Banxso, an FX/CFD
brokerage company headquartered in South Africa, has recently acquired an Investment
Dealer license from Mauritius’s Financial Services Commission (FSC). The
license was obtained through Éclat Technologies Ltd, a local subsidiary of
Banxso.
The FSC is
the regulatory body overseeing Mauritius’s non-bank financial services sector. The acquisition of this license allows Banxso to offer a
wider range of financial products and services to its international clientele,
in compliance with the Mauritius’ regulatory guidelines.
“The
acquisition of the FSC Mauritius license is a testament to our unwavering
commitment to excellence and regulatory compliance,” said a senior
spokesperson for Banxso. “It empowers us to broaden our horizons and
reinforce our pledge to provide secure, transparent, and comprehensive
financial services to our clients worldwide.”
The
SEC-2.1B license ensures that Banxso’s clients can engage in various investment
activities, knowing they are dealing with a licensed and
compliant financial services provider. The company aims to leverage this
license to provide its clients with secure and transparent financial solutions.
Source: SFC Mauritius
Although Banxso’s headquarters are in South Africa, where it relocated in 2022, it also holds licenses from several other regulators, including in Vanuatu, the Union of Comoros, and Cyprus, where it operates as XF Service.
Earlier
this week, the company also announced that it had obtained a license from the
Australian ASIC, the most prestigious authorization Banxso has
held to date.
“Banxso
Limited is eager to introduce Australian traders to our innovative platform,
where they can expect a trading experience that is not only secure and
transparent but also enriched with educational support and technological
advancement,” Manuel de Andrade, the Chief Operating Officer of Banxso, commented.
According
to information provided by the company in 2022, it also intended to acquire licenses in the UAE and the UK, but it currently does not hold these. It is
unclear whether it is still pursuing them or has decided to suspend these
efforts.
Mauritius Offers Cheap Licenses
Obtaining a
brokerage license in Australia or even in Cyprus is relatively expensive. The FSC
remains very competitive in this regard, where existing licenses can be
purchased for $250,000. Moreover, the capital requirements are also much lower.
In Europe, they amount to €135,000 for non-market maker brokers, whereas in
Mauritius, they are several times cheaper.
“In
Mauritius, the capital requirement for market maker brokers is approximately
$21,800. In Vanuatu, it is approximately $42,000 and for a Seychelles FSA
international securities dealer the minimum level of liquid capital is around
$37,000,” Emily Faye Helmer, the Head of partnerships at Clearsky Network,
commented.
Regarding
offshore licenses, Mauritius, Seychelles, and the Bahamas are among the most
preferred destinations, while South Africa is also becoming increasingly
popular for companies aiming to serve the African market.
Banxso, an FX/CFD
brokerage company headquartered in South Africa, has recently acquired an Investment
Dealer license from Mauritius’s Financial Services Commission (FSC). The
license was obtained through Éclat Technologies Ltd, a local subsidiary of
Banxso.
The FSC is
the regulatory body overseeing Mauritius’s non-bank financial services sector. The acquisition of this license allows Banxso to offer a
wider range of financial products and services to its international clientele,
in compliance with the Mauritius’ regulatory guidelines.
“The
acquisition of the FSC Mauritius license is a testament to our unwavering
commitment to excellence and regulatory compliance,” said a senior
spokesperson for Banxso. “It empowers us to broaden our horizons and
reinforce our pledge to provide secure, transparent, and comprehensive
financial services to our clients worldwide.”
The
SEC-2.1B license ensures that Banxso’s clients can engage in various investment
activities, knowing they are dealing with a licensed and
compliant financial services provider. The company aims to leverage this
license to provide its clients with secure and transparent financial solutions.
Source: SFC Mauritius
Although Banxso’s headquarters are in South Africa, where it relocated in 2022, it also holds licenses from several other regulators, including in Vanuatu, the Union of Comoros, and Cyprus, where it operates as XF Service.
Earlier
this week, the company also announced that it had obtained a license from the
Australian ASIC, the most prestigious authorization Banxso has
held to date.
“Banxso
Limited is eager to introduce Australian traders to our innovative platform,
where they can expect a trading experience that is not only secure and
transparent but also enriched with educational support and technological
advancement,” Manuel de Andrade, the Chief Operating Officer of Banxso, commented.
According
to information provided by the company in 2022, it also intended to acquire licenses in the UAE and the UK, but it currently does not hold these. It is
unclear whether it is still pursuing them or has decided to suspend these
efforts.
Mauritius Offers Cheap Licenses
Obtaining a
brokerage license in Australia or even in Cyprus is relatively expensive. The FSC
remains very competitive in this regard, where existing licenses can be
purchased for $250,000. Moreover, the capital requirements are also much lower.
In Europe, they amount to €135,000 for non-market maker brokers, whereas in
Mauritius, they are several times cheaper.
“In
Mauritius, the capital requirement for market maker brokers is approximately
$21,800. In Vanuatu, it is approximately $42,000 and for a Seychelles FSA
international securities dealer the minimum level of liquid capital is around
$37,000,” Emily Faye Helmer, the Head of partnerships at Clearsky Network,
commented.
Regarding
offshore licenses, Mauritius, Seychelles, and the Bahamas are among the most
preferred destinations, while South Africa is also becoming increasingly
popular for companies aiming to serve the African market.
