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<ul>
 <li><strong>Mark Karpeles, ex-CEO of Mt. Gox, is launching a new cryptocurrency exchange, EllipX, in Poland, with an initial focus on European markets and compliance with EU MiCA regulations.</strong></li>
 <li><strong>EllipX will prioritize transparency, security, and will offer former Mt. Gox users a significant discount on trading fees to reconnect with the affected community.</strong></li>
</ul>
<p>Mark Karpeles, the former CEO of the infamous <a href="https://www.ethnews.com/former-mt-gox-ceo-mark-karpeles-author-chris-dixon-among-exclusive-speakers-at-kbw2024/" rel="noopener noreferrer nofollow">Mt. Gox</a> exchange, is making a notable return to the cryptocurrency industry with the launch of a new trading platform called EllipX. Based in Poland, EllipX is set to serve European users initially, with ambitions to expand globally. Unlike many existing exchanges, EllipX aims to fully comply with the European Union’s Markets in Crypto-Assets (MiCA) regulations, setting a new standard for transparency and security in the cryptocurrency space.</p>
<p>The exchange will start as a crypto-only platform, focusing solely on cryptocurrency trading. However, Karpeles has outlined plans to incorporate banking and fiat currency services in the future, which would broaden its offerings significantly. By strategically starting with crypto-only services, EllipX seeks to build a solid foundation in the <a href="https://www.ethnews.com/crypto-revolution-young-europeans-embrace-digital-currencies/" rel="noopener noreferrer nofollow">European</a> market before venturing into more complex financial integrations.</p>
<h2 id="commitment-to-transparency-and-security">Commitment to Transparency and Security</h2>
<p>Karpeles has repeatedly emphasized EllipX’s commitment to transparency and regulatory compliance. Speaking at Korea <a href="https://www.ethnews.com/samsung-and-sonys-blockchain-bet-could-change-the-future-of-tech-heres-how/" rel="noopener noreferrer nofollow">Blockchain</a> Week, he highlighted that the platform would undergo regular third-party audits to ensure that users can trust its operations. This dedication to openness reflects a broader industry shift, where compliance with evolving regulatory standards like MiCA is becoming crucial for exchange credibility.</p>
<p>Karpeles, who witnessed the downfall of Mt. Gox due to security failures and mismanagement, stressed the improved security protocols available today, especially around <a href="https://www.ethnews.com/bitcoin-ethereum-xrp-and-cardano-whales-retreat-strategic-pause-or-market-signal/" rel="noopener noreferrer nofollow">Bitcoin</a> storage. He noted that technological advancements now enable far safer custodial solutions for digital assets, and EllipX aims to leverage these innovations to protect its users. By integrating advanced security measures, the platform hopes to set an industry benchmark and differentiate itself in a crowded market.</p>
<h2 id="a-gesture-to-former-mt-gox-users">A Gesture to Former Mt. Gox Users</h2>
<p>In a move that underscores Karpeles’ intent to rebuild bridges with the crypto community, EllipX will offer a special incentive for former Mt. Gox users. Those affected by the collapse of <a href="https://www.ethnews.com/mt-gox-2-billion-in-bitcoin-on-the-verge-of-release/" rel="noopener noreferrer nofollow">Mt. Gox</a> will receive a discount of at least 50% on trading fees at EllipX. This discount is linked to non-fungible tokens (NFTs) that Karpeles previously released for Mt. Gox users. However, only a small fraction of the estimated one million affected users have claimed these NFTs, suggesting a challenging road ahead in reconnecting with the community.</p>
<p>Karpeles acknowledged that many of those impacted by Mt. Gox have yet to come forward, possibly due to lingering distrust. He also mentioned receiving death threats in the aftermath of <a href="https://www.ethnews.com/mt-gox-reimburses-creditors-in-bitcoin-after-a-decade/" rel="noopener noreferrer nofollow">Mt. Go</a>x’s downfall, a testament to the deep scars left by the incident. However, Karpeles believes that the sentiment toward him within the cryptocurrency community has softened over the years, and he hopes that EllipX’s focus on transparency, compliance, and user benefits will help restore some of the lost trust.</p>
<p>EllipX’s launch marks a significant step in Karpeles’ journey to rebuild his reputation in the <a href="https://www.ethnews.com/bitcoin-and-ethereum-holders-look-for-life-in-crypto-casino-with-cutting-edge-rev-share-model/" rel="noopener noreferrer nofollow">crypto</a> industry. With a focus on security, regulatory adherence, and a clear intent to right past wrongs, the new exchange aims to stand out in a market where trust is as valuable as the assets traded.</p>
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<p>The post <a href="https://www.ethnews.com/former-mt-gox-ceo-mark-karpeles-launches-new-crypto-exchange-ellipx-in-poland/" rel="noopener noreferrer nofollow">Former Mt. Gox CEO Mark Karpeles Launches New Crypto Exchange EllipX in Poland</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.</p>

Former Mt. Gox CEO Mark Karpeles Launches New Crypto Exchange EllipX in Poland

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