Cyprus Securities and Exchange Commission (CySEC)
suspended the voting rights of FXOpen’s sole shareholder, Aliaksandr Klimenka, over
concerns about his influence on the company’s management.

Voting Rights Suspended

CySEC highlighted that the matter is a governance
issue that FXOpen EU Ltd must resolve within the next six months. In July, the
regulator reportedly determined that Klimenka’s influence as the sole indirect
shareholder of FXOpen EU Ltd could potentially harm the company’s ability to
manage itself in a sound and prudent manner.

“CySEC decided the suspension of the exercise of
the voting rights attached to the shares of the CIF, held by Mr. Aliaksandr
Klimenka, through the company FXOpen Ltd (the sole direct shareholder of the
CIF), which shall come into force after six months, in order to end that
situation,” the regulator mentioned.

CySEC’s ruling will reportedly suspend Klimenka’s voting rights, which are held indirectly through FXOpen Ltd. However, the
suspension will take effect after a six-month grace period, giving FXOpen EU
Ltd time to find a solution.

CySEC’s intention behind this timeframe is to provide
FXOpen EU Ltd with adequate time to restructure its governance. Whether through
changes in ownership or internal management adjustments, the regulator
mentioned that the company must find a way to ensure that its management is
free from undue shareholder influence.

Expect ongoing updates as this story evolves.