Exodus, a well-known provider of crypto wallets, has announced that its planned listing on the NYSE American will be delayed due to a review by the U.S. Securities and Exchange Commission (SEC). The company received notification from NYSE American that the SEC is still reviewing its registration statement, which became effective at the end of April. As a result, Exodus has decided to postpone its uplisting from over-the-counter trading, and its Class A Common Stock will continue to trade on OTCQX for now. The company had anticipated that the uplisting would bring long-term value to investors by expanding its shareholder base and improving stock liquidity. However, given the ongoing SEC review, Exodus will reconsider listing on a national securities exchange at a later date. CEO JP Richardson expressed surprise and confusion at the last-minute decision, emphasizing that Exodus has been transparent and responsive throughout the review process. In the meantime, the company will continue to provide excellent service to its customers and shareholders. In related news, ACINQ’s Phoenix Wallet and zkSNACKs’ Wasabi Wallet have discontinued their services for U.S. customers in response to regulatory crackdowns on self-custodial cryptocurrency wallets. Concerns have been raised about the classification of self-custodial wallet providers as legitimate money service businesses following actions taken against Consensys and Samourai Wallet. The focus on self-custodial wallets stems from concerns about their potential facilitation of illicit activities like money laundering. Consensys, the creator of MetaMask, received a Wells notice from the SEC, while the co-founders of Samourai Wallet were arrested on charges of money laundering.
