Turkish Holding Group ABK Holding Agrees to Acquire CrescoFX

APRIL 6, 2021 - Cresco Capital Markets, the owner of retail and institutional multi-asset trading services firm CrescoFX, has announced that it is to be acquired by Turkish holding group, ABK Holding JSC, owned by co-founders Murat Kutay Yildirim and Gokalp Icer. Terms have conditionally been agreed and the deal is now subject to prior approval by the UK Financial Conduct Authority. ABK Holding has interests in FinTech, Insurance, Brokerage, HR & Consultancy and Technology.

CrescoFX was founded in 2011 by Derek Mayne. As a boutique FX broker, it was designed to serve professional traders seeking a reliable and competitive client-centred alternative to traditional liquidity providers. CrescoFX has been authorised and regulated by the FCA since 2017.

Upon completion, this acquisition will complement ABK Holding’s existing portfolio of trading solutions, which includes their NYFX multi-asset trading platform and the Icrypex crypto currency exchange. Icrypex allows users to trade digital currency with up to 20 different fiat currencies in a single account.

CrescoFX’s platform, Cresco Trader, provides automatic execution, competitive and reliable pricing, as well as advanced risk management tools, along with customizable layouts, advanced trading tools and award-winning charting, as well as a mobile app.

Commenting on the acquisition, Gokalp Icer said; “We’re delighted to add CrescoFX to our portfolio, the synergy of this platform expands and strengthens our offering to our existing NYFX and Icrypex users.”

Murat Kutay Yildirim added; “The acquisition is great timing, the global growth in retail trading is accelerating, and with CrescoFX, we are now well positioned and have the best technology to meet the demands of this fast growing sector.”