MultiBank Group reports record profit of $112 million in Q3’23, trading turnover of $3 trillion
“Our financial results broke new records once again this year, highlighting solid growth, with achievements that are in line with our long-term strategy.”
Global finance and technology behemoth MultiBank Group revealed a stellar third quarter for 2023 with a record-breaking revenue of $112,365,577 and a trading turnover of $3 trillion. The numbers mark the most prosperous quarter in the company’s history, paving the way for yet another record-shattering year.
The Group also unveiled its audited financial results for the full year of 2022, which showcased a remarkable 48% surge in revenue, from $188,636,721 in 2021 to $279,523,140 in 2022.
Additionally, MultiBank Group reported a significant 35% growth in net income, which rose from $132,937,545 in 2021 to $180,013,709 in 2022. The metrics further confirm MultiBank Group’s solidified standing as a dominant player in the global financial markets.
CySEC license, multi-asset platform, and blockchain
“Our financial results broke new records once again this year, highlighting solid growth, with achievements that are in line with our long-term strategy”, said MultiBank Group Founder and Chairman Naser Taher.
“In 2023, we launched our latest cutting-edge technology, the MultiBank.io multi-asset platform and financial ecosystem, which combines traditional finance with the latest advanced technologies including blockchain, AI, and machine learning – empowering millions of market participants worldwide and shaping the future of finance. In addition, we also recently obtained a license for our new European subsidiary, MEX Europe Ltd, from the Cyprus Securities and Exchange Commission (CySEC). This European license reinforces our unwavering commitment to regulations, compliance, and fund security, joining our esteemed group of financial institutions which maintain an unblemished record with over 14 regulators worldwide”, Taher added.
The technological advancements come as part of the group’s long-term strategy and are expected to bolster the company’s overall capabilities and market reach.
Founded in California in 2005, MultiBank Group boasts a daily trading volume of over $12.1 billion and a sprawling client base that exceeds 1 million, spanning across 100 countries.
The company has metamorphosed into one of the world’s largest online financial derivatives providers, offering services in brokerage and asset management. MultiBank Group provides its diverse clientele with trading platforms featuring up to 500:1 leverage on a broad range of financial instruments.
MultiBank secured CySEC license ahead of going public
It was in July that MultiBank Group announced it had been granted a license by the Cyprus Securities and Exchange Commission (CySEC) through its EU-based subsidiary MEX Europe Ltd.
The CySEC license authorizes the FX & CFD brokerage firm to provide services to clients in full compliance with the applicable laws in European markets.
This regulatory milestone for MultiBank Group comes as part of its geographic and product expansion strategy ahead of going public in 2023.
Other ground-breaking projects by MultiBank include an inter-bank ECN trading platform for financial institutions and banks, a digital assets exchange regulated in Australia, an enhanced social trading application, and a global digital payments processor.
Besides the newly obtained CySEC license, MultiBank Group secured licenses from SCA of the UAE and MAS of Singapore in October 2022. The brokerage firm is also authorized by ASIC, AUSTRAC, BaFin, FMA, FSC, CIMA, TFG, and VFSC.
MultiBank Group was founded in the United States in 2005 and is headquartered in Dubai since late 2022. The broker hired Admirals’ alumni Roman Krutyanskiy as Chief Business Development Officer for this next phase of growth.