Plus500 UK unit resumes onboarding of new customers

In tune with an earlier announcement from Plus500 Ltd (LON:PLUS) about its UK business planning to accept new clients, the retail Forex and CFD broker announced today that Plus500UK officially resumes onboarding activities.

The UK business of the broker stopped accepting new customers in May 2015, as the Financial Conduct Authority (FCA) was investigating its client data verification and anti-money laundering (AML) procedures. The decision to halt new clients onboarding was made by the company itself and was not prompted by the regulators.

Meanwhile, the fluctuation of the share price of the broker made it an attractive target for acquisitions – the planned deal with online gaming giant Playtech PLC (LON:PTEC), however, was cancelled, with Plus500 unveiling plans for its independent future.

In the face of all these dynamics, Plus500 has managed to show robust performance metrics. The company registered revenues of $80.9 million in the third quarter of 2015, with the numbers of new and active customers also staging a solid rise.

Plus500 said back in December 2015 that it is not subject to regulatory restrictions including preventing it from onboarding new customers. The company stressed that the resumption of onboarding activities by its UK unit follows strengthening of its UK management team.

You can view the official announcement from Plus500 by clicking here.

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