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#1 18-08-2021 18:50:45

johnedward
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XTB obtains a regulatory licence in South Africa

XTB obtains a regulatory licence in South Africa


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Poland's XTB brokerage firm has received a new operational license from the Financial Sector Conduct Authority (FSCA), the South African financial markets regulator.

As can be seen from the regulatory register, the new license was granted to XTB Africa (Pty) Ltd on 9 August of this year.

The new license came as a massive achievement on the part of the broker, as it has been in a process of receiving the license for several years. "This is due to the complexity of local laws and regulatory changes that have taken place recently," says Omar Arnout of XTB.

Push for international expansion

XTB already holds several licenses from European regulators: it is regulated in the UK, Poland, Cyprus, Dubai and Belize.

The approval of the latest South African license came just a few weeks after the broker received another such regulatory approval, namely a sought-after category 3 license from the Dubai Financial Services Authority (DFSA). Both licenses were added as the broker aggressively pursues international expansion.

South Africa is considered one of the safest trading markets, as the demand for forex and CFD trading is growing rapidly. This year alone, the FSCA has granted licenses to at least three more brokers: Eurotrader, ETX Capital and Exness.

Meanwhile, XTB's business and earnings grew last year with the impact of the ongoing pandemic on the markets. However, the broker ended the second quarter of this year with losses as market activity suffered a sharp correction.

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