FNG Exclusive… FNG has learned that Dubai based Retail FX and CFDs broker VPFX has received a Category Five license from UAE financial regulator Securities and Commodities Authority (SCA), for its subsidiary VPFX Financial Services LLC.

The Category Five license will allow VPFX to engage in Introduction and Promotion activities in the UAE. (A full Category One license would also allow for “Trading broker of OTC derivatives and currencies in the spot market”.)

Ahead of the receipt of its SCA license, VPFX hired experienced FX industry compliance executive Evangeline Mauthe at its Head of Compliance and MLRO. Evangeline was previously a senior compliance manager at various online brokers including Advanced Markets, FXGate, Equiti Group, Axi, and Alpari.

VPFX (at website vpfx.net) has until now operated as an offshore (Labuan) domiciled broker. The company is run by CEO Alpesh Patel. VPFX focuses mainly on traders from India, and other select markets in the Far East.