GCEX Strengthens EU Operation with Two Danish Licenses

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 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).

“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 Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term 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.