Digital Currency Group (DCG), the parent company of CoinDesk, is closing down its trade execution and prime brokerage services unit, TradeBlock, citing crypto winter and regulatory uncertainties.
The shutdown of the unit, which provides trading services to institutional investors, will be effective as of May 31, a DCG spokesperson told CoinDesk in an emailed statement. “Due to the state of the broader economy and prolonged crypto winter, along with the challenging regulatory environment for digital assets in the U.S., we made the decision to sunset the institutional trading platform side of the business, known as TradeBlock, effective May 31, 2023,” the spokesperson said.
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