Arbonne Network, the first and only online marketing platform for the world’s leading financial institutions, is being shut down after failing to meet a series of demands made by regulators.
The move comes as part of a series designed to tighten up the digital landscape in the financial services industry, which is under intense scrutiny from regulators.
Arbonne is the largest of the digital platforms in the world, with more than 50 million users across more than 100 countries.
It was launched in January 2014.
Its main competitor, the company behind the popular Bovada, has struggled to get the digital platform off the ground and, in April, filed for bankruptcy protection.
It’s now understood that regulators have demanded changes to the terms and conditions of its contract with Arbonnne.
A statement from the Arbonnet parent company, Naspers, read: “Naspers regrets that the Arbonsnap platform is being terminated following the failure of its latest round of regulatory requirements.”
In a separate statement, ArbonNET said that it was “currently working to finalise the termination of Arbonnetsnap” as part, “of course, to comply with all relevant legal and regulatory requirements”.
The company did not disclose the reasons for the termination.
A spokesman for the Financial Conduct Authority (FCA) said the regulator was “reviewing the details” of the termination, but that it would not comment further until that review was complete.
Arbonsap, launched in June 2015, is a free and open-source platform that allows people to create, track and manage their investment portfolios.
Its aim is to help individuals and organisations understand what their financial resources are spending on, which could give them an idea of how to manage their portfolios better.
Its platform is also intended to serve as a platform for financial advisers to connect with customers, helping them make better decisions.
Arbitrary terms of serviceThe regulator also ordered Arbonesnap to provide ArbONne with information on any transactions made through the platform.
“The FCA is reviewing the details of this final arrangement with Arbonsnap, and will provide a statement when it is finalised.””
Arbonds, a rival platform, is currently undergoing a review of its terms of services, but is expected by the regulator to release a statement at a later date.”
The FCA is reviewing the details of this final arrangement with Arbonsnap, and will provide a statement when it is finalised.”
Arbonds, a rival platform, is currently undergoing a review of its terms of services, but is expected by the regulator to release a statement at a later date.
Arbsource, the only financial advisory platform, has also faced regulatory scrutiny, but it has not been forced to shut down.
It has since become a valued financial service provider in the US, and was valued at $1.4bn in December last year.
The terms of this licence agreement were approved in February 2015 and have not been renewed.””
Natsol understands that the terms of the licence agreement are subject to ongoing negotiations with Arbssource.
The terms of this licence agreement were approved in February 2015 and have not been renewed.”