Exness has decided to close its retail operations in the EU / EEA, including the United Kingdom. The broker will now focus on other markets and develop its B2B business.
October 28, 2019, | AtoZ Markets – Exness is authorized in the EU through its two licenses granted by the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC). According to the statement published today on the broker’s website, the company has decided to close its operations in the European Union and the European Economic Area, including the United Kingdom, to focus on its B2B offering.
AtoZMarkets team reached out to Exness to get some insights about the story. One of the Exness team members, Karidjatou Koulibaly, commented that “Exness is moving its operations from retail to Business to Business (B2B). The top management made the decision to provide B2B. In our case, we will offer B2B services to other brokers.”
Exness teamed up with Sumsub
Last month, the broker teamed up with Sumsub for fraud protection assistance and globally inclusive AML compliance.
Exness’s international coverage required an automated KYC solution suitable for use in multiple countries. So to achieve the necessary level of compliance and fight off growing identity fraud, the company has partnered with at Sumsub. It is a unique solution for all questions of compliance and user integration. The broker’s decision to focus more on the B2B sector is not a big surprise. The firm has already said earlier it wanted to focus more in that direction.
Previously Exness Planed into The B2B Business
Earlier this year, in August, the broker’s product manager Andrey Shamne revealed that Exness plans to expand into the B2B business. Until then, the company had focused on growing its retail customer base. He thought that time B2B is a natural step for any successful broker. They will probably focus first on Europe.
According to Andrey Shamne, this is the best way for them to grow into new markets. So if they want to enter an original jurisdiction, they may not know the market, the players, the payments provider, or how marketing works. It’s much easier to provide a white-label to someone who understands these things.
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