Twelve regulatory licences are now held by the company globally.
In recent years, a number of additional brokers also obtained DFSA licences.
By gaining a licence from the Dubai Financial Services Authority (DFSA), Plus500 (LON: PLUS) has entered the lucrative Middle Eastern markets, the brokerage firm stated on Monday.
Gains DFSA License for Plus500
The broker will be able to increase its products to clients in the United Arab Emirates thanks to the new licence, according to the London-listed company, which emphasised the prospect for significant development.
“We are thrilled that the DFSA in the UAE has granted us licencing authorization, and we are eager to offer our market-leading technological capabilities to clients in the area. According to David Zruia, CEO of Plus500, “This is the most recent manifestation of our goal to penetrate new areas, develop new products, and strengthen engagement with our consumers.
Brokers wishing to enter the Middle Eastern markets frequently obtain the DFSA licence. Other brokers, such as Zenfinex, XTB, and MutiBank Group, have recently received DFSA approval.
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“We are incredibly happy and thrilled to receive this new licence in the fast-expanding UAE market. The licence provides Plus500 with a sizable, long-term commercial opportunity as we seek to bring on a variety of new clients throughout the UAE. The distinctive technology of Plus500, which underlies our continued ability to draw in and keep higher-value clients globally over the long term, will assist our efforts “said Group CFO of Plus500, Elad Even-Chen.
Focusing on Global Expansion, Plus500
Intensifies its efforts on international growth
With its main office in Israel, Plus500 was established in 2008 and provides trading services for currency pairs and CFDs of well-known asset classes such as stocks, indices, cryptocurrencies, ETFs, and options. One of the few retail FX/CFD brokers who are publicly listed.
Additionally, it is one of the brokers with significant technological investments and only provides trading services through its own trading platform.
Platform for Trading
A forex trading platform is a soft tool used in the FX industry.
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Plus500 presently possesses twelve licences internationally after greatly enhancing its regulatory standards over time. In the past three years, the company has acquired licences in the US, Japan, Estonia, and Seychelles. Buying two locally controlled businesses in those areas allowed it to enter the US and Japan.
The broker finished the 2022 fiscal year with $832 million in sales and around $454 million in EBITDA, earning the new DFSA licence. Both numbers exceeded the prior year’s levels and met the company’s projections.
In Q3 2022, it introduced a US-specific proprietary futures trading platform as part of its new focus on expansion in the US. In order to sign a 4-year sponsorship agreement with the Chicago Bulls, a US-based professional basketball team, it terminated a 7-year agreement with the Spanish football club Atletico Madrid in October.