"EDX Markets framed the move as part of an effort to reshape crypto market structure along lines seen in traditional finance, arguing that combining brokerage, exchange and custody functions within a single entity creates conflicts of interest and introduces operational risk."
"Chief executive Tony Acuña-Rohter stated that obtaining a trust charter would position EDX Markets to serve institutional clients that require regulated custody and settlement systems, emphasizing the expectation that large banks will play a central role in the next phase of digital asset adoption."
"The application arrives during a shift in federal policy toward digital assets, with regulators showing greater openness to crypto firms seeking entry into the banking system, as evidenced by recent conditional approvals for trust bank charters granted to firms like Circle Internet Group and Ripple."
EDX Markets, a cryptocurrency exchange backed by Citadel Securities, has applied for a national trust bank charter. This charter would enable the firm to offer custody, asset management, and principal trading services while maintaining its order-matching platform. EDX Markets aims to align digital asset infrastructure with traditional finance by separating custody and settlement from trading activities. The application reflects a broader trend of digital asset firms seeking regulatory approval to operate within the banking system, as regulators show increased openness to crypto integration.
Read at Bitcoin Magazine
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