Archive · 18 Sep 2025
CySEC Suspends OctaFX Owner's Powers Amid ED Investigation
Imagine a company offering online trading, but there are questions about how it's being run.
The main boss is being investigated by authorities in India for possibly doing something wrong.
The financial regulator in Cyprus, where the company is also located, stepped in.
They stopped the boss from making important decisions at the Cyprus company.
This is because of concerns about whether the company is being run properly.
The authorities want to make sure investors are safe and that the company follows the rules.
The investigation in India involved allegations of a trading scheme, avoiding regulations, and possibly laundering money through shell companies.
CySEC suspended Pavel Prozorov's voting and management rights in Octa Markets Cyprus Ltd.
The action follows an ED investigation into OctaFX, Prozorov's other company.
CySEC cited corporate governance concerns as the primary reason.
The ED alleges OctaFX lured investors with high returns in speculative forex schemes.
OctaFX India settled with SEBI in 2025, paid a fine, and surrendered its registration.
- Who
- CySEC, Pavel Prozorov, OctaFX, and the ED (Enforcement Directorate of India).
- What
- CySEC suspended Pavel Prozorov's voting rights and management powers in Octa Markets Cyprus Ltd due to corporate governance concerns stemming from an ED investigation into OctaFX.
- When
- CySEC made the decision on August 25 and made it public on September 3.
- Where
- Cyprus, India, and various other countries where OctaFX operates.
- Why
- CySEC acted to protect investors and maintain regulatory standards, triggered by concerns about Prozorov's control and the ongoing ED investigation into OctaFX.
- Company Involved
- OctaFX Global, Octa Markets Cyprus Ltd (CIF)
- Regulatory Body
- Cyprus Securities and Exchange Commission (CySEC)
- Individual Sanctioned
- Pavel Prozorov (OctaFX majority owner)
- Reason for Action
- Corporate governance concerns amid ED investigation
- ED Investigation Focus
- Alleged forex scheme, regulatory evasion, money laundering
- CySEC Action Date
- August 25
- CySEC Action Public Date
- September 3