ADVFN UK Market News

Tag: Brokers

  • Robinhood Expands to MENA Region with Dubai DFSA License Application and Key Executive Hire

    Robinhood Expands to MENA Region with Dubai DFSA License Application and Key Executive Hire

    In a strategic move to broaden its global footprint, Robinhood Markets Inc. (NASDAQ: HOOD), the prominent U.S.-based neobroker, has initiated plans to establish operations in Dubai. The company has formally applied for a Category 4 license from the Dubai Financial Services Authority (DFSA), signaling its intent to serve clients across the UAE and the wider Middle East and North Africa (MENA) region.

    The license, once approved, will enable Robinhood to operate from the Dubai International Financial Centre (DIFC), a leading financial hub in the region. This expansion marks a significant milestone in Robinhood’s international growth strategy, which has recently seen increased activity in Europe and Asia.

    To spearhead its MENA operations, Robinhood has appointed Mario Camara as Senior Executive Officer. Camara brings extensive experience in the FX and CFDs industry, having previously served as Senior Vice President of Licensing & Government Relations at Equiti Group. His tenure at Equiti spanned six years, following earlier leadership roles at Saxo Bank, where he was Managing Director for the MENA region based in DIFC.

    Robinhood’s move into Dubai follows a series of international initiatives, including the launch of its Legend desktop trading platform in the UK and sponsorship of French football club OGC Nice. The company has also introduced innovative products tailored to European investors, such as US stock and ETF tokens and perpetual futures.

    While Robinhood has been relatively quiet about its plans for the MENA region, the recent developments suggest a rapid acceleration of its presence in Dubai. A formal announcement detailing its regional strategy is expected in the coming weeks.

    This expansion aligns with Robinhood’s mission to democratize finance globally, offering accessible and innovative trading solutions to a broader audience.

  • Ultima Markets Buys Tiger Brokers UK in Strategic FCA License Grab

    Ultima Markets Buys Tiger Brokers UK in Strategic FCA License Grab

    In a bold and unexpected move, offshore CFDs broker Ultima Markets has acquired Tiger Brokers (UK) Ltd, securing a coveted FCA license and marking its formal entry into the UK’s highly regulated financial services market.

    The acquisition comes at a time when several brokers are exiting the UK due to rising regulatory costs and competitive pressures, making Ultima’s expansion a notable exception in the current industry trend.

    The deal, finalized in July 2025, was initiated in late 2024 when Tiger Brokers, a subsidiary of Nasdaq-listed UP Fintech Holding Ltd (TIGR), began winding down its UK operations. Ultima Markets injected £658,000 into the business to cover operational expenses during the transition, ultimately acquiring the dormant entity and its valuable regulatory status.

    The firm has since been rebranded as Ultima Markets UK Limited, allowing Ultima to bypass the lengthy and complex process of applying for a new FCA license from scratch.

    Tiger Brokers UK had been largely inactive in recent years, reporting zero revenue from 2021 to 2024 and accumulating £4.6 million in losses. At the time of acquisition, the firm held no client funds and had ceased onboarding new customers.

    Despite its lack of commercial activity, the FCA license remained a strategic asset, offering Ultima Markets a fast-track route into one of the world’s most respected financial jurisdictions.

    Founded in 2016 and headquartered in Mauritius, Ultima Markets has built a strong presence across Asia-Pacific, particularly in China, South Africa, and Southeast Asia.

    Known for offering over 250 CFD instruments across forex, indices, commodities, and shares, Ultima operates on platforms like MetaTrader 4 (MT4) and runs a dedicated Trading Academy aimed at improving financial literacy and trading skills.

    The company also made headlines as the first CFD broker to join the UN Global Compact, signaling its commitment to sustainable finance and ethical business practices.

    With the acquisition complete, Ultima Markets plans to launch a localized UK offering in 2026, tailored to meet FCA compliance standards.

    This includes enhanced client onboarding procedures, transparent pricing models, and a renewed focus on trader education.

    A company spokesperson stated, “We believe we can find our space in this mature market and deliver value to UK traders. Becoming FCA-regulated reflects our long-term commitment to transparency and integrity.”

    Ultima’s entry into the UK contrasts sharply with the recent exits of brokers such as Tiger Brokers, Aetos, and Trive, who have cited high operational costs and regulatory burdens as key reasons for leaving.

    However, Ultima joins a small but growing group of firms—including GTN and Moneta Markets—that are betting on the long-term potential of the UK’s retail trading sector.

    The acquisition also reflects a broader trend of offshore brokers seeking legitimacy and global reach through regulatory approvals.

    For UK traders, Ultima promises a fresh alternative to legacy platforms, offering competitive spreads, fast execution, and a strong emphasis on responsible trading.

    As the UK financial landscape continues to evolve, Ultima Markets’ strategic acquisition of Tiger Brokers UK may signal a renewed wave of international interest in FCA-regulated operations.

    With its global experience and commitment to compliance, Ultima is positioning itself as a serious contender in the UK’s crowded but lucrative retail trading market.

  • IG CEO’s $4.5M Payday Overshadowed by Plus500’s Lavish Executive Payouts

    IG CEO’s $4.5M Payday Overshadowed by Plus500’s Lavish Executive Payouts

    IG Group Holdings plc (LSE:IGG) has reported a strong financial performance for fiscal year 2025, with CEO Breon Corcoran earning a total compensation of £3.35 million ($4.46 million). Despite this, Corcoran still earns less than his counterparts at Plus500, where executive pay has sparked shareholder backlash for the second consecutive year 

    IG Group delivered £1.08 billion ($1.39 billion) in total revenue for FY25, up 9% year-over-year. Net profit surged 24% to £380.4 million ($490.7 million), driven by strong trading volumes, the acquisition of Freetrade, and a growing customer base 

    Key highlights from IG’s FY25:

    • Adjusted profit before tax: £535.8 million, up 17%
    • Active customers: 820,000 (up 137% YoY, including Freetrade users)
    • EPS: 114.1p (up 26%)
    • Capital returns: £397 million via dividends and buybacks 3

    Corcoran’s compensation included:

    • £896,000 ($1.19M) in base salary
    • £2.45 million ($3.27M) in bonuses and incentives 1

    Despite the impressive numbers, Corcoran’s pay package remains modest compared to peers in the online trading sector.

    At Plus500 Ltd (LSE:PLUS), CEO David Zruia and CFO Elad Even-Chen each earned $4.97 million in FY24, with $1.09 million in fixed salary and the rest in performance-based bonuses 

    This represents a 33% increase from the previous year.

    Yet, Plus500’s FY24 revenue was $768.3 million, significantly lower than IG’s. Net profit stood at $273.1 million, also trailing IG’s bottom line 

    The disparity in pay has not gone unnoticed. In May 2025, 51% of Plus500 shareholders voted against the company’s executive remuneration report—the second consecutive year of such opposition

    Despite the criticism, Plus500 continues to expand aggressively:

    • Entered the UAE and Japan markets
    • Acquired Mehta Equities in India
    • Became a clearing member of ICE Clear US
    • Reported $415 million in H1 2025 revenue, up 4% YoY 

    Executive Pay vs. Performance: A Growing Debate

    The contrast between IG and Plus500 highlights a broader debate in fintech and trading circles: Should executive pay be more closely tied to shareholder returns and company performance?

    While IG’s Corcoran is praised for strategic execution and disciplined cost control, Plus500’s leadership faces scrutiny for high compensation amid mixed user growth and declining engagement metrics

    Still, both firms remain profitable and debt-free, with strong cash positions and global expansion plans.

    IG Group plans to increase Corcoran’s base salary by 3% in FY26 to £824,000 ($1.1M), with a potential bonus of up to 200% of salary 

    The company is also revamping its long-term incentive plan to better align with shareholder value creation.

    Meanwhile, Plus500 has raised its FY25 guidance, citing strong Q1 results and a 106% increase in average customer deposits 

    However, it remains to be seen whether the company can sustain growth while addressing governance concerns.


    As fintech firms scale globally, executive compensation will remain a focal point for investors.

    IG’s performance-driven pay model may offer a blueprint for balancing growth with governance, while Plus500’s high-reward structure continues to test shareholder patience.

  • Plus500 Applies for Chilean License as It Expands Global Trading Footprint

    Plus500 Applies for Chilean License as It Expands Global Trading Footprint

    Plus500 Ltd (LSE:PLUS), the London-listed global multi-asset fintech group, has officially applied for a regulatory license to operate in Chile, one of the region’s most promising financial markets 

    The application is being processed through La Comisión para el Mercado Financiero (CMF), Chile’s financial markets regulator. Plus500 is working closely with Carey Abogados, a prominent local law firm, to navigate the regulatory landscape and secure the necessary approvals 

    Plus500’s interest in Chile is not sudden. The company registered a local entity in 2024, laying the groundwork for its market entry. Key executives, including CEO David Zruia, CFO Elad Even-Chen, and Ofir Chudin, CEO of Plus500’s Cyprus entity, are listed as directors of the Chilean subsidiary 

    This move aligns with Plus500’s broader strategy of global expansion through licensing and acquisitions. In its latest half-year results, the company reiterated its commitment to entering new markets, either by acquiring local firms or securing regulatory licenses 

    Why Chile?

    Chile has emerged as a hotspot for online trading platforms, thanks to its favorable regulatory environment. Unlike the UK and EU, Chile does not impose stringent leverage restrictions or aggressive risk warnings. For instance, rival broker XTB offers leverage up to 500:1 on certain products 

    Other major players like Pepperstone have also received CMF approval and begun operations in the country, indicating a growing appetite for CFD and forex trading among Chilean investors 

    Despite its presence in major markets such as the UK, US, Japan, Australia, Singapore, and India, Plus500 has yet to establish a foothold in Latin America. Chile represents a regulatory blank spot for the broker, and entering this market could unlock significant growth potential.

    While some brokers like XM and Exness have aggressively targeted Latin America, the profitability of these ventures remains unclear. However, XTB CEO Omar Arnaout previously stated that Chile could become one of the company’s top five branches globally, underscoring the region’s strategic importance 

    If approved, Plus500 will join a growing list of international brokers operating in Chile, offering retail investors access to a wide range of trading instruments. The move could also pave the way for further expansion into neighboring markets such as Brazil, Colombia, and Peru.

    This development follows Plus500’s recent licensing wins in Canada and the UAE, as well as its growing futures business in the US, which is expected to generate over $100 million in revenue in 2025 

    Plus500’s application for a Chilean license is more than just a regional play—it’s a calculated step in its mission to become a truly global fintech powerhouse.

    As Latin America continues to attract attention from major brokers, Plus500’s entry into Chile could mark the beginning of a new chapter in its international growth story.

  • eToro Profits Down 50% in Q2 2025 as Revenue Slumps for Second Straight Quarter

    eToro Profits Down 50% in Q2 2025 as Revenue Slumps for Second Straight Quarter

    Social trading platform eToro Group Ltd (NASDAQ:ETOR) has posted its second consecutive quarterly decline in revenue and profit, marking Q2 2025 as its least profitable quarter since 2023 

    Following its IPO in May, eToro reported a 44% drop in total revenue and income, falling from $3.76 billion in Q1 to $2.09 billion in Q2. Adjusting for crypto-related revenue and costs, the company’s net revenue stood at $217 million, down 4% from $227 million in Q1 and significantly lower than the $262 million recorded in Q4 2024 

    Net income also took a hit, plunging 50% to $30 million, compared to $60 million in the previous quarter.

    Despite the financial downturn, eToro saw a modest increase in funded accounts, rising to 3.63 million, and an 18% growth in Assets Under Administration, reaching $17.5 billion—boosted by strong equity and crypto market valuations 

    eToro’s stock performance mirrored its financial results. After peaking at $79.96 in early June, shares have dropped over 30%, closing at $55.30, just above its IPO price of $52 

    CEO Yoni Assia remained optimistic, highlighting product innovations and geographic expansion:

    “We delivered another strong quarter in terms of innovation, launching 24/5 trading for U.S. equities, new long-term portfolios with Franklin Templeton, and savings products in France. Our new Singapore hub also strengthens our presence in Asia.”

    Looking ahead, eToro plans to invest in tokenization and AI-driven tools to enhance retail investor engagement and unlock new growth opportunities.

  • Equiti Group Appoints Sartaj Singh as CTO Amid Strategic C-Suite Reshuffle

    Equiti Group Appoints Sartaj Singh as CTO Amid Strategic C-Suite Reshuffle

    Equiti Group, a leading global provider of online trading and financial services, has officially named Sartaj Singh as its new Chief Technology Officer (CTO). The announcement follows a series of high-level executive changes, including the appointment of Sean Hong as Group CFO and Rick Fulton transitioning to Chief Risk and Audit Officer.

    Singh, who joined Equiti in 2023 as Global Head of Technology, brings over a decade of experience in tech leadership, including a seven-year tenure as VP of Engineering at Indonesia’s GoTo Group. His promotion to CTO marks a pivotal moment in Equiti’s ongoing digital transformation strategy.

    In a statement shared via social media, Singh reflected on his journey at Equiti:

    “These past two years—my first time living and working in Dubai—have been among the most energizing phases of my career. I’ve had the privilege of leading a technology transformation that’s reshaping how we operate, scale, and serve clients across regions.”

    Under Singh’s leadership, Equiti has been building a globally scalable platform-as-a-service with embedded analytics, a modular AI-powered client ecosystem, and event-driven systems across trading and operations. His vision emphasizes sustainable velocity through architectural excellence, reliable systems, and a culture of experimentation.

    CEO Iskandar Najjar and the Equiti Board have expressed strong support for Singh’s appointment, underscoring the company’s commitment to innovation and resilience in the fintech space.

    With this strategic reshuffle, Equiti is positioning itself for accelerated growth and enhanced client experience across its global markets.

  • Doo Prime Rebrands as D Prime, Launches New Cyprus Office to Drive EMEA Expansion

    Doo Prime Rebrands as D Prime, Launches New Cyprus Office to Drive EMEA Expansion

    In a strategic move to strengthen its global presence, Doo Prime has officially rebranded as D Prime, unveiling a fresh visual identity and launching its largest European office in Limassol, Cyprus.

    The rebrand marks a significant milestone for the company, which is part of the Doo Group, and reflects its evolving business model and future ambitions. The new identity includes a redesigned logo—featuring a stylized “D” and reverse quotation mark forming a “P”—and a bold new color scheme dubbed Highlighter Yellow. The revamped website now offers 3D animations, live pricing, interactive tools, localized payment options, and multi-platform access, powered by the Statamic CMS.

    The newly opened Cyprus office employs around 80 professionals and will serve as a strategic hub for operations across the EMEA region. With its Cyprus Investment Firm (CIF) license, D Prime is now authorized to offer derivative products such as CFDs throughout Europe. The group also holds regulatory licenses in the US, UK, Australia, Hong Kong, Malaysia, and Indonesia.

    D Prime’s expansion aligns with its broader goals to enter new markets, integrate AI technologies, and introduce environmentally focused investment products.

    This move positions D Prime as a forward-thinking player in the retail FX and investment space, leveraging Cyprus’s strategic location and regulatory framework to scale its European footprint.

  • Moneta Markets Secures FCA License Through VIBHS Acquisition, Expands into UK Market

    Moneta Markets Secures FCA License Through VIBHS Acquisition, Expands into UK Market

    In a strategic move to strengthen its regulatory footprint and expand into the UK trading market, Moneta Markets, a global retail FX and CFD broker, has acquired VIBHS Financial Ltd, a UK-based firm holding a Financial Conduct Authority (FCA) license since 2014 

    The acquisition allows Moneta Markets to operate under FCA oversight, marking a significant milestone in its global expansion strategy. VIBHS, previously owned by Dubai-based Indian businessman Piyushkumar Parekh, had been relatively inactive in recent years, reporting revenues of just £358,000 for the fiscal year ending March 2025 

    Moneta Markets: From Offshore Brand to Global Player

    Founded in 2020 as a spin-off from Australia-based broker Vantage, Moneta Markets was initially domiciled in Saint Vincent and the Grenadines. Under the leadership of David Bily, former CMO of Vantage, the firm has evolved into a standalone brokerage with a growing international presence.

    Moneta Markets now operates under multiple regulatory licenses, including:

    • FCA (UK) – via VIBHS acquisition
    • FSCA (South Africa) – FSP License No. 47490
    • SLIBC (St. Lucia) – Reg. No. 2023-00068

    The company is managed primarily from Dubai, reflecting its strategic focus on emerging markets and global accessibility.

    Trading Features and Reach

    Moneta Markets offers access to over 1,000 tradable instruments, including:

    • Forex pairs
    • Index and commodity CFDs
    • Individual stock CFDs
    • ETFs and crypto CFDs

    The broker boasts:

    • Over 70,000 active trading accounts
    • More than 1.5 million trades monthly
    • Monthly trading volumes exceeding $100 billion

    Its infrastructure includes ultra-fast execution via Equinix data centers in New York, London, and Hong Kong, and platforms such as MetaTrader 4/5, ProTrader, and CopyTrader.

    Brand Partnerships and Promotions

    Moneta Markets recently became the official sponsor of Atlético de Madrid in APAC, reinforcing its brand visibility in key regions. The broker also offers a 50% cashback bonus for new deposits over $500, converting bonus credits into real cash as clients trade.

    Industry Impact

    The FCA license acquisition places Moneta Markets among a growing list of offshore brokers seeking regulatory legitimacy in Tier-1 jurisdictions. It also reflects a broader trend of consolidation and strategic licensing in the retail trading space.

  • FundingPips Appoints FCA Alum Andria Evripidou as Managing Director to Drive Global Expansion

    FundingPips Appoints FCA Alum Andria Evripidou as Managing Director to Drive Global Expansion

    In a strategic move aimed at strengthening its leadership and regulatory expertise, FundingPips, a fast-growing proprietary trading firm based in Dubai, has appointed Andria Evripidou as its new Group Managing Director. The announcement marks a significant milestone in the firm’s evolution as it continues to scale its global operations and enhance its trader-first model.

    A Deep Regulatory and Fintech Background

    Andria Evripidou brings a wealth of experience to FundingPips. A native of Cyprus, she previously served as a Senior Policy Advisor at the UK’s Financial Conduct Authority (FCA) from 2015 to 2020, where she specialized in payments policy. Her post-FCA career included a stint at Revolut as Global Authorisations Senior Manager, and more recently, she founded XDA, a startup offering crypto and banking solutions for iGaming companies.

    She also held the role of Chief Banking Officer at Xace, an alternative banking provider focused on fintech and high-growth digital sectors. Evripidou holds a Bachelor’s degree in Economics from the University of Cambridge, and both a Master’s and PhD in Econometrics and Quantitative Economics from the University of Nottingham.

    FundingPips stated that Evripidou’s appointment will “drive strategic growth, compliance excellence, and trader‑first innovation, all while fostering a high-performance leadership culture.

    Founded in 2020 by Khaled Ayesh, FundingPips has quickly emerged as one of the most dynamic prop trading firms in the industry. Built on a “by traders, for traders” philosophy, the firm offers simulated trading environments where traders can earn up to 100% of profits without risking personal capital.

    Key Features of FundingPips:

    • Flexible Evaluation Models: One-phase and two-phase challenges with no time limits.
    • Profit Sharing: Up to 100% for top-tier traders.
    • Platforms Supported: MetaTrader 5, Match-Trader, and cTrader.
    • Global Reach: Over 1 million traders from 195+ countries.
    • Funding Options: Up to $300,000 in simulated capital.
    • Fast Payouts: Over $135 million paid out to traders globally.

    FundingPips operates under FP Funding LLC, headquartered in Dubai, and has earned a 4.5-star Trustpilot rating based on more than 23,000 reviews.

  • Orbex Shuts Down EU Operations, Surrenders CySEC License After 15 Years

    Orbex Shuts Down EU Operations, Surrenders CySEC License After 15 Years

    In a significant shift within the retail forex and CFD brokerage industry, Orbex Ltd, a long-standing player in the European financial markets, has officially ceased operations in the European Union and voluntarily surrendered its Cyprus Investment Firm (CIF) license issued by the Cyprus Securities and Exchange Commission (CySEC).

    The move marks the end of a 15-year chapter for Orbex in the EU, where it operated as a regulated broker offering contracts for difference (CFDs) and other trading services to retail clients across the bloc.

    A Quiet Exit from the EU Market

    Orbex’s EU website now displays a farewell message, stating that the final day of business was July 15, 2025. Clients were instructed to close all open positions and withdraw funds before the deadline. The company expressed gratitude to its European clients, saying:

    “After fifteen years in business, Orbex Ltd has decided to close our doors in the EU. We can’t fully express our deep gratitude for your business and support.”

    No official reason has been provided for the exit, although the move follows a broader trend of retail brokers withdrawing from the EU due to tightening regulations and operational constraints.

    From Regulated to Offshore

    Orbex had previously operated in the UK market by passporting its CySEC license, but exited following post-Brexit regulatory changes. The FCA register now confirms that Orbex can no longer conduct regulated business in the UK unless specific exclusions apply.

    Following its EU departure, Orbex has transitioned to operating exclusively from offshore jurisdictions, including Mauritius, Seychelles, and Saint Vincent and the Grenadines. These regions offer more flexible regulatory environments, allowing Orbex to continue serving retail clients globally.

    Orbex’s Global Strategy and Expansion

    Founded in 2010, Orbex built its reputation on providing multi-asset trading, advanced analytics, and educational resources for retail traders. The broker has consistently invested in technology, offering platforms like MetaTrader 4, and has focused on emerging markets in recent years.

    In 2023, Orbex acquired the retail business and client base of HonorFX, a move aimed at expanding its footprint in Asia and the Middle East. This acquisition signaled a strategic pivot toward regions with growing demand for online trading and fewer regulatory hurdles.

    Industry Context: A Broader Trend

    Orbex is not alone in its decision to exit the EU. Other major brokers such as BDSwiss and FXTM have also surrendered their CySEC licenses and moved offshore, citing similar challenges. The EU’s increasingly stringent compliance requirements, including MiFID II and SFDR regulations, have made it difficult for smaller brokers to maintain profitability while adhering to complex rules.