GCEX Strengthens EU Operation with Two Danish Licenses

Monday, 13/06/2022 | 07:15 GMT by Arnab Shome
  • One of the licenses will allow the company to run a crypto exchange.
  • It also onboarded Michael Aagaard as the Danish MD recently.
gcex

GCEX, which offers forex and crypto liquidity, has obtained two licenses from the Danish Financial Supervisory Authority (FSA): a virtual asset service provider license (VASP) and authorization to provide currency exchange to professional clients.

Announced on Monday, the two licenses will allow GCEX to strengthen its operations in the European Economic Area (EEA). Until now, the company was operating only with a United Kingdom license granted by the Financial Conduct Authority (FCA ).

“It is a priority for GCEX to have multi-jurisdictional regulatory coverage as this gives clients the choice of trading with the regulated entity which best suits their requirements,” said Lars Holst, the Founder and CEO of GCEX.

“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.”

Expanding Crypto Services

Under the VASP license, GCEX can significantly expand its crypto offerings for its clients: it can provide exchange services between virtual currencies and fiat currencies, crypto-to-crypto exchanges and the transfer of virtual currencies.

“The fact that we have permission to run a crypto exchange globally from Denmark is also very significant,” Holst added.

In addition, the new license came when the company is aggressively expanding its cryptocurrency offerings. It has added dozens of cryptos to its liquidity offerings list, the majority of which were added recently.

GCEX is headquartered in London and also has offices in Denmark, Scotland and Malaysia. The company’s focus to strengthen the Danish operation was highlighted when it hired Michael Aagaard as the Managing Director for Denmark.

“Being a Danish authorized 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,” Aagaard said.

Meanwhile, GCEX generated a total turnover of £1.89 million along with an operating profit of £1.42 million in 2021.

GCEX, which offers forex and crypto liquidity, has obtained two licenses from the Danish Financial Supervisory Authority (FSA): a virtual asset service provider license (VASP) and authorization to provide currency exchange to professional clients.

Announced on Monday, the two licenses will allow GCEX to strengthen its operations in the European Economic Area (EEA). Until now, the company was operating only with a United Kingdom license granted by the Financial Conduct Authority (FCA ).

“It is a priority for GCEX to have multi-jurisdictional regulatory coverage as this gives clients the choice of trading with the regulated entity which best suits their requirements,” said Lars Holst, the Founder and CEO of GCEX.

“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.”

Expanding Crypto Services

Under the VASP license, GCEX can significantly expand its crypto offerings for its clients: it can provide exchange services between virtual currencies and fiat currencies, crypto-to-crypto exchanges and the transfer of virtual currencies.

“The fact that we have permission to run a crypto exchange globally from Denmark is also very significant,” Holst added.

In addition, the new license came when the company is aggressively expanding its cryptocurrency offerings. It has added dozens of cryptos to its liquidity offerings list, the majority of which were added recently.

GCEX is headquartered in London and also has offices in Denmark, Scotland and Malaysia. The company’s focus to strengthen the Danish operation was highlighted when it hired Michael Aagaard as the Managing Director for Denmark.

“Being a Danish authorized 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,” Aagaard said.

Meanwhile, GCEX generated a total turnover of £1.89 million along with an operating profit of £1.42 million in 2021.

About the Author: Arnab Shome
Arnab Shome
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About the Author: Arnab Shome
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.
  • 6421 Articles
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