LMAX Digital, the institutional crypto currency exchange operated by LMAX Exchange Group, a leading independent operator of institutional exchanges for electronic FX trading and crypto currencies, has announced that it has been granted a license as a Distributed Ledger Technology (DLT) Provider from the Gibraltar Financial Services Commission (GFSC).
The final decision received from the GFSC confirms that LMAX Digital is compliant with the nine regulatory principles set out in Gibraltar’s DLT regulations, designed to protect consumers and businesses using digital assets stored or transmitted on distributed ledgers. These regulatory principles include robust risk management processes, effective corporate governance, high standards of customer care, systems and security controls to combat financial and cybercrime, and adopting standards of honesty and integrity.
David Mercer, CEO of LMAX Exchange Group, said: “We’re pleased to announce that LMAX Digital has been granted a DLT license by the GFSC. 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, security of funds, and high performance, proven technology.”
LMAX Digital was launched in May 2018, becoming the first crypto currency exchange established by a regulated FX exchange operator and the only deliverable crypto currency exchange dedicated to institutional clients. Based on LMAX Exchange’s proven, proprietary technology, LMAX Digital was built in response to overwhelming demand from existing clients who wanted a credible, efficient and trusted platform with high quality deep liquidity, on which to trade digital currencies with like-minded institutions.
“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 our efforts to create a more transparent and secure marketplace have been recognised by the GFSC,” added Mercer.
Jenna Wright, Head of LMAX Digital, concluded: “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 crypto currency market.”