Russian FX broker Otkritie Capital renounces CySEC license
Cyprus financial regulator CySEC has announced that it has withdrawn the CIF license of Otkritie Capital Cyprus Ltd, due to the company’s decision to expressly renounce it.
Otkritie Capital Cyprus Ltd is controlled by Russia’s Otkritie FC Bank, one of Russia’s largest full-service commercial banks. It has more than 440 offices of different formats in Russia. It was co-founded by Igor Finogenov, now CEO of the Eurasian Development Bank. In August 2017 Otkritie was bailed out by the Central Bank of Russia, at a reported cost to the state of over $8 billion. The central bank later described Otkritie’s capital as “largely fictitious”. The Central Bank of Russia now holds a 99% ownership interest in Otkritie.
The Otkritie group actually owns another CySEC licensed entity called Otkritie Broker Ltd. That license is still active, although the company has not been operating actively.