Stefanos Mitsi has resigned from his position as Director of TIOmarkets’ FCA-regulated entity, which he had held since September 2019. Prior to assuming this C-level executive job, he has been consulting with the UK brand in a non-executive role since May.
Although a regulatory filing shows that Mitsi has been terminated, a company spokesperson told Finance Magnates that the FX veteran has resigned at his request. She described the UK Companies’ statement as inaccurate and misleading, adding that they intend to proceed with an official notification to the UK registrar in order for this to be rectified.
More interestingly, Stefanos Mitsi, the former chief executive officer (CEO) of IronFX UK, will be assuming a yet-to-be-revealed role with Trade.io in Cyprus as the company plans to acquire a CYSEC license to operate in Europe.
“This situation has arisen due to a strategic company decision prompted by Brexit uncertainties. The company has made the decision to position Stefanos – as a trusted person – where he is currently based and centering him within the group, we need his full attention here in Cyprus, and for regulatory matters which Stefanos is very familiar with,” TIOmarkets added.
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Mitsi also served as CEO of FX & CFDs provider BDSwiss Holding Plc, based out of Vienna. He joined the CySEC-regulated brand after leaving IronFX Global UK Ltd, which was then rebranded to 8SAFE UK Ltd, just six months after being promoted as CEO. Mr. Mitsi was elevated to the rank of CEO two years after he originally joined IronFX UK in 2013, having come over from IG Group. Prior to this promotion, he worked as IronFX’s Head of UK Sales.
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To help strengthen its regulatory footprint and presence in Europe, Trade.io entered into an agreement to acquire Primus Capital Markets, which is authorized by the UK financial regulator and offers brokerage services to professional investors. Primus Capital Markets then rebranded as TIO Markets and now is offering FX monthly subscription packages as a replacement for ad hoc trading fees and broker commissions.
The forex product by trade.io was introduced in two stages. At its initial stage in December 2018, Trade.io introduced trading on 130 forex and CFDs instruments, including precious metals, oil, commodities, indices, and global equities. At this stage, Trade.io clients were allowed to open their accounts through its St. Vincent and Grenadines entity ــ TIO Markets Ltd.
Meanwhile, the second stage brought an added option for clients to open their accounts with its FCA-regulated arm TIO Markets UK Ltd., depending on their geographic location.