The group company is regulated in the UK and Denmark.
It established the Dubai office in mid-2022.
GC Exchange FZE (GCEX), a part of the broader GCEX Group, has bolstered its presence in the Middle East by securing an operational virtual asset service provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).
Announced today (Monday), the license will allow the company to provide virtual asset broker-dealer services in Dubai.
Strengthening Position with Regulation
Mehtap Önder, the Managing Director of GCEX in Dubai, said: “Being a regulated entity in the region is important to us – it’s the ideal way to demonstrate our commitment to adhering to international standards and implementing robust processes, with transparency and investor protection at the core of our offering. This is a major milestone for our business and is critical to GCEX’s growth strategy, enabling us to have a stronger presence in the region.”
GCEX was established in 2018 by Lars Holst, offering brokers, hedge funds, and professional traders to access deep liquidity in FX and digital assets, along with a range of technology solutions. The London-headquartered company turned a net profit of £1.5 million in 2022 and opened its Dubai office in July 2022.
The latest license came after the Dubai subsidiary of GCEX obtained VARA’s Minimal Viable Product (MVP) license in February 2023. Apart from the Dubai license, GCEX is regulated in the United Kingdom by the Financial Conduct Authority and is registered with the Danish Financial Supervisory Authority.
“[In Dubai, GCEX is] the first firm to gain approval to operate with a client money account, highlighting our focus on client protection,” Önder added.
Meanwhile, several other crypto companies recently received the VASP license from VARA. Crypto.com and HEX Trust are only a few names that recently received the Dubai license. However, the regulator in Dubai suspended the license of BitOasis earlier this year, citing non-compliance.
GC Exchange FZE (GCEX), a part of the broader GCEX Group, has bolstered its presence in the Middle East by securing an operational virtual asset service provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).
Announced today (Monday), the license will allow the company to provide virtual asset broker-dealer services in Dubai.
Strengthening Position with Regulation
Mehtap Önder, the Managing Director of GCEX in Dubai, said: “Being a regulated entity in the region is important to us – it’s the ideal way to demonstrate our commitment to adhering to international standards and implementing robust processes, with transparency and investor protection at the core of our offering. This is a major milestone for our business and is critical to GCEX’s growth strategy, enabling us to have a stronger presence in the region.”
GCEX was established in 2018 by Lars Holst, offering brokers, hedge funds, and professional traders to access deep liquidity in FX and digital assets, along with a range of technology solutions. The London-headquartered company turned a net profit of £1.5 million in 2022 and opened its Dubai office in July 2022.
The latest license came after the Dubai subsidiary of GCEX obtained VARA’s Minimal Viable Product (MVP) license in February 2023. Apart from the Dubai license, GCEX is regulated in the United Kingdom by the Financial Conduct Authority and is registered with the Danish Financial Supervisory Authority.
“[In Dubai, GCEX is] the first firm to gain approval to operate with a client money account, highlighting our focus on client protection,” Önder added.
Meanwhile, several other crypto companies recently received the VASP license from VARA. Crypto.com and HEX Trust are only a few names that recently received the Dubai license. However, the regulator in Dubai suspended the license of BitOasis earlier this year, citing non-compliance.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Cross-Border Banking: Wirex Teams Up with OpenPayd for Virtual IBAN
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa