Exclusive: FXTM to Give Up FCA Licence, Raises UAE Bet

FXTM, the forex and contracts for difference (CFD) broker brand owned by Andrey Dashin, has decided to give up its Financial Conduct Authority (FCA) licence in the United Kingdom to focus more on Asian and Middle Eastern markets, FinanceMagnates.com has learned. Indeed, the broker is now gaining full brokerage status in the UAE and has also partnered with a local Indonesian broker.

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Leaving the UK for the Gulf and Asia

The brokerage giant labelled its move out of the UK as “part of its global realignment of strategic priorities.” It has concluded that the UK retail market is no longer its core growth focus area.

At the same time, it believes that there is a significant long-term opportunity in the Middle East and Asia.

FinanceMagnates.com earlier reported that Exinity, which is the entity behind FXTM, secured a Category 5 licence from Dubai's Capital Markets Authority. The Category 5 licence only allows companies to promote and market financial products in the UAE, but they must onboard clients and execute trades through an offshore entity.

Now the broker will upgrade its Category 5 licence to a Category 1 licence, with which it can operate as a full broker within the UAE. That means it can take in clients, accept funds, and execute trades locally.

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Although many brokers have flocked to the UAE in recent years, only a handful have obtained the full Category 1 licence. Plus500, XTB, and RoboMarkets are among the few names that have become full brokers in the UAE.

Indonesia, a New Front in Asia

FXTM is also advancing its Asia expansion strategy through a planned strategic partnership with a fully licensed Indonesian brokerage firm, operating as Invetra (PT INVETRA TEKNOLOGI BERJANGKA), which is regulated by BAPPEBTI.

Under this collaboration, Invetra will offer locally regulated trading powered by FXTM’s proprietary multi-asset technology stack. This model allows Indonesian clients to benefit from global standard tools and execution capabilities while remaining fully compliant with local frameworks.

Indonesia has also attracted many foreign brokerage brands. Plus500 bought a local broker, while Doo Group and XTB also gained a licence there.

Meanwhile, FXTM is not the only broker to exit the UK market. HTFX, AETOS, and GMI Markets are a few recent ones to give up their FCA authorisation. While some completely wrapped up their business, others are narrowing down their focus markets.

Interestingly, FXTM also stopped offering services to retail clients under its Cyprus entity in February 2021 and gave up that licence later in 2023.