Doo Financial, a subsidiary of Doo Group, has obtained a new regulatory license from the Cyprus Securities and Exchange Commission (CySEC). This new authorisation will allow the broker to offer its services across the European Union bloc by passporting it.
Entry to Europe
"Acquiring the new license from CySEC is a significant milestone for Doo Financial, marking a key step in our ongoing growth and strategic expansion,” said Costas Kappai, Doo Financial EU’s Managing Director.
“By aligning with CySEC's rigorous requirements, we are better positioned to offer enhanced services to our clients, foster greater transparency, and ensure long-term stability in an increasingly complex and dynamic financial landscape."
While Doo established its presence in Cyprus, many other retail brokers and other CFDs industry players are leaving the Mediterranean island. Finance Magnates recently reported that 26 Degrees is considering giving up its Cyprus license, while the one of BDSwiss has been suspended. Earlier this year, FXTM also stopped its services under its Cyprus entity and gave up the license.
Finance Magnates recently pointed out that Banxso, a CFDs broker facing serious troubles in South Africa, stopped onboarding clients under its Cyprus license months ago.
Global Presence of Doo
Meanwhile, Doo Group operates globally with several other regulatory licenses. Apart from Cyprus, it is regulated in the United Kingdom, Australia, Hong Kong, and Malaysia. One of its subsidiaries secured a capital markets license in Singapore.
The Doo Group is also expanding into the Middle East and opened an office in Dubai earlier this year.
With operations globally, Doo Group is witnessing strong trading demand on its platform. As Finance Magnates reported earlier, the trading volume of forex and CFDs on its platform surpassed $106 billion last May.
