Paris-based cryptocurrency exchange Ouinex has completed a new $3.5 million equity funding round, bringing its total funding to $9 million.

CoinFeed reported on May 19th that, according to Forbes, Paris-based cryptocurrency exchange Ouinex announced the completion of a new $3.5 million equity funding round, bringing its total funding to $9 million. All funding came from its more than 10,000 retail and professional traders, with no venture capital participation. Founded in 2022 by former FXCM executive Ilies Larbi, Ouinex's core selling point is its departure from the traditional CLOB (Central Limit Order Book) model, adopting a forex and CFD market architecture: market makers only quote bid and ask prices to the platform, without seeing retail orders or placing orders in the order book. Ouinex selects the best quote plus a spread and provides clients with a one-sided quote, claiming to "compete only with the market, not against users." The platform has already obtained licenses in South Africa, St. Vincent and the Grenadines, Australia, and Poland, and operates a single matching engine through KYC (Know Your Customer) procedures.