Abstract：Gain Capital, Forex.com operator, plans to surrender its UK FCA licence, shifting focus to Dubai under StoneX as part of a broader forex and CFD growth strategy.
Gain Capital to Relinquish FCA Licence
Gain Capital, the parent of Forex.com and City Index, is preparing to surrender its Financial Conduct Authority (FCA) licence in the United Kingdom, signaling a strategic pivot towards Dubais growing financial hub. The company said the licence withdrawal would take place “in the fullness of time,” according to its recent filing.
Transition Anchored in Dubai
Documents filed with Companies House indicate that the FCA licence surrender process will commence once StoneX Financial Ltd secures its Dubai operating licence. The timeline for this regulatory shift remains “uncertain,” leaving open questions about the transfers completion.
Earlier reports suggested that Gain Capital had already obtained a Category 5 licence from Dubais Securities and Commodities Authority (SCA). However, new disclosures show that the firm intends to transfer the Dubai licence to StoneX Financial Ltd after meeting operational requirements.
The filing noted that Gain Capital UK received a Dubai operating permit in August 2025 and must operate under that licence for several months before the transfer proceeds.
Decline in UK Operations
Gain Capitals UK operations appear to have scaled back significantly. The company no longer reports direct trading turnover from its British business. Instead, its revenue now comes from running a representative office in Dubai that supports other divisions of the StoneX Group.
Analysts view this move as part of a broader trend of forex brokers relocating operations to more business-friendly regulatory environments like the UAE, where licensing options accommodate different levels of local activity.
StoneX Deepens FX Market Reach
StoneX Group acquired Gain Capital in 2020 for $236 million, marking a strategic push into the retail forex and contracts-for-difference (CFD) market. Although the deal initially faced shareholder resistance and subsequent scrutiny due to insider trading allegations, it ultimately strengthened StoneXs retail position.
Following the acquisition, StoneX more than doubled its global retail account base—from 295,000 to over 400,000 active traders worldwide.
Gain‘s shift to Dubai follows the earlier expansion of its Forex.com platform in Singapore, reflecting the group’s growing presence across key Asian and Middle Eastern markets.
Dubais Growing Appeal for Brokers
Dubai continues to attract a wave of forex and CFD brokers seeking regional footholds. Leading firms such as Plus500, XTB, Deriv, and RoboMarkets have already obtained full brokerage licences to serve regional clients, while others—including XM—operate under Category 5 licences.
The Category 5 authorisation, increasingly popular among brokers, allows firms to market CFDs and refer potential clients to offshore entities but prohibits local custody of client funds or trade execution within the UAE.
Industry observers see Gain Capitals relocation as part of a broader strategic realignment aligning regulatory compliance with market growth opportunities across emerging global financial centers.
