OctaFX has promoted its head of dealing, Nikolas Charalampous, to the role of executive director, which saw the expansion of his day-to-day responsibilities and oversight.
Charalampous has been a mainstay at OctaFX for nearly five years, having originally joined the FX broker back in 2018. For the bulk of his time at OctaFX, he oversaw demand from retail and professional investors for the group’s products.
However, his promotion comes at a time when the company grapples with a sector-wide regulatory crackdown, prompting dramatic changes in the retail business and sometimes hurting revenues.
This was a key reason for elevating Charalampous to an expanded role as OctaFX opted for an experienced and steady hand to foster its scope and penetration into existing and emerging markets.
Prior to landing at OctaFX, Charalampous was employed as a dealer at FXPRIMUS. Additionally, he spent five years at the UK trading technology provider, TechFinancials, where he held several roles across the brokerage/dealing room/back office departments, according to his Linkedin profile.
Back in 2019, OctaFX acquired a license from CySEC, which allowed the firm to operate an EU-based subsidiary and onboard clients from across the continent.
Founded in 2011, OctaFX had been operating via a St. Vincent and Grenadines subsidiary. While that provided the firm with flexibility on leverage and bonuses to clients, the hardships of the industry in the offshore payments space prompted firms to look for more stringent regulatory jurisdictions.
We last reported about the brokerage firm earlier this month when OctaFX decided to rebrand and adopt a fresh new look, with refined colors, space-inspired elements, and a new logo.
Also in June, the Cyprus Securities and Exchange Commission sounded alarm bells after it spotted a fraudulent scheme imitating brand of OctaFX. A company called ‘Markets Octa,’ is apparently another instance of a scam operation where an unlicensed company illegally assumes the identity of an authorized company so that traders will mistake it for the legitimate entity.
CySEC added that some of these brands are misleadingly claiming affiliation other brokers that are already regulated in Cyprus and hold its CIF License.