CMC Gains Bermuda License, Opens New Office

CMC Markets (LON: CMCX) has confirmed today (Tuesday) that it has opened a new office in Bermuda after obtaining a license from the Bermuda Monetary Authority (BMA). The new authorization will allow the broker to conduct investment business and digital asset business.

New Offshore Operations

According to the broker, the new Bermuda operations will further increase its addressable markets.

“The establishment of our Bermuda office is a decisive step in CMC's mission to achieve global market leadership,” said Benjamin Charbonneau, Global Head of Retail at CMC.

Interestingly, the London-headquartered broker also inked deals with Sumsub, an all-in-one verification platform, and FYNXT, which offers a modular platform for multi-asset brokers and financial institutions, for client-onboarding processes under its Bermuda license.

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“We have invested in verification technologies and developed a fully scalable platform, ensuring seamless onboarding and delivery of our industry-leading products,” Charbonneau added. “This expansion will enable us to extend our reach to new markets worldwide, cementing CMC’s position as the pre-eminent provider of online trading services. We are confident in our ability to expand our client base and deliver exceptional value on a global scale.”

Expansion with Partnerships

CMC has recently focused on its global expansion. It became a white-label technology provider for Revoult, which started to offer CFDs in three European countries, and also ASB Bank in New Zealand.

Meanwhile, CMC's Chief Financial officer, Albert Soleiman, stepped down last month after the board decided. The broker has yet to name his replacement for the key role. Meanwhile, Finance Magnates reported that David Fineberg, the Deputy CEO of CMC, took over as the CEO of the UK unit that operates the CMC Invest brand, a role previously held by Soleiman.