The collapse of major crypto firms like BlockFi, Voyager, and Genesis in recent years has left a significant void in the digital asset brokerage landscape. This disruption has opened the door for established financial institutions to step in and redefine how institutional investors access cryptocurrencies. One such player making strategic moves is TP ICAP, the world’s largest interdealer broker, which has recently secured registration as a digital asset provider with the UK Financial Conduct Authority (FCA)—a milestone that underscores its growing legitimacy in the evolving crypto ecosystem.
While TP ICAP may not yet be a household name in cryptocurrency circles, the firm has been steadily building its digital asset infrastructure since 2019. With deep roots in traditional finance and partnerships with industry titans like Fidelity Investments and Standard Chartered Bank, TP ICAP is positioning itself at the intersection of legacy markets and blockchain innovation.
Why Traditional Brokers Are Embracing Digital Assets
As crypto gains mainstream traction, institutional demand for comprehensive financial services—including liquidity provision, custody, trade execution, and advisory—is surging. These needs have elevated crypto brokerage into a foundational pillar of modern finance. While native crypto firms dominate early adoption, traditional financial giants like TP ICAP are now entering the space to meet client demand with trusted frameworks.
TP ICAP, headquartered in London and listed on the FTSE 250, operates across Europe, the Americas, and Asia. Historically focused on interdealer brokerage, the company faced stagnation in core revenues around 2018 due to Brexit uncertainty and volatile market conditions. This prompted a strategic pivot toward high-growth areas—including digital assets.
👉 Discover how leading financial institutions are integrating crypto into their core offerings.
Building a Regulated Gateway: From Bitcoin Futures to Full-Scale Trading
TP ICAP's first foray into crypto began in 2019 with cash-settled CME Bitcoin futures, allowing clients to gain exposure without holding actual coins. The move was carefully aligned with regulatory compliance—leveraging existing KYC and anti-money laundering protocols—while testing market appetite.
“We’ve been closely monitoring the evolution of this emerging asset class and recognize the transformative potential of the underlying technology,” said Frits Vogels, TP ICAP’s EMEA CEO at the time, highlighting the firm’s long-term vision.
By 2021, client interest had intensified. In response, TP ICAP launched Fusion Digital Assets, a dedicated crypto trading platform developed in collaboration with Fidelity Digital Assets and Standard Chartered’s digital asset arm. This powerful alliance brought together institutional-grade custody, deep liquidity networks, and robust execution capabilities—all under FCA oversight.
Fusion Digital Assets specializes in spot crypto trading and integrates seamlessly with traditional financial instruments. Key features include:
- Liquidity from top-tier market makers such as Flow Traders, Jane Street, and Virtu Financial
- Secure custody solutions via Fidelity Digital Assets, BitGo, and Komainu
- Independent execution and settlement services to eliminate conflicts of interest
“This platform addresses critical pain points,” explained Simon Forster, TP ICAP’s Co-Head of Digital Assets. “Many clients were locked out due to pre-funding requirements or platforms acting as both broker and custodian—a clear conflict. Our model separates these functions, ensuring transparency and security.”
Bridging Crypto With Traditional Finance: The Rise of Crypto ETPs
In January 2025, TP ICAP expanded its offerings by launching crypto ETP (Exchange-Traded Product) trading for European clients. In a landmark deal with Goldman Sachs, the firm executed a physically backed Bitcoin ETP trade, offsetting it against CME Bitcoin futures using an Exchange-for-Physical (EFP) structure.
This innovation allows institutional investors to hedge positions efficiently while maintaining regulatory compliance. Today, crypto ETPs are among the most accessible, secure, and cost-effective ways for hedge funds and asset managers to gain crypto exposure—driving adoption across firms like JPMorgan, UBS, and Goldman Sachs.
Regulatory Approval: A Trust Signal in a Volatile Market
Following high-profile collapses like FTX, investor confidence hinges on transparency and regulation. TP ICAP has responded proactively by appointing Amir Zaidi, former CFTC official, as Global Head of Compliance—a move signaling its commitment to governance.
Its recent registration with the UK Financial Conduct Authority (FCA) as a digital asset provider marks a major trust milestone. The FCA enforces strict rules, including:
- Segregation of global customer accounts
- Compliance with anti-fraud and AML standards
- Participation in the Financial Services Compensation Scheme (FSCS) for added investor protection
This regulatory endorsement validates TP ICAP’s approach and differentiates it from less-transparent platforms.
“Wholesale digital asset markets still lack the reliable infrastructure institutions require,” said Duncan Trenholme, TP ICAP Group’s Co-Head of Digital Assets. “We believe blockchain will eventually tokenize traditional assets, enabling more efficient, automated, and lower-risk trading. Fusion Digital Assets’ isolated architecture—combining OTC trading, third-party custody, and diversified liquidity—is designed to lead that transition.”
Strong Financial Performance Signals Market Confidence
TP ICAP’s Q3 2025 trading update revealed strong momentum:
- Total revenue for first nine months: £1.4 billion (up 6% YoY from £1.3 billion)
- Q3 revenue alone: £478 million (a 17% increase year-on-year)
- Global brokerage income: £334 million (up 10% from £304 million in Q3 2024)
These figures reflect growing demand across both traditional and digital asset segments. The upward trend suggests that clients are increasingly allocating capital through regulated intermediaries like TP ICAP.
👉 See how institutional adoption is reshaping the future of digital finance.
Frequently Asked Questions (FAQ)
Q: What is TP ICAP’s role in the crypto market?
A: TP ICAP acts as a regulated intermediary, offering institutional clients access to crypto trading, settlement, and liquidity through its Fusion Digital Assets platform—bridging traditional finance with digital assets.
Q: Is TP ICAP regulated for crypto activities?
A: Yes. TP ICAP is registered with the UK Financial Conduct Authority (FCA) as a digital asset provider, ensuring compliance with rigorous financial and security standards.
Q: Who are TP ICAP’s key partners in digital assets?
A: Major partners include Fidelity Digital Assets, Standard Chartered, BitGo, and Komainu, providing custody, liquidity, and infrastructure support.
Q: What products does TP ICAP offer in crypto?
A: The firm supports CME Bitcoin futures, spot crypto trading, and crypto ETPs, catering to institutional hedging, investment, and arbitrage strategies.
Q: How does TP ICAP ensure security and avoid conflicts of interest?
A: By separating execution, custody, and settlement functions—using independent providers like Fidelity for custody—it eliminates self-custody risks and aligns with best practices in financial integrity.
Q: Why is TP ICAP’s FCA registration important?
A: It provides legal validation, enhances investor trust, ensures fund segregation, and positions TP ICAP as a compliant gateway for traditional finance to enter crypto safely.
With strong revenue growth, regulatory approval, and elite financial partnerships, TP ICAP is emerging as a trusted bridge between Wall Street and Web3. As tokenization reshapes global markets, its hybrid model could become the blueprint for secure, scalable institutional crypto access.
👉 Explore how next-generation financial platforms are redefining digital asset integration.