Retail brokerage group Plus500 announced on Monday that it has acquired a new regulatory license in Canada.
The firm said that the Canadian Investment Regulatory Organization (CIRO) had given it the green light to start doing business in the North American country.
Unlike the US, where CFD providers can only offer OTC trading in FX and crypto, Canada allows customers to trade in the products across different asset classes.
“We are delighted to have obtained this important authorisation from CIRO in Canada and we are excited to bring our market-leading technology capabilities to customers in the region,” said Plus500 CEO David Zruia. “This is the latest realisation of our strategy to enter new markets, develop new products, and deepen engagement with our customers.”
Plus500 global expansion
The acquisition of a Canadian license is the latest in a series of steps that Plus500 has taken to expand more aggressively over the last five years.
Since 2020, the Israeli firm has acquired licenses in Japan, the US, and the UAE. That’s on top of also getting a new offshore license in the Seychelles.
More recently, the company acquired an Indian broker in March of this year, so that it can tap into the country’s huge options trading market.
That is in part a response to the changes we’ve seen in Europe since leverage restrictions were introduced in 2018.
Combined with the fact that the European market is extremely saturated, this likely pushed the company to enter new markets to achieve growth.
