Breaking: IC Markets Seeks UAE License

Australia-headquartered broker IC Markets is considering strengthening its presence in the Middle East by obtaining a licence in the United Arab Emirates. However, it remains unclear which regulator the broker will approach in the country.

The move is part of a broader strategy to expand its footprint across Africa, the Middle East, and Southeast Asia.

A New Head for the Middle East

A press release shared with FinanceMagnates.com also revealed that the broker has appointed Jason Hughes as its General Manager for the Middle East. Hughes has previously worked with several brokerage firms, including eToro, Exinity, ADSS, CMC Markets, and IG Group, bringing nearly two decades of industry experience to his new role at IC Markets.

“In the Middle East, the Group is progressing toward securing regulatory approval in the United Arab Emirates, with plans to offer a high-touch, relationship-managed service tailored to the region’s trading community,” the broker stated in the announcement.

Further, IC Markets is establishing a new service centre in Malaysia to support its broader commercial growth plans. It is also investing in technology hubs in India and the Philippines.

Last year, Axi, another Australia-based CFDs broker, opened an office in India, which has since become its technology and product centre. Both Axi and IC Markets have also entered the prop trading space with their own platforms.

IC Markets’ Dispute in Cyprus

IC Markets offers leveraged trading in margin forex and CFDs across several asset classes. In addition to its Australian operations, the broker holds licences in Cyprus, Seychelles, and the Bahamas. It also obtained authorisation from Kenya’s financial regulator last year, expanding into Africa’s growing trading market.

Despite being among the top brokers in terms of trading volumes, IC Markets has faced its share of controversies.

In 2023, the Cyprus Securities and Exchange Commission (CySEC) imposed a €200,000 fine on the broker for “knowingly and intentionally” violating leverage limits. According to the regulator, IC Markets’ Cyprus-regulated entity offered clients leverage of up to 1000:1 by onboarding them under an offshore entity. Within the European Union, FX and CFDs brokers are only allowed to offer leverage up to 30:1.

In a statement shared with FinanceMagnates.com at the time, an IC Markets spokesperson “categorically denied” the allegations and said the company “will rigorously pursue an appeal.” However, it remains unclear whether the broker followed through with legal action against the regulatory decision.