GCEX Obtains Danish FSA License to Offer Spot FX and CFDs

GCEX, a leading prime brokerage in digital assets and FX, has obtained license from the Danish Financial Supervisory Authority Finanstilsynet (FSA) to operate as an investment firm.

The FSA FSA license marks a significant achievement for GCEX, as it allows the firm to extend its offerings of rolling Spot FX and CFDs to institutional clients in the EU.

"This is a major step forward for our business and we believe it will be a significant catalyst for growth in Europe," said Michael Aagaard, Denmark Managing Director at GCEX. "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."

"It is fantastic news that we now have access to the EU market as an investment firm regulated by the Danish FSA," added Lars Holst at CEO, GCEX. "Obtaining this FSA license involved an extremely stringent process in which we had to demonstrate our experience in financial services, the knowledge of our team, good governance and our strong focus on investor protection. It now opens the door for us to market to EU clients, presenting us with a major opportunity for further growth."

The broker has been continuously expanding its global reach. In February, GCEX, successively appointed Maria Alberghini​ and Sue Cheung​ as its Dubai regional sales manager and Asia Pacific sales director respectively to expand into the local markets.

In April, GCEX launched XplorSpot​, a cryptocurrency-native platform specially developed for institutional trading, to consolidate its leading position in the industry.

GCEX's aggressive expansion is backed by its strong financial position. As Fazzaco reported, GCEX experienced strong rapid growth​ despite the sluggish economic environment in 2022 with a turnover of £4.5 million and net profit of £1.5 million.