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XM has obtained a licence from the Capital Markets Authority of Kenya, expanding its regulatory footprint in Africa and enabling it to operate under local oversight in the country.
The broker, which reports more than 15 million clients across 190 countries, said the authorisation allows it to offer its services directly to Kenyan traders under the regulatory framework established by the Authority.
The licence permits XM to provide access to more than 1,400 instruments, alongside its educational resources and support services, through its dedicated Kenyan website. The firm said its local operations will be subject to the compliance and investor protection standards set by the Capital Markets Authority.
In a statement, Menelaos Menelaou, Co-Chief Executive Officer, XM, said:
“Kenya represents a dynamic and rapidly growing financial market, and receiving authorization from the CMA is a testament to our commitment to regulatory excellence and market leadership. We are proud to enhance our presence in Kenya, providing local traders with direct access to our world-class ecosystem of products and award-winning services under a robust, locally recognized regulatory framework.”
XM said Kenyan clients will be able to complete onboarding through its local website and access trading conditions including execution services, leverage and promotional programmes in line with applicable regulation.
The firm holds multiple international licences and has operated for more than 15 years, providing trading services to retail clients, investors and affiliates globally.
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