LeapRate Exclusive… It looks like the folks at CySEC have been busy.
And, despite CySEC’s introduction late last year of more strict rules governing the operations of retail forex brokers – e.g. no bonuses, limited leverage, call center location… – the desire for brokers to become licensed in the EU via Cyprus remains in high demand.
After our exclusive report last week that China-focused MT4 broker FX88.com had been issued a CySEC CIF license, LeapRate has learned that yet another CIF license has been handed out by CySEC, this time to retail forex broker BogoFinance via its newly established Cyprus subsidiary BogoFinance Capital Markets Ltd.
The BogoFinance license was formally approved on April 20.
BogoFinance has been operating for more than 10 years as an MT4 broker, based in Lebanon. The company was established in 2006 by Lebanese entrepreneur Joseph Boghos, who remains today as Chairman and CEO.
Parent company Bogofinance S.A.L. is licensed and regulated by the Central Bank of Lebanon. The company is licensed in Lebanon as a first category financial institution in which it conducts financial brokerage business for the sale and purchase of currencies and other money market instruments, providing investment management services including asset management services and discretionary portfolio management services.
BogoFinance is still building its Cyprus-based team, focusing mainly on Arabic speaking managers with experience in EU markets. The company’s first senior hire is Samer Darwish, who will be Head of Dealing at the Cyprus subsidiary. Mr. Darwish was most recently MENA region manager for CySEC-licensed Liteforex.
The company has also hired Janet Kazaka as Head of Back Office in Cyprus. Ms. Kazaka was previously Back Office Manager at offshore MT4 broker CIB Capital Investment Brokers Ltd.
We understand that the company plans to use the new Cyprus base and license to increase its business in Europe, as well as provide the company more credibility in its base Arabic language market in the MENA region.