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Screenshot of a breaking news alert e-mail from Q2 2017
LeapRate Exclusive… LeapRate has learned that the most recent CIF license handed out by Cyprus financial regulator CySEC has gone to retail forex broker FX88.com via its parent company Galactus Ltd. The license was formally approved this Tuesday, April 25.
Backed by investors in Singapore, Galactus / FX88.com was formed last year by a number of Limassol-based Forex industry veterans led by Ioannis Koutelakis, who will be Managing Director of the new company. Mr. Koutelakis was formerly Head of the RTO Department and Chief Dealer at TopFX. He also served as Risk Manager at HiWayFX, and as Reception and Transmission Manager at AFX Capital Markets Ltd.
The startup capital to get FX88.com off the ground was organized (and partly invested) by Singapore-based investor Chum Yong Quah, who is also CEO of the parent company Galactus Ltd. Based in Singapore, he has headed the Singapore office and operations of a number of global investment firms such as MSCI and Fidelity, and was also a Vice President at bond investment giant PIMCO in Hong Kong.
The company has also hired Lauren Carmouche as Senior Research Analyst and is looking to add more staff to its Limassol offices in the coming weeks ahead of formal launch.
We understand that the company’s strategy will be to focus on Asia, selling the credibility of a CySEC-licensed and EU-MiFID approved brokerage to Far East forex traders.
FX88.com will launch using the MT4 platform.