When CrossTower launched in 2020, it didn’t feel like another crypto exchange. It had a different pitch: mainstream crypto trading for institutions. No flashy memes. No TikTok influencers. Just a team of ex-Citadel and Deutsche Bank traders building what they called a “prime brokerage for digital assets.” At the time, that sounded promising. But by May 2023, everything changed. CrossTower was kicked off a major index. And by early 2024, whispers called it the “latest crypto casualty.” What went wrong?
What CrossTower Was Supposed to Be
CrossTower wasn’t trying to beat Binance or Coinbase in volume. It aimed higher. It wanted to be the bridge between Wall Street and crypto. Its founders came from traditional finance-Greg Bunn, the Chief Strategy Officer, spent over 16 years at Deutsche Bank and led counterparty strategy at Citadel. That’s not the usual crypto startup background. This was a team that knew how institutional money moves. They launched with a capital markets desk in January 2021, targeting clients with $500 million or more in assets. That’s not retail. That’s pension funds, hedge funds, family offices. They offered more than spot trading. You could borrow crypto, get trade financing, use structured products, and execute trades across multiple venues. It looked like a mini-JP Morgan for digital assets. They also made it easy for regular users. You could deposit USD via wire or credit card. There was a mobile app on both iOS and Android. Trading fees? Market makers paid 0.05%, takers paid 0%. That’s cheaper than most exchanges. Plus, a referral program paid 25% of your friend’s trading fees forever. For a new exchange, that’s aggressive.The Institutional Red Flag
But here’s the problem: institutions don’t care about low fees or referral bonuses. They care about liquidity, reliability, and data integrity. Wilshire Indexes, one of the world’s top index providers, runs benchmarks for the FT Wilshire Digital Asset Index Series. To be included, an exchange must pass strict criteria: trading volume, order book depth, execution quality, and operational transparency. CrossTower was on the list at first. Then, in May 2023, it was removed. Why? It failed to meet standards for two consecutive reviews. That’s not a glitch. That’s a pattern. The same thing happened to eToroX and OKCoin. But unlike them, CrossTower never came back. Meanwhile, exchanges like Coinbase, Kraken, Bitstamp, and Gemini stayed on the list. Even Gemini, which was put on watch, still had enough trust to keep its spot. This demotion wasn’t a rumor. It was official. And for institutions, being excluded from Wilshire’s index meant CrossTower couldn’t be trusted as a price source. That killed its core business.Why Retail Never Took Off
CrossTower had the tools for retail users: fiat on-ramps, mobile apps, low fees. So why didn’t everyday traders flock to it? Because it didn’t feel like a retail platform. The interface, the marketing, the product names-all screamed “institutional.” You didn’t see simple “Buy Bitcoin” buttons. You saw “Structured Products” and “Multi-Venue Execution.” For a beginner, that’s confusing. For a pro, it’s not enough. ICORankings called it a “regulation-driven exchange with low retail pull.” That’s accurate. CrossTower prioritized Bermuda’s regulatory license over user experience. It got the paperwork right but forgot to build a community. There are almost no user reviews on Trustpilot, Reddit, or crypto forums. No viral memes. No influencer campaigns. No YouTube tutorials. Just a quiet, corporate website. Compare that to Coinbase. It spent millions on Super Bowl ads. CrossTower? Nothing. It didn’t even try.
The Death Knell: “The Latest Crypto Casualty”
By January 2024, The Royal Gazette called CrossTower Bermuda the “latest crypto casualty.” That’s not a neutral phrase. It’s a funeral notice. No new features. No funding rounds. No leadership updates. No press releases. After the Wilshire demotion, the silence was deafening. No one announced layoffs, but no one announced growth either. The capital markets desk? Quiet. The mobile apps? Still in the app stores, but downloads dropped to near zero. The website? Still live, but unchanged since 2023. In crypto, silence is death. If you’re not growing, you’re dying. And CrossTower didn’t just stop growing-it started shrinking.Who Was CrossTower Even For?
It tried to serve two masters: institutions and retail. That’s almost impossible. Institutions need deep liquidity, tight spreads, and audit trails. CrossTower didn’t have enough volume to deliver that. Retail needs simplicity, fast on-ramps, and clear branding. CrossTower’s interface was too complex, its marketing too corporate. It was stuck in the middle. Not big enough to be trusted by institutions. Not friendly enough to attract retail. Compare it to Kraken. Kraken has massive volume, strong regulation, and a clean retail interface. It’s institutional-grade but still feels human. CrossTower felt like a ghost town with a nice website.
What You Should Know Today
If you’re thinking of using CrossTower right now, here’s the reality:- Liquidity is thin. Orders over $100,000 likely won’t execute cleanly. You’ll get slippage.
- Support is minimal. No live chat. No phone number. Emails go unanswered for days.
- It’s not on major indexes. That means price data from CrossTower isn’t trusted by analysts, funds, or data providers.
- It’s not growing. No new coins added since 2023. No new features. No marketing.
- The referral program still works. But who’s left to refer? Probably not many.
Alternatives That Actually Deliver
If you need a reliable exchange, here are better options:| Exchange | Regulation | Trading Volume (Daily) | Fiat On-Ramp | Institutional Grade | Mobile App |
|---|---|---|---|---|---|
| Coinbase | US, EU, UK | $3.2B | Yes | Yes | Yes |
| Kraken | US, EU, Canada | $1.8B | Yes | Yes | Yes |
| Bitstamp | EU (Luxembourg) | $1.1B | Yes | Yes | Yes |
| Gemini | US (NYDFS) | $900M | Yes | Yes | Yes |
| CrossTower | Bermuda | Unknown (likely <$50M) | Yes | No | Yes |
Final Verdict
CrossTower had the pedigree. It had the funding. It had the team. But it didn’t have the scale, the community, or the momentum. It tried to be everything to everyone and ended up being nothing to anyone. The institutional world moved on. The retail world never showed up. Today, CrossTower isn’t a viable exchange. It’s a relic. A case study in how even well-funded, well-connected crypto projects can vanish if they don’t build real trust and volume. If you’re looking to trade crypto, there are better options. Don’t waste your time on a ghost platform.Is CrossTower still operating in 2026?
CrossTower’s website and apps are still live, but there’s no evidence of active operations. No new features, no press releases, no leadership updates since 2023. The lack of trading volume and its removal from Wilshire Indexes strongly suggest it’s no longer functioning as a real exchange. It’s likely in maintenance mode or has shut down.
Can I still deposit USD on CrossTower?
Technically, yes-the website still lists USD deposits via wire and card. But users report long delays and unresponsive support. Even if you deposit, liquidity is so low that buying or selling crypto at fair prices is unlikely. You risk getting stuck with assets you can’t trade.
Why was CrossTower removed from Wilshire Indexes?
Wilshire Indexes uses CC Data’s Exchange Benchmark to rate exchanges on volume, liquidity, execution quality, and transparency. CrossTower failed to meet minimum standards in two consecutive reviews. This means its trading activity was too low, order books were too shallow, and it couldn’t be trusted as a price source for institutional portfolios.
Are there any user reviews for CrossTower?
Very few. Major review sites like Trustpilot, Reddit, and CryptoCompare have almost no user feedback. This matches the pattern of a platform with “low retail pull.” The absence of reviews isn’t because users are happy-it’s because almost no one is using it anymore.
Should I use CrossTower for institutional trading?
No. Institutional clients rely on exchanges that are part of major indexes like Wilshire, Bloomberg, or S&P. CrossTower’s removal from Wilshire means it’s not trusted for price discovery or reporting. Using it for institutional trades would expose portfolios to inaccurate pricing and execution risk.
