Finally FINMA, the Swiss market regulator, has approved another Forex broker. MIG was the first a few months ago and now it’s Dukascopy’s turn.
Dukascopy will now receive a full status of a bank and along forex may offer other banking products to its clients. This is how forex is regulated in Switzerland.
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Dukascopy becomes only the second Swiss forex broker to be approved by FINMA. Another broker waiting on the sidelines is AC Markets, although its story may be a bit different as it was once raided by FINMA and there are rumors of a large lawsuit launched by a client against the company. Internal struggles which saw most of its original founders part ways with the company. FINMA’s stringent capital and regulatory requirements have minimized the number of ‘Swiss’ brokers from couple of dozens to just three and if ACM won’t get its license it will only be down to two.