Royal Forex or RFXT, one of the biggest players in the Middle Eastern retail forex market, has set foot in Cyprus, the company’s Chairman Rayan Annan confirmed to Finance Magnates. The move happens after the brokerage started its business in Lebanon by focusing on the Middle East and expanded its services into APAC via an ASIC regulated subsidiary in 2014, which is headed by industry veteran Andrew Taylor.

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The company has obtained a license from the Cyprus Securities and Exchange Commission (CySEC) and recently signed a lease on its office premises in the heart of Limassol.

ROYAL Group’s Chairman Rayan Annan commented to Finance Magnates: “Regulation has been on the forefront of the online Foreign exchange industry for the past few years. We hold regulation in the highest regard and constantly seek to expand our products and services.”

The company’s CySEC license is going to be used by the company to further expand its business to cater to a truly global customer base. The company is expecting its license activation in October. Royal Forex is also licensed by the Central Bank of Lebanon as a Category One financial brokerage firm and is regulated by the financial markets supervisory authority of Lebanon, the Capital Markets Authority.

“With an already strong presence in the Middle East, and APAC via our ASIC regulated entity, our Cyprus office will be an ideal stepping stone into the European market. We plan to continue expanding our global business with further announcements to come in early 2017,” Mr Annan added.

The company is also offering its prime brokerage services and could use the CySEC license to expand its services into the European market in the B2B area.