MultiBank has secured a license from the Cyprus Securities and Exchange Commission (CySEC) to expand its derivatives brokerage services in Europe. The company, which rebranded from IKON MultiBank Group in 2016, announced the development today (Wednesday), noting that permission was given to its local Cypriot subsidiary, MEX Europe.

MultiBank Expects to Go Public in 2023

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, is now operating with 12 regulatory authorities. Currently, the broker is regulated in several jurisdictions such as Germany, Australia, New Zealand, UAE and Singapore.

In 2016, Naser Taher, the Chairman of MultiBank, told Finance Magnates in an exclusive interview that the company was considering going public within the next three years in Hong Kong at a valuation of about $2 billion. However, while the stated period has elapsed, MultiBank is still actively seeking to go public.

“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.

Furthermore, the company plans to introduce a regulated digital assets exchange in Australia and launch an enhanced social trading application and global digital payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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.

Meanwhile, MultiBank’s plan to become a public organization runs parallel to the company, which was established in 2005 in the United States, boasting over $12.1 billion in daily trading volume. In 2021, the company generated an annual revenue of $189 million, Finance Magnates reported.

On top of that, MultiBank moved its headquarters from Hong Kong to Dubai in late 2022. Taher noted in a statement that the relocation is aimed at consolidating the company’s business position in the UAE.

In recent months, MultiBank hired several senior industry executives, including Tim Rudland as the Chief Risk Officer, Marc Aspinall as the Chief Commercial Officer, Roman Krutyanskiy as the Chief Business Development Officer and Omar Khaled as the Marketing Director.

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