New DFSA licence from Plus500 strengthens company’s presence in MENA

By gaining a licence from the Dubai Financial Services Authority (DFSA), Plus500 (LON: PLUS) has entered the lucrative Middle Eastern markets, the brokerage firm stated on Monday.

The broker will be able to increase its products to clients in the United Arab Emirates thanks to the new licence, according to the London-listed company, which emphasised the prospect for significant development.

“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,” said the CEO of Plus500, David Zruia.

Brokers wishing to enter the Middle Eastern markets frequently obtain the DFSA licence. Other brokers, such as Zenfinex, XTB, and MultiBank Group, have recently received DFSA approval.

“We are really proud and excited to have obtained this new licence in the high-growth market of the UAE. The licence offers Plus500 a significant long-term commercial opportunity, as we aim to onboard a range of new customers across the UAE. Our efforts will be supported by Plus500’s unique proprietary technology, which underpins our on-going ability to attract and retain higher value customers, on a global basis, over the long-term,” added Elad Even-Chen, Plus500’s Group CFO.

With its main office in Israel, Plus500 was established in 2008 and provides trading services for various asset classes such stocks, indices, cryptocurrencies, ETFs, and options as well as FX pairs and CFDs. One of the few retail Forex and CFD brokers with a public listing is this one.

Additionally, it is one of the brokers with significant technology investments and only uses its own trading platform to provide trading services.

Plus500 presently has twelve licences worldwide after greatly enhancing its regulatory standards over time. Over the past three years, the company has acquired licences in the US, Japan, Estonia, and Seychelles. By acquiring two locally controlled businesses in those markets, it entered the US and Japan.

In Q3 2022, it introduced a US-specific proprietary futures trading platform as part of its new focus on expansion in the US. In order to sign a 4-year sponsorship agreement with the Chicago Bulls, a US-based professional basketball team, it terminated a 7-year agreement with the Spanish football club Atletico Madrid in October.

The broker finished the 2022 fiscal year with $832 million in sales and around $454 million in EBITDA, earning the new DFSA licence. Both numbers exceeded the prior year’s levels and met the company’s projections. You can read more about them in our Plus500 Review.

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