FNG Exclusive… FNG has learned that NAGA Group has seen the departure of COO George Stylianou from the company.

Mr. Stylianou had been with NAGA less than a year. He joined NAGA in early 2020 to be COO, to effectively run the Limassol, Cyprus based operations of NAGA. Before he joined NAGA in Cyprus was run day-to-day by company co-founder and CEO Michael Milonas. Mr. Milonas’ other co-founder, Ben Bilski, is based in Germany.

NAGA is a Hamburg, Germany based Retail FX and CFD broker, with an emphasis placed on social and copy trading. The company is publicly traded at a valuation of about €81 million (USD $96 million) on the Frankfurt Stock Exchange. The company’s main operating business, however, website naga.com, is operated by Cyprus-based, CySEC licensed Naga Markets Ltd with most functions such as trading and marketing run out of Limassol. (We earlier reported exclusively this morning that NAGA has just hired longtime FxPro executive Pawel Cichowski as the company’s new Head of Dealing, also based in Cyprus).

George Stylianou is a well-known executive in the Retail FX world, in particular in Cyprus. Before joining NAGA he was CEO of ATFX’s CySEC licensed subsidiary ATFX Global Markets (Cy) Ltd. ATFX had acquired Mr. Stylianou’s B2B-focused forex company Positiva Markets in 2018.

Before ATFX/Positiva he was Chief Marketing Officer for FXTM (ForexTime Ltd) from 2012-2014, and Head of Marketing for Alpari Group in Cyprus 2011-2012. He had also worked in branding and marketing for FxPro and easyMarkets (then known as easyForex).