Exclusive: Bullion Capital (ABX) closes down Cyprus operations, all staff made redundant

Australia’s precious metals physical clearing exchange confirms closure of Cyprus division.

Bullion Capital (ABX) closes down Cyprus operations

Sources close to the matter have confirmed this morning that Associated Bullion Exchange (ABX), the company which includes Bullion Capital, has closed its Cyprus operations and made all of its staff redundant.

ABX Global is an international physical precious metals clearing facility which is headquartered in Australia, and is registered a Australian Bullion Exchange Ltd.

Trading as Allocated Bullion Exchange (which used to be known as Bullion Capital), the companies that participate are Bullion Capital Ltd which was incorporated in Australia in January 2011, and Australian Bullion Exchange Ltd, which was incorporated in March 2011.

In 2014, Bullion Capital went on a recruitment drive for its then newly established operations in Cyprus, adding the CySec regulated entity to its existing operations in Australia, New Zealand, China, Britain and North America.

ABX Global’s vision was to create an efficient physical precious metals exchange directly accessible to investors worldwide. The concept sought to allow investors the ability to buy and sell allocated physical gold bullion in wholesale quantities in a simple, cost-effective online electronic environment.

Prior to ABX Global the marketplace for physical precious metal bullion was not easily accessible and prevented many would be investors from trading and owning physical gold and silver bullion.

Today, it has been revealed by several sources that the firm has closed its Cyprus operations, with 10 staff having left the company as a result.

FinanceFeeds spoke to ABX Global’s head office in Brisbane, Australia this morning, where the firm’s Office Manager confirmed that the company is in the process of winding down its Cyprus operations.

During the conversation, ABX Global confirmed that the company’s Cyprus-based COO Edward Stanley will remain on board in Cyprus for the immediate future, but the entirety of the staff aside from Mr. Stanley have now left the company.


Read this next

Retail FX

Malaysia regulator exposes OctaFX clone, shady FB profiles

Malaysia’s financial regulator today warned online investors about the risks of following investment tips made on social-media platforms.

Digital Assets

Crypto trading volume spikes at Swiss bourse amid FTX collapse

The shockwaves from the historic collapse of Sam Bankman-Fried’s crypto empire are still being felt across the industry, but some trading venues are actually doing better because of it.

Executive Moves

CMC Markets adds Camilla Boldracchi to institutional sales

UK’s biggest spread better, CMC Markets has promoted Camilla Boldracchi to take on an expanded role within its institutional sales desk.

Institutional FX

FXSpotStream reports $1.48 trillion in monthly volume for November

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for November 2022, which moved higher on a yearly basis but reflected weak performance across executed trade volumes when weighed against the figures of the prior month.

Retail FX

Interactive Brokers’ client activity drops 30% YoY

Interactive Brokers LLC (NASDAQ:IBKR) saw 1.95 million daily average revenue trades, or DARTS, in November 2022 compared to 1.96 million transactions in the prior month.

Digital Assets

The rise of Crypto ETPs in traditional exchanges as crypto winter deepens

Institutional investors are increasingly looking at traditional regulated exchanges as their first route into digital assets amid market turmoil caused by the crypto winter and the collapse of several big names within the space, including FTX. Acuiti and Eurex surveyed 191 buy and sell-side firms on their views of the digital assets markets in order […]

Digital Assets

TP ICAP’s crypto arm receives FCA’s go-ahead

UK interdealer broker TP ICAP has received a regulatory go-ahead to launch its cryptocurrency services in the UK. The bid shows that the recent collapse of FTX exchange has done little to damp the interest of big names in running their own crypto business.

Industry News

Coin Signals founder to pay $2,847,743 after prison sentence over crypto Ponzi scam

The U. S. District Court for the Southern District of New York has ordered Jeremy Spence, founder of Coin Signals, to pay $2,847,743 in restitution to victims of a fraudulent virtual currency scheme.

Digital Assets

CME Group goes DeFi: Reference rates and real-time indices of Aave, Curve, Synthetix

“These rates are designed to provide traders, institutions and other users transparency and price discovery across a much broader range of tokens, allowing them to confidently and more accurately value cryptocurrency sector specific portfolios and manage price risk around various blockchain-based projects.”