GCEX, a digital prime brokerage headed by Lars Holst, has obtained new regulatory permission from the Danish Financial Supervisory Authority (FSA) to operate as an investment firm. With the new license, the company can offer rolling Spot FX and CFDs to institutional clients in the European Union.

New Danish License for GCEX

“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, GCEX’s Managing Director in Denmark.

“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.”

Headquartered in London, GCEX already has a significant presence in Denmark. It already holds two Danish licenses: a virtual asset service provider license and the authorization to provide currency exchange to professional clients.

The company also offers its services under a Financial Conduct Authority (FCA) license and received a VASP license for the MVP phase from the Dubai Virtual Assets Regulatory Authority, strengthening its presence in the Middle East.

A Strategic License

The latest Danish FSA license will allow the company to expand its services in the European market, aligning with its global expansion goals. In addition, it came after the company launched its proprietary trading platforms.

“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,” Holst, the Founder and CEO of GCEX, said.

“From the outset, we have been advocates of operating within strong regulatory environments. Our broader regulatory coverage reflects our ethos of providing a professional, reliable, trusted, and robust service in order to be at the forefront of the industry.”

Meanwhile, GCEX published its financials for 2022 recently, showing a jump of 136 percent in its annual turnover to £4.5 million. Furthermore, it ended the year with a net profit of £1.5 million.