GFO-X has secured regulatory approval to launch a cryptocurrency derivatives exchange in Abu Dhabi, marking a key step in the London-based group’s “next phase of growth”.
GFO-X said on Thursday it has received In-Principle Approval from the Financial Services Regulatory Authority of ADGM, the Abu Dhabi international financial centre, to launch a Recognised Investment Exchange and Recognised Clearing House for digital assets and their derivatives.
The exchange group, which launched its first, London-based venue in May, said this “strategic expansion” will offer clients choice of where and how to trade cryptocurrency derivatives. The new Abu Dhabi exchange, which is known as GFO-X AD, is slated for launch next year, the firm said on Thursday.
Arnab Sen, CEO of GFO-X, said: "This approval is a pivotal step in our journey to build a globally interconnected, regulated marketplace for digital asset derivatives and complementary products. ADGM’s regulatory sophistication and institutional-grade infrastructure make it an ideal jurisdiction for our next phase of growth to support digital assets and the benefits of collateral mobility."
GFO-X went live in early May with weekly and monthly bitcoin options and monthly bitcoin futures, offering streaming prices from day one courtesy of market-maker IMC.
The venue, regulated by the Financial Conduct Authority, has since won the backing of banks ABN Amro Clearing, Nomura, Standard Chartered as well as market-makers IMC and Virtu.
