CySEC-licensed
broker Colmex Pro has appointed Nicos Vassiliou as its new Chief Executive
Officer (CEO). In this role, he will leverage experience gained from “both
sides of the fence,” having worked for the Cypriot market watchdog and
several locally regulated FX/CFD brokers.
Vassiliou Joins Colmex Pro
as CEO
Vassiliou
announced today (Tuesday) through his social media that he has joined Colmex
Pro.
“I’m
happy to share that I’m starting a new position as Chief Executive Officer at
Colmex Pro,” he posted on LinkedIn.
Prior to moving
to Colmex, he served as Head of Compliance at Finvasia Wealth for nearly a
year. His previous roles included a similar position at StockTech and AML
Director at FXVC Online Trading.
His
expertise in compliance and regulations stems from his tenure as CySEC Officer
in the Market Surveillance and Investigation department from 2016 to 2020. Now,
he will apply his public and private sector experience to lead Colmex Pro,
which offers access to over 4,000 CFDs and 3,000 U.S. stocks.
During his
time at CySEC, Vassiliou had previous interactions with Colmex, as the
regulator imposed several penalties on the broker. In 2016, the company
received a €100,000 administrative fine for insufficient customer compatibility
evaluation procedures. In 2019, they reached a €50,000 settlement for possible
violations of The Investment Services and Activities and Regulated Markets Law
of 2007.
Vassiliou
isn’t the first official to transition from law enforcement to the profit
sector. Steve Baker, former Minister of State for Northern Ireland, recently
became an advisor to Bitcoin-focused venture capital firm Axiom Venture Fund II
LP. Earlier this year, Coinbase recruited George Osborne, the previous
Chancellor of the Exchequer, to join the exchange’s advisory council.
Addressing Clone Concerns
With his
background in regulations, compliance, and AML, the new CEO may help address
the growing issue of clone brokers targeting Colmex.
The New
Zealand FMA recently added Mic-Market to its warning list. While the name
differs, this fraudulent broker copied Colmex’s website entirely and falsely
claims to hold licenses in Cyprus and South Africa, using numbers matching
those of Colmex Pro Ltd, which CySEC has legitimately licensed for 14
years and FSCA for 8 years.
The Vassiliou’s appointment is yet another important C-level move that Finance Magnates reported on today. Vasilis Sotiriou announced on LinkedIn that he has begun a new role as Global Head of Risk at IC Markets.
This article was written by Damian Chmiel at www.financemagnates.com.
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