Betfred is set to expand the reach of its new TradeFred Forex and CFDs online trading platform into Cyprus, according to LeapRate.com.
The result of a partnership between Betfred and Vanuatu-registered MagicPath Capital, the platform went live in June.
At the time of its launch, TradeFred only held a licence issued by the Vanuatu Financial Services Commission and had not been not cleared for operations in the UK or Europe.
However, LeapRate.com has reported that TradeFred will soon expand with a new Europe-regulated entity in Cyprus and has established a subsidiary in the country to support the move.
TradeFred is also expected to announce that it has obtained a CIF licence from the Cyprus Securities and Exchange Commission, which will allow it to take clients from European countries and the UK.
MagicPath is listed as the owner of the TradeFred brand, while Betfred serves as a technology provider.