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

Andrew Saks-McLeod, Head of Research and Analysis, ETX Capital

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

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.

 

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