Crypto trading firm and liquidity provider GSR has secured regulatory approval from the Financial Conduct Authority (FCA) for its British operations, making it a registered crypto asset business in the U.K., the firm announced on January 6.
The FCA approval allows GSR’s British arm to offer over-the-counter (OTC) and programmatic execution trading services for crypto assets within the U.K. market.
GSR Group CEO Xin Song hailed the achievement as a pivotal step in the company’s mission to foster a transparent and inclusive global crypto trading ecosystem. “Receiving FCA approval marks a significant milestone in our mission to shape a more transparent, inclusive global crypto trading ecosystem,” Song stated.
The firm, which employs more than 120 staff members in the U.K., expressed enthusiasm about collaborating with policymakers as the country refines its crypto regulations.
In April 2024, GSR obtained a Major Payment Institution license in Singapore, enabling it to provide OTC and market-making services under local regulatory frameworks. These dual authorizations reinforce GSR’s role as a leader in the evolving crypto trading landscape, with the company eyeing further expansion in global markets.
In related news, Elwood Technologies completed the sale of its Over-The-Counter (OTC) trading division in July 2024, Elwood Capital Management Ltd (ECML), to Zodia Markets. ECML, formerly headquartered in Jersey (within the Channel Islands, UK), and regulated by the Jersey Financial Services Commission, had been a prominent provider of liquidity solutions to a wide range of clients, including asset managers, token foundations, family offices, and leading digital asset businesses.
Following the acquisition, ECML was rebranded as Zodia Markets Jersey Ltd, strengthening Zodia Markets’ regulated footprint alongside its existing entities registered with the Financial Conduct Authority (FCA) and the Central Bank of Ireland.
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