Zodia Markets Gets FCA Registration

UK-based cryptoasset exchange Zodia Markets, which is backed by Standard Chartered, has received cryptoasset registration from the UK Financial Conduct Authority (FCA) and officially launched its institutional crypto exchange and brokerage business. The firm says the registration marks the first time a crypto trading business backed by an international bank has been listed by the FCA on the UK’s Financial Services Register.

Zodia Markets was established in June 2021 as a partnership between SC Ventures, the innovation, fintech investment and ventures arm of Standard Chartered, and BC Technology Group, a digital asset company and parent of Hong Kong Securities and Futures Commission-licensed digital-asset platform, OSL.

The platform allows clients to connect to a matching engine through FIX API connectivity, leveraging the same standards as electronic trading for traditional equities, FX or fixed income.

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

“With our hugely experienced team of professionals from both digital asset and traditional finance backgrounds, and by providing the highest standards of security, risk and compliance integrated from inception, we meet the demands of institutions seeking a credible and reliable trading partner for cryptoassets,” he adds. “The FCA registration is a testament to our commitment to the highest standards of compliance.”

Head of SC Ventures, Alex Manson, adds, “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.”