Kenya Welcomes IC Markets with New License

IC Markets has secured a regulatory license from the Capital Markets Authority (CMA) in Kenya, marking its official entry into the East African market. 

Key Points

• IC Markets Kenya Limited gets regulatory license, serving local investors.
• License lets IC Markets Kenya operate as forex broker, aligning with regulations.
• Kenya sees rising demand for licensed brokers, boosting competition.
• IC Markets expands into Kenya, adding to global regulatory approvals.

The license was granted to IC Markets Kenya Limited, a locally registered entity, solidifying the broker’s commitment to serving retail investors in the region.

Under the terms of it, IC Markets Kenya Limited will operate as a non-dealing online foreign exchange broker, aligning with the regulatory framework set by the Kenyan authorities. This development underscores the growing demand for licensed intermediaries in Kenya’s capital markets, promoting competition, innovation, and expanding access to financial products and services for retail investors.

Kenya Welcomes IC Markets with New License in Forex & CFDs Broker

Also, Wyckliffe Shamiah, the CEO of CMA, emphasized the positive impact of increasing licensing activities in the intermediary sector, noting its role in enhancing market dynamics and investor protection. The recent licensing drive by the Kenyan regulator saw approvals granted to five new firms, reflecting the diversified landscape of the country’s capital markets.

IC Markets’ expansion into Kenya adds to its existing regulatory portfolio, which includes licenses from Australia, Cyprus, Seychelles, and the Bahamas. The Australia-based broker has demonstrated its commitment to regulatory compliance and industry best practices, evident in its recent launch of prop trading services, further solidifying its position as a reputable player in the global financial markets.

Despite attempts to reach out to IC Markets for comment on the new licensing, Finance Magnates has yet to receive a response at the time of reporting.

Kenya’s burgeoning economy, coupled with a population exceeding 54 million and a nominal GDP of approximately $113 billion, presents a promising market for forex and CFDs brokers. The country’s robust regulatory framework, coupled with increasing internet and mobile penetration rates, has attracted several international brokers to establish a presence in Kenya. Notable regulated brokers operating in the country include FP Markets, Pepperstone, Exness, Admirals, INGOT Brokers, Scope Markets, and Exinity, reflecting Kenya’s emergence as a hub for FX and CFDs trading in Africa.

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