Galaxy Digital, the cryptocurrency group founded by US billionaire Mike Novogratz, plans to bolster its London-based business after obtaining a derivatives trading licence from the UK regulator.

The New York-headquartered firm, which was set up by the former Goldman Sachs partner in 2018, has received the green light from the Financial Conduct Authority to begin derivatives trading in London — a move the US firm said marks a “significant expansion” of its global trading operations.