Zodia Markets, a crypto brokerage platform backed by Standard Chartered, has recently been granted a new operational license by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). This license allows Zodia Markets to expand its presence and offer its services in the Middle East and Africa, where digital asset adoption is rapidly growing. Ayad Butt, Senior Executive Officer for Zodia’s UAE entity, expressed excitement for this growth phase, stating that clients will benefit from the platform’s global network, connectivity, and capabilities.
Zodia Markets specializes in over-the-counter (OTC) trading services for institutions and supports over 50 digital assets and more than 20 fiat currencies. The platform recently acquired Elwood Capital Management, a crypto company backed by hedge fund billionaire Alan Howard. In addition to its UAE entity, Zodia operates in Jersey, Ireland, and the United Kingdom, offering the same digital asset solutions to clients. The platform is also considering building a trading and innovation hub under the ADGM framework to expand its services globally.
ADGM has become a favoured jurisdiction for crypto companies, with several others receiving approval from the regulator in recent years. Companies like Paxos, Binance, and eToro have also gained licenses from ADGM, highlighting the robust regulatory framework that supports firms like Zodia Markets. Arvind Ramamurthy, ADGM’s Chief Market Development Officer, stated that the regulatory environment at ADGM ensures the highest levels of trust, security, and governance for clients of firms operating in the region.
Overall, Zodia Markets’ new operational license from the FSRA of ADGM marks a significant milestone for the platform as it expands its presence in the Middle East and Africa. With a focus on providing OTC trading services for institutions and supporting a wide range of digital assets and fiat currencies, Zodia is well-positioned to meet the growing demand for crypto services in the region. The platform’s plans to establish a trading and innovation hub under the ADGM framework further demonstrate its commitment to offering innovative financial services globally within a regulated environment.
In conclusion, the approval of Zodia Markets’ operational license in the Middle East by the FSRA of ADGM is a positive development for the platform as it looks to deepen its presence in the region and expand its services to clients globally. With a strong focus on institutional OTC trading and a wide range of supported digital assets and fiat currencies, Zodia is well-equipped to meet the evolving needs of the growing crypto market in the Middle East and Africa. The platform’s acquisition of Elwood Capital Management and plans to establish a trading and innovation hub highlight its commitment to innovation and growth within a regulated environment.
