Banxso, the troubled South African contracts for differences (CFDs) broker, has exited its retail business in Cyprus, Finance Magnates has learned. According to regulatory filings, the Cyprus unit has either been sold to Nova Securities Limited, a new entrant in the industry.
Banxso Left Cyprus
The exit came as Banxso stopped onboarding retail clients under its Cyprus licence months ago. As Finance Magnates reported earlier, the Cyprus unit of Banxso entirely stopped onboarding clients in April 2024. Interestingly, the broker had only onboarded Cyprus residents before the complete suspension of services, according to archived pages on Wayback Machine.
Nova Securities now holds a Cyprus Investment Firm (CIF) licence, under which it can offer financial services across the European Economic Area (EEA).
Nova’s website does not show any connection to Banxso and offers exchange-traded products (ETPs) and OTC fixed-income securities to institutional clients and high-net-worth individuals. It further highlights that it is “licensed to hold clients’ assets on their behalf and place them with internationally recognised and reputable global sub-custodians.” However, it remains unclear whether the platform is already onboarding clients under the Cyprus licence.

According to the Cyprus companies register, one of Nova’s five directors is Alexandra Niculescu, who has held the role of Executive Director at Nova since December 2022, as seen on her LinkedIn profile. She also held positions at multiple other Cyprus companies, including a short six-month stint as an Anti-Money Laundering Compliance Assistant at Depaho, which faced regulatory action multiple times over non-compliance. She also worked at Novox Capital, which operated a binary options brand and faced regulatory backlash.
Banxso’s Troubles in South Africa
Meanwhile, the South African unit of Banxso encountered serious issues with the local regulator in late 2024. South Africa’s Financial Services Conduct Authority (FSCA) suspended the broker’s licence last October due to concerns about its 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.
Many South African clients of Banxso claimed that broker representatives misled them about the licence reinstatement and the return of trading services. A local media outlet reported that the CFD trading platform was still allowing trade execution despite the suspension.
Meanwhile, the South African regulator launched an investigation into the broker’s representatives. Witnesses were interviewed, confirming the allegations. The broker is also facing a liquidation attempt.
Banxso, the troubled South African contracts for differences (CFDs) broker, has exited its retail business in Cyprus, Finance Magnates has learned. According to regulatory filings, the Cyprus unit has either been sold to Nova Securities Limited, a new entrant in the industry.
Banxso Left Cyprus
The exit came as Banxso stopped onboarding retail clients under its Cyprus licence months ago. As Finance Magnates reported earlier, the Cyprus unit of Banxso entirely stopped onboarding clients in April 2024. Interestingly, the broker had only onboarded Cyprus residents before the complete suspension of services, according to archived pages on Wayback Machine.
Nova Securities now holds a Cyprus Investment Firm (CIF) licence, under which it can offer financial services across the European Economic Area (EEA).
Nova’s website does not show any connection to Banxso and offers exchange-traded products (ETPs) and OTC fixed-income securities to institutional clients and high-net-worth individuals. It further highlights that it is “licensed to hold clients’ assets on their behalf and place them with internationally recognised and reputable global sub-custodians.” However, it remains unclear whether the platform is already onboarding clients under the Cyprus licence.

According to the Cyprus companies register, one of Nova’s five directors is Alexandra Niculescu, who has held the role of Executive Director at Nova since December 2022, as seen on her LinkedIn profile. She also held positions at multiple other Cyprus companies, including a short six-month stint as an Anti-Money Laundering Compliance Assistant at Depaho, which faced regulatory action multiple times over non-compliance. She also worked at Novox Capital, which operated a binary options brand and faced regulatory backlash.
Banxso’s Troubles in South Africa
Meanwhile, the South African unit of Banxso encountered serious issues with the local regulator in late 2024. South Africa’s Financial Services Conduct Authority (FSCA) suspended the broker’s licence last October due to concerns about its 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.
Many South African clients of Banxso claimed that broker representatives misled them about the licence reinstatement and the return of trading services. A local media outlet reported that the CFD trading platform was still allowing trade execution despite the suspension.
Meanwhile, the South African regulator launched an investigation into the broker’s representatives. Witnesses were interviewed, confirming the allegations. The broker is also facing a liquidation attempt.
This post is originally published on FINANCEMAGNATES.