Home -
Original -
Main body -

WikiFX Express

Exness
EC Markets
TMGM
XM
FOREX.com
FXTM
AvaTrade
FXCM
IC Markets Global
Eightcap

CySEC Suspends FXOpen Shareholder Voting Rights for Prudent Management

FXOpen | 2024-10-30 12:11

Abstract:The Cyprus Securities and Exchange Commission (CySEC) has decided to suspend the voting rights of FXOpen EU Ltd’s sole indirect shareholder, Aliaksandr Klimenka, to ensure sound management.

CySEC Suspends FXOpen Shareholder Voting Rights for Prudent Management.jpg

On July 29, 2024, the Cyprus Securities and Exchange Commission (CySEC) announced the suspension of Mr. Aliaksandr Klimenka's voting rights as the only indirect stakeholder of FXOpen EU Ltd, a Cyprus Investment Firm (CIF). The suspension is intended to ensure the company's management is sound and prudent, in compliance with the terms of Cyprus' Investment Services and Activities and Regulated Markets Law, L.87(I)/2017.

The judgment was based on fears that Klimenka's influence as the only indirect stakeholder may jeopardize the firm's effective management. CySEC utilized Article 11(3) of the statute, which allows it to suspend voting rights if it believes a shareholder's influence is damaging to a CIF's operations.

FXOpen EU Ltd's shares are directly owned by FXOpen Ltd, with Klimenka as the ultimate owner. The ban will last six months, giving the corporation time to address the issue and execute the required improvements. This step prevents Klimenka from participating in any decision-making procedures at shareholder meetings, protecting the company's strategic management from any undue influence.

FXOpen.png

The CySEC's judgment highlights the significance of ensuring the integrity and prudence of Cyprus' regulated enterprises. The regulator examined the severity of Klimenka's power as sole shareholder and determined that suspending voting rights was the most appropriate course of action under the circumstances. The six-month delay permits FXOpen EU Ltd to investigate other approaches and solutions to assure the company's continuing stability.

About Aliaksandr Klimenka

Aliaksandr Klimenka, a Belarusian and Cypriot citizen, was accused by US authorities of his role in the operation of BTC-e, a now-defunct cryptocurrency exchange. From 2011 until 2017, BTC-e was one of the biggest Bitcoin exchanges, although it gained notoriety for aiding illegal behavior. Klimenka and others reportedly utilized BTC-e to launder approximately $4 billion from a variety of illicit operations, including ransomware attacks, identity theft, and drug trafficking.

Klimenka co-owned BTC-e with Alexander Vinnik and also handled Soft-FX and FX Open, which were engaged in the exchange's activities. Despite doing significant business in the United States, BTC-e failed to comply with rules like as anti-money laundering (AML) procedures and “know your customer” (KYC) standards. Klimenka was detained in Latvia in December 2023 and faces a maximum sentence of 25 years in jail if found guilty on all counts.

Final Thoughts

CySEC's decision sends a strong signal that the regulator is dedicated to maintaining good governance in Cyprus-based investment businesses. By suspending voting rights, CySEC not only fulfills its responsibility to protect the management of these enterprises, but it also provides the company time to determine a sustainable route ahead. Such measures are critical in sustaining investor trust and guaranteeing the financial sector's stability and regulation.

Footer.jpg
Forex newsBreaking NewsMarket NewsBrokerForex BrokerForex tradingWebTradercTrader

Related broker

Regulated
FXOpen
Company name:FXOpen EU Ltd
Score
7.04
Website:https://www.fxopen.eu/
10-15 years | Regulated in Cyprus | Market Maker (MM) | Suspicious biz area
Score
7.04

Read more

OctaFX Flagged by Malaysian Authorities

OctaFX has been officially listed on warning lists by both Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC). These alerts raise serious concerns about the broker’s status and whether it is legally allowed to operate in Malaysia.

Original 2025-06-07 17:33

Errante Broker Review

Established in 2020, Errante has rapidly gained recognition in the forex and CFD trading industry. With a commitment to transparency, client protection, and a diverse range of trading services, Errante caters to both novice and experienced traders. This review provides an in-depth look at Errante's offerings, regulatory standing, trading conditions, and more.

Original 2025-06-07 15:36

IronFX Broker Review 2025: A Comprehensive Analysis of Trustworthiness and Performance

IronFX Review 2025: Explore the broker’s AAAA WikiFX rating, global regulations, and $500,000 trading prize. Is it trustworthy or a scam? Dive into our transparent analysis!

Original 2025-06-07 12:06

Why Your Worst Enemy in Trading Might Be You

Be Honest With Yourself: Are You Slowly Destroying Your Trading Account?

Original 2025-06-07 08:00

WikiFX Express

Exness
EC Markets
TMGM
XM
FOREX.com
FXTM
AvaTrade
FXCM
IC Markets Global
Eightcap

WikiFX Broker

FXTM

FXTM

Regulated
Exness

Exness

Regulated
DBG Markets

DBG Markets

Regulated
XM

XM

Regulated
Pepperstone

Pepperstone

Regulated
ATFX

ATFX

Regulated
FXTM

FXTM

Regulated
Exness

Exness

Regulated
DBG Markets

DBG Markets

Regulated
XM

XM

Regulated
Pepperstone

Pepperstone

Regulated
ATFX

ATFX

Regulated

WikiFX Broker

FXTM

FXTM

Regulated
Exness

Exness

Regulated
DBG Markets

DBG Markets

Regulated
XM

XM

Regulated
Pepperstone

Pepperstone

Regulated
ATFX

ATFX

Regulated
FXTM

FXTM

Regulated
Exness

Exness

Regulated
DBG Markets

DBG Markets

Regulated
XM

XM

Regulated
Pepperstone

Pepperstone

Regulated
ATFX

ATFX

Regulated

Latest News

How much money will you earn by investing in Vantage Broker?

WikiFX
2025-06-05 14:15

IronFX vs Exness Review 2025: Comprehensive Broker Comparison

WikiFX
2025-06-05 16:31

Fraudsters Are Targeting Interactive Brokers' Users with Lookalike Emails

WikiFX
2025-06-05 17:34

Interactive Brokers: Global Office Visits and Licensing Details

WikiFX
2025-06-05 17:37

Top Tips to Choose the Best Forex Broker in 2025

WikiFX
2025-06-05 19:31

SEBI Notifies New F&O Rules for Investors - New Derivative Trading Limits & More Amendments

WikiFX
2025-06-05 17:29

U.S. Jobs Data Released: A Potential Boost for Gold Prices

WikiFX
2025-06-05 21:48

SkyLine Guide 2025 Malaysia: 100 Esteemed Judges Successfully Assembled

WikiFX
2025-06-06 10:42

Everything you need to know about ADSS

WikiFX
2025-06-05 16:55

​Vantage Markets Review 2025: Trusted Forex and CFD Trading Since 2009

WikiFX
2025-06-06 11:53

Rate Calc

USD
CNY
Current Rate: 0

Amount

USD

Available

CNY
Calculate

You may also like

HouseCapital

HouseCapital

COMMSTOCK

COMMSTOCK

DLS GROUP

DLS GROUP

FIS

FIS

Axiom Markets

Axiom Markets

V P Consultants

V P Consultants

 TradePro Market

TradePro Market

DOTO Futures

DOTO Futures

Equitas

Equitas

EQUINOX

EQUINOX