Retail broker CFI announced on Thursday that it has received approval to operate in Colombia from the local financial regulator.
The broker, which has its main headquarters in Dubai, said that it has got the green light from the Colombian Financial Superintendence (SFC) to operate in the South American country.
“Colombia represents a strategic milestone in our global expansion and reflects our commitment to operating closer to the markets where our clients are,” said Ziad Melhem, CFI’s CEO.
“This authorization enables us to deliver localized products, stronger support, and a more connected experience, all while upholding the highest regulatory and transparency standards.”
CFI is the third CFD broker in the last week to have received approval form the SFC to operate in the country.
Plus500 and Aussie broker ACY have also announced that they were given the go ahead by the Colombian regulator.
Most firms that operate in the country appear to be getting approved by the SFC to market their products and services, but not actually hold client funds or deal in securities.
Instead customers are referred to another entity that is operated by the firm, who can engage in those activities.
The license is thus very similar to the Category 5 license which many brokers have been getting from the Securities and Commodities Authority in the United Arab Emirates.
