FP Markets Receives License From Kenya CMA

With FP Markets becoming the latest broker to receive a license from Kenya's Capital Markets Authority, the emerging and largely untapped Africa is becoming a priority for brokers.

According to the official announcement, the non-dealing Foreign Exchange Broker License has been granted to the locally established subsidiary FP Markets Limited.

"Kenya has emerged as an important new strategic location for us and is a country that boasts a young and dynamic trading and investing community," the CEO of FP Markets, Craig Allison, said, highlighting the importance of the Kenyan market.

"It stands out as a well-regulated financial services center and a hub for large parts of Africa, and the economy here is advanced, characterized by a strong entrepreneurial spirit and consistent growth."

Kenya is one of the few African markets with local regulations for forex and contracts for difference (CFDs) brokers. Earlier, the country's regulator had repeatedly warned retail brokers about providing services in the country without any local authorization.

Many reputable international brokerage firms have launched their services in Kenya in recent years. Admirals, INGOT Brokers, and Exness are the most recent firms licensed in Kenya.

FP Markets is based in Sydney and was licensed to operate in South Africa last year. Now, with Kenya's approval, it has two regulatory authorizations on the continent. The broker is also licensed in Mauritius, Australia, Cyprus, and the Bahamas.

(Source: Magnates)