IC Markets Gains License in Kenya for Forex Operations

IC Markets secures the regulatory license in Kenya, expanding its presence in Africa’s growing retail trading sector.

Key Points

• IC Markets obtains a regulatory license in Kenya, signaling its strategic entry into the African market.
• Capital Markets Authority licenses IC Markets Kenya Limited, enabling operations as a non-dealing online forex broker.
• IC Markets adds Kenya to its list of regulatory approvals across Australia, Cyprus, Seychelles, and the Bahamas, emphasizing compliance and standards.
• Kenya’s financial sector is experiencing increasing competition due to the presence of international brokers like FP Markets, Pepperstone, and Exness.

In a recent development, IC Markets, a prominent player in the forex and contracts for difference (CFDs) sphere, has obtained a regulatory license in Kenya. This move signifies the company’s strategic expansion into the African market, capitalizing on the region’s growing demand for retail trading services. The license, granted by the Capital Markets Authority (CMA) in Kenya, authorizes IC Markets to operate as a non-dealing online foreign exchange broker under the locally registered entity IC Markets Kenya Limited.

According to statements from the Kenyan regulator, issuing licenses to intermediary firms reflects a positive trend in the market, fostering healthy competition, innovation, and broader accessibility of capital market products and services to retail investors. Wyckliffe Shamiah, CEO of CMA, emphasized the significance of this trend in enhancing the vibrancy of Kenya’s financial landscape.

IC Markets Gains License in Kenya for Forex Operations

IC Markets‘ latest licensing endeavor in Kenya adds to its existing regulatory approvals in various jurisdictions, including Australia, Cyprus, Seychelles, and the Bahamas. The company’s diversified portfolio of licenses also underscores its commitment to compliance and regulatory standards across different markets.

IC Markets‘ entry into Kenya aligns with its March introduction of prop trading services, enhancing its product diversity. Moreover, this strategic move solidifies IC Markets‘ position among regulated brokers in prop trading.

Kenya’s economic landscape, characterized by a burgeoning population exceeding 54 million and a nominal GDP of approximately $113 billion, presents a compelling growth opportunity for retail brokers. The country’s increasing internet and mobile penetration rates and rising income levels have fueled a surge in demand for online trading services. Moreover, Kenya boasts a regulatory framework conducive to retail brokers’ operation, providing market participants clarity and stability.

In light of these favorable conditions, several international FX and CFD brokers have established their presence in Kenya and obtained regulatory approval. Well-known entities such as FP Markets, Pepperstone, Exness, Admirals, INGOT Brokers, Scope Markets, and Exinity reflect Kenya’s vibrant and competitive financial sector.

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