Exness has been given the green light by the Capital Markets Authority of Kenya (CMA) to operate as a non-dealing online broker in the country.
“The CMA license is an important step for Exness to develop an even more powerful presence in Africa,” Paul Margarites, the Regional Commercial Director for Sub-Saharan Africa at Exness, said in a statement.
“Thanks to our FSCA license, we got off to a good start in establishing our reputation in the continent in 2021. We look forward to providing our products and services to more traders across Africa via our new license.”
Kenya has become one of the very few African nations to strengthen its financial services regulatory regime, especially in the forex brokerage industry. Additionally, the regulatory body is tightening its grip on the market and has issued multiple warnings against trading on locally unlicensed platforms, which are still rampant in the country.
In Kenya, other brokerage firms include EGM Securities, which is the Kenya-based operations of Equiti Group and locally trading as FXPesa; SCFM Limited, trading as Scope Markets, Pepperstone Markets Kenya Limited and Exinity.
According to the Capital Markets (Online Foreign Exchange Trading) Regulations, 2017, Non-dealing Online Forex brokers do not offer client advice or trade on behalf of their clients. Clients deposit their investment amount with an account to be offered by the broker.
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