Crypto market maker GSR secures FCA approval for OTC services

Crypto trading firm and market maker GSR becomes the first crypto liquidity provider to obtain regulatory approvals from the Singapore FCA and MAS.

GSR, the global crypto trading company and market maker, has received approval from Financial Conduct Authority for its UK arm to operate as a registered crypto asset business, the company announcement in a press release dated Monday, January 6.

With this approval, GSR claims it has become the first crypto liquidity provider to be approved by both the FCA and the Monetary Authority of Singapore. The approval allows GSR to offer on the counter and programmatic execution crypto asset trading services in the UK through its UK arm.

Xin Song, CEO of GSR Group, said that gaining FCA approval marks an “important milestone in our mission to shape a more transparent and inclusive global crypto trading ecosystem.” He added that having the approval of several financial regulators will enable GSR to expand its services to its clients internationally.

GSR, which employs more than 120 people in the UK, now looks forward to working with UK policymakers as the country’s crypto regulation expands, the company added in the press release. In April 2024, GSR also received a major payment institution license, allowing it to offer over-the-counter and spot market making services under Singapore regulations.