MultiBank Group's Chief Development Officer Ruslan Abuzant is leaving the firm after serving for two years. Abuzant joined the group in 2022 and has held several roles, including Head of Information Technology, Head of Product Development, Chief Strategy Officer, and Chief Development Officer.

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In a LinkedIn post, Abuzant remarked: "After two incredible years, today I announce my departure from Multibank. It has been an honor to be part of such a dynamic and dedicated team. I am immensely grateful for the opportunity to meet and work alongside each and every one of you."

"The journey has been filled with challenges, growth, and a lot of fun. Together, we've achieved remarkable milestones, and I've had the privilege to witness firsthand the power of teamwork and dedication. Climbing the corporate ladder and achieving success would not have been possible without your unwavering support and commitment."

Founded in 2005, MutiBank Group was established in California and is headquartered in Dubai. The company offers a range of online trading financial products, including forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term, commodities, and CFDs.

MultiBank Group's Expansion

Recently, MultiBank launched an institutional investor electronic communication network dubbed MEX Exchange. The new platform offers liquidity on spot FX, precious metals, and commodities. It is based in Dubai and plans to expand to over 20 offices globally.

In the official announcement, MultiBank noted that its new Middle-East-based platform is challenging the dominance of the USA and Europe in the global ECN market.

Meanwhile, MultiBank reported a record-breaking results for the third quarter in 2023. The group recorded a revenue of US$ 112,365,577 and a trading turnover of US$3 trillion, making it the most successful quarter in the history of the group. This growth was driven by the group’s continued expansion.

Elsewhere, MultiBank obtained a license from the Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) to expand its derivatives brokerage services in Europe last year. The group mentioned that the approval was extended to its local Cypriot subsidiary, MEX Europe.