FX and digital assets institutional broker GCEX has announced that it has submitted its accounts for y/e 31 December 2023, reporting a turnover of £2.30m for its UK entity.

The company said that the decline in volume, from £4.46m the previous year, is largely attributed to the crypto winter and follows an exceptional growth year for GCEX y/e 2022. However, despite the drop in turnover for y/e 2023, the company said it has steadily increased revenue on a monthly basis since the beginning of 2023, a trend that has continued into the current year.

The UK entity reported a loss before tax of £387,429 but said it remained committed to its growth objectives, as evidenced by its ongoing development of technology solutions and the distribution of £1.80m during the year to its parent company, GCEX Holding Limited, aimed at supporting the international expansion of the GCEX Group.

Lars Holst, Founder and CEO of GCEX (pictured above) noted,

“The crypto winter had a huge impact across the industry, and GCEX was no exception. However, in response to the decline in revenue, we have been resilient and adaptive, navigating our costs effectively and diversifying revenue streams such as introducing staking services for institutional and professional clients.

“We don’t run risk and don’t do lending or borrowing and we continue to have significant excess Tier 1 capital in our UK entity. Following a successful Q1 2024, we are now back to profitability and continue to execute on our long-term plans, investing and expanding in our global business.”

Over the last financial year, GCEX Group has broadened its product offering, enhanced its technology and strengthened partnerships with Tier 1, trusted Liquidity Providers as well as digital asset custody solutions. The Group secured two additional regulatory licenses: an investment firm in Denmark regulated by the Danish Financial Supervisory Authority and a Virtual Asset Service Provider (VASP) license in Dubai, UAE regulated by VARA.

GCEX Group enables institutional and professional clients to access deep liquidity in FX and CFDs on digital assets, as well as digital assets spot trading and conversion, and offers a broad range of Forex brokerage and crypto-native technology solutions – XplorDigital.

Headquartered in London, GCEX has offices in Copenhagen, Glasgow, Zug Crypto Valley, Kuala Lumpur and Dubai. GCEX’s UK entity is regulated by the FCA. True Global Ventures are investors in GCEX.

About GCEX

Founded in 2018, GCEX is a pioneering regulated digital prime brokerage with a best-of-breed digital asset and FX platform for institutional and professional clients. GCEX has partnerships with Tier 1 trusted Liquidity Providers, leading counterparties and regulated digital custody asset institutions. GCEX offers a wide range of products and technology solutions, including White Labels.