GCEX obtains a new Danish license to provide FX and CFDs
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GCEX, a digital prime brokerage company that Lars Holst leads, has secured regulatory authority from the Danish Financial Supervisory Authority (FSA). The regulatory approval will enable GCEX to operate as an investment institution.
GCEX secures a new Danish license
The new license secured by the company will allow it to provide a wide range of financial instruments, such as rolling spot FX and contracts for difference (CFDs), to institutional clients in the European Union.
The Managing Director for GCEX in Denmark, Michael Aagaard, noted that the development was positive for the company and would drive business growth in Europe. Moreover, traders operating from the EU will also be able to transact with a credible company.
“Brokers, fund managers, hedge funds, and professional traders based in the EU will now have the peace of mind and reassurance of knowing that they are transacting with a credible firm which is regulated in their own jurisdiction,” Aagaard said.
The headquarters for GCEX are situated in London. The prime brokerage company boasts of a significant presence in Denmark and holds two Danish licenses. One of the licenses allows the firm to provide virtual asset services, while the second allows the company to offer forex exchange services to professional clients.
GCEX operates under the regulatory approval of the Financial Conduct Authority (FCA). Besides having an FCA license, the broker also has a VASP license from the MVP phase. The license was obtained from the Dubai Virtual Assets Regulatory Authority, and it helped strengthen the broker’s presence in the Middle East.
New license to aid in business expansion
The new Danish FSA license that GCEX has obtained will enable the company to expand the services available in the European market. It also aligns with the company’s goals of achieving global expansion.
The Danish license was also obtained after the company released its proprietary trading platforms. According to the company, acquiring the license involved a stringent and rigorous process requiring the company to demonstrate its experience in the financial service industry.
The license will also help the company focus on a wide range of new areas such as the team’s knowledge, promoting good governance, and providing investor protection. It also unlocks the door for the company to market its services to clients based in the EU and presents an opportunity for more growth in the future.
The founder and CEO of GCEX, Lars Holst, further said that the company had been working on operating within a regulated environment since the start. As such, the broad regulatory coverage the company offered reflected its ethos to offer a reliable, professional, trusted, and robust service that will serve the entire industry.
GCEX recently released its financial results for 2022. The results show a 136% increase in the company’s annual turnover to £4.5 million. The company’s net profit during the period came in to £1.5 million.
