Big Blow To Crypto As Nasdaq Scraps Plans To Enter Custody Business Amid U. Regulatory Turmoil.
21 Jul 2023, 08:00
Big Blow To Crypto As Nasdaq Scraps Plans To Enter Custody Business Amid U.S. Regulatory Turmoil
Stock market operator Nasdaq has ended its plans to provide its highly-anticipated crypto custody service, citing the ongoing regulatory conditions in the United States as the key reason for their decision. The service was scheduled to go live in the second quarter of this year. The sudden reversal of the custody plans marks a notable setback to the institutional adoption of crypto in the U.S.
Nasdaq Halts Plan For Institutional Crypto Custody ServiceCEO Adena Friedman announced that Nasdaq has dropped its plans for a Bitcoin custody service during the company’s Q2 results call.
“This quarter, considering the shifting business and regulatory environment in the United States, we have made the decision to halt our launch of the U.S. digital assets custodian business and our related efforts to pursue relevant license,” Friedman indicated.