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GSR, a prominent entity in cryptocurrency trading and liquidity provision, has received regulatory endorsement from the UK’s Financial Conduct Authority (FCA).
This authorization allows GSR Markets UK Restricted to operate as a registered crypto asset business, enabling it to provide cryptocurrency trading services to clients within the UK.
“This achievement highlights our commitment to promoting a transparent and inclusive global cryptocurrency trading environment,” stated Xin Tune, CEO of GSR Group.
GSR Enhances Regulatory Position with FCA Endorsement
The FCA endorsement adds to GSR’s expanding regulatory profile. Earlier this year, the Monetary Authority of Singapore granted GSR a major payment institution license, permitting over-the-counter trading and market-making services.
The market maker initially received in-principal approval from MAS in September.
“By securing approvals from two of the world’s foremost financial regulators, the GSR Group can confidently expand our services to institutional and professional clients globally while continuing to maintain the integrity and high-quality service for which we are recognized.”
GSR Markets secures FCA approval to trade crypto assets in the UK
Crypto trading firm GSR Markets has received approval from the UK’s Financial Conduct Authority (FCA) to operate as a registered crypto asset business, allowing it to trade crypto assets for UK-based clients,…— CoinNess World (@CoinnessGL) January 6, 2025
Despite these accomplishments, GSR experienced significant leadership changes in 2024, with co-founder and co-CEO Rich Rosenblum, along with CTO John MacDonald, leaving the company as part of an executive restructuring.
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In their place, the firm appointed former JP Morgan executive Andreas Koukorinis as its new head of trading.
Founded in the United States in 2013, GSR facilitates OTC cryptocurrency trading, derivatives, market making, and venture capital investments.
It also possesses money service business licenses across several states in the United States.
Bank of England Requires Firms to Disclose Crypto Exposure
Last month, the Bank of England’s regulatory division, the Prudential Regulation Authority (PRA), issued a directive mandating firms to disclose their current and anticipated exposure to crypto assets by March 2025.
The PRA indicated that this initiative aims to enhance financial stability and shape the central bank’s approach to regulating the rapidly growing sector.
The regulator requested firms to report their “current and anticipated future cryptoasset exposures” and to outline their application of the Basel framework—a regulatory standard introduced in December 2022 by the Basel Committee on Banking Supervision (BCBS) to establish capital and risk management requirements for crypto exposure.
The directive goes beyond current exposure, requiring firms to account for any future plans to engage with crypto assets up to September 30, 2029.
In November, Financial Secretary to the Treasury Tulip Siddiq also announced that the country intends to introduce a comprehensive regulatory framework for the cryptocurrency sector early next year.
The proposed framework will unify regulations for stablecoins and staking services under a single regime.
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