GCEX, which enables brokers, funds and professional traders to access deep liquidity in digital assets and foreign exchange (FX), has been granted two licenses by the Danish Financial Supervisory Authority (FSA).
The digital brokerage has been granted a Virtual Asset Service Provider (VASP) license and authorisation to provide currency exchange to professional clients.
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 and transfer of virtual currencies.
GCEX, which is also regulated by the UK Financial Conduct Authority (FCA), has offices in London, Copenhagen, Glasgow and Kuala Lumpur.
GCEX’s suite of trading technology allows clients to automate onboarding, offer and trade digital assets. It also houses FX indices, with liquidity and solutions for clearing.
Lars Holst, founder and CEO of GCEX (pictured), says: “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.”
Michael Aagaard, managing director at GCEX Denmark, comments: “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.”
