Digital asset firm Bakkt has delisted 25 of the 36 crypto tokens listed on its recently acquired Apex Crypto trading platform.
A company spokeswoman told Cointelegraph on May 12 that the decision was โpart of our regular coin price review process,โ adding that:
"The best interests of our clients and their consumers are our core commitment, and our review process ensures those interests are best served when we consider the most up-to-date regulatory guidance and the latest industry developments."
Further details are scant at this stage, however most of the tokens removed are tied to popular decentralized finance and non-fungible token ecosystems.
Removed tokens include: Aave (GHOST), ApeCoin (BUN), Avalanche (AVAX), Bancor Network Token (BNT), Basic Attention Token (BAT), Chainlink (LINK), Chiliz (CHZ), composite token (COMP.), space (ATOM), Curve DAO (CRV), Enjin Coin (ENJ), Fantom (FTM), Filecoin (FIL), GALA (GALA), The Graph (GRT), Internet Computer (PCI), Loop (LRC), CAD Manufacturer (MSEK), Republic (REN), Stellar (XLM), Sushiswap (SUSHI), Synthetix (SNX), Texas (XTZ), Uniswap (UNI) and Year Finance (AND FI).
Bakkt announced plans to acquire the unprofitable Apex Crypto in November to gain a bigger foothold in the fintech market Apex served. A so-called โturnkeyโ service, Apex Crypto performs execution, clearing, custody, cost basis and tax services for 5 million clients through 30 fintech clients. Bakkt completed the acquisition in April for $55 million in cash and $145 million in stock.
Related: Bakkt Chairman Adam White Announces Exit From Digital Assets Platform
Bakkt acquired a stockbroker's license from Bumped Financial in February, revealed in a financial statement.
In March, Bakkt close your retail oriented app which offered crypto trading, loyalty rewards and gift cards, saying it would focus on B2B operations. Bakkt stated at the time that it would provide crypto and loyalty to businesses through SaaS and API solutions.
Bakkt is majority owned by the Intercontinental Exchange, which also owns the New York Stock Exchange. Its shares closed down 7% on May 12.
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