Brokerage group Plus500 announced on Tuesday that it has received regulatory approval to operate in Colombia.
The broker said it had received approval from the Colombian Financial Superintendence (SFC) body to operate in the South American country.
“We are delighted to have obtained authorisation to enter the Colombian market,” said Plus500 CEO David Zruia.
“This is another significant milestone reflecting our commitment to growing the Group’s presence in new markets worldwide, while ensuring that we continue to operate in full compliance with local regulatory frameworks. This authorisation represents an important step in establishing our position in Latin America.”
In its statement, Plus500 said the new license will be used to improve its CFD offering in the country.
The broker also noted that it will be using the license to create a more localised offering for traders in Colombia.
LATAM expansion
Plus500 is also in the process of applying for a license in Chile, which has become an attractive country for brokers to set up shop.
The decision to expand into the two Latin American countries reflects the more limited avenues of regional growth now available to Plus500.
The broker has licences in basically every developed economy globally. That includes the ability to operate in the UK, EU, US, Japan, Singapore, and Australia.
LATAM was a regional blank spot among the broker’s list of licences.
The company is the second major provider to get approval to operate in Colombia over the last 12 months. Rival brand AvaTrade got the green light from the SFC to operate in the country in 2024.
