FXTM, the forex and contracts for difference (CFD) broker brand owned by Andrey Dashin, has decided to give up its Financial Conduct Authority (FCA) licence in the United Kingdom as it shifts its strategic focus toward Asian and Middle Eastern markets. The move is described by the brokerage as part of a global realignment of strategic priorities.
The broker has concluded that the UK retail market is no longer its core growth focus area. Instead, FXTM sees significant long-term opportunities in the Middle East and Asia, prompting a reallocation of resources and regulatory efforts to these regions.
Regulatory Shift to the UAE
As part of this transition, FXTM will upgrade its Category 5 licence to a Category 1 licence from Dubai's Capital Markets Authority. The upgraded licence will permit the company to operate as a full broker within the United Arab Emirates, enabling it to take on clients, accept funds, and execute trades locally.
This regulatory enhancement in Dubai is central to FXTM's strategy to deepen its presence in the Middle East, aligning its licensing framework with its focus on regional growth and locally delivered brokerage services.
Expansion Strategy in Asia
FXTM is also advancing its expansion plans in Asia through a planned strategic partnership with a fully licensed Indonesian brokerage firm operating as Invetra (PT INVETRA TEKNOLOGI BERJANGKA). Invetra is regulated by BAPPEBTI, Indonesia's supervisory authority for derivatives trading.
Under the collaboration, Invetra will offer locally regulated trading that is powered by FXTM's proprietary multi-asset technology stack. This arrangement is intended to support FXTM's regional reach while ensuring that services are delivered under local regulatory oversight.
Broader Context of UK Exits
FXTM is not the only broker to exit the UK market. Other firms, including HTFX, AETOS, and GMI Markets, have also given up their FCA authorisation in recent periods. This trend underscores a broader reassessment by some brokers of the role of the UK retail market within their global strategies.
FXTM previously reduced its European retail presence when it stopped offering services to retail clients under its Cyprus entity in February 2021. The broker later gave up that Cyprus licence in 2023, further consolidating its shift away from certain European retail operations toward markets it views as having stronger long-term potential.
