinued its spot cryptocurrency product amid increased regulatory scrutiny. The decision follows a decline in interest and demand after the collapse of FTX and crypto-affiliated entities such as Signature Bank and Silvergate Capital Corp. The trading platform will continue to offer its crypto non-deliverable forward product.
June 23, 2023 | 2:12 pm
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Signature Bank's stock may be affected by 24 Exchange's decision to discontinue its spot crypto product, as the bank is a crypto-affiliated entity.
Signature Bank is mentioned as a crypto-affiliated entity that experienced a decline in interest and demand following the collapse of FTX. As 24 Exchange discontinues its spot crypto product, it may negatively impact Signature Bank's stock.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Silvergate Capital Corp.'s stock may be affected by 24 Exchange's decision to discontinue its spot crypto product, as the company is a crypto-affiliated entity.
Silvergate Capital Corp. is mentioned as a crypto-affiliated entity that experienced a decline in interest and demand following the collapse of FTX. As 24 Exchange discontinues its spot crypto product, it may negatively impact Silvergate Capital Corp.'s stock.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50