UK crypto trading platform Archax acquires Spanish brokerage firm KSCM to expand European business

On October 31st, according to CoinDesk, UK cryptocurrency trading platform Archax acquired Spanish brokerage firm King&Shaxson Capital Markets to expand its European business. The completion of the transaction currently requires approval from the Spanish regulatory authorities. The transaction value has not been disclosed yet. It is reported that KSCM was established in Madrid in 2019 to provide services to pan European institutional clients. After the acquisition, it will become a wholly-owned subsidiary of Archax. This acquisition will enable the company, registered with the Financial Conduct Authority (FCA), to expand its existing brokerage business, Multilateral Trading Facility (MTF), and custody services to Europe, while adding encrypted derivatives to its license.