1 year ago
71 GCEX has been granted two licenses by the Danish Financial Supervisory Authority (FSA), a Virtual Asset Service Provider (VASP) license and an authorisation to provide currency exchange to professional clients.
The FCA and FSA regulated digital brokerage offers a best-of-breed digital asset and FX platform with partnerships with Tier 1, trusted Liquidity Providers, lending counterparties and digital custody asset institutions.
The firm provides a wide range of products and technology solutions including White Labels to enables brokers, funds and professional traders to access deep liquidity in digital assets and FX,
Very important for us to be regulated in an EU country
Lars Holst, Founder and Chief Executive Officer at GCEX, said: “It is a priority for GCEX to have multi-jurisdictional regulatory coverage as this gives clients the choice of trading with the regulated entity which best suits their requirements. As Brexit has completely changed the landscape for UK regulated brokerages in terms of passporting, we believe it is very important for us to be regulated in an EU country. The Danish FSA license, therefore, is a major milestone for the business. The fact that we have permission to run a crypto exchange globally from Denmark is also very significant.”
The VASP license grants GCEX permission to provide clients with services such as:
– exchange between virtual currencies and fiat currencies
– exchange between one or more types of virtual currency
– transfer of virtual currencies
GCEX, which currently offers more than 40 coins and tokens as well as FX liquidity from Tier 1 providers, has offices in London, Copenhagen, Glasgow and Kuala Lumpur.
The fintech firm boasts a top of the line white label offering. The ‘Crypto In A Box’ plug and play solution comprises a technology-agnostic platform which covers regulation, custody, safety of funds, liquidity and technology (both backend and frontend).
The solution features automated onboarding, offer and trade digital assets, FX & CFD Indices, with deep streaming liquidity and solutions for clearing.
Michael Aagaard, Managing Director, GCEX Denmark, commented: “Being a Danish authorised entity gives further credibility to our offering. We are now looking at expanding our operations in Denmark and will be growing our team across all functions.”
Aagaard was recently hired from FX brokerage firm OANDA, where he played an active role in OANDA’s digital asset product development process, advising on overall strategy and develop connectivity to services providers within the cryptocurrency ecosystem.
Aagaard held a variety of executive positions during his 20 years with Saxo Bank. During this long tenure, he worked his way up through several senior roles with the firm, culminating with the position of Head of Foreign Exchange. In this role, Michael was responsible for development and strategy of the FX products (Spot, Forwards, Swaps, Options and Cryptos).
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