Bakkt conducts broad delisting of DeFi tokens from Apex Crypto platform

The institutional platform Bakkt has delisted from Apex Crypto, which it had previously acquired, the majority of DeFi tokens. The rationale given was a desire to comply with regulatory requirements, according to CoinDesk, citing a company spokesperson.

closed the deal to acquire Apex Crypto in April 2023. The latter is a platform for integrated cryptocurrency trading that provides trade execution, clearing, and also offers custody services and a tax-calculation service.

The company delisted 25 of the 36 assets previously available, including Aave (AAVE), Avalanche (AVAX), Cosmos (ATOM), Fantom (FTM), Filecoin (FIL), GALA (GALA), Sushiswap (SUSHI) and Uniswap (UNI).

«Following the closing of the acquisition of Apex Crypto, as part of our regular asset-listing review process, we decided to remove a number of coins from the list. […] The review process ensures the best alignment with [clients’] interests when we consider the latest regulatory guidance and industry developments,» said a Bakkt spokesperson in a conversation with CoinDesk.

The deal with Apex Fintech Solutions (the former owner of Apex Crypto) was part of the company’s transition to a B2B model. In February the platform closed the retail cryptocurrency trading app.

On May 11, Bakkt published its results for the first quarter of 2023. The quarterly loss was $0.17 per share, net income reached $13 million, which below consensus forecast of some analysts. At the same time the latest figure rose by 4% year over year.

According to the document, Apex Crypto’s projected gross revenue for the full year 2023 is expected to be in the range of $1.874 billion to $2.376 billion. At the time of the acquisition it serviced more than 5.8 million accounts.

Since October 2021, Bakkt shares have traded on the New York Stock Exchange (NYSE), which is operated by its parent company ICE. By the close of the May 12 session, the platform’s securities fell by nearly 7%.

Against regulatory uncertainty in the United States, many cryptocurrency firms are leaving the country or scaling back their services.

As Bloomberg journalists reported in May 2023, some of the world’s largest market makers Jane Street and Jump Trading would cease trading digital assets in the United States.