Dubai-based retail FX and CFDs broker VPFX has successfully obtained a Category Five license from the UAE’s financial regulator, the Securities and Commodities Authority (SCA). This milestone was achieved through its subsidiary, VPFX Financial Services LLC.
With this new regulatory approval, VPFX is now authorized to conduct Introduction and Promotion activities in the UAE. A broader Category One license would have also permitted the company to act as a trading broker for OTC derivatives and currencies in the spot market.
In preparation for obtaining its SCA license, VPFX strengthened its leadership team by appointing Evangeline Mauthe as Head of Compliance and MLRO. Mauthe brings extensive experience in FX industry compliance, having previously held senior compliance management roles at firms such as Advanced Markets, FXGate, Equiti Group, Axi, and Alpari.
VPFX has primarily operated as an offshore broker under a Labuan domicile, catering to traders from India and select markets in the Far East. Under the leadership of CEO Alpesh Patel, the company continues to expand its regulatory footprint while enhancing its market presence.
