BUX, a Dutch online broker, announced on Wednesday the completion of its acquisition of a Cyprus Investment Firm (CIF), thus gaining a regulatory green light to offer financial services from Cyprus.
BUX previously offered contracts for differences (CFDs) products only under its FCA-regulated UK unit. The acquisition of the Cypriot license came after Brexit as the company is focused on continuing its services to European Union clients. It has completed the migration of its European Union CFDs clients from the UK subsidiary to the European entity.
The broker even has expansion plans in the CFDs trading services within Europe.
New MD Onboard
To gear up the Cyprus business, BUX hired Jean-Raphael Nahas as the new Managing Director of its Cyprus CFD operations. He will oversee all of BUX’s European CFDs businesses.
“BUX is a well-established and respected brand in Europe,” Nahas said. “BUX continues to differentiate itself within the CFD space, and with its strong growth plans, I look forward to working with the talented team and bringing BUX to the next level.”
Nahas himself comes with a strong financial industry background. In his decade-long professional career, he worked with several big names in the industry.
Before joining BUX, he was the Chief Operating Officer at Finteractive for a couple of years. Additionally, he led IMS Markets as an Executive Director and CEO for a short stint.
Based in Cyprus, he started working in the financial industry at Blackwell Global Investments as the Head of Business Development. Moreover, he had a short stint at the Cypriot financial services firm, FX88.
“BUX is looking forward to bringing on board someone with Jean-Raphael’s track record of driving growth, business development opportunities and heading operational management,” said BUX's CFD CEO, Salim Sebbata who joined the company last July.
“BUX’s CFD business is in a pivotal moment of development as we continue to build on the strong momentum of interest in the world of online trading.”
