Forex and CFD brokers are currently regulated in four jurisdictions.

It currently operates in 10 countries.

London-based Forex and CFD broker Zenfinex has been granted a licence by the Dubai Financial Services Authority (DFSA) to expand its services in the Middle East and North Africa (MENA) region.

Michel Chabbouh, CEO of Zenfinex MENA, said: "The acquisition of the DFSA licence will enable us to expand our professional and institutional services across the MENA region and cater to our growth strategy of becoming a leading supplier in the region."

Prior to the new license, the brokerage acquired Stochastic Africa, a company regulated by Sierra Leone's central bank, and renamed the company Zenfinex Africa. Earlier this year, the company also received a license from the Seychelles regulator.

Become a global Broker

The company was founded in 2017 and is currently regulated in four jurisdictions: the UK Financial Conduct Authority (FCA), the Dubai Financial Services Regulatory Authority (DFSA), the Seychelles Financial Services Regulatory Authority (FSA) and the Central Bank of Sierra Leone.

Zenfinex was originally founded as a boutique broker and gradually expanded to become a global brand. All regulatory approvals will now ensure that the broker achieves its ambition to be fully operational in Asia, Africa, the Gulf Cooperation Council, Latin America and the UK by 2022.

"2022 is a continuation of our focus on building a strong foundation and infrastructure for long-term scalability and growth," said Zenfinex founder and current board member Nick Cooke.

"Our key areas of focus have been building a best-in-class global team with a diversified product suite of more than 1,000 instruments, global regulatory bodies, and continuing to build patented technology products to appeal to a wide range of users worldwide." In 2023, as we move into our next phase of growth, we will focus on customer acquisition, building on these strong foundations we have already laid."

In addition to the license, the company has appointed a number of senior executives :Alexander Kritiotis as Chief operating officer, Zahid Mahmood as chief risk officer, and Joe Tom Nyama as Head of Africa. The company has about 100 employees and several more are in the process of hiring.