FIBO Group Announces License with British Virgin Islands' Financial Services Commission

Friday, 07/02/2014 | 14:50 GMT by Steven Hatzakis

The latest entity added to the Moscow-headquartered FIBO Group, under the name FIBO Group Ltd, gets licensed with BVI's FSC, adding to the firms CySEC and ASIC regulated firms, totaling 3 regulated firms within the group.

FIBO Group Announces License with British Virgin Islands' Financial Services Commission

Following a new office opened in Chile, and a branch in Singapore within the last few weeks, Fibo Group Ltd. has announced registration with the Financial Services Commission (FSC) of the British Virgin Islands (BVI), becoming the third company that forms part of its holding group structure.

The group includes FIBO Group Holdings Limited (Cyprus) and FIBO Australia Pty Ltd (Australia), operating under the brand, and offering mainly MT4/MT5, and cTrader, as well as a DealSmart platform for technical analysis, alongside other services.

One of its website's features, the Signals Markets from MetaQuotes within its website, and describes itself as a market-making broker. Upon further review of its site, a recent offer made mention of a NDD capability, also through the MT4 platform, which may indicate the broker has the option of acting as an agent, in addition to market-making.

Forex Magnates reporters reached out to the company, via an Austrian-based telephone number listed on one of its websites, and were unable to reach a spokesperson for comments, around time of our coverage.

Forex Magnates confirmed the firm is head-quartered in Austria, listing an Austrian address, and it states clearly on its website that its services aren't provided to residents of Austria, Great Britain, Iraq, North Korea and the USA. The company's Cyprus-based office is CySEC regulated as a Cypriot Investment Firm (CIF), with services offered under a different site with the URL fibogroup.eu.

As announced last October, while the group said it acquired an AFS license with the Australian Securities and Investment Commission (ASIC), people close to the company told Forex Magnates reporters how its website offering of that regulated entity has not yet been launched. Nonetheless, the broker is continuing in its efforts to expand with regulatory status in three different regions, and multiple website offerings across various languages.

BVI's FSC Sees Steady Rise of Online Retail Brokers

In checking with the BVI regulator, Forex Magnates confirmed the license as listed on the FSC website for Fibo Group Ltd, including a Catergory 1 license dealing in Sub-Category A, and Sub-Category B, concerning dealing in investments, as well as a Category 2 License pertaining to arranging deals in investments, as per the FSC's website.

This brings the total number of Catergory 1 licensed firms to a total of 21 entities, (across both A and B categories respectively), where the total under Category 2 licensing - stands at 23 entities, as listed around time of publication.

The BVI has seen a slow but steady increase in the number of FX and online brokers seeking to establish regulatory status from within its jurisdiction, as the local standards have been beefed-up by the domestic regulator following an influx of foreign companies seeking haven, as well as amid evolving anti-money laundering compliance, and anti-tax evasion crackdowns that have put the FSC on its toes.

FIBO Group announced the news yesterday, and a copy of the license that it posted on its website appears to record a date of January 10th for the effective date, as having obtained the FSC status.

BVI's FSC Sees Steady Rise of Online Retail Brokers

FIBO Group announced the news yesterday, and a copy of the license that it posted on its website appears to record a date of January 10th for the effective date, as having obtained the FSC status.