GCEX, a forex and cryptocurrency liquidity provider, is expanding into the Middle East and North Africa (MENA) region with the opening of a Dubai office and the appointment of Mehtap Önder as the Managing Director of GECX MENA.
Announced on Wednesday, Önder will be responsible for overseeing all operational aspects of the company in the region.
She brings more than 15 years of industry expertise to her role and has extensive experience working in the region. She joined GCEX from Dubai-based Waystone Compliance Solutions where she was a Compliance Consultant for almost three years.
Her most prominent industry experience was with CFH Turkey (now Finalto). She spent almost eight years with the company, which was co-founded by the Founder and CEO of GCEX, Lars Holst, and separated in February 2019 as the Regional Director.
“From working closely with Lars at CFH (now Finalto), I have witnessed first-hand his ability to grow a global business,” Önder said in a statement. “I am excited to be joining his team and work closely with him to scale GCEX across the MENA region.”
Ongoing Expansion
The new Dubai office of GCEX was established after the company received provisional regulatory approval by the Virtual Assets Regulatory Authority in Dubai (VARA) in April 2022, which allows it to operate a cryptocurrency exchange . Now, the firm is in the process of obtaining a full license.
“Extending our crypto offering to the MENA region is a major milestone for the business,” said Holst. “Receiving provisional regulatory approval from VARA in Dubai adds significant credibility to our offering and puts us in a strong position to become a dominant crypto exchange for institutional and professional clients in the region.”
Moreover, Holst pointed out that GCEX is going to leverage Önder’s network of institutional clients and deep understanding of the regulatory and client requirements for its MENA expansion.
“Dubai is at the forefront of the crypto market, so this is an ideal location for GCEX to be based in. Our presence in the VARA ecosystem will be key to attracting institutional and professional clients, highlighting our focus on investor protection,” Önder added.
Meanwhile, GCEX acquired two licenses from the regulator in Denmark earlier this year following the appointment of Michael Aagaard as the Managing Director of the Danish operations.
