ThinkMarkets Expands Global Reach with New DFSA License in Dubai

March 2, 2024 at 12:22 PM
ThinkMarkets

In a strategic move to broaden its market presence, Melbourne-based brokerage firm ThinkMarkets has successfully acquired a license from the Dubai Financial Services Authority (DFSA). This significant milestone, announced on March 1, 2024, marks the company's latest expansion, positioning it within the prestigious Dubai International Financial Center (DIFC).

The newly obtained DFSA license paves the way for ThinkMarkets to offer its comprehensive suite of FX and CFDs products not only to clients in the UAE but also across the GCC states—including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia—and extend its services to North Africa. The DIFC, known for its independent legal system and financial autonomy within the UAE, provides an ideal backdrop for ThinkMarkets to extend its reach.

The move comes when the DFSA has reported a surge in interest from global brokers and authorized firms looking to cater to retail FX trading within the DIFC. ThinkMarkets co-founder Faizan Anees expressed enthusiasm about the acquisition, highlighting the UAE and wider MENA region's potential for growth. Anees emphasized the company's commitment to offering a secure, regulated trading environment, powered by its proprietary platform, ThinkTrader, and a vast selection of trading instruments.

Obtaining the DFSA license was no small feat, given the stringent guidelines set by the regulatory authority, especially concerning AML compliance and the prohibition of transactions in UAE Dirhams within the center. ThinkMarkets had to navigate through a complex legal framework, demonstrating its adherence to high standards of risk management and operational integrity.

This expansion follows ThinkMarkets' recent decision to terminate its merger plans with Canada-listed FG Acquisition Corp, a move that had previously caught the industry's attention. Despite this, ThinkMarkets continues to demonstrate robust financial health, with a reported revenue of $62 million in 2022.

As a globally recognized online forex brokerage, ThinkMarkets holds licenses from the UK's Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC), among others. The firm has been on an expansion spree, extending its services to South Africa and Japan, further solidifying its position as a leading player in the forex trading industry.

The new DFSA license not only enables ThinkMarkets to enhance its service offerings in the MENA region but also sets a precedent for its continued growth and dedication to providing a premier trading experience to its clients worldwide.

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