GCEX receives Operational VASP License from Dubai’s Virtual Assets Regulatory Authority
GC Exchange FZE (GCEX), part of the GCEX Group, has announced that the company been granted an Operational VASP License for VA Broker Dealer services from Dubai’s Virtual Asset Regulatory Authority (VARA).
GCEX opened its Dubai office in July 2022 and received its MVP (Minimal Viable Product) Preparatory License from VARA in February 2023. With the new license, GCEX can now start market operations as a Virtual Asset Service Provider (VASP) in the Emirate of Dubai, enabling brokers, hedge funds, family offices and professional traders to access its deep liquidity in digital assets and range of technology solutions.
GCEX facilitates institutional access to digital assets through its proprietary XplorDigital trading solutions, which comprises of a technology-agnostic platform covering regulation, regulated custody, the safety of funds, tier 1 liquidity and technology (both back-end and front-end). GCEX said it only partners with regulated institutional digital custody and staking providers and always segregates client funds.
Mehtap Önder (pictured above), Managing Director, GCEX in Dubai, commented,
“VARA is leading the way in the global digital asset industry, and we are extremely proud to be one of the first firms to receive a VASP Operating Licence to provide Virtual Asset Broker-Dealer services and the first firm to gain approval to operate with a client money account, highlighting our focus on client protection.
“Being a regulated entity in the region is important to us – it’s the ideal way to demonstrate our commitment to adhering to international standards and implementing robust processes, with transparency and investor protection at the core of our offering. This is a major milestone for our business and is critical to GCEX’s growth strategy, enabling us to have a stronger presence in the region.”
GCEX Group enables institutional clients to access deep liquidity in FX and CFDs on digital assets, as well as digital assets spot trading and conversion as well as a broad range of trading solutions. Headquartered in London, with multiple offices across the globe, GCEX is regulated by the UK’s FCA and registered with the Danish FSA. True Global Ventures are investors in GCEX.