Summary:
Ziglu is acquiring Damex, expanding its customer base to nearly 200,000 clients.
Stock trading for UK and US markets is on the horizon for Ziglu's European customers.
Ziglu must secure a full FCA brokerage license to offer share trading in the UK.
The company is already regulated by the FCA for electronic money and crypto services.
London-based Ziglu, a crypto and fiat trading service, is making headlines with its recent acquisition of Damex, a Gibraltar/Spain-based crypto payments company. This strategic move is set to broaden their services significantly.
Key Developments
According to Sky News, Ziglu is expected to announce the acquisition soon, which will merge their customer bases to nearly 200,000 clients. Ziglu has ambitious plans to introduce UK and US stock trading to its European customers in the upcoming months.
To facilitate this expansion into stock trading, Ziglu will need to obtain additional licenses:
- Full FCA Brokerage License for trading shares in the UK.
- Separate licensing from EU’s national regulators for offering shares/CFDs trading to EU clients.
Ziglu is already regulated by the Financial Conduct Authority (FCA) in the UK for electronic money issuance and related payment services, in addition to being registered as a cryptoasset firm for anti-money laundering supervision.
This acquisition marks a significant step in Ziglu's evolution, potentially reshaping the landscape of crypto and stock trading in Europe.
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