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 centralized 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

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