MultiBank Group gets new regulatory licenses from UAE and Singapore

FinanceFeeds Editorial Team

MultiBank Group, one of the largest online financial derivatives providers worldwide, has secured two reputable and strategic regulatory licenses from the Securities and Commodities Authority of the United Arab Emirates (SCA) and the Monetary Authority of Singapore (MAS).

MultiBank Group, one of the largest online financial derivatives providers worldwide, has secured two reputable and strategic regulatory licenses from the Securities and Commodities Authority of the United Arab Emirates (SCA) and the Monetary Authority of Singapore (MAS).

The addition of these coveted licenses extends the group’s regulatory arsenal to include heavily regulated companies authorised by ASIC in Australia, BaFin in Germany, FMA in Austria, SCA in the United Arab Emirates, MAS in Singapore and CIMA in the Cayman Islands.

MultiBank Group has maintained an unparalleled regulatory record, closely supervised by over 11 financial regulators across various jurisdictions. The company maintains more than 25 branches spanning five continents worldwide. 

MultiBank has also bolstered the protection of its clients’ assets, bringing all client funds under a one-of-a-kind excess loss insurance. The insurance is underwritten by Lloyd’s of London, one of the world’s leading insurance organizations, and is available to all clients at no additional cost.

Multibank Founder and Chairman Naser Taher, who in 2022 was awarded as one of the 50 Most Influential Financial Figures in Global Financial Markets, comments:

“It is with great delight that today we announce the launch of newly licensed entities regulated by SCA and MAS. We are the world’s most heavily regulated broker, registered with over 11 regulators worldwide, and shall continue our long-term commitment to advancing regulatory standards for the benefit of traders globally. We are very proud that MultiBank Group has an impeccable record with its global regulators. In an age where ‘AAA’ rated banks encounter consistent regulatory challenges, such a flawless regulatory status is indeed unique within this industry. As a result of our considerable track record, our over 1,000,000 valued clients, have entrusted us for the last three decades to be their safe and trusted financial products and fintech provider”.

Per its recent financial results, MultiBank enjoyed a boom in trading volumes with a record turnover of more than $12.1 billion per day. 

Although the wave of interest in the meme-stocks phenomenon and cryptocurrencies has receded, MultiBank managed to keep hold of many new clients and benefited from its decision to diversify away from traditional trading products. 

MultiBank disclosed a record annual revenue of $189 million in FY 2021, significantly above pre-pandemic levels. This was an impressive 35.4% increase from 2020’s results, marking a record-breaking year for the global giant.

Founded in 2005, MultiBank Group has a current paid-up capital of over $322 million and counts an extensive client-base of over 320,000 customers from across 90 countries.

Moreover, the group continues its strategic focus on developing and investing in advanced trading technologies. Specifically, MultiBank launched MEX Digital, a global digital asset exchange that offers trading in more than 20 of the world’s top cryptocurrencies. The group has also set up MEX Pay, an electronic money institution offering online banking for both individuals and businesses, enabling customers to trade and bank in traditional currency as well as cryptocurrency.

  • Read this next

    Retail FX

    Weekly Roundup: John Oliver rips into MetaTrader, Binance to pay $10 billion

    Welcome to this week’s roundup, where we delve into the latest developments in the Forex, Fintech, and cryptocurrency markets. Stay ahead of the curve with our comprehensive overview of the week’s most impactful events and trends across these dynamic sectors.

    Retail FX

    Lark Funding reopens to US traders, MyFundedFX picks cTrader

    Canada-based prop trading firm Lark Funding announced it will once again welcome clients from the United States.

    Institutional FX

    Cboe FX volume falls to lowest level since summer

    Cboe’s institutional spot FX platform, known as Cboe Spot, today announced its trading volume for the month ending February 2024, which took a step back after a strong rebound in December.

    Retail FX

    ThinkMarkets secures lucrative DFSA license in Dubai

    Melbourne-based broker ThinkMarkets has secured a license from the Dubai Financial Services Authority (DFSA) after it has already incorporated its new subsidiary in the Dubai International Financial Center (DIFC).

    Digital Assets

    New Horizen Lays Out Its Vision Of A Modular, Proof Verification Layer For Web3 Networks

    Horizen is forging a new path for the future of blockchain with its New Horizen initiative, which is building a modular Proof Verification layer that’s dedicated to verifying cryptographic proofs for any settlement layer, beginning with Ethereum. 

    Digital Assets

    Karma3 Labs Raises a $4.5M Seed Round Led By Galaxy and IDEO CoLab to Build OpenRank, a Decentralized Reputation Protocol

    Using OpenRank, developers and web3 companies can build consumer apps where people can discover, use, fund, read, or buy something on-chain without worrying about getting spammed or scammed.

    Digital Assets

    Worldcoin down as Elon Musk sues OpenAI CEO Sam Altman

    Worldcoin’s (WLD) token dropped following news of a lawsuit against related company OpenAI. The lawsuit was filed by Elon Musk and accused OpenAI and CEO Sam Altman of breach of contract.

    Institutional FX

    Exegy’s Liquidity Lamp adds intraday data to outperform S&P 500 by 31.8%

    Exegy has incorporated intraday signals into its AI-powered iceberg order detection tool, Liquidity Lamp. By adding intraday data to a baseline mean reversion strategy, Exegy’s model outperformed the baseline by 10.5% and the S&P 500 (SPY) by 31.8%, respectively in the out-of-sample testing.

    Industry News

    Think Elon Musk backed your crypto exchange? ASIC’s latest reveal may shock you

    In an absolutely shocking turn of events that nobody could have possibly seen coming, the Australian Securities and Investments Commission (ASIC) has bravely stepped forward to reveal that, yes, those videos of Elon Musk passionately endorsing a cryptocurrency exchange are as fake as a three-dollar bill.

    <