Paynoramic launches Marengo, a white-label crypto exchange you can try before you buy.Meet Marengo, our white-label exchange. See the exchange.
Marengo next to B2Broker, ChainUP, Shift Markets, AlphaPoint and HollaEx: how each is sold, who owns the code and what each platform does, as each vendor publishes it, and what Marengo does differently.
The short version
The full source code is handed over at launch, to run where you choose: managed by us, on your own servers or by your own team. B2Broker is sold as a subscription, and HollaEx runs on its own network.
A one-off fee, priced per module in writing. No monthly licence, no share of your trading fees and no lock-in.
Sanctions screening, the Travel Rule, transaction monitoring, market-abuse detection and DAC8 tax reports come with the platform, before you sign a single vendor contract. Your own Chainalysis or Notabene contract plugs in the same way.
Marengo runs at marengo.paynoramic.com. Open it on your phone or your computer and use Lite and Pro yourself, with no sales call first.
How each is sold
The biggest differences are not in features but in who owns the code and the customer, and how the bill works.
| Marengo | B2Broker | ChainUP | Shift Markets | AlphaPoint | HollaEx | |
|---|---|---|---|---|---|---|
| Based in | Dubai and Bucharest | Dubai | Singapore, with a Dubai office | New York | New York | Singapore |
| How it runs | Managed by us, on your servers, or self-hosted | SaaS, run by B2Broker | SaaS, on-premise or source code | Hosted by Shift | Managed SaaS | Hosted on HollaEx's network |
| Source code | Yes, all of it, at launch | No, SaaS only | Offered as an option | Not published | Not published | No, hosted |
| How you pay | A one-off fee | A monthly subscription | Not published | Not published | Not published | A share of trading fees |
| Launch time, as each states it | About 30 days | 4 to 8 weeks | A few weeks | Weeks | 60 days | Self-serve, after a trial |
Feature by feature
Seventeen features buyers ask about, from the trading screen to the regulator's reports.
| Marengo | B2Broker | ChainUP | Shift Markets | AlphaPoint | HollaEx | |
|---|---|---|---|---|---|---|
| Trading | ||||||
| Spot exchange with its own order book | YesOwn matching engine | Yes | Yes | Yes | Yes | Yes |
| Simple buy and sell, and a pro terminal, in one app | YesLite and Pro modes | Not published | Not published | Not published | PartlyBrokerage plus exchange | PartlyExchange plus OTC |
| Native iOS and Android apps | YesIn your brand | YesBranded apps, sold per app | Yes | Yes | PartlyMentioned for neobanks | YesEnterprise plans |
| OTC desk or broker mode with firm quotes | YesFirm quotes, hedged outside | YesA-book and B-book routing | YesOTC with hedging | PartlyMarked-up outside prices | YesOTC with RFQ | YesOTC broker |
| FIX API for professional traders | YesFIX 4.4 order entry | Yes | Not published | Not published | Yes | Not published |
| VIP fee tiers by trading volume | Yes30-day volume discounts | PartlyPartner tiers | Not published | PartlyFee groups and tiers | PartlyConfigurable fees | YesAccount tiers |
| Referral and affiliate programme | Yes | YesIB module | Yes | Yes | Not published | Yes |
| Compliance | ||||||
| Sanctions screening, monitoring and the Travel Rule | YesBuilt in; analytics by adapter | PartlyKYT through Sumsub | YesIn-house KYT | YesThrough partners | PartlyElliptic screening | PartlyTravel Rule data capture |
| Market-abuse detectionMiCA Article 92 | YesFour detectors, each opening a case with a report draft
| Not published | Not published | Not published | PartlyThrough Solidus Labs | No |
| DAC8 and CARF tax reporting | YesReports and yearly statements | Not published | Not published | NoAccounting integrations only | Not published | PartlyKoinly hand-off |
| MiCA stablecoin controls and euro markets | YesEURC, euro markets, two-person register | PartlyUSDT and USDC settlement | Not published | PartlyStablecoin issuance | PartlyStablecoin treasury | PartlyTokens added through support |
| Proof of liabilities each customer can check | YesDaily statements, public verifier | Not published | Not published | Not published | Not published | Not published |
| Money and accounts | ||||||
| Fiat deposits and withdrawals | YesEUR and GBP accounts; bank and card by adapter | PartlyThrough payment providers | YesCard and bank transfer | PartlyThrough CryptoPay | PartlyDelivered per project | PartlyManual credits and plugins |
| Double-entry ledger with reconciliation | YesEvery account reconciled daily | Not published | Not published | YesLedger product | Not published | Not published |
| Account securityPasskeys, address whitelist with a cooling-off period, devices, alerts | Yes
| PartlyPasskeys and 2FA | Not published | PartlyMFA, 2FA on withdrawals | Partly2FA and device registration | Partly2FA, passkeys, IP limits |
| Bring your own providersCustody, identity checks, liquidity | YesOne adapter each180+ ready connectors | PartlyIts own ecosystem | PartlyIts own wallets and KYT | YesFireblocks and others | Partly | PartlyIts shared network |
| AI agent access (MCP) | YesRead-only by default; users approve each order | YesMCP server | Not published | Not published | Not published | Not published |
Every yes in the Marengo column is open to check. Try Marengo yourself
Other vendors as their own pages, product notes and press described them on 20 and 21 October 2026; Marengo as of 26 October 2026. "Not published" means we found no public evidence, which does not mean the feature is missing. Vendors change fast: if something here is out of date, write to us and we will correct it.
What buyers ask next
The questions we hear after the table, and how your launch answers them.
Spot trading is built. Perpetual futures, margin and copy trading come as a custom flow on the same core, once your licence covers them: most regulators approve them separately.
You connect the market makers and venues you choose, each through one adapter, and keep the terms you negotiate. We help you get the contracts, and broker mode quotes firm prices hedged outside.
Your auditors and penetration testers get the full source code, on infrastructure you control. Nothing sits on a vendor's shared platform.
Added as a custom flow with the staking provider you choose, behind the same kind of adapter as custody and identity checks.
Marengo is open to anyone at marengo.paynoramic.com. On a 15-minute call we walk you through it, the staff backoffice included.
Built for
Keep the ledger, the customer and the licence in house, with custody and liquidity partners plugged in by adapter.
Broker mode gives your customers firm prices from your inventory, hedged outside, without running an order book.
Lite and Pro in six languages, Arabic right to left included, with MiCA stablecoin controls and DAC8 reports in the base platform.
The full source code at handover and a one-off fee: the exchange is an asset on your books, not a subscription.
Questions
The one you can own and check. Marengo hands over its full source code for a one-off fee, puts sanctions screening, the Travel Rule, market-abuse detection and DAC8 reports in the base platform, and is open for you to try at marengo.paynoramic.com before you talk to anyone.
Marengo hands over its full source code at launch, with no licence fee afterwards. ChainUP lists source code as one of its options. B2Broker is sold as SaaS, and HollaEx runs on its own hosted network; Shift Markets and AlphaPoint do not publish a source-code option.
Three ways: a monthly subscription, as B2Broker sells it; a share of your trading fees, as HollaEx does; or a one-off fee, as we sell Marengo. ChainUP, Shift Markets and AlphaPoint quote privately. Whichever you choose, plan separately for your licence, hosting and liquidity.
Marengo is open now at marengo.paynoramic.com, on a phone or a computer, with no application and no sales call first. Use Lite and Pro yourself, then book a 15-minute live demo to see the staff backoffice.
No. With every vendor on this page you hold your own licence: a CASP authorisation under MiCA in the EU, FCA registration in the UK, or a VARA, DFSA or FSRA licence in the UAE. Crypto-as-a-service providers lend their own licence instead, but then the customer is theirs too. With Marengo the licence, the customer and the code are all yours.
From each vendor's own website, product notes and press, read on 20 and 21 October 2026, and Marengo's own code and live build on 26 October 2026. "Not published" means we found no public evidence either way. If something has changed, write to us and we will correct the table.
Other vendors' facts are from their own websites, product notes and press. Checked on 21 October 2026; Marengo on 26 October 2026.
Guides
Twelve questions that separate white-label crypto exchange vendors: who owns the code, what it costs over time, whether the ledger reconciles, who holds the keys and what the licence still needs.
Paynoramic's Head of IT8 min read
Licensing, capital, technology, liquidity and people: where the money goes when you launch an exchange, and which of those costs depends on how you build.
Paynoramic's Head of IT5 min read
Choose the model and the markets, get the licence, then assemble software, custody, banking, liquidity and compliance. The licence sets the pace, so everything else runs alongside it.
Paynoramic's Head of IT9 min read
Start your project
We show it on your phone and on the web, then go through your shortlist with you, feature by feature.