Equiti Group, a provider of online trading technology and multi-asset financial products, has received a regulatory license from the Cyprus Securities and Exchange Commission (CySEC).
CySEC granted the license to Cypriot subsidiary, Equiti Global
Markets Limited, to operate in Europe, the Group announced on Wednesday.
Additionally, Equiti Group announced the appointment of Hesham Hasanin, the CEO of EGMLabs in Cyprus as the CEO of Equiti Global Markets Limited.
Hasanin was previously the Global Head of Trading Solutions for Equiti Group.
The new license is an addition to Equiti Group’s existing seven regulatory licenses in the United Kingdom, Kenya, United Arab Emirates (UAE), Armenia, Jordan and the Seychelles.
'A Significant Milestone'
The licensing comes six months after the Group received an over-the-counter derivatives and foreign exchange spot market license from the UAE Securities and Commodities Authority (SCA), thus helping to strengthen its presence in the Middle East.
The technology provider described the CySEC license as “a significant milestone in its ambitious global growth strategy.”
In addition, it noted that Cyprus is an ideal location in Europe for the Group to extend its business owing to the country's established regulatory framework and business hub.
Iskandar Najjar, the CEO of Equiti Group, noted that the license will enable the multi-asset financial products provider “to extend our business-to-business offering in a secure, regulated manner to clients in Europe.”
Najjar emphasized that regulation and good governance remain key parts of Equiti’s business model.
“Our CySEC license gives our clients peace of mind by knowing that they are with a global broker in Europe that they can trust and that with CySEC’s regulatory oversight, strict financial market regulatory standards are adhered to,” Najjar explained.
Regulated subsidiaries under the Equiti Group include Equiti Capital UK Limited (United Kingdom), Equiti Securities Currencies Brokers LL (UAE), Equiti Brokerage (Seychelles) and EGM Securities (Kenya).
Others are Equiti Group Limited Jordan LLC (Jordan), EGM Futures DMCC (UAE), and Equiti AM CJSC (Armenia).
Growth Moves
Finance Magnates reported last month that Equiti Capital UK Limited had doubled its profit in 2021 despite recording only a 5% jump in revenue.
On top of that, the subsidiary generated a revenue of $32.53 million in 2021, compared to $30.9 million in the prior year.
In June, Equiti Brokerage expanded its crypto CFD offerings, becoming one of the top providers with the largest crypto CFD basket.
Earlier in May, the Seychelles subsidiary added more than 40 fully-paid cryptocurrency CFDs to its product range, continuing months of expansion in its product offerings.
