GSR Secures FCA Approval for Crypto Trading and Liquidity Services in the UK
GSR, a major provider of crypto trading and liquidity, has obtained regulatory approval from the Financial Conduct Authority (FCA) in the UK.
This approval allows GSR Markets UK Limited to operate as a registered crypto asset business, enabling it to offer crypto trading services to clients in the UK.
Xin Song, CEO of GSR Group, stated, “This milestone underscores our commitment to fostering a transparent and inclusive global crypto trading ecosystem.”
GSR Strengthens Regulatory Standing with FCA Approval
The FCA approval adds to GSR’s growing regulatory credentials. Earlier this year, the Monetary Authority of Singapore granted GSR a major payment institution license, allowing over-the-counter trading and market-making services.
GSR received in-principal approval from MAS in September.
“By achieving approvals from two of the world’s leading financial regulators, the GSR Group can confidently expand our services to institutional and professional clients globally while maintaining our reputation for integrity and high-quality service.”
Despite these achievements, GSR experienced significant leadership changes in 2024, with co-founder and co-CEO Rich Rosenblum and CTO John MacDonald leaving the firm as part of an executive reorganization.
Instead, a former JP Morgan executive, Andreas Koukorinis, was appointed as the new head of trading.
Founded in the United States in 2013, GSR facilitates OTC crypto trading, derivatives, market making, and venture capital investments.
It also holds money service business licenses in several states in the United States.
Bank of England Demands Firms to Disclose Crypto Exposure
Last month, the Prudential Regulation Authority (PRA), the regulatory arm of the Bank of England, issued a directive requiring businesses to disclose their current and anticipated exposure to crypto assets by March 2025.
The PRA stated that this move aims to strengthen financial stability and shape the central bank’s approach to regulating the growing sector.
The regulator requested firms to report their “current and expected 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 extends beyond current exposure, with firms required to account for any future plans to engage with crypto assets until September 30, 2029.
In November, Economic Secretary to the Treasury Tulip Siddiq also announced that the country plans to introduce a comprehensive regulatory framework for the cryptocurrency sector early next year.
The proposed framework will consolidate regulations for stablecoins and staking services under one unified regime.
