The issuance of the Dubai license will enable Plus500 to provide a range of FX and CFD products to retail and professional clients not only in the UAE but also to expand offerings to other GCC countries.
Global multi-asset fintech group, Plus500, announced that it had obtained a license from the Dubai Financial Services Authority (DFSA) in the growth market of the United Arab Emirates (UAE).
Before issuing licenses, the DFSA was found to have stringent guidelines for obtaining a Dubai forex license and conducting a forex business. In particular, getting a Dubai forex license is a complex procedure involving many legal restrictions that revolve around the country's ban on banking activities in local currencies, as transactions in UAE Dirhams are strictly prohibited.
The newly obtained license is immediately valid based on their official announcement. This will enable the company to expand its offerings to customers across the UAE as its global expansion continues.
David Zruia, CEO of Plus500, said they are happy to have received license authorization from DFSA in the UAE. "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," he said.
Zruia also highlighted that since 2020, the Forex and CFD broker had secured licenses in the US, Japan, Estonia, Seychelles, and the UAE, some of them through acquisitions.
"Now Plus500 has a valuable and growing portfolio of twelve licenses, ensuring that our thriving business continues to be built on a strong regulatory foundation," he added.