LMAX Exchange Group has been granted a DLT Provider License from the Gibraltar Financial Services Commission. The authorization will allow subsidiary LMAX Digital to offer fully-regulated institutional cryptocurrency exchange services.
Launched in May 2018, LMAX Digital is a cryptocurrency operator established by a regulated FX exchange operator and dedicated to institutional clients. The crypto exchange addresses overwhelming demand from existing clients who were looking for reliable deep liquidity on which to trade digital currencies on an institutional scale.
According to the regulator, LMAX Digital complies with the nine regulatory principles set out by its DLT regulations, including robust risk management processes, effective corporate governance, high standards of customer care, systems and security controls to combat financial and cybercrime, and standards of honesty and integrity.
David Mercer, CEO of LMAX Exchange Group, commented:
“We’re pleased to announce that the GFSC has granted LMAX Digital a DLT license. LMAX Digital was created to fill the gap in the crypto market by providing institutions with a trading platform they can trust, with deep liquidity, the security of funds, and high performance, with proven technology. LMAX Exchange Group has always supported regulatory oversight, and we always work proactively with regulators to help foster a transparent and trusted marketplace for all market participants. We are pleased that the GFSC has recognised our efforts to create a more transparent and secure marketplace.”
Jenna Wright, Head of LMAX Digital, said:
“The Gibraltar regulator has acknowledged our role in further diversifying institutional currency markets, and we look forward to working alongside them and other regulators to help improve understanding of the cryptocurrency market.”
The Gibraltar Blockchain Exchange (GBX), a leading institutional-grade token sale platform and Digital Asset Exchange, has been granted a full DLT-license from GFSC in late 2018, becoming the first entity with such authorization.