ICM Capital plans to end its operations in the UK, according to a notice on the regulator’s website stating that the forex and CFD brokerage firm has applied to cancel its authorization. The Financial Conduct Authority (FCA) mentioned that ICM "must still meet our standards in dealing with its customers."

ICM Shifts Focus to Other Regions

Despite this latest action, ICM Capital, which rebranded to ICM.com in 2018, holds licenses in Abu Dhabi, Mauritius, Labuan, Saint Vincent, and the Grenadines. The company is also licensed by South Africa’s Financial Sector Conduct Authority and by ARIF in Switzerland. However, according to the information on its website, the broker does not provide its services to the US, North Korea, and China.

In 2018, ICM rebranded to ICM.com, consolidating all of its group entities under one brand. This initiative happened alongside the unveiling of a new logo and a revamped website. Shoaib Abedi, the Founder of the company, emphasized the importance of consolidating all entities under one brand, citing the firm's exponential growth over the past decade.

Abedi outlined key objectives as offering excellent customer service, refined market knowledge, undertaking solid execution across multiple asset classes, and an overall rewarding investment experience. By aligning its brand identity with these factors, ICM aims to strengthen its offerings for investors and traders worldwide.

Expansion Efforts

The brokerage firm previously pursued several initiatives to increase its presence, including sports sponsorships, such as sponsorship of the English polo team, Fulham Football Club, and Cycling. ICM.com entered Qatar in 2021 as part of its expansion to the Middle East and North African region. The move was facilitated through authorization from the Qatar Financial Centre, allowing ICM to set up a physical office in Doha, Qatar.

Abedi emphasized the company's commitment to continuous expansion despite the challenges posed by the pandemic. The expansion into Qatar followed its entry into the Jordanian market as part of the company's global expansion strategy. Besides that, ICM.com added around 700 US stock CFDs.