Cyprus CYSEC’s financial regulator has announced that Pavel Prozorov’s influence as the ultimate beneficial owner of the CIF Octa Markets CYPRUS LTD license is harmful to the sound and wise management of Octa Markets. Thus, the regulator has taken action (see more details below) to remove any influence on OCTA markets by Pavel Prozorov.
Octa markets / octafx
Octa Markets Cyprus LTD takes advantage of the OCTA Online Trading brand in the EU at octaeu.com. The sister of the Octa Brand team, on the website octafx.com, operates offshore by companies established in Mauritius and Mwali.
Seizure of assets
CYSEC’s actions come after earlier this summer Indian authorities, led by the Directorate Pavel Prozorov’s assets seized Including a luxurious yacht, accusing him and OCTAFX of cheating investors with falsely promising high yields through the OCTAFX Forex trading platform.
India’s ED also said that its research revealed that OCTAFX, an unauthorized Forex broker promoted through social media and celebrities, flushed with funds, collecting investor money through MULE accounts in the names of fake e -commerce companies.
Previous regulatory issues
We had mentioned earlier this summer that the Octafx was fined in India for the operation of a non -adjustable forex trading platform. Earlier this year the websites of OCTAFX and other CFDS broker, xm.com, were blocked in Singapore.
Actions cysec
In terms of its actions, CYSEC said that it has decided to take the following measures, with immediate effect, in order to terminate the influence of Pavel Prozorov:
1. The suspension of the exercise of voting rights linked to the CIF shares, held by Pavel Prozorov, which makes up 95% of the company’s share capital and
2. The Pavel Prozorov ban to carry out management duties on the company’s board of directors.
In a more detailed statement made in Greek, CYSEC said that in determining the type of measures taken, Cysec took into account:
I. The severity that the legislator is linked to the influence of shareholders and the likelihood that this may be harmful to the proper and prudent management of a CIF,
ii. That these measures are considered, under the circumstances, suitable for ending Pavel Prozorov’s influence on CIF management, that is:
- Suspension of voting rights of the sole shareholder of CIF, it ensures that Pavel Prozorov’s non -participation in decision -making at the CIF shareholders’ general meeting, which is the body to handle all its cases, is ensured.
- Forbidding Pavel Prozorov from performing management duties on the CIF Board of Directors, it ensures that it is not intervened in the management and operation of the CIF.
Previous similar actions from CYSEC
We have noted that CYSEC’s action against Pavel Prozorov is something that has previously done in similar situations, that is, when checking a shareholder of a CIF license holder “gets in trouble” abroad, but the local authorization authorization is fully compatible with the terms of leave. Last year CYSEC issued voting suspensions against FXopen Aliaksandr Klimenka owner, as well as against shareholder TRIUMPHFX / Shinetrades Chong Chun Hseung (which was expanded in early 2025).
Firm
FNG received the following official statement from Octa Markets Cyprus Ltd on Cysec’s actions.
The European broker Octa (Octa Markets Cyprus Ltd) is an independent company that is duly registered and regulated in accordance with the laws of the Republic of Cyprus. We have an investment license no. 372/18 issued by the Cyprus Securities and Exchange Commission (CYSEC).
Cysc has taken targeted governance measures to ensure that no shareholder can affect Octa Markets Ltd’s decision -making or decision -making. Our Board of Directors independently supervises the business in accordance with the rules of Mifid II/Cysec.
The operation of the EU (octaeu.com) is separate from offshore brands operating outside the EU. They do not share systems, customer boarding procedures or payment rails between the EU CIF and the entities that are not the EU. In addition, the Octa Markets Cyprus Ltd does not provide services to India.
Our company is governed by a Board of Directors consisting of extremely capable professionals who are strictly acted within the limits of the law and the applicable regulatory frameworks. None of the executives or administrators of Octa Markets Cyprus Ltd are involved in any legal procedure or investigations, nor are they associated in any way with the aforementioned organizations. The list of members of the Board of Directors is available at the request.
In addition, Octa Markets Cyprus Ltd does not provide or provides services to India, as clearly stated in our customer agreement. The company has not received notifications or complaints from law enforcement services.
We would like to emphasize once again that Octa Markets Cyprus Ltd operates strictly with the economic regulations of the Republic of Cyprus and the European Union and, we apply a comprehensive set of measures to improve our organization and processes.