Former Mt. Gox CEO to Launch New Crypto Exchange

Former Mt. Gox CEO Mark Karpeles plans to launch a new cryptocurrency exchange EllipX later this month, focusing on transparency and user-friendliness.

Speaking at an event in Seoul, Karpeles announced that EllipX will be based in Poland and aims to comply with European regulation for crypto asset markets (MiCA). As chief technology officer, Karpeles will oversee the technical development of the platform.

EllipX is designed to increase transparency for users, especially newcomers to the crypto space. Carpelles noted that while major exchanges like Binance and Coinbase are well known, many others lack transparency regarding their operations. To address this, EllipX will separate key functions – such as trading, brokerage and storage – into separate structures, similar to the way traditional exchanges operate.

Cryptocurrency transfers will be managed by independent clearing houses, ensuring an extra level of security.

EllipX will share technical data with users and undergo third-party audits to establish trust and set a new industry standard. Additionally, the platform’s EllipX Wallet, introduced last month, is designed to be user-friendly by incorporating multi-party computing technology that eliminates the need for recovery phrases.

Carpelles also launched Ungox, a nonprofit that will provide ratings for crypto projects and exchanges.

Reflecting on his past with Mt. Gox, Karpeles noted that NFT holders from the exchange will receive special discounts on EllipX trading fees. He expressed confidence that the security measures in place today will prevent incidents like the Mt. Gox breach.