November 18, 2020 | AtoZ Markets – Australia based Retail FX and CFDs broker Pepperstone has just secured a CIF license from Cyprus regulator Cyprus Securities and Exchange Commission (CySEC). The CySEC license is one of the hardest to get within the EU. However, we understand that with ambitions in the Cyprus and Austrian markets it was important for Pepperstone to get a Cypriot license.
Pepperstone, alongside competitors AxiTrader and FP Markets dominates the domestic Australia retail FX market. All these brokerage firms have ambitions beyond their home market.
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Notably, Pepperstone recently acquired a new license from the German regulator BaFin.
Founded in 2010, Pepperstone is one of the largest MetaTrader brokers worldwide. The company set up an FCA-licensed subsidiary in the UK, Pepperstone Limited, in 2015. That entity has been passported into the EU since 2015.
However, with the Brexit transition phase coming to a close in just a few months at the end of 2020, EU-UK license passporting will no longer be available to FX brokers and other financial institutions. In preparation for Brexit, we have seen a number of FCA-licensed brokers look to establish separately licensed subsidiaries in EU countries, in order to keep on transacting business with continental European clients post-2020.
Pepperstone CySEC license solidifies its commitment with EU clients
In the FX world, many brokers are choosing to set up in Cyprus as an EU base. Cyprus is home to more reliable Forex brokers than any other country.
We’re now pleased to be officially operational under our Cypriot license.” Victor Zachariades, Head of Cyprus at Pepperstone told AtoZ Markets. “Our European operations ensure we’re well-placed to deliver our global commitment to our clients while providing products and services people can trust.”
“This year marks the 10th anniversary of Pepperstone and we are excited to celebrate it with the achievement of our new Cyprus license,” Tamas Szabo, Group CEO of Pepperstone added.
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