Ziglu Expands Horizons: Acquiring Damex to Launch Stock Trading for Crypto Clients

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.