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GCEX, a leading regulated digital brokerage in FX and digital assets, has filed its accounts for the year ended 31 December 2023, reporting a turnover of £2.30m for its UK entity.
The decrease in volume from £4.46m the previous year is primarily due to the crypto winter and comes after an exceptional growth year for GCEX in 2022. Despite the turnover decline for the year ended 2023, the company has consistently increased revenue on a monthly basis since the beginning of 2023, a trend that has persisted into the current year.
The UK entity reported a loss before tax of £387,429 but remained focused on its growth objectives. This is demonstrated by its continuous development of technology solutions and the distribution of £1.80m during the year to its parent company, GCEX Holding Limited, intended to support the international expansion of the GCEX Group.
Lars Holst, Founder and CEO, GCEX stated, "The crypto winter had a huge impact across the industry, and GCEX was no exception. However, in response to the decline in revenue, we have been resilient and adaptive, navigating our costs effectively and diversifying revenue streams such as introducing staking services for institutional and professional clients.
"We don't run risk and don't do lending or borrowing and we continue to have significant excess Tier 1 capital in our UK entity. Following a successful Q1 2024, we are now back to profitability and continue to execute on our long-term plans, investing and expanding in our global business."
Throughout the last financial year, GCEX Group has expanded its product offerings, improved its technology, and strengthened partnerships with Tier 1, trusted Liquidity Providers and digital asset custody solutions. The Group secured two additional regulatory licenses: an investment firm in Denmark regulated by the Danish Financial Supervisory Authority and a Virtual Asset Service Provider (VASP) license in Dubai, UAE regulated by VARA.
GCEX Group enables institutional and professional clients to access deep liquidity in FX and CFDs on digital assets, as well as digital assets spot trading and conversion. The company also offers a wide range of Forex brokerage and crypto-native technology solutions through XplorDigital.
Based in London, GCEX has offices in Copenhagen, Glasgow, Zug Crypto Valley, Kuala Lumpur, and Dubai. GCEX's UK entity is regulated by the FCA. True Global Ventures are investors in GCEX.
