ICM Capital plans to end its operations in the United Kingdom, according to a notice on the regulator's website that the forex and CFD broker has applied to cancel its licence. The Financial Conduct Authority (FCA) said that ICM “must meet our standards in dealing with its clients”.
ICM is shifting focus to other areas
Despite this latest action, ICM Capital, which rebranded as ICM.com in 2018, holds licenses in Abu Dhabi, Mauritius, Labuan, St. Vincent and the Grenadines. The company is also authorized by the Financial Sector Conduct Authority in South Africa and by ARIF in Switzerland. However, according to the information on its website, the broker does not provide its services to the United States, North Korea, and China.
In 2018, ICM rebranded as ICM.com, consolidating all its group entities under one brand. This initiative came in conjunction with the unveiling of the new logo and renewed website. Shoaib Abdi, the company's founder, stressed the importance of merging all entities under one brand, citing the tremendous growth the company has achieved over the past decade.
Abedi identified key goals as providing excellent client service, improved market knowledge, strong execution across multiple asset classes, and an overall rewarding investment experience. By aligning its brand identity with these factors, ICM aims to enhance its offering to investors and traders around the world.
Expansion efforts
The brokerage company has previously pursued several initiatives to increase its presence, including sports sponsorship, such as sponsorship of the English polo team, Fulham Football Club, and cycling. ICM.com entered Qatar in 2021 as part of its expansion into the Middle East and North Africa region. The move was facilitated by a permit from the Qatar Financial Centre, allowing ICM to establish a physical office in Doha, Qatar.
Abdi stressed the company's commitment to continuous expansion despite the challenges imposed by the pandemic. The expansion in Qatar came after its entry into the Jordanian market as part of the company's global expansion strategy. In addition, ICM.com has added around 700 CFDs for US stocks.
This article was written by Jared Kirroy at www.financemagnates.com.