LeapRate Exclusive… LeapRate has learned via regulatory filings that Retail FX brokerage group Exness has invested an additional £1.5 million (USD $2.1 million) of capital into its FCA regulated UK subsidiary Exness (UK) Limited.
As we exclusively reported early last year, CySEC-licensed Exness made an application to the FCA to upgrade its “IFPRU 125K” license in the UK to a full 730K license. Exness UK had originally received its FCA license in late 2016. The Exness UK IFPRU 730K license upgrade was received in June 2017.
The upgraded license means that the company can now trade with its clients as principal without the matched-principal limitation. It also requires more capital, especially as Exness expands its UK and EU footprint – hence the current additional investment into Exness UK.
As we heard in an earlier conversation with Exness CEO Petr Valov, the plan was (and is) to use Exness UK to expand the company’s retail business in Europe, as well as provide institutional FX and liquidity services off of Exness’ large existing global volume base. Exness has grown to become one of the world’s leading retail forex brokers by volume traded, averaging close to $300 billion monthly trading volumes the past few months.
The additional investment brings Exness UK’s paid-in capital base up to £4.25 million.
Leading up to its license upgrade and push with larger clients in the UK and the EU, Exness cemented its sponsorship of Real Madrid as well as engaging Real star Cristiano Ronaldo as a Brand Ambassador.
An Exness UK spokesperson confirmed to LeapRate,
We are pleased to show further commitment to support and grow our UK entity in the coming months.