The Financial Conduct Authority (FCA) has approved crypto brokerage Zodia Market’s registration application on the UK Financial Services Register, allowing the Standard Chartered-backed business to officially launch.
Notably, this is the first time a digital asset trading business supported by a leading bank has been registered by the FCA.
Zodia Markets operates as a crypto exchange platform that provides clients with electronic trading services. The fintech and ventures branch of Standard Chartered bank, SC Ventures, established Zodia Markets in 2021 in alliance with BC Technology Group, which manages Asian digital assets platform OSL.
Head of SC Ventures, Alex Manson stated: “Combining OSL’s deep expertise in operating regulatory compliant digital asset businesses and cutting-edge technology, with the bank’s governance, regulatory oversight, and frontier markets experience, Zodia Markets is in prime position to provide secure, reliable and compliant access to digital assets for its institutional client base.”
Zodia Markets CEO, Usman Ahmad commented: “Whilst the digital asset markets have recently seen volatility and downward pressure, adoption continues unabated, with institutions entering the market at rapid pace…the FCA registration is a testament to our commitment to the highest standards of compliance.”
Earlier this year, Standard Chartered invested in the Metaverse’s virtual economy along with other leading financial institutions JP Morgan and HSBC.