FCA Greenlights Portofino for UK Crypto Asset Trading

BySamson Ononeme

Feb 28, 2024 , ,
Portofino Technologies achieved registration from Britain's Financial Conduct Authority for institutional crypto services, cementing its status as a regulated global digital asset trading provider.

Key Insights

  • Portofino’s UK unit registered as crypto firm by UK regulator FCA, allowing institutional dealings
  • Joins handful of crypto companies to gain FCA approval; cements position as leading global market maker
  • Registration enables OTC business growth in UK, requires stringent AML and compliance controls

LONDON (MarketsXplora) – Switzerland-based crypto trading technology firm Portofino Technologies said on Wednesday its UK unit has been registered by Britain’s Financial Conduct Authority (FCA), allowing it to deal with institutional investors in digital tokens.

Portofino, founded by former Citadel Securities executives Alex Casimo and Leonard Lancia in 2021 and backed by $50 million in funding, is one of only a few crypto companies to gain clearance from the FCA.

The approval enables its over-the-counter (OTC) trading business to grow its UK client base and cements its position as a leading regulated global market maker, Casimo said.

“Receiving the FCA’s approval to operate as a cryptoasset trading firm in the UK is a significant milestone for Portofino Technologies, which will allow us to expand our institutional client base,” he said.

Portofino Technologies gains clearance from the UK's FCA watchdog to expand cryptocurrency offerings to banks, trading platforms and asset managers under stringent oversight.
The UK subsidiary of Swiss crypto firm Portofino is now registered for institutional cryptoasset activity after meeting anti-money laundering and compliance stipulations mandated by regulator FCA

The company aims to provide liquidity across hundreds of cryptocurrency tokens to banks, trading platforms, asset managers and blockchain projects in Britain.

Registration with the FCA requires firms to meet anti-money laundering and compliance standards governing cryptoasset dealings.

Portofino General Counsel Celyn Armstrong said the approval demonstrates the Swiss company’s “strong and sophisticated” controls.

“Our traditional finance and digital asset clients alike can have full confidence that we are committed to stringent regulatory compliance,” Armstrong added.

The FCA has upped scrutiny of the crypto sector amid some high-profile collapses such as FTX last year. Approving Portofino to deal with professional investors signals Britain’s maturing oversight.

Samson Ononeme

Meet Samson Ononeme, a dynamic writer, editor, and CEO of marketsxplora.com. With a passion for words and a sharp business acumen, Samson captivates readers with captivating storytelling and delivers insightful market analysis. He is a trailblazer in the finance industry, empowering individuals with knowledge and shaping the narrative of money. Get ready to be inspired by his literary prowess and entrepreneurial leadership.

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