acquires UAE license to boost MENA region operations

abdelaziz Fathi

London-based retail FX and CFDs broker has expanded its presence in the Middle East and North Africa (MENA) by securing a Category 1 license from the United Arab Emirates’ Securities and Commodities Authority (SCA).’s MENA operations are led by its CEO for the Middle East, Tarik Chebib, who announced the news in a Linkedin post. He said the move reflects the broker’s strategic shift towards enhancing its operations and market reach within the MENA region.

Chebib thanked commercial law firm Al Tamimi & Company for helping secure the UAE license and also revealed plans to increase the staffing and operational capabilities, taking advantage of its new expanded office space in the Emirates.

After a couple of years on the dealing floor at IG in London servicing clients from around the world with a focus on Germany, Chebib relocated to Dubai to help set up IG’s operation in 2015. At the time, he was tasked with building out the Arabic trading desk and acquiring business by looking after HNWI and the institutional business. Chebib joined Pepperstone in 2018 as head of Middle East. There he spent three years until he departed in 2021 to take on the role of chief revenue officer at and made headlines last month when it announced a temporary halt on the onboarding of new clients from the United Kingdom. Prospective clients attempting to sign up on the platform were met with a message stating the company’s decision to pause new client registrations in the UK for the time being.

As of now, has not provided a specific timeline for when it will resume accepting new clients from the UK. Existing clients of the brokerage are not affected by this decision and can continue to use its services as usual. UK  generates revenue primarily from rebates received from its parent company by serving as a matched principal broker in the CFDs and spread betting markets. This revenue stream includes a monthly service charge billed to the company’s parent, covering a portion of its operational expenses that are allocated to CCSV.

In the past two years, has made a number of senior hires as it continues to grow and expand its global reach. The company appointed in 2023 Kypros Zoumidou as its new Group CEO, replacing the former CEO Peter Hetherington as part of its long-term CEO succession plan.

Read this next

Retail FX

Plus500 sees modest growth in Q1 revenues, EBITDA margin decreases

Israeli-based, but London-stock market listed Plus500 Ltd (LON:PLUS) today reported a 4% increase in revenue for the first quarter of 2024, with figures rising from $207.9 million in Q1 2023 to $215.6 million.

Technical Analysis

FTSE 100 Technical Analysis Report 16 April, 2024

FTSE 100 index can be expected to fall further toward the next support level 7760.00, former strong resistance from last year, acting as the support after it was broken this January.

Digital Assets

Cyprus keeps FTX EU license suspended until September

The Cyprus Securities and Exchange Commission (CySEC) has extended the suspension of’s CIF license, which allowed the insolvent platform to operate throughout Europe, until September 30, 2024.

Metaverse Gaming NFT

Mon Protocol and Pixelverse Forge a Groundbreaking Partnership to Revolutionize Blockchain Gaming

Mon Protocol and Pixelverse make history in the annals of Blockchain gaming as they set up the architecture for the melding of their technologies.


Nimiq Pay Launch: A New Standard For Self-Custodial Crypto Payments

Nimiq, the blockchain ecosystem for payments that is designed to make cryptocurrency easy for everyone to use, has taken the first concrete steps towards its goal of becoming the world’s most widely-accepted digital asset for payments with the launch of Nimiq Pay.

Inside View, Interviews

Exclusive: GoMining’s Mark Zalan wants to democratize opportunities of Bitcoin halving

As the Bitcoin community counts down to the upcoming Bitcoin halving, Mark Zalan, CEO of GoMining, shared exclusive insights into how the company is gearing up for this pivotal event in the cryptocurrency world.

Digital Assets

Umoja Partners with Merlin Chain to Launch Revolutionary Bitcoin-Based Synthetic Dollar – USDb

Umoja, an innovative smart money protocol, has embarked on a strategic partnership with Merlin Chain, a leading Bitcoin Layer-2 network, to introduce USDb, the first Bitcoin-based, high-yield synthetic dollar.

Crypto Insider

Bybit Report Highlights Imminent Bitcoin Supply Shortage and Rising Scarcity Post-Halving

Bybit, recognized as one of the top three cryptocurrency exchanges globally in terms of trading volume, has recently published a comprehensive report highlighting the future supply constraints of Bitcoin.


BlockDAG Outshines XRP Price Breakout and Uniswap Crypto Forecast with 20,000x ROI Potential and Teaser for Keynote on Moon

BlockDAG has become the latest sensation in the crypto world, which has taken the spotlight by storm, overshadowing even the most optimistic projections for XRP’s price breakout and Uniswap’s crypto forecast.