Independent Reserve
Regulated crypto exchange in Australia and Singapore, now 70% owned by IG Group.
On the record
Checkpoint: IG Group's branded crypto rollout across Singapore, Australia and UAE
The call
Independent Reserve now runs as IG Group's regulated crypto arm across APAC, with its earn-out tied to a 2026 rollout that has not launched yet.
Independent Reserve is a regulated cryptocurrency exchange operating in Australia, Singapore, and other Asia-Pacific countries. The company has government licenses and relationships with big institutional traders, which are hard for competitors to copy or replace because the licenses take years to obtain and the trading relationships take time to build. In January 2026, a large investment firm called IG Group bought a 70 percent stake in the company, which greatly improves its chances of surviving because IG Group is an established, well-funded parent company that can support it through tough times. However, the deal limits how much profit Independent Reserve's original owners can make, since the total value of the company is capped at 285 million Australian dollars no matter how well it performs. The real question is whether IG Group can successfully launch crypto trading services to its own customers starting in mid-2026 across multiple countries, which would prove the partnership works and justify the investment.
Why
01
AI pressure: None apparent. Trading and custody run on licenses and bank rails, not on AI models, so no direct AI product replaces this yet. Could AI do the core job? Unlikely.
02
Bigger players: Coinbase and Kraken. Both keep expanding into Australian retail and institutional accounts, the same customers Independent Reserve courts for SMSF and OTC business. Could a giant copy it? Probably.
03
What protects it. AUSTRAC and MAS licenses plus IG Group's balance sheet and distribution make it hard for pure offshore exchanges to match locally.
What would change this call
IG-branded crypto offering launches in Singapore, Australia, and UAE in H2 2026. Shows IG Group is successfully integrating Independent Reserve into its wider distribution network.
Independent Reserve hits the A$15.0m FY26 performance earn-out target. Confirms the acquired business is meeting growth milestones tied to the deal structure.
AUSTRAC Tranche 2 VASP registration and Travel Rule deadlines (July 2026) pass without disruption to Independent Reserve's licensing. Shows the company keeps its regulatory standing intact through new compliance requirements.
Independent Reserve hits the A$15.0m FY26 performance earn-out target. Confirms the acquired business is meeting growth milestones tied to the deal structure.
AUSTRAC Tranche 2 VASP registration and Travel Rule deadlines (July 2026) pass without disruption to Independent Reserve's licensing. Shows the company keeps its regulatory standing intact through new compliance requirements.
Key numbers
- A$178.0m enterprise value at acquisition
- A$35.3m FY25 revenue, up 88% YoY
- A$1.7bn assets under custody at deal close
Named risks
- H2 2026 IG-branded crypto rollout across Singapore, Australia, UAE could face execution delays.
- AUSTRAC Tranche 2 VASP registration deadline 29 July 2026 and Travel Rule enforcement raise compliance costs.
- New AFSL Digital Asset Platform licensing (transition to 9 April 2027) requires new regulatory approval.
- Thin coin selection (~30-35 assets) versus CoinSpot's 500+ limits retail market share.
- FY27-28 earn-out performance targets could fall short, affecting founder/employee payout under call option.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| CoinSpot | losing to | CoinSpot offers 500+ coins vs Independent Reserve's ~30-35 as of June 2026, dominating AU retail breadth |
| Kraken | contesting | Kraken entered Australia in 2020 via Bit Trade acquisition, offering 190+ jurisdictions and staking |
| Swyftx | losing to | Swyftx (Brisbane) offers 440+ coins, broader retail coverage than Independent Reserve as of 2026 |
| Binance | gaining on | Binance has faced restricted AUD banking access since 2023, an opening Independent Reserve's compliant status exploits |
Questions people ask
- Is Independent Reserve profitable in 2026?
- No profit figure was disclosed, but Independent Reserve reported A$35.3 million revenue for FY ending 30 June 2025, up 88% year-over-year, with average monthly active customers up 60% YoY to ~11,600, signaling strong growth momentum ahead of its IG Group acquisition closing 30 January 2026.
- Who owns Independent Reserve now?
- IG Group Holdings plc, a UK FTSE 250 trading firm, completed acquisition of a 70% stake in Independent Reserve on 30 January 2026 after MAS approval, paying A$110.6 million initial consideration with total enterprise value capped at A$285.1 million pending FY27-28 earn-outs.
- Could AI replace Independent Reserve's business?
- Unlikely soon: its moat rests on AUSTRAC DCE registration and a MAS all-investor license in Singapore, ISO 27001-certified custody, and OTC/SMSF institutional relationships, none of which AI can replicate; only commodity functions like support and KYC triage face AI/automation pressure.
- Is Independent Reserve a safe place to keep crypto or work at in 2026?
- Independent Reserve holds AUSTRAC DCE registration, ISO 27001 certification, and conducts annual external audits of fiat and crypto balances; as of January 30, 2026 it held A$1.7 billion in assets under custody and 129,400 funded accounts, now backed by IG Group's capital.
- Who is Independent Reserve's biggest competitor in Australia?
- CoinSpot is Australia's largest retail exchange with 500+ coins versus Independent Reserve's ~30-35, while Kraken (AU since 2020) and Swyftx also compete broadly; Independent Reserve instead leads in institutional, OTC, and SMSF niches rather than retail breadth.
- What is Independent Reserve's total deal value with IG Group?
- IG Group's initial 2025 announcement valued Independent Reserve at A$178.0 million enterprise value (about 5.0x trailing revenue); after the January 30, 2026 close, total value is capped at A$285.1 million including a performance-linked earn-out through FY27-FY28.
Timeline
- 2026-03-17Announced new institutional/corporate payment and yield products for H2 2026 launch
- 2026-01-30IG Group completed 70% acquisition of Independent Reserve after MAS approval
- 2025-09-19IG Group announced acquisition at A$178.0m enterprise value
- 2024-08-01Nathan Briggs appointed COO
- 2024-05-01Duncan Tebb appointed Chief Revenue Officer
- 2023-08-01PayPal AUD funding integration went live
- 2023-03-01Acquired Bitcoin.com.au brand
- 2018-01-01Mike Tilley and KTM Ventures acquired 25% stake
- 2013-06-01Independent Reserve founded in Sydney by Adrian Przelozny, Adam Tepper, Lasanka Perera
Revision history
21 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Acquisition of Independent Reserve, Company Announcement (2025-09-19)
- Completion of acquisition of Independent Reserve (2026-01-30)
- IG Group completes Independent Reserve acquisition after regulatory approvals (2026-01-30)
- Independent Reserve - About
- Best Crypto Exchanges in Australia 2026 (2026-06-03)
- Independent Reserve (2026-05-18)
- Independent Reserve Expands Institutional Offerings Across APAC (2026-03-17)
- Independent Reserve
- Independent Reserve - LinkedIn (2026-03-16)
- What Institutions Must Prepare (2026-06-28)
- AUSTRAC DCE & AFSL Requirements (2026-05-14)
- How These Crypto Exchanges Compare (2026-01-22)