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StanChart-backed Zodia Markets Goes Live in the UK

Zodia Markets, a crypto exchange focused on institutions, has launched in the UK after registering with the Financial Conduct Authority (FCA). The company, which is a subsidiary of Zodia Custody, announced on July 28. By registering with the FCA, Zodia Markets can now offer UK-based institutional customers crypto trading and brokerage services.

According to the announcement, Zodia Markets is the first international bank-backed crypto business that the FCA has listed on the UK Financial Services Register.

Commenting on this development, Zodia Markets CEO Usman Ahmad said:

Whilst the digital asset markets have recently seen volatility and downward pressure, adoption continues unabated, with institutions entering the market at rapid pace. At Zodia Markets, our mission is to be the most trusted trading partner for institutional participants as they navigate this rapidly evolving asset class.

He added that Zodia Markets’ experienced team of professionals would meet the demands of institutional clients that seek a credible and reliable trading partner for crypto. Per Ahmad, the FCA registration is a testament to the company’s commitment to adhering to the highest standards of compliance.

Alex Manson, the Head of SC Ventures, commented:

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.

Leading Banks Continue Gravitating Toward Crypto

This news comes after StanChard announced plans to create a crypto brokerage and exchange platform in the UK and Europe. According to the bank, SC ventures and BC Technology Group, which operates OSL exchange, collaborated on this initiative in June.

At the time, Manson said:

We have a strong conviction that digital assets are here to stay and will be adopted by the institutional market as a highly relevant asset class.

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Singapore’s DBS Bank also plans to roll out a crypto trading desk for retailers before year-end. Notably, the bank launched an institutional crypto trading desk in September 2021. At the moment, DBS users need to call a banker to place a crypto order.

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