With EU regulators beginning to enforce requirements of advisory licenses for copy trading products, such as social trading and trading signals, technology providers and brokers have moved towards becoming compliant with the new rules. Specifically in the UK, the regulator has been proactive in discussing copy trading with brokers and has limited its availability to firms licensed for money management and advisory businesses.
Providing a copy trading solution for brokers in the EU region, ZuluTrade has announced that its social auto trading platform has become regulated. The license is through Greece’s Hellenic Capital Market Commission (HCMC), under the name Triple A Experts SA.
According to ZuluTrade, by gaining a portfolio management license, their platform now fully complies with the EU framework for auto trading service providers, with brokers not requiring additional regulation themselves to offer the platform to their clients. The license is similar to one gained by Myfxbook for their auto trading solution in October of last year.
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Commenting publicly about the news, Leon Yohai, Founder and CEO of ZuluTrade, stated, “The regulated environment increases the transparency of our services and enables us to reach a larger audience of investors. This change will benefit and protect investors and add credibility to our platform. ZuluTrade Group is now fully regulated in the U.S., Europe and Japan meeting the highest regulatory standards world-wide. In our continuous effort to provide the best auto-trading experience, this is a development that makes us all proud.”