Capital.com Scoops Up FxPro's Cyprus Clients—If They Pass Checks
Only clients who clear Capital.com's onboarding and risk checks will transfer, according to Finance Magnates and FX News Group. FxPro says the sale lets it focus on faster-growing markets outside Europe.
Capital.com has agreed to take over FxPro's Cyprus client book, but only traders who pass its checks will move. FxPro frames the sale as a shift toward faster-growing markets outside Europe.
Capital.com has agreed to take over the client book of FxPro's Cyprus entity, but not everyone will make the move. According to Finance Magnates and FX News Group, only clients who pass Capital.com's onboarding and risk checks will transfer. Those checks include identity and background verification, a review of whether products suit a client's knowledge and experience, and target-market rules.
What's moving
FxPro Financial Services Ltd will transfer clients to Capital Com Group Ltd, Capital.com's Cyprus-regulated investment firm, according to FX News Group. Capital.com has operated in Cyprus since 2017. Neither party disclosed the price, FX News Group reported. The regulatory picture is a little hazy: Finance Magnates says Cyprus regulator approval is still pending, while FX News Group says the transfer follows the regulator's sign-off on the change of control and client eligibility.
Why FxPro says it's selling
FxPro's chief operating officer, Peter Aust, said the Cyprus business is not a significant part of the group. He framed the sale as a reallocation, not a retreat: 'The vast majority of our growth in recent years has come from outside of Europe.' FxPro keeps its UK licence and its City of London headquarters, Finance Magnates reported. Capital.com's Europe CEO, Christoforos Soutzis, said the deal strengthens the firm's European reach and brings an established client base onto its platform.
The takeaway: If you hold an account with FxPro's Cyprus entity, your move to Capital.com is not automatic—you must clear their checks first.
Summary written by Oh Cannot from the original report by LeapRate. Not financial advice.
