XTB MENA receives the DFSA license
X-Trade Brokers, better known as XTB, has obtained a third-class license from the Dubai Financial Services Authority (DFSA) through its XTB MENA branch, which allows it to operate in the United Arab Emirates. According to an announcement released on Tuesday, the license was granted by financial regulators on July 8.
The next step in the broker’s activity will now be to extend the offer for clients in the Middle East and North Africa. This development of the situation was suggested by XTB from the beginning of the year, but the latest announcements were published in April. “We are very close to launching operations in the United Arab Emirates. We intend to start operating on this market in the first half of 2021” – said the president of XTB Omar Arnaout during an industry conference call.
The broker expands its operations to the Middle East
Earlier this year, the broker announced that it was seeking a license from the Dubai Financial Services Authority after establishing its new subsidiary XTB MENA. Obtaining this coveted license expands the group’s area of activity, which already includes companies regulated and authorized by regulatory authorities in Cyprus (CySEC), Poland (KNF) and the United Kingdom (FCA).
The new license will allow XTB to offer FX and CFD products to retail and professional clients not only in the United Arab Emirates, but also to extend the offer to other Gulf countries, i.e. Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and North African countries. The Dubai International Finance Center (DIFC) is a financially independent federal area, completely separated from the rest of the country, with its own legal system and courts. According to media reports, DFSA is gaining more and more interest from authorized companies and global brokers who want to offer access to the Forex market to retail clients from the DIFC area.