Australian crypto ETF delayed due to pressure from broker
The launch of a crypto ETF in Australia has been postboned hours before it was due to go live on CBOE Australia.
Three highly-anticipated crypto-focused ETFs in Australia had to delay their launch less than 24-hours before listing on CBOE Australia, according to an AFR report.
"Standard checks prior to the commencement of trading are still completed", was stated by CBOE Australia.
The delay is caused by a "prime" or "executing" broker who is yet to approve the products due to a hold-up appointing a market maker for the product's launch, according to AFR.
ETF Securities head of Distribution, Kanish Chugh, claimed that the delay is "no fault whatsoever of ETF Securities or the exchange", adding that the fund is working quickly to resolve the issue.
"Cosmos AM has approval from the exchange to commence quoting and we're working towards that goal", said a Cosmos spokesperson.
CBOE Australia said that an update will be provided in "the coming days".