Cboe to Wind Down Spot Crypto Trading Platform to Consolidate Services
Cboe plans to close its spot crypto trading platform by Q3, with cash-settled crypto futures moving to the Cboe Futures Exchange by 2025.
Cboe also plans to streamline its digital asset operations, it said on Thursday. Its digital asset derivatives will be integrated into its broader Global Derivatives and Clearing business. Cboe stated these adjustments are part of a strategic evaluation, considering regulatory uncertainty in the digital asset market.
Additionally, John Palmer, currently president at Cboe Digital, will head the company’s US derivatives market. He will report to Cathy Clay, executive vice president and global derivatives head.
NEWS UPDATE: Cboe Global Markets Realigns Digital Asset Business Leveraging Strength and Expertise in Derivatives and Clearing. Read the press release: https://t.co/8oyCqjciYZ pic.twitter.com/9N0O8LYchu
— Cboe (@CBOE) April 25, 2024
Moving digital asset derivatives to the Cboe Futures Exchange will provide comprehensive support from the Cboe Global Derivatives business, according to the statement. This support includes global derivatives sales, product development, market structure, and investor education.
“Refocusing our digital asset business enables us to refine our strategy, leveraging our core strengths in derivatives, technology excellence and product innovation to help maximize opportunities,” said Fred Tomczyk, Cboe Global Markets CEO.
Tomczyk earlier hinted the company was considering expanding into new markets. It currently has a footprint in the US, Japan, Europe, Canada, and Australia.
Additionally, Cboe said it will keep its digital asset clearing arm, Cboe Clear Digital, operational. This will be integrated with its European clearinghouse, which will continue clearing
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