Share this article
Crypto-Focused Menai Financial Group Shuttering Market-Making Business in London and Tokyo
The firm said it continues to invest in and expand its asset-management business.
By Will Canny
Updated May 9, 2023, 4:12 a.m. Published Apr 5, 2023, 5:07 p.m.
Crypto financial-services firm Menai Financial Group is closing its market-making business in Tokyo and London, the company said in a statement Wednesday.
The process of refocusing the group is ongoing and the business could still be sold and internal staff reallocated, according to one person with knowledge of the matter.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
It isn't clear how many people will be affected by the closures.
The firm said that it continues to invest in and expand its asset-management business and that it remained a strong believer in the “disruptive promise of blockchain technology, especially as it relates to the tokenization of financial and real-world assets.
Index provider MSCI started its own set of digital-assets indexes in collaboration with Menai Financial Group and Compass Financial Technologies last November.
The digital-asset indexes, a first of their kind from MSCI, track the performance of the largest digital assets by market cap, digital assets that use proof-of work-consensus mechanisms and digital assets associated with tech platforms that support smart contracts.
Menai is the latest firm to refocus its operations and cut staff amid tough crypto market conditions. CoinDesk compiled a list of industry players that have made job cuts because of the crypto winter. Based on CoinDesk’s count, an estimated 26,702 people had lost their jobs as of Dec. 9 last year.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
