The broker previously allowed registration only for Cyprus residents under its CySEC licence.
Its licence in South Africa was also cancelled, and it now faces a regulatory investigation.
A screenshot of Banxso EU's website
Banxso, a contracts for differences (CFDs) broker facing trouble in South Africa, is no longer onboarding clients under its Cyprus Investment Firm (CIF) licence, Finance Magnates has learned. The retail broker's EU website also appears non-operational, with most services disabled.
CySEC Licence Remains Unused
“We would like to inform you that Banxso Ltd, with Licence Number 413/22 operating under the name banxso.eu, is not accepting any clients at the moment,” a notice on Banxso EU’s website stated.
Banxso Ltd's license details on CySEC registry
Although the company's Cypriot licence remains active, archived pages from the Wayback Machine suggest it stopped onboarding clients in April this year. Interestingly, the broker had only onboarded Cyprus residents before the complete suspension of services, according to the archived pages.
The mandatory risk disclosure on Banxso EU's website is also interesting as it did not include the exact percentage of clients loosing money on the platform. This also raises questions on the compliance of the Cypriot entity when it was operational.
"CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading with CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money," the disclosure on the website reads.
Finance Magnates contacted Banxso but has not received a response as of press time.
Troubles for Banxso in South Africa
While Banxso's Cyprus unit is not accepting new clients, its South African unit is also encountering serious issues with the local regulator. South Africa’s Financial Services Conduct Authority (FSCA) suspended the broker’s licence last month due to concerns about the firm’s operational practices and potential client risks. Another local agency also froze the brokerage's bank accounts.
Although a local court recently unfroze the bank accounts, allowing the broker to claim victory against the regulators, the FSCA clarified that the order came with conditions. The regulator stated that the broker could not withdraw or allow the withdrawal of any funds from the bank accounts except to transfer clients to an alternative [locally authorised] financial services provider. Furthermore, its licence remains suspended.
Interestingly, many South African clients of Banxso alleged that broker representatives misled them about the reinstatement of its licence and the resumption of trading services. A local media outlet confirmed that the CFDs trading platform was permitting trade execution while its licence remains suspended.
Meanwhile, the South African regulator initiated an investigation into the brokerage representatives and interviewed witnesses who verified the allegations against the broker.
Banxso, a contracts for differences (CFDs) broker facing trouble in South Africa, is no longer onboarding clients under its Cyprus Investment Firm (CIF) licence, Finance Magnates has learned. The retail broker's EU website also appears non-operational, with most services disabled.
CySEC Licence Remains Unused
“We would like to inform you that Banxso Ltd, with Licence Number 413/22 operating under the name banxso.eu, is not accepting any clients at the moment,” a notice on Banxso EU’s website stated.
Banxso Ltd's license details on CySEC registry
Although the company's Cypriot licence remains active, archived pages from the Wayback Machine suggest it stopped onboarding clients in April this year. Interestingly, the broker had only onboarded Cyprus residents before the complete suspension of services, according to the archived pages.
The mandatory risk disclosure on Banxso EU's website is also interesting as it did not include the exact percentage of clients loosing money on the platform. This also raises questions on the compliance of the Cypriot entity when it was operational.
"CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading with CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money," the disclosure on the website reads.
Finance Magnates contacted Banxso but has not received a response as of press time.
Troubles for Banxso in South Africa
While Banxso's Cyprus unit is not accepting new clients, its South African unit is also encountering serious issues with the local regulator. South Africa’s Financial Services Conduct Authority (FSCA) suspended the broker’s licence last month due to concerns about the firm’s operational practices and potential client risks. Another local agency also froze the brokerage's bank accounts.
Although a local court recently unfroze the bank accounts, allowing the broker to claim victory against the regulators, the FSCA clarified that the order came with conditions. The regulator stated that the broker could not withdraw or allow the withdrawal of any funds from the bank accounts except to transfer clients to an alternative [locally authorised] financial services provider. Furthermore, its licence remains suspended.
Interestingly, many South African clients of Banxso alleged that broker representatives misled them about the reinstatement of its licence and the resumption of trading services. A local media outlet confirmed that the CFDs trading platform was permitting trade execution while its licence remains suspended.
Meanwhile, the South African regulator initiated an investigation into the brokerage representatives and interviewed witnesses who verified the allegations against the broker.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
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Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Executive Interview | Jas Shah | FMLS:25
Executive Interview | Jas Shah | FMLS:25
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Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
