Crypto ECNs aim to offer alternative to Clobs

CrossX and Cypator bring ECN-style trading and settlement to crypto, but rivals claim infrastructure isn’t ready


In the crypto market, central limit order books (Clobs) operated by centralised exchanges such as Binance have been the main home of retail and wholesale spot liquidity. These are all-to-all models where anyone can be a buyer or seller to the market based on the aggregated market price at any given time of day, with the exchange acting as custodian.

For regulatory and risk management reasons, however, these exchanges are not suitable for most traditional finance (TradFi) participants, and those

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here