Forex.com Operator Plans to Surrender FCA Licence as Focus Shifts to Dubai

Gain Capital, the operator of Forex.com and City Index, plans to surrender its UK licence from the Financial Conduct Authority (FCA), according to its latest filing with Companies House. The company said the move will take place “in the fullness of time,” with no fixed timeline disclosed.

Transition From London to Dubai

The filing indicates that the FCA licence surrender will begin once StoneX Financial Ltd receives an operating licence in Dubai. While the exact timing remains uncertain, the process is tied to regulatory approvals in the UAE.

Gain Capital has already obtained a Category 5 licence from the UAE’s Securities and Commodities Authority (SCA). However, the licence must be used for several months before it can be transferred to StoneX Financial Ltd.

“[Gain Capital UK] obtained a Dubai operating licence in August 2025; however, it must operate under this licence for a number of months before applying to transfer it,” the filing stated.

Reduced UK Trading Activity

The documents suggest that Gain Capital is no longer directly involved in trading operations in the UK. The company is not reporting turnover from UK-based trading and is currently generating income only through a Dubai representative office, which supports wider group activities.

Strategic Shift Under StoneX Ownership

StoneX acquired Gain Capital in 2020 for $236 million, marking its entry into the retail forex and CFD market. Despite initial shareholder opposition and subsequent legal scrutiny related to insider trading, the acquisition significantly expanded StoneX’s retail footprint.

Since the takeover, the group has more than doubled its active retail client base, reaching over 400,000 retail accounts globally.

Gain Capital’s Middle East expansion follows the Forex.com brand’s recent launch from Singapore, signaling a broader geographic realignment.

Dubai’s Growing Appeal to CFD Brokers

Dubai continues to attract global forex and CFD brokers. Firms such as Plus500, XTB, Deriv, and RoboMarkets have secured full brokerage licenses, while others—including XM—have opted for the increasingly popular Category 5 SCA licence. Category 5 authorisation allows brokers to promote CFD services and refer clients to offshore entities but does not permit local trade execution or the holding of client funds. Gain Capital’s planned FCA exit underscores a wider industry trend, as brokers reassess regulatory footprints and increasingly position Dubai as a strategic hub for regional and global growth.

Related read: FOREX.com Launches 24/7 Crypto CFD Trading Amid UAE’s Digital Finance Push — The move highlights how the broker is expanding its digital asset offering while aligning more closely with the UAE’s rapidly evolving fintech and crypto-friendly regulatory landscape, adding further context to its growing focus on the region.