Former Mt. Gox CEO Mark Karpeles to launch EllipX crypto exchange

• Mark Karpeles to launch EllipX crypto exchange in Europe.
• EllipX will comply with EU MiCA regulations, offering a crypto-only platform at launch.
• Former Mt. Gox users will get a 50% trading fee discount tied to NFTs as a goodwill gesture.

Mark Karpeles, the former CEO of the infamous Mt. Gox exchange, is set to launch a new cryptocurrency exchange, EllipX, this September in Poland.

The 39-year-old entrepreneur is determined to re-enter the crypto world with a platform designed to prioritize transparency, security, and user-friendliness, aiming to help newcomers navigate the complex world of digital assets.

According to a statement issued on X, Karpeles says that he is launching EllipX Exchange to “show that exchanges can be more secure and transparent.”

Mark Karpeles targets European users with EllipX

EllipX will initially serve European users, with plans to expand globally. The exchange will start as a crypto-only platform, with the potential to add banking and fiat services later.

Karpeles has emphasized that EllipX will fully comply with the European Union’s Markets in Crypto-Assets Regulation (MiCA), reflecting a strong commitment to regulatory adherence in an industry where compliance is often a contentious issue.

Karpeles plans to implement regular third-party audits and involve third-party clearing houses like BitGo to ensure secure and transparent transactions.

Notably, EllipX will compartmentalize its operations, drawing inspiration from the New York Stock Exchange’s structure. This innovative approach will see the exchange divided into different entities, with a broker side dealing with customers, a matching side handling trades, and a storage side responsible for storing crypto and fiat.

This structure aims to eliminate the opacity that often plagues smaller exchanges, distinguishing EllipX from its competitors.

50% discount on trading fees for former Mt. Gox users

In a bid to rebuild trust with those affected by the Mt. Gox collapse, Karpeles is offering a 50% discount on trading fees at EllipX for former Mt. Gox users.

This discount is tied to non-fungible tokens (NFTs), dubbed ‘MtGoxNFT,’ released for Mt. Gox users a few years ago. While only a small number of the million affected users have claimed these NFTs, Karpeles hopes this gesture will help him reconnect with the community.

Karpeles will serve as the Chief Technical Officer of EllipX, overseeing all technical aspects of the exchange which aims to aims to set a new standard for transparency and security.