Crypto market maker GSR secures FCA approval for OTC services

Crypto trading company and market maker GSR has become the first crypto liquidity provider to receive regulatory authorizations from both the FCA and the Singapore MAS.

Global crypto trading firm and market maker GSR announced in a press release on Monday, January 6, that its British arm has received approval from the Financial Conduct Authority to operate as a registered crypto asset business.

With the approval, GSR announced that it became the first crypto liquidity provider to be approved by both the FCA and Singapore’s Monetary Authority of Singapore. The approval allows GSR to offer over-the-counter and programmatic crypto asset trading services in the UK through its British arm.

GSR Group CEO Xin Song said receiving FCA approval is “an important milestone in our mission to shape a more transparent, inclusive global crypto trading ecosystem.” He added that gaining approval from multiple financial regulators will allow GSR to expand its services to clients internationally.

GSR, which employs more than 120 people in the United Kingdom, looks forward to working with policymakers in the United Kingdom as the country’s crypto regulations evolve, the firm added in the press release. In April 2024, GSR also received its Major Payments Institution license, which allows it to offer spot OTC and market-making services under Singapore regulations.