ICM Capital plans to end its operations in the UK,
according to a notice on the regulator’s website stating that the forex and CFD
brokerage firm has applied to cancel its authorization. The Financial Conduct
Authority (FCA) mentioned that ICM “must still meet our standards in dealing
with its customers.”
ICM Shifts Focus to Other Regions
Despite this latest action, ICM Capital, which
rebranded to ICM.com in 2018, holds licenses in Abu Dhabi, Mauritius, Labuan, Saint Vincent, and the Grenadines. The company is also licensed by South Africa’s Financial Sector Conduct Authority and by ARIF in Switzerland. However, according to the information on its website, the broker does not provide its services to the US, North Korea, and China.
In 2018, ICM rebranded to ICM.com, consolidating all
of its group entities under one brand. This initiative happened
alongside the unveiling of a new logo and a revamped website. Shoaib Abedi,
the Founder of the company, emphasized the importance of consolidating all
entities under one brand, citing the firm’s exponential growth over the past
decade.
Abedi outlined key objectives as offering excellent
customer service, refined market knowledge, undertaking solid execution across multiple
asset classes, and an overall
rewarding investment experience. By aligning its brand identity with these factors, ICM aims to strengthen its offerings for investors and traders worldwide.
Expansion Efforts
The brokerage firm previously pursued several initiatives to increase its presence, including sports sponsorships, such as sponsorship of the English polo team, Fulham Football Club, and Cycling. ICM.com entered Qatar in 2021 as part of its expansion
to the Middle East and North African region. The move was facilitated through authorization from the Qatar Financial Centre, allowing ICM to set up a physical office in Doha, Qatar.
Abedi emphasized the company’s commitment to
continuous expansion despite the challenges posed by the pandemic. The expansion into Qatar followed its entry into the Jordanian market as part of the company’s global expansion strategy. Besides that,
ICM.com added around 700 US stock CFDs.
This article was written by Jared Kirui at www.financemagnates.com.
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