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IC Markets Secures Kenyan License, Expands African Footprint

IC Markets

Story Highlights

  • IC Markets obtains a regulatory license from Kenya’s Capital Markets Authority (CMA).
  • The license allows IC Markets Kenya Limited to operate as a non-dealing online forex broker.
  • Expansion into the Kenyan market is part of IC Markets’ growing African presence.

In a significant move, IC Markets, the Australia-headquartered forex and CFD broker, has secured a regulatory license from the Capital Markets Authority (CMA) in Kenya. The license authorizes IC’s Kenya Limited to operate as a non-dealing online foreign exchange broker within the country, marking a strategic expansion into the Kenyan market and underscoring the company’s commitment to establishing a robust presence across the African continent.

Several other international brokers have obtained similar licenses from the Kenyan regulator, recognizing the region’s vast potential for growth in the online trading industry. Wyckliffe Shamiah, CEO of CMA, welcomed the development, stating: “The increasing demand for licenses in the intermediary sector enhances competition, innovation, and the reach of capital markets products and services to retail investors.”

Regulated Entity with Diversified Offerings

In addition to its latest approval in Kenya, IC Markets holds licenses in Australia, Cyprus, Seychelles, and the Bahamas, demonstrating its dedication to operating within a robust regulatory framework and ensuring the highest standards of investor protection and transparency.

Beyond its core forex and CFD offerings, IC Markets recently ventured into the realm of proprietary trading services, becoming one of the few regulated brokers in this space. This diversification showcases the company’s commitment to meeting the evolving needs of its global client base.

As IC Markets establishes its foothold in Kenya, industry observers anticipate the broker will leverage its extensive experience and regulatory credentials to provide Kenyan traders with a secure and transparent trading environment, ultimately contributing to the growth of the local financial markets.