Michael Moro Steps Down from Qredo's Ankex Exchange Amid Market Challenges

The ambitious non-custodial cryptocurrency exchange Ankex, launched by custody platform Qredo with michael moro at the helm, has suspended operations. The crypto trading platform, which aimed to blend decentralized finance principles with professional trading tools like a central limit order book, has halted development as bear market pressures mount. Moro’s profile on social media now reflects his previous roles, signaling his departure from the project.

The Ankex Vision and Michael Moro’s Leadership

Michael Moro assumed the leadership role at Ankex after his tenure at Genesis Trading, bringing significant experience to the nascent platform. The exchange was designed to offer clients a unique proposition: maintaining custody of their own assets while accessing sophisticated trading features. By mid-year, the platform had progressed to the point of preparing for public beta testing. However, the challenging market environment ultimately forced a strategic pause on the project’s expansion.

Qredo communicated to its community that “Ankex development has been paused. As some of you tested earlier this year, Ankex was ready for a public beta launch. Unfortunately, our path must pause at this stage.” This announcement reflects broader challenges facing crypto trading platforms during market downturns.

Michael Moro’s Path Through Crypto’s Turbulent Era

Michael Moro’s career trajectory underscores the volatility of the cryptocurrency industry. He departed Genesis Trading in August 2022, before significant portions of that firm subsequently sought bankruptcy protection. His move to lead Ankex represented an opportunity to build something new during a period when the industry was grappling with recovering from catastrophic failures.

The timing of Ankex’s closure hints at a deeper challenge: the crypto market’s extended bear phase has made it difficult for new platforms to gain traction, regardless of their technological merit or leadership pedigree. The non-custodial approach that seemed compelling after FTX’s 2022 collapse—when customers understandably wanted direct control of assets—lost momentum as the industry gradually stabilized.

Broader Industry Headwinds

The challenges facing Ankex reflect systemic pressures across the crypto lending and exchange sectors. In a related development, Blockfills co-founder Nicholas Hammer recently stepped down as CEO of a struggling crypto lender. That Chicago-based firm, which handled over $60 billion in trading volume throughout 2025, encountered difficulties amid broader market deterioration and is reportedly seeking acquisition opportunities.

Some clients of struggling platforms were advised to withdraw assets before operations froze, underscoring the precarious position many crypto financial services now occupy. These parallel struggles suggest that 2026 may mark a critical inflection point for which platforms will survive and potentially thrive as the sector continues its recovery.

What’s Next for Michael Moro

The departure of michael moro from Ankex leaves open questions about the executive’s next move in the crypto space. His track record demonstrates resilience through industry cycles, yet the repeated setbacks at Genesis and now Ankex highlight how external market forces can derail even well-conceived initiatives led by experienced industry veterans. As the cryptocurrency market inches toward sustained recovery, platforms and leaders like michael moro will face renewed opportunities to demonstrate whether lessons learned during the bear market can translate into durable competitive advantages.