FNG Exclusive… FNG has learned that London based Retail FX and CFDs broker Capital.com has secured a Category 1 license from the UAE’s financial regulator Securities and Commodities Authority (SCA). Capital.com apparently plans to ramp up hiring and operations out of Dubai, after recently moving into new expanded office space in Emirates Towers.

The move marks a shift in strategy for Capital.com. After bringing on board former IG Group CEO Peter Hetherington as CEO in mid 2022, with a clear eye towards expanding in the UK and Europe, Mr. Hetherington departed last year and was replaced by Kypros Zoumidou, another senior IG alum. We reported last month that Capital.com was quietly halting the onboarding of clients in the UK, and has clearly set its sights for expansion elsewhere.

Well that “elsewhere” seems to be farther eastward, in the MENA region and in the Far East.

Capital.com’s MENA operations are headed by Tarik Chebib, CEO Middle East, another IG Group alum who joined Capital.com (prior to Mr. Hetherington’s arrival) in 2021 as Group Chief Revenue Officer, before being named to his current role out of Dubai following Mr. Hetherington’s hiring.

About Capital.com

Capital.com operates several licensed subsidiaries involved in online brokerage in the UK, Australia, Cyprus, and now the UAE. The company, and its sister brand Currency.com are controlled by British tech entrepreneur Victor Prokopenya.