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UK's First Centrally Cleared FCA-Regulated Crypto Derivatives Trading Venue GFO-X Debuts
The new platform executed its first trade on Tuesday between financial institutions Virtu Financial and IMC .
Updated May 20, 2025, 2:20 p.m. Published May 13, 2025, 1:04 p.m.
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What to know:
- GFO-X debuted its centrally cleared, FCA-regulated crypto derivatives platform.
- The platform executed its first trade on Tuesday between financial institutions Virtu Financial and IMC and was cleared by DigitalAssetClear.
- The U.K regulator lifted its ban from 2020 on crypto derivatives instruments for institutional investors in March 2024.
CORRECTION (May 20, 14:20 UTC): Adds that GFO-X is specifically the first centrally cleared FCA-regulated crypto derivatives platform. Article also previously said that the FCA has lifted the ban on crypto derivatives for institutional investors. This is not the case as the ban (which is still in place) only applied to retail.
GFO-X debuted its centrally cleared, Financial Conduct Authority (FCA)-regulated crypto derivatives platform, the U.K's first such trading venue for digital assets.
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The new platform executed its first trade on Tuesday between financial institutions Virtu Financial and IMC, and was cleared by DigitalAssetClear, GFO-X announced on Tuesday.
DigitalAssetClear, created by London Stock Exchange Group (LSEG) subsidiary LCH, is a service for cash-settled bitcoin index futures and options contracts.
GFO-X is also supported by major banks ABN AMRO, Nomura and Standard Chartered, who are providing clearing for transactions on the platform.
The debut of GFO-X demonstrates the ongoing development of the regulated crypto trading ecosystem in the U.K. The crypto derivative plays are also gaining traction globally, as Galaxy secured U.K. approval for a license to expand its derivatives trading last month and Coinbase bought Deribit in a $2.9 billion deal earlier this month.
Read More: In $2.9B Deal, Coinbase Agrees to Buy Deribit to Expand in U.S. Crypto Options Market
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