Doo Group, which obtained a Cyprus license late last year, has opened a new office in Limassol, the financial hub of the Mediterranean island. Announced today (Monday), the new office space is its largest in Europe.
“A Strategic Hub” for Doo
This appears to be the broker’s second office on the island, as the address differs from the one registered with the Cyprus Securities and Exchange Commission (CySEC). The broker also highlighted that about 80 employees are working from this new office space.
“This office plays a crucial role in enhancing Doo Group’s brand presence in the EMEA region,” the broker noted in its official announcement. “As we continue expanding our global footprint, the new Cyprus office will serve as a strategic hub for delivering high-quality financial services to clients in the region and beyond.”
Doo Group obtained the Cyprus Investment Firm (CIF) license last September, according to the regulatory register, but announced it publicly in November. Under the license, it can offer derivative instruments, including contracts for difference (CFD) instruments, across Europe.
According to its website, the broker also has licenses in the United States, the United Kingdom, Australia, Hong Kong, Malaysia, and Indonesia.
What Is the Future of Cyprus?
While Doo has established its presence in Cyprus, many other retail brokers and CFD industry players are leaving the Mediterranean island. Finance Magnates earlier reported that 26 Degrees is considering giving up its Cyprus license, while BDSwiss’s license has been suspended. Last year, FXTM stopped its services under its Cyprus entity and gave up its license. Further, Banxso, a CFD broker facing serious troubles in South Africa, stopped onboarding clients under its Cyprus license months ago.
Doo further pointed out that it has more than 1,000 employees across its over 20 global operation centres. However, it is important to note that Doo has a presence beyond brokerage, as it is also involved in wealth management and payments.
Meanwhile, several other brokers have also expanded their physical presence in strategic locations. After acquiring a local broker, CFI opened its first office in Baku, the capital of Azerbaijan, while Deriv opened its second Cyprus office in December.
This article was written by Arnab Shome at www.financemagnates.com.
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