2026 · Evidence audit

LMAX Digital — institutional liquidity provider

LMAX Digital Broker Limited is licensed by the Gibraltar Financial Services Commission under licence FSC1342B. The firm claims to provide execution and custody services for institutional clients in the cryptocurrency market. The absence of published venues and connectivity details limits transparency regarding operational specifics.

LMAX Digital Broker Limited · Gibraltar · last re-checked 2026-09 · evidence score 55/100

Licence, read on the register

Regulator	Licence number	Jurisdiction	Tier	Source
GFSC	FSC1342B	Gibraltar	tier-2	open source ↗

Tier classification follows the same scale as the retail register: tier-1 = FCA/ASIC/CFTC-class supervision, tier-2 = CySEC/FSC-Mauritius/MFSA-class, tier-3 = offshore registration. A tier-2 licence is genuine supervision without an investor compensation scheme — never misread it as tier-1 protection.

What the firm commits to

Claims specific enough to be falsified — and the ones that remain the venue's own measurement.

Testable claims

LMAX Digital is a trading name of LMAX Digital Broker Limited, authorised and regulated by the Gibraltar Financial Services Commission, licence FSC1342B (Gibraltar company 117528) — stated on lmaxdigital.com
Regulated by the GFSC as a DLT provider for execution and custody services
Custody uses a tiered offline wallet system based on cold wallets and vault storage

Claims we cannot verify from outside

'The institutional spot cryptocurrency exchange' positioning and volume/liquidity claims are the firm's own marketing

Perimeter and coverage

Asset classes	Venues	Connectivity	Clients accepted	Explicitly refused
Spot cryptocurrencies			Institutional cryptocurrency market participants

A firm that publishes its own negative space — who it refuses, where it is not licensed — is materially easier to diligence than one that doesn't. The refusal list is treated here as a disclosure, not a defect.