Why Forex.com Is Abandoning the UK for Dubai

Gain Capital, the company behind Forex.com and City Index, is preparing to surrender its United Kingdom licence with the Financial Conduct Authority (FCA), a process it intends to complete “in the fullness of time.” The decision reflects a broader shift in the companys operations as it pivots towards the Middle East, particularly Dubai.

According to recent filings at Companies House, the surrender of the FCA licence will take place once StoneX Financial Ltd, Gain Capital‘s parent company, secures a Dubai operating licence. The precise timing of this transition remains unclear. Gain Capital UK had already obtained a Category 5 licence from Dubai’s Securities and Commodities Authority (SCA) in August 2025. The company now plans to transfer this licence to StoneX Financial Ltd after operating under it for several months.

Industry analysts note that Gain Capitals UK business is already largely inactive. The company is not reporting any direct trading turnover in the UK, instead generating revenue through a representative office in Dubai that supports group-wide activities. This suggests that the firm has been gradually shifting its operational focus away from the UK market.

StoneX, which acquired Gain Capital in 2020 for $236 million, initially faced opposition from Gain shareholders, followed by a minor insider trading controversy. Since the acquisition, however, StoneX has significantly expanded its retail client base. Active accounts on its global platform more than doubled, reaching 295,000, with total retail accounts surpassing 400,000 worldwide.

The move to Dubai aligns with broader industry trends. Earlier in 2025, Forex.com launched services from a new Singapore base before extending operations to Dubai. Dubai is becoming a hub for both large and smaller contract-for-difference (CFD) brokers. Firms such as Plus500, XTB, Deriv, and RoboMarkets have obtained full brokerage licences, while others, including XM, have opted for promotional Category 5 licences.

The Category 5 licence allows brokers to market CFDs and direct clients to their non-UAE entities. It does not, however, permit holding client funds or executing trades locally, making it a popular choice for companies seeking a regional foothold without the full regulatory burden.

For Gain Capital, this strategic shift signals a move away from the UK‘s highly regulated environment towards the more flexible and rapidly expanding Middle Eastern market. Observers suggest that Dubai’s growing appeal for CFD brokers stems from its regulatory clarity, tax advantages, and potential to access new retail trading segments.

As Gain Capital completes its transition, the industry will be watching closely to see if other established UK brokers follow suit, particularly as the Dubai market continues to attract global trading firms seeking regulatory flexibility and growth opportunities.