In an exclusive announcement, Finance Feeds today reported that UK registered Scope Markets have launched a licensed offering in Kenya. This is the second retail FX broker to enter the market with a licensed offering so far. Given the popularity of North Africa, Latin America and other emerging markets, the move does not come as a surprise.
It should be noted that Scope Markets have decided to take a proactive approach to satisfying any local regulatory requirements, no matter how cumbersome they can be in jurisdictions where OTC Forex trading is still very new to investors.
Scope Markets is the second brokerage to secure a non-dealing online forex broker licence from the CMA under the new regulations. The forex and contracts for difference (CFD) broker has been actively trying to expand its presence in emerging markets in recent months. The firm’s launch in Kenya appears to be another step along that journey.