Digital prime brokerage firm GCEX has hired Steve Thomas, a veteran foreign exchange and digital asset executive, to expand its UK and European sales operations as institutional demand for crypto trading services grows.

GCEX Hires Ex-CBOE Director Thomas for UK Expansion

Thomas joins GCEX after spending two years at Laser Digital in FICC sales and distribution. He previously held senior roles at Menai Financial Group, CBOE Global Markets, and Hotspot FX over a career spanning more than two decades in financial markets.

The appointment comes just one month after GCEX brought on Kevin Gillespie, another industry veteran, in a similar role. Thomas and Gillespie have worked together previously at multiple firms and will now team up to identify new business opportunities for the London-based broker.

Also recently, the company hired Stanislav Bunimovich, a former COO at Finalto, as Managing Director for Asia-Pacific to drive regional expansion amid surging institutional crypto demand.

Competition Heats Up for Institutional Crypto Services

GCEX operates in a crowded field of digital asset brokers competing for institutional clients as traditional finance increasingly embraces cryptocurrency trading. The firm offers contracts for difference on digital assets alongside foreign exchange products and spot crypto trading.

Thomas spent over five years as director of FX sales for Europe, Middle East and Africa at CBOE Global Markets, where he covered the platform's largest client segment. Before that, he worked for 18 years at Hotspot FX in various sales roles, rising to the director level.

His career began at Saxo Bank, where he worked alongside GCEX founder and CEO Lars Holst. Thomas advanced through several positions over five years, eventually becoming co-head of FX international sales.

Revenue Track Record Attracts Digital Broker

Holst pointed to Thomas's revenue generation capabilities as a key factor in the hiring decision. The two executives maintained contact after their time together at the Danish online broker.

"Steve and I worked together at Saxo and have remained in close contact ever since," Holst said. "He has generated significant revenue for the firms he has previously worked for, and is widely respected in our industry, known for his integrity and insight."

Thomas expressed enthusiasm about reuniting with former colleagues at GCEX. "Joining GCEX and working with Lars and Kevin again is an amazing opportunity for me," he said. "Lars and his team have developed GCEX into an impressive digital prime broker, with strong regulatory coverage, a broad FX and crypto product range, great pricing, and a commitment to ongoing innovation."

Regulatory Framework Supports Growth Plans

The firm operates under multiple regulatory licenses, including authorization from the UK's Financial Conduct Authority and registration with Denmark's financial supervisory authority. GCEX also holds a virtual asset service provider license from Dubai's digital asset regulator.

Thomas highlighted the regulatory framework as advantageous for attracting institutional clients. "With the strength of our network, Kevin and I are ideally positioned to bring a new dimension to GCEX, at a time when an increasing number of institutional clients are seeing access to digital assets," he said.

GCEX was founded in 2018 and has expanded globally with offices across multiple jurisdictions. The company's XplorDigital suite includes technology solutions for other brokers looking to offer cryptocurrency services.

You may also check other GCEX-related stories:

• GCEX Group Buys GlobalBlock to Expand Wealth Management Services
• GCEX Joins Lynq Network’s Real-Time Settlement Platform for Digital Assets