GSR Secures FCA Approval for Crypto Trading and Liquidity Services in the UK
GSR, a major provider of crypto trading and liquidity, has received regulatory approval from the Financial Conduct Authority (FCA) in the UK.
This approval allows GSR Markets UK Limited to operate as a registered business in crypto assets, enabling it to offer crypto trading services to clients in the UK.
Xin Song, the CEO of GSR Group, stated, “This milestone emphasizes our dedication to promoting 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 significant license as a payment institution, allowing it to provide over-the-counter trading and market-making services.
GSR received preliminary approval from MAS in September.
“By obtaining 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 accomplishments, GSR experienced notable leadership changes in 2024, with co-founder and co-CEO Rich Rosenblum and CTO John MacDonald leaving the company as part of an executive reorganization.
In their place, the firm appointed Andreas Koukorinis, a former JP Morgan executive, as the new head of trading.
Founded in the United States in 2013, GSR facilitates over-the-counter crypto trading, derivatives, market making, and venture capital investments.
It also holds licenses as a money service business across multiple states in the US.
Bank of England Demands Firms to Disclose Crypto Exposure
The Prudential Regulation Authority (PRA), the regulatory arm of the Bank of England, issued a directive last month 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.
Firms are asked to report their “current and expected future cryptoasset exposures” and to explain how they apply 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 goes beyond current exposure, as firms are required to account for any future plans to engage with crypto assets until September 30, 2029.
In November, Tulip Siddiq, the Economic Secretary to the Treasury, also revealed that the country plans to introduce a comprehensive regulatory framework for the cryptocurrency sector early next year.
This proposed framework will consolidate regulations for stablecoins and staking services under a unified regime.
