Genesis Custody Gets FCA Tick
Posted by Colin Lambert. Last updated: December 15, 2021
Digital assets prime brokerage provider Genesis Custody, has received approval from the UK’s Financial Conduct Authority (FCA) as a registered cryptoasset business.
The approval signifies that Genesis possesses strong controls, governance and a compliance framework committed to countering financial crime, and that the firm meets the same anti-money laundering standards as other financial institutions under the FCA’s purview. It also makes Genesis Custody one of a handful of UK-based crypto custodians who are approved to continue offering their services in the UK market.
Genesis Custody provides segregated multi-asset cold storage for full custody of client assets. Customers have access to portfolio management and execution through Genesis Global Trading, as well as yield generation opportunities through Genesis Global Capital. Clients’ private keys are fully segregated and held in Hardware Security Models (HSMs) in deep cold storage in repurposed nuclear bunkers at multiple sites around the world, the firm says. In addition, client assets are protected by an insurance policy.
“This is an important milestone in our strategy to deliver to institutional clients cryptocurrency services that are compliant with the regulatory framework,” says Arianna Pretto-Sakmann, general counsel at Genesis. “This approval also reflects our commitment to working with regulators – at the FCA and elsewhere – as this asset class evolves. We will continue to do so as we expand our services in the coming months.”