The Financial Conduct Authority (FCA) has approved the registration application of crypto brokerage Zodia Markets on the UK Financial Services Register, enabling the Standard Chartered-backed firm to officially launch its services.
This marks the first instance of a digital asset trading business supported by a major bank receiving registration from the FCA.
Zodia Markets functions as a crypto exchange platform offering electronic trading services to its clients. Established in 2021 by SC Ventures, the fintech and ventures arm of Standard Chartered bank, in collaboration with BC Technology Group—operator of the Asian digital assets platform OSL—Zodia Markets is positioned to thrive in the industry.
Alex Manson, Head of SC Ventures, remarked, “By integrating OSL’s extensive experience in operating compliant digital asset businesses with the bank’s governance, regulatory oversight, and expertise in frontier markets, Zodia Markets is well-equipped to offer secure, reliable, and compliant access to digital assets for our institutional clients.”
Zodia Markets CEO, Usman Ahmad, added, “Despite recent volatility and downward trends in digital asset markets, there is still a strong and accelerating adoption of these assets, particularly among institutions… The FCA registration underscores our commitment to maintaining the highest compliance standards.”
Earlier this year, Standard Chartered also entered the Metaverse’s virtual economy, joining other prominent financial institutions like JP Morgan and HSBC in this innovative space.