Who did Valutrades hire to head its new MENA operation?
Where is Admirals’ new licensed subsidiary (and 10-person office) which will cover the MENA region?
From where did Sucden Financial hire an entire four-person FX sales team?
Which CySEC broker went offshore? (And where?).
Which FX broker KYC/AML specialist got a CySEC ASP license?
Who resigned as CEO of an FCA-licensed Retail FX broker?
Answers to these question and a whole lot more appeared first or exclusively this week at FNG. Some of the top FX industry news stories to appear over the past seven days on FNG included:
Exclusive: Valutrades expands to MENA region hiring Waleed Salah from Blackbull. FNG Exclusive… FNG has learned that just two months into his role as Head of Arabic Office for New Zealand based Retail FX and CFDs broker Blackbull Markets, Waleed Salah is on the move again and has joined Valutrades. His new title at Valutrades will be Head of Sales MENA, but effectively he will be charged with building the Valutrades business and brand in the Arabic speaking world. The Egypt-based Waleed Salah had joined Blackbull Markets in April 2021 (as was also exclusively reported by FNG) from Australia based VantageFX, where he had a similar role. Valutrades is an FCA licensed broker and is run from London led by Graeme Watkins, who has been CEO since 2015.
Exclusive: Admirals parent Admiral Markets AS opens a subsidiary in Jordan. FNG Exclusive… FNG has learned that Estonia based online trading and investments firm Admiral Markets AS is expanding and opening a subsidiary in Jordan. It is the implementation of the company’s long-term strategy, one of the goals of which is to continue expanding in the Middle East and North Africa (MENA) region. The investment required to open a new subsidiary is JOD 3,280,000, or just over €4 million. The new operating company is fully regulated by the Jordan Securities Commission. Admiral Markets Group AS is physically represented in twenty countries worldwide through its regulated trading companies, with a customer portfolio covering over 145 countries.
Fxview adds offshore presence in St Vincent & The Grenadines. Recently acquired Retail FX broker Fxview has announced that it has added an offshore arm, establishing an entity in St Vincent & The Grenadines. The south Caribbean island has become a popular destination for offshore FX brokers. The Cyprus based and CySEC-licensed Fxview, acquired earlier this year by Indian-Canadian fintech company Finvasia, has established offshore subsidiary Charlgate SVG LLC which the company said will ensure the expansion of products and services on Fxview’s platforms. It will also allow them to offer regulated forex and CFDs trading services to traders around the globe. The offshore Fxview arm will be managed by Rahul Bansal, AVP Business Management at Fxview who will act as Director of Charlgate SVG LLC.
KYC/AML specialist Sumsub gets CySEC ASP license. Metaquotes-backed identity verification platform Sumsub has taken another step to make further inroads into the Retail FX sector, announcing that it has secured an administrative services provider (ASP) license from Cyprus financial regulator CySEC. The company said that this additional qualification will help Sumsub consult over 1,000 businesses that struggle to meet AML requirements. Sumsub has signed a number of deals recently with technology and platform providers to Retail FX brokers, integrating some or all of its solutions (such as client video verification). These include agreements with B2Broker, white label provider Scalable Solutions, and Leverate.
Top FX industry executive moves reported at FNG this week included:
Andrew Peeler
