ETX Capital and XTB obtain new regulatory licenses: South Africa and Dubai

Rick Steves

The leading FX and CFD brokers keep on making their way into new jurisdictions as part of their growth plans.

africa

The Financial Sector Conduct Authority (FSCA) in South Africa has granted London-based FX broker ETX Capital a license as a local Financial Service Provider.

The South African financial watchdog is responsible for market conduct regulation and supervision, protecting traders by promoting fair treatment from financial institutions.

Nandik Barbhaiya, Chief Marketing Officer at ETX Capital, said: “Achieving this important milestone is paramount to our expansion plans and is yet another feather in the ETX cap. We are committed to strengthening our relationship with traders in the region and in upcoming weeks we will be working behind the scenes to welcome our South African clients onto our new license.”

The FCA-regulated broker, which was acquired by Swiss firm Guru Capital in 2020, will now provide South Africa-based traders with CFDs on thousands of global markets across all major asset classes from forex, indices, shares, and commodities.

Guru Capital took ownership of the Cyprus-based operation of ETX Capital, Monecor Europe, in April 2021 following regulatory approval.

Also announcing a new regulatory authorization is the MENA operation of FX broker XTB. The trading firm has been granted a category three license from the Dubai Financial Services Authority (DFSA).

This will allow XTB to expand its footprint across the Middle East and North Africa. The broker is very well established in Europe and the United Kingdom, with regulated companies authorized by CySEC in Cyprus, KNF in Poland, and the UK’s Financial Conduct Authority.

XTB, also known as X-Trade Brokers, will be able to provide its range of FX and CFDs products to retail and professional clients in the United Arab Emirates as well as other GCC states.

The MENA operation will target a number of markets including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and North Africa.

XTB’s initial public offering in 2016 valued the business at $400 million, with bookrunners going as up as $618.4 million. Five years have gone by and the firm took solid steps towards growth as it expands its footprint across the globe.

The DFSA license will provide new opportunities for business growth as XTB establishes its brand in the Middle East and North Africa, which includes quite a number of jurisdictions that have grown friendlier toward FX and CFD trading.

Read this next

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

<