Galaxy Digital, founded by billionaire Mike Novogratz, has received approval from the UK's Financial Conduct Authority (FCA) to execute derivatives trading through its subsidiary, Galaxy Digital UK Ltd.
New Opportunities for Galaxy Digital in the UK
Galaxy Investment Banking will also utilize the license to offer its capital raising and investment banking solutions in the UK. Leon Marshall, CEO of Galaxy Europe, remarked that this approval is a pivotal achievement for the Galaxy group, as it allows them to deliver innovative trading solutions to institutional clients while maintaining the highest regulatory standards.
Expanding Presence and Investments
Galaxy Digital is also planning to expand its workforce in its London office to meet the demand for digital asset services. These developments align with the UK’s relatively forward-looking approach to the regulation of crypto assets. The company views the FCA license as enhancing its compliance efforts and positioning it to meet rising demand from the institutional investor market.
Market Prospects and Notable Events
Galaxy Digital recently made headlines after the New York Attorney General revealed a $200 million settlement over its involvement with LUNA. The firm also attracted bullish sentiment with its announcement of a 15-year artificial intelligence hosting deal with CoreWeave. Meanwhile, applications for FCA approval by traditional finance firms like BlackRock highlight the growing institutional interest in digital assets.
This move by Galaxy Digital underscores the growing interest in digital assets and the company's intent to deepen its presence in the UK's crypto asset market, which is actively being promoted by the country's government.
