Archax to Buy Spanish Broker King & Shaxson Capital Markets to Expand in Europe

Election 2024 coverage presented by
Archax, a U.K.-regulated crypto exchange and custodian, agreed to buy Spanish broker King & Shaxson Capital Markets (KSCM) to expand in the European Union as the trading bloc’s Markets in Crypto-Assets Regulation (MiCA) rules take effect.
Completion of the deal is subject to regulatory approval in Spain, the London-based company said Thursday. The value of the transaction was not disclosed.
KSCM started in Madrid in 2019 to service pan-European institutional clients. Following the acquisition, it will become a wholly owned subsidiary of Archax. The acquisition will enable the Financial Conduct Authority (FCA)-registered company to extend its existing brokerage, multilateral trading facility (MTF) and custody services into Europe while adding crypto derivatives to its permissions.
MiCA is set to apply as of Dec. 30, though stablecoin provisions took effect in June.
“The Archax strategy has always been to expand its regulatory footprint globally, with the EU region being of prime importance for us, post-Brexit,” Graham Rodford, CEO and co-founder of Archax, said in a release. “This acquisition expands and enhances our access to permissions within the EU region, building on those we hold with the FCA in the UK,” he added.
Edited by Sheldon Reback.

Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
Will Canny is a finance reporter at CoinDesk.n