Capital.com has expanded its operations in the Middle East and North Africa (MENA) region by acquiring a new operational license in the United Arab Emirates (UAE). Specifically, the broker has obtained a Category 1 license from the country’s Securities and Commodities Authority (SCA).
Aiming Expansion
“The GCC is a tremendously important market for us, and we can’t wait to get started from our new offices in Emirates Towers,” Tarik Chebib, Capital.com’s CEO for Middle Eastern operations, noted when announcing the license on LinkedIn.
Chebib joined Capital.com in July 2021 as the Group Chief Revenue Officer, overseeing the two brands, Capita.com and Currently.com. He took over the charges of the London-headquartered broker’s Dubai office in August 2022. He further highlighted that the brokerage is expanding its team in the region and is actively hiring for several roles.
Some Operational Setbacks
The new license came only a few weeks after the broker suspended onboarding new traders under its UK-registered entity. However, its license in the country remains active.
“We have grown rapidly as a business, and we want to make sure that all our systems, controls, products, and services are provided to the high standards that are demanded by our clients, management, shareholders, and regulators,” a notice on the UK version of the website reads.
Capital.com was launched in 2016 and is owned by the billionaire entrepreneur Viktor Prokopenya. The group also operates Currency.com, which offers trading services with cryptocurrencies.
Over the years, it has established its presence in over a wider geographical area. Apart from its license in the home turf of the United Kingdom, Capital.com is regulated in Cyprus, Australia, and The Bahamas. The license from the UAE’s SCA, granted on March 26, is the latest one in the brokerage’s regulatory arsenal.
According to the SCA’s regulatory registry, the newly acquired license will allow the broker to operate as a financial products dealer, an international market trading broker, and a trading broker of OTC derivatives and currencies in the spot market. The registry lists two accredited employees, one is Chebib, and the other is Lina Rasbey, who assumed the role of Operations Manager at the Dubai office in September last year.
