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OctaFX got licensed in Cyprus, will onboard EU clients again

Mar 05 2019
By
Jonathan Smith

 

OctaFX got licensed by the he Cyprus Commodities and Exchange Commission (CySEC) and is about to onboard EU clients again. The forex and CFD broker will soon launch its new domain, www.octafx.eu, which is currently under construction.

 

 

Initially an offshore broker, OctaFX had a UK entity, which however voluntarily suspended its FCA license in April 2017. Although the broker considered restructuring its UK business and working with the FCA again, it halted the UK entity development due to the Brexit uncertainty. Obviously, OctaFX decided to relaunch EU operations via a Cypriot company (Octa Markets Cyprus Ltd.).

 

Founded in 2011, OctaFX is an award-winning forex broker registered in Saint Vincent and the Grenadines. However, deposit and withdrawal options are limited for EU clients after VISA and MasterCard reclassified offshore forex brokers as high risk in 2018.

 

The new regulatory framework introduced last year across the EU forex market has changed the landscape and many brokers fled offshore or closed up shop. It seems, however, that there is yet another trend. Now that the UK is leaving the European Union, those companies who wish to continue operating in Europe will most probably go through a licensing process in either Cyprus or Malta. The reason for this is, of course, the uncertainty around the Brexit aftermath. It remains largely unclear how and whether UK forex brokers will continue to operate in the EU. 

 

Due to its well-balanced financial regulation, rather favorable tax regime and well-developed technology sector, Cyprus has already become a popular trading hub.  Forex brokers authorized by CySEC have to abide by a number of rules, which provide significant assurance for the security of clients’ funds.

TAGS: CySEC  OctaFX  EU  license  regulation 

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