Gibraltar Stock Exchange Is Surrendering Its License

Valereum Plc (Valereum), Gibraltar blockchain technology group, announced that its subsidiary Gibraltar Stock Exchange (GSX) is "in the process of surrendering its license."

The company said in a statement: "GSX in the process of surrendering its license, is making immediate arrangements to close its markets, and as a result GSX will no longer be permitted to accept new business."

Valereum received consent from the Gibraltar Financial Services Commission (GFSC) last October to acquire GSX to promote its global expansion strategy.

The group is still collaborating with GFSC regarding the purchase of GSX, as well as the necessary conditions for obtaining a new license, as reported.

James Formolli, Valereum Chairman, said: "I would like to thank shareholders for their patience. Valereum still holds a fixed charge over shares totaling 50% of the GSX and will continue discussions with all relevant parties to find a way forward. The GSX Group is still keen for Valereum to conclude the acquisition."

Valereum will provide an update on changes to its board of directors in the coming weeks, with board member Alan Gravatz confirmed to be leaving the company.