Exclusive: Ali Hassan Launches New FX Brokerage in Cyprus

After a series of penalties and suspensions made by the Cypriot regulator in the last few months, all aimed to tighten online trading regulation, the question of whether or not the new rules would affect Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term, CFDs brokers was on everyone’s mind.

However, it seems that CySEC’s efforts were not that bad, since we have just found out that at least one broker out there is brave enough to expand its business to Cyprus.

As Finance Magnates has exclusively learned, Middle East FX veteran, Ali Hassan has led efforts to obtain a CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term CIF license for a new retail brokerage firm, operating under the brand Evest.com.

Mr. Hassan is going live with the new FX brokerage that has been in the works over the last three months. The new firm, which has secured decent funding from a big investor, is also seeking additional licenses from other ‘top-tier’ regulators, including the financial watchdog of Abu Dhabi Global Market (ADGM).

Introducing the new brand, eVEST CEO, Ali Hasan said, “We must trust the numbers, once you understand the numbers of any business, the growth can be controlled."

Ali also said that eVEST engaged other “established entrepreneurs” and that it raised seven million dollars through its A funding round from one investor alone, but "the investor does not want to reveal his name at the moment."

Eyes on the Arab Gulf Region

We understand that the entire process of the firm’s venture into the UAE territory began a while before obtaining the Cypriot license, but the application is still pending regulatory approvals.

Abu Dhabi’s Financial Services Regulatory Authority (FSRA) has very strict guidelines in place for obtaining a forex license, as well as for conducting forex business. Specifically, obtaining a UAE forex license is a complicated procedure that involves many legal limitations that revolve around the country’s prohibitions on banking activity in the local currency.

With a booming economy and massive levels of inward investment and migration, the Gulf market, in particular, looks increasingly attractive as an investment opportunity within the MENA region. However, expanding into more developed markets within the Gulf area, such as Saudi Arabia and the UAE, has been a complex process with many potential pitfalls, as getting ‘straight’ regulatory approvals to operate a forex retail brand is extremely difficult.