As crypto market structure matures, market makers are being asked to operate like regulated financial institutions often before the rules fully arrive. In this Compliance Champions episode, Delphine Forma is joined by Dayna Bordin, UK MLRO at GSR, to unpack how a global liquidity provider builds a compliance-first program amid regulatory uncertainty.

We cover:

• How GSR assesses which regulatory regimes apply as its business and the rules evolve
• The FCA crypto registration’s core focus: AML + financial crime controls
• Dayna’s “top risks”: sanctions, exchange hacks/security vulnerabilities, and innovation pace
• Designing transaction monitoring for high-volume, low-touch trading (rules, thresholds, testing)
• Market-maker typologies: coin swaps/chain swaps, cross-chain obfuscation, and emerging laundering techniques
• What makes a high-quality SAR (the “who/what/where/when/why” + speed vs diligence tradeoff)
• Token due diligence under time pressure: risk appetite, screening, adverse media, and governance
• “Spirit of the rules” compliance: market conduct frameworks ahead of formal UK market abuse rules

A practical listen for compliance leaders building durable controls while the UK’s crypto regime takes shape.