Digital asset firm Bakkt has dropped 25 of the 36 crypto tokens listed on its recently acquired trading platform Apex Crypto.
A spokeswoman for the company told Cointelegraph on May 12 that the decision was "part of our regular coin listing review process," and added that:
"Our clients’ and their consumers’ best interests are our core commitment, and our review process ensures those interests are best served when we contemplate the most up-to-date regulatory guidance and the latest industry developments.”
Further details are sparse at this stage, however most of the dropped tokens are tied to popular decentralized finance and nonfungible token ecosystems.
The delisted tokens include: Aave (AAVE), ApeCoin (APE), Avalanche (AVAX), Bancor Network Token (BNT), Basic Attention Token (BAT), Chainlink (LINK), Chiliz (CHZ), Compound Token (COMP), Cosmos (ATOM), Curve DAO (CRV), Enjin Coin (ENJ), Fantom (FTM), Filecoin (FIL), GALA (GALA), The Graph (GRT), Internet Computer (ICP), Loopring (LRC), Maker DAO (MKR), Republic (REN), Stellar (XLM), Sushiswap (SUSHI), Synthetix (SNX), Texos (XTZ), Uniswap (UNI) and Yearn Finance (YFI).
Bakkt announced plans to acquire the unprofitable Apex Crypto in November to gain a greater toehold in the fintech market that Apex catered to. Apex Crypto, a so-called “turnkey” service carries out execution, clearing, custody, cost basis and tax services for 5 million customers through 30 fintech customers. Bakkt completed the acquisition in April for $55 million in cash and $145 million in stock.
Related: Bakkt president Adam White announces departure from digital asset platform
Bakkt acquired a broker-dealer license from Bumped Financial in February, it disclosed in a financial statement.
In March, Bakkt shut down its retail-oriented app that offered crypto trading, loyalty rewards and gift cards, saying it would concentrate on B2B operations. Bakkt stated at the time that it would provide crypto and loyalty to businesses through SaaS and API solutions.
Bakkt is majority owned by Intercontinental Exchange, which also owns the New York Stock Exchange. Its stock closed down 7% on May 12.
Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?