Australia-based broker IC Markets is taking steps to enhance its presence in the Middle East by seeking a license in the United Arab Emirates. The specific regulatory body that the broker intends to approach within the UAE is yet to be confirmed.

This initiative is part of a larger strategy aimed at broadening its operations in Africa, the Middle East, and Southeast Asia. The company’s expansion efforts include the appointment of Jason Hughes as the General Manager for the Middle East, who brings nearly two decades of industry experience from firms such as eToro, Exinity, ADSS, CMC Markets, and IG Group.

In a press release shared with Financemagnates.com, IC Markets stated that it is progressing toward obtaining regulatory approval in the UAE. The broker plans to offer a high-touch, relationship-managed service specifically designed for the region’s trading community.

Additionally, IC Markets is establishing a new service center in Malaysia to support its commercial growth plans. The firm is also investing in technology hubs located in India and the Philippines. Notably, last year, Axi, another Australia-based CFDs broker, opened an office in India, which has since developed into its technology and product center. Both Axi and IC Markets have recently entered the proprietary trading space with their individual platforms.

IC Markets provides leveraged trading in margin forex and CFDs across various asset classes. Besides its operations in Australia, the broker holds licenses in Cyprus, Seychelles, and the Bahamas. Last year, it also received authorization from Kenya’s financial regulator, marking its entry into Africa’s expanding trading market.

Despite being recognized as one of the top brokers based on trading volumes, IC Markets has encountered controversies. In 2023, the Cyprus Securities and Exchange Commission (CySEC) imposed a €200 000 fine on the broker for “knowingly and intentionally” breaching leverage limits. The regulator indicated that IC Markets’ Cyprus-regulated entity offered clients leverage of up to 1000:1 by onboarding them under an offshore entity. Within the European Union, FX and CFDs brokers are permitted to offer leverage only up to 30:1.

In response to these allegations, an IC Markets spokesperson categorically denied the claims and stated that the company would rigorously pursue an appeal. However, it remains unclear whether the broker followed through with legal action regarding the regulatory decision.