CySEC-licensed broker Colmex Pro has appointed Nicos Vassiliou as its new Chief Executive Officer (CEO). In this role, he will leverage experience gained from “both sides of the fence,” having worked for the Cypriot market watchdog and several locally regulated FX/CFD brokers.

Vassiliou Joins Colmex Pro as CEO

Vassiliou announced today (Tuesday) through his social media that he has joined Colmex Pro.

“I'm happy to share that I'm starting a new position as Chief Executive Officer at Colmex Pro,” he posted on LinkedIn.

Prior to moving to Colmex, he served as Head of Compliance at Finvasia Wealth for nearly a year. His previous roles included a similar position at StockTech and AML Director at FXVC Online Trading.

His expertise in compliance and regulations stems from his tenure as CySEC Officer in the Market Surveillance and Investigation department from 2016 to 2020. Now, he will apply his public and private sector experience to lead Colmex Pro, which offers access to over 4,000 CFDs and 3,000 U.S. stocks.

During his time at CySEC, Vassiliou had previous interactions with Colmex, as the regulator imposed several penalties on the broker. In 2016, the company received a €100,000 administrative fine for insufficient customer compatibility evaluation procedures. In 2019, they reached a €50,000 settlement for possible violations of The Investment Services and Activities and Regulated Markets Law of 2007.

Vassiliou isn't the first official to transition from law enforcement to the profit sector. Steve Baker, former Minister of State for Northern Ireland, recently became an advisor to Bitcoin-focused venture capital firm Axiom Venture Fund II LP. Earlier this year, Coinbase recruited George Osborne, the previous Chancellor of the Exchequer, to join the exchange's advisory council.

Addressing Clone Concerns

With his background in regulations, compliance, and AML, the new CEO may help address the growing issue of clone brokers targeting Colmex.

The New Zealand FMA recently added Mic-Market to its warning list. While the name differs, this fraudulent broker copied Colmex's website entirely and falsely claims to hold licenses in Cyprus and South Africa, using numbers matching those of Colmex Pro Ltd, which CySEC has legitimately licensed for 14 years and FSCA for 8 years.

The Vassiliou's appointment is yet another important C-level move that Finance Magnates reported on today. Vasilis Sotiriou announced on LinkedIn that he has begun a new role as Global Head of Risk at IC Markets.