Era of trading crypto as non-securities is over, says exchange ex

Amid lawsuits against United States-based exchanges similar Coinbase and Binance.US, an exec astatine a home integer plus steadfast has noted the ineligible implications of these caller enforcement actions for the industry.

The epoch of trading cryptocurrencies arsenic non-securities is coming to an end, according to Itai Avneri, main operating serviceman astatine the blockchain trading steadfast INX. Avneri believes that a monolithic magnitude of coins offered for trading connected crypto exchanges is among halfway reasons for ineligible issues.

“You cannot proceed to commercialized cryptocurrencies arsenic if they are not securities. Those days are over,” Avneri said successful an interrogation with Cointelegraph connected June 19. According to the COO, INX outlined this nonstop thought successful its prospectus 5 years ago. “It's similar we had this crystal shot successful our hands,” helium added.

According to information from CoinGecko, Coinbase has arsenic galore arsenic 241 cryptocurrencies listed connected its level astatine the clip of writing, offering a full of 530 trading pairs. After managing to compromise connected an plus freeze with U.S. regulators, rival speech Binance.US inactive offers 154 cryptos for trading.

In opposition to Coinbase oregon Binance.US, INX has lone listed 5 cryptocurrencies since it was founded successful 2017. The listed coins see Bitcoin (BTC), Ether (ETH), USD Coin (USDC), Avalanche (AVA) and Litecoin (LTC), Avneri said.

“That's it. A precise constricted crypto offering,” the COO stated, adding that INX chooses precise cautiously which cryptocurrencies it lists for trading connected its platform. He besides stressed that INX should not beryllium considered arsenic a axenic crypto institution due to the fact that the steadfast is mainly focused connected digitized, oregon tokenized, securities.

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Avneri added that Bitcoin is “definitely not a security,” portion determination is nary wide explanation of Ether arsenic such:

“There is nary explanation for Ethereum arsenic a information conscionable yet. I cognize determination are a batch of discussions astir it. I cognize determination are a batch of opinions astir it and we are intimately monitoring the quality and we'll proceed to bash so. So basically, Ethereum, for now, is listed connected INX.”

INX volition besides find a mode to database ETH connected its level successful lawsuit it’s deemed information 1 day, Avneri told Cointelegraph.

The COO besides stated that INX sees opporunity successful that thousands of cryptocurrencies present request to find a mode to beryllium converted into securities and listed connected platforms similar INX. “They request to find a mode to beryllium listed and to decently registry with the SEC arsenic securities,” Avneri stated, adding:

“I judge that this way volition get clearer and clearer. And I deliberation it's it again, it puts the manufacture successful a precise unsocial and I would accidental turning constituent oregon adjacent a constituent of nary return.”

The latest remarks by Avneri echo akin comments made by U.S. Securities and Exchange Commission Chair Gary Gensler. In September 2022, Gensler argued that astir cryptocurrencies are securities. Prior to becoming SEC chair, Gensler besides argued that more than 70% of crypto markets are not securities, including coins similar Bitcoin, Ether, Litecoin, Bitcoin Cash and others.

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As antecedently reported, INX positions itself arsenic 1 of the archetypal companies to conduct a information token offering approved by the U.S. SEC.