The Capital Markets Authority (CMA) has granted Admirals Kenya Limited a license as a non-dealing online forex trading broker under the local regulations.
The broker confirmed that it plans to further expand its operation in the African market and the new license will help with its strategy.
Admirals said:
Admirals hopes the achieving of this license shall assist further growth in Africa and grant access to a stringently regulated market.
Admirals obtained license in South Africa to provide execution services in CFDs to retail and professional clients earlier in June 2022. As part of its expansion in South Africa, the company also opened an office in Cape Town.
The global financial technology company further announced on Thursday that its Cypriot and South African business arm have signed a takeover agreement of Aglobe Investments Ltd. The entity is based in the Seychelles and holds securities dealer license from the Seychelles Financial Services Authority.
