The Broker Closes Retail Business and moves on to B2B

Exness, the foreign exchange broker, recently announced that it has decided to close its business in the European Union and European Economic Area, which also includes the United Kingdom.

A group of trading professionals in the area of finance and information technology in 2008 founded the Exness Group. The broker has a successful reputation among its peers. There are already tens of thousands of Exness Group clients around the world. Thus, the announcement was quite shocking.

Exness is officially licensed in the EU through two entities, the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).

The reason why Exness decided to close its headquarters happens to be quite straightforward. According to the statement released on the broker’s website, the company is leaving the region to focus on its B2B offering.

Exness want to focus on a new frontier: B2B 

The broker’s decision to focus more on business-to-business operations has been in the works for quite a while already. However, the firm has previously said it wanted to focus more in this direction. Exness was planning to expand its set of operations to the B2B sector.

Andrey Shamne, the broker’s head of product, stated that B2B is a natural step for any successful broker. In addition, the broker wants to enter a new jurisdiction and to get to know the market, the players, the payment providers, and other marketing shenanigans.

Exness is probably going to focus on Europe first and then continue to take over other markets too. As the expert said, it is the best way for it to grow in new markets. It was an internal business decision, based on the value that the company puts in its product. Exness wants to develop and become even better in the trading field.

The broker is starting new marketing projects. It is forming new partnerships with technology providers, creating new strategies to broaden its selling market.