Exclusive FNG… FNG has learned that London-based retail FX and CFDs broker Capital.com has secured a Class 1 license from the UAE’s financial regulator Securities and Commodities Authority (SCA). Capital.com is apparently planning to increase hiring and operations outside of Dubai after recently moving into new expansive office space at the Emirates Towers.
The move marks a shift in strategy for Capital.com. After bringing in former IG Group chief executive Peter Hetherington as chief executive in mid-2022, with a clear eye on expansion into the UK and Europe, Mr Hetherington left last year and was replaced by Cyprus Zoumidou, another senior graduate of IG. We reported last month that Capital.com was quietly stopping onboarding clients in the UK and has clearly set its sights on expansion elsewhere.
Well, that “elsewhere” seems to be further east, in the MENA region and the Far East.
Heading Capital.com’s MENA business is Tarik Chebib, CEO Middle East, another IG Group partner who joined Capital.com (prior to Mr. Hetherington’s arrival) in 2021 as Group Chief Revenue Officer, before be named in his current role out of Dubai following the recruitment of Mr Hetherington.
About Capital.com
Capital.com operates several licensed online brokerage subsidiaries in the UK, Australia, Cyprus and now the UAE. The company and its sister brand Currency.com are controlled by Victor Prokopenya, a Belarusian lawyer and computer scientist living in London.