Standard Chartered’s Zodia Markets Gains FCA Approval, Launches Crypto Services

Zodia Markets announced on Thursday the launch of its institutional crypto exchange and brokerage business as the platform gained mandatory crypto asset registration from the UK’s Financial Conduct Authority (FCA Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term).

“Whilst the digital asset markets have recently seen volatility and downward pressure, adoption continues unabated, with institutions entering the market at a rapid pace,” said Usman Ahmad, the Chief Executive Officer at Zodia.

“At Zodia Markets, our mission is to be the most trusted trading partner for institutional participants as they navigate this rapidly evolving asset class.”

Zodia was established in 2021. It was formed with a partnership between Standard Chartered’s venture arm, SC Ventures and BC Technology Group, a Hong Kon-listed digital asset company.

The offerings of the platform include execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term services suitable for institutions, meaning executing large orders with high throughput. It also offers FIX API connectivity for crypto trading, maintaining the same standards of electronic trading of mainstream asset classes.

“Combining OSL's deep expertise in operating regulatory compliant digital asset businesses and cutting-edge technology, with the bank's governance, regulatory oversight and frontier markets experience, Zodia Markets is in a prime position to provide secure, reliable and compliant access to digital assets for its institutional client base,” said Alex Manson, the Head of SC Ventures.

A Sister Custody Solution

Before establishing Zodia Markets, Standard Chartered launched Zodia Custody in partnership with Chicago-based financial services company, Northern Trust. It aims to provide digital asset custodian services to institutions.

Zodia Markets tapped the services of Zodia Custody, among other third-party custody service providers, for supporting the trading activities.

“With our hugely experienced team of professionals from both the digital asset and traditional finance backgrounds, and by providing the highest standards of security, risk and compliance integrated from inception, we meet the demands of institutions seeking a credible and reliable trading partner for crypto assets,” Ahmad added.