Exness Focuses on B2B, Closes Retail Business in Europe & UK

Foreign exchange (forex) broker Exness, announced this Monday that it has decided to close its business in the European Union and European Economic Area - including the United Kingdom.

Exness is licensed in the EU through its two licenses granted by the Financial Conduct Authority (FCA) and 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). According to the statement released on the broker’s website today, the company is leaving its retail business to focus on its B2B offering.

“In light of an internal business decision to focus on other markets and grow our B2B operations, we have decided to close retail business in EU/EEA including the UK. As a company which values all of our clients, we realise this may be disappointing and we apologise for any inconvenience,” the company said on its website this Monday.

Exness to focus on B2B is no surprise

Although the decision for Exness to pull its retail operations out of Europe might be a surprise to some, the broker’s decision to focus more on the business-to-business sector does not come as a big surprise, as the firm has previously said it wanted to focus more in this direction.

Earlier this year in August, Finance Magnates sat down with the broker’s head of product Andrey Shamne, who revealed that Exness was planning on expanding its set of operations in the B2B sector. Until then, the firm had focused on growing its retail customer base.

“I think B2B is a natural step for any successful broker,” said Shamne at the time. “We’re probably going to be focusing on Europe first but we will look at other markets too.”

“This is the best way for us to grow in new markets. If we want to enter a new jurisdiction, we may not know the market, the players, the Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term provider or how marketing works. Providing a white label to someone that does understand those things is much easier.”