MultiBank Group Gets CySEC License, Eyes Going Public in 2023

<p>MultiBank
has secured a license from the Cyprus Securities and Exchange Commission
(CySEC) to expand its
derivatives brokerage services in Europe. The company,
which <a href="https://www.financemagnates.com/institutional-forex/exchanges/ikon-multibank-rebrands-multibank-exchange-group-launching-fx-exchange/" target="_blank" rel="follow">rebranded</a> from IKON MultiBank Group in 2016, announced
the development today (Wednesday), noting that permission was given to its
local Cypriot subsidiary, MEX Europe. </p><p>MultiBank
Expects to Go Public in 2023</p><p>With the license, Dubai-based MultiBank, which provides trading platforms and tools to
support its clients'
activities in forex, metals, indices, shares, commodities, and digital asset-based
contracts for difference, now operates under 12 regulatory authorities. Currently,
the broker is regulated in several jurisdictions such as Germany, Australia, New Zealand,
<a href="https://www.financemagnates.com/thought-leadership/multibank-group-announces-two-additional-licenses-in-uae-singapore/" target="_blank" rel="follow">UAE
and Singapore</a>. </p><p>In 2016, Naser
Taher, the Chairman of MultiBank, told <a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance Magnates </a>in <a href="https://www.financemagnates.com/forex/brokers/exclusive-naser-taher-on-multibank-exchange-and-a-forthcoming-2bln-ipo/" target="_blank" rel="follow">an exclusive interview</a> that the
company was considering going public within
the next three years in Hong Kong and at a valuation of about $2 billion. However, while the stated period
has elapsed, MultiBank
is still actively seeking to go public. </p><p>“The
unveiling of MEX Europe comes when MultiBank Group is expecting to go public in
2023 with several ground-breaking projects including an inter-bank ECN trading
platform for financial institutions and banks,”
MultiBank said in the statement.</p><p>Furthermore, the company plans to introduce a regulated digital
assets exchange in Australia and launch an enhanced social trading application and global digital <a href="https://www.financemagnates.com/terms/p/payments/">payments</a> processor. It noted that the processor will create the 'world’s first cross-asset ecosystem' and help bridge the gap between traditional and
other emerging forms of finance.</p><p>Meanwhile, MultiBank’s plan to become a public organization comes as the
company, which was
established in 2005 in the United States, currently boasts of <a href="https://www.financemagnates.com/thought-leadership/multibank-group-announces-record-breaking-financial-figures-for-2021/" target="_blank" rel="follow">over
$12.1 billion</a> in daily trading volume. In 2021,
the company generated an annual revenue of $189 million, <a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance Magnates</a> reported.</p><p>As part of moves to grow in business, MultiBank in late 2022 <a href="https://www.finaancemagnates.com/thought-leadership/multibank-group-announces-relocation-of-its-headquarters-from-hong-kong-to-dubai/" target="_blank" rel="follow">moved its headquarters</a> from Hong Kong to Dubai. Taher noted in a statement that the move is aimed at
consolidating the company’s business position in the UAE. </p><p>In recent
months, MultiBank also hired several senior industry executives, including <a href="https://www.financemagnates.com/executives/forex-veteran-tim-rudland-moves-from-liquiditynet-to-multibank-group-as-cro/" target="_blank" rel="follow">Tim Rudland</a> as Chief Risk Officer, <a href="https://www.financemagnates.com/executives/moves/multibank-gets-new-cco-at-the-dubai-headquarters/" target="_blank" rel="follow">Marc Aspinall</a> as Chief Commercial
Officer, <a href="https://www.financemagnates.com/executives/admirals-roman-krutyanskiy-joins-multibank-group-as-chief-bdo/" target="_blank" rel="follow">Roman Krutyanskiy</a> as Chief Business Development
Officer and <a href="https://www.financemagnates.com/executives/moves/omar-khaled-leaves-amana-to-join-multibank-group/" target="_blank" rel="follow">Omar Khaled</a> as Marketing Director.</p><p>Rakuten brings AI assistant; Argo raises money; <a href="https://www.financemagnates.com/forex/news-nuggets-19-july-rakuten-brings-ai-assistant-argo-raises-money/" target="_blank" rel="follow">read today's news nuggets</a>.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.