FxPro has announced that they have received financial regulation in South Africa under the country’s Financial Services Board (FSB). Authorized as a Financial Service Provider under the name ‘FxPro Financial Services Limited’, the new regulation is an addition to their existing financial license in Cyprus from CySEC.
While many CySEC regulated brokers refrain from acquiring licenses in other countries and rely on their EU regulated status, the FSB has become an exception. By receiving a license, it gives brokers an easier time courting local affiliates and introducing brokers who in the past have been warned by the regulator to only refer clients to FSB authorized firms. Also, due to monetary constraints related to the transfer of the South African rand, some brokers will open local offices for handling customer deposits and providing for localized payment options.
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According to FxPro, the broker believes that with the FSB license, they will be able to expand their operations to reach new customers. Regarding the news, FxPro CEO, Charalambos Psimolophitis, stated: “We are delighted at the prospect of extending our services to new customers. The FSB authorisation gives us a key advantage and opens up an array of opportunities, as we believe that there is significant market potential for FxPro. We welcome it as another step towards growth”.