Exness, a multi-asset brokerage, announced that it has acquired a regulatory license from the Financial Sector Conduct Authority (FSCA) in South Africa to operate as a financial service provider in the region. The broker termed Africa as an important region for strategic expansion.
According to the official announcement shared exclusively with Finance Magnates, Exness received the FSCA license to provide services to partners and traders in the region under a secure regulatory environment. The brokerage has already developed a strong client base in the South African region which includes professional traders and valuable partners.
Founded in 2008, Exness has more than 140,000 active clients in over 150 countries worldwide. Previously, the broker reported strong financial results in 2020 as the annual trading volume reached $6,110 billion, its highest level in history.
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Commenting on the recent announcement, Paul Margarites, Exness Director for Sub-Saharan Africa, said: “This is a very important milestone for Exness as Africa is instrumental in our strategic expansion plans. We have been fortunate enough to already partner with some of the most professional traders and partners in the region and look forward to what’s in store both for us and for those we intend to do business with.”
“The FSCA is responsible for market conduct regulation and supervision in South Africa and aims to enhance and support the efficiency and integrity of financial markets, protecting investors and traders by promoting their fair treatment by financial institutions,” Exness mentioned in the official announcement.
Regional Expansion and Transparency
South Africa is an emerging market with great potential. The country has seen rapid economic growth in the last decade. Several financial companies worldwide are planning to enter the region to explore business opportunities. The recent acquisition of the FSCA license by Exness shows that the company is planning to expand in the region with a clear regulatory status. Furthermore, Exness regularly updates financial reports and key performance indicators on its website to make the financial numbers more transparent. In 2020, the broker reported $593 million in client withdrawals and $100 million in partner withdrawals.