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The cryptocurrency exchange Ankex has decided to close, according to an announcement by Qredo. It was put into operation last year under the leadership of former Genesis Trading CEO Michael Moro. While managing Ankex, Moro aimed to bring together professional traders with unsupervised and decentralized finance (DeFi) elements.
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However, due to bear market conditions, the company decided to halt operations. Qredo in its message to the community said that “development of Ankex was paused” and described the decision made at the preparation stage for the public beta launch as a sad development.
With increasing competition in crypto exchanges, customers have increased their demands for asset protection. However, the bankruptcy of FTX last year and the uncertainties that came with it caused Ankex to go through a difficult period and close. This situation once again reveals the importance of adapting to rapid changes in the cryptocurrency sector and dealing with risks.
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