Plus500 acquires a DFSA license to boost its MENA presence
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Plus500 is seeking to grow its presence in the Middle East. The London-based company has said that a new license from the Dubai Financial Services Authority (DFSA) will enable it to grow its regional presence and expand its customer base.
Plus500 to expand MENA presence with new DFSA license
Plus500 is a brokerage company listed in London, and it is now seeking a solid presence in the Middle East and North Africa (MENA) region. The company has said that the DFSA license will access significant growth opportunities, allowing the brokerage company to expand its offerings to clients in the United Arab Emirates.
The CEO of Plus500, David Zruia, commented on this development saying, “We are delighted to have received license authorization from the DFSA in the UAE, and we are excited to bring our market-leading technology capabilities to customers in the region. This is the latest realization of our strategy to enter new markets, develop new products, and deepen engagement with our customers.”
The DFSA license is popular among brokerage companies that want to access the Middle East markets. Other brokerage platforms such as MultiBank Group, XTB, and Zenfinex have also obtained the DFSA license, and they will be competing against Plus500 in the region.
The CFO of Plus500, Elad Even-Chen, noted that the company was excited to have received this license to access the rapidly growing UAE market. With this license, Plus500 can seek long-term growth opportunities by appealing to a large customer base in the UAE.
The company is making efforts in the space using the unique proprietary technology that Plus500 promotes. This technology supports the broker’s ability to attract and retain its clientele globally in the long term.
Plus500 sets eyes on new markets
Plus500 is a company whose headquarters are in Israel. The company was founded in 2008. It provides various trading services such as forex pairs, CFDs of leading asset classes such as cryptocurrencies, exchange-traded funds (ETFs), indices, options, and stocks. Plus500 is among the few retail FX/CFDs brokers that are publicly listed.
The brokerage platform has also made notable investments in the technology sector. It provides trading services on its proprietary trading platform. It focuses on regulatory compliance and has acquired twelve licenses globally.
Some jurisdictions where this company has acquired licenses include Estonia, Japan, Seychelles, and the US. The company secured licenses in Japan and the US after acquiring two licensed companies in the two countries.
The brokerage platform secured a new DFSA license after reporting $832 million in revenues for the 2022 fiscal year. The EBITDA during the period came in at around $454 million. The figures were an increase from the past year, and they aligned with the company’s expectations.
The broker is currently focused on pursuing growth in the United States. It launched a proprietary futures trading platform targeting US customers in the third quarter of last year. In October last year, the company halted a seven-year partnership deal with Atletico Madrid and became the sponsor of Chicago Bulls.
