Renowned cryptocurrency trading platform, GSR has received a regulatory license from the United Kingdom Financial Conduct Authority (FCA). According to a press release that hit the media space on Monday, the approval will support the exchange to operate legally in the UK.Â
Furthermore, the license now adds GSR to the list of registered virtual assets service providers in the United Kingdom. Hence, the liquidity provider can now offer its array of products to UK-based investors.
As revealed, the FCA registration will allow the trading platform to carry out over-the-counter (OTC) in the UK. Following the approval, GSR emphasized its willingness to work with policymakers in the region.
The firm vowed to maintain a good compliance level as the United Kingdom’s regulatory framework is gradually taking shape. Currently, GSR has a strong presence in the UK with more than 120 members of staff.
Insights From Top Executives
Meanwhile, the Group CEO of GSR, Xin Song described the approval as a significant milestone in the company’s focus. According to the CEO, GSR is committed to building a more transparent and inclusive global crypto trading ecosystem.
Song added that the approval underlines the dedication of the platform to adhere to the highest regulatory standards. In his submission, Song referenced how GSR secured the major payment institution (MPI) license from the Monetary Authority of Singapore (MAS).
Recall that on April 1, 2024, the MSA gave the firm the approval to operate in the country. By that, GSR joins other global cryptocurrency service providers like Coinbase, Circle, Blockchain.com, and Paxos to receive the MPI license in Singapore.
More so, Xing Song said receiving approvals from two leading regulators (FCA and MAS) will support GSR to expand its services to institutional and professional clients. Lastly, Song emphasized that the company will continue to offer reliable, secure, and efficient trading services to investors.
Likewise, Jakob Palmstierna, the CEO of GSR Markets UK Limited and President of GSR Group provided insights into the milestone approval. Palmstierna explained that the license will allow the trading platform to support users to navigate the fast-evolving and dynamic cryptocurrency market.
Side Note on GSR
In 2024, GSR experienced a massive administrative shake-up that led to the departure of top executives in the company. As part of the shake-up, the co-founder and co-CEO of the firm, Rich Rosenblum left his role.
It is worth mentioning that Rich Rosenblum alongside Cristian Gil founded the company in 2013. After Rosenblum left, Gil remained as the Chairman of the organization.
In addition, Jakob Palmstierna replaced Rich Rosenblum as the co-CEO, holding the position while serving as the President of the group. Another C-suite executive, John MacDonald who served as the Chief Technology Officer also departed from the company.
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