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Russian Update on CySEC-regulated Broctagon Kraken

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Russian-Cypriot liquidity hub TakeProfit a/k/a TakeProfitTechnology (https://takeprofittech.com) is an almost invisible giant in the Forex scene. Monthly $200 billion is processed through the hub. TakeProfit has offices in St. Petersburg and Cyprus. The shares of TakeProfitTech CY Ltd, registered in August 2018, are held by owned by Broctagon Clearing Limited (70%) and by the Russian Timur Latypov (30%). The latter serves as a director alongside Quek Changchun, Singapore, and Michael Pantelakis. TakeProfit is thus a part of the Asian Broctagon Kraken in Cyprus.

Key data

Trading namesBroctagon Prime
Broctagon Fintech Group
TakeProfit
Domainshttps://broprime.com/
https://broctagon.com/
https://takeprofittech.com
Social mediaFacebook, Twitter, LinkedIn
Legal entityBroctagon Prime Ltd, Cyprus
Broctagon Prime Markets Limited (Broctagon Labuan), Labuan
Broctagon Clearing Limited, Cyprus
TakeProfitTech CY Ltd, Cyprus
Broctagon Capital Limited, UK (dissolved)
Starfish Markets (CY) Ltd d/b/a Starfish FX
Starfish Markets Limited, UK (dissolved)
Related individualsDon Guo, CEO, Singapore (LinkedIn)
Choon Keit Wong, Malaysia
Soh Kai Jun a/k/a Benjamin Soh a/k/a Guanxiang Soh, Singapore
Michael Pantelakis, Cyprus
Timur Latypov
Quek Changchun
JurisdictionCyprus
RegulatorsCySEC (license no 320/17)
Labuan Financial Services Authority (Labuan FSA)
Other brandsStarfish FX
Related brokersGWG (Cyprus) Limited d/b/a GWG (https://gwglobalfx.com/)
Notaly Trading Limited d/b/a Errante (www.errante.eu)
Excelsius Prime Ltd d/b/a Excelsius Prime (www.exelciusprime.com)
Rynat Trading Ltd d/b/a RyNat (www.rynattrading.com)
AC Markets (Europe) Limited d/b/a Ausprime (https://ausprime.eu/)
NAGA Markets Europe Ltd d/b/a NAGA (www.naga.com)

The narrative

In April 2017, CySEC granted a CIF license to Broctagon Prime Ltd d/b/a Broctagon Prime. The company is controlled by Soh Kai Jun, holding 90.01%, and Michael Pantelakis, holding 9.99%. The latter is a director in most of the Cyprus-based entities of the Broctagon Group. Broctagon Prime Markets Limited (Broctagon Labuan) is regulated by the offshore regulator Labuan Financial Services Authority (Labuan FSA) as a money-broking business.

Broctaon Clearing and TakeProfitTech with Timur Larypov and Soh Kai Jun

The regulated entities in Cyprus and Labuan are part of Broctagon Fintech Group in Singapore, whose CEO is Don Guo.

Soh Kai Jun is listed in the Cyprus companies register as the sole shareholder of Broctagon Clearing Limited. This company in turn holds 70% of the shares in TakeProfitTrech CY Ltd. The remaining 30% are held by the Russian Timur Latypov. In addition to the two, Quek Changchun is also registered as a director of this liquidity hub operator (picture left).

In Dec 2015, the Cyprus regulator granted a CIF license to Starfish FX, which was never activated. In March 2016, CySEC warned that Starfish Markets (CY) Ltd d/b/a Starfish FX would provide financial services without authorization. In Sept 2016, the license was renounced. The beneficial owners of Starfish Markets (CY) Limited are Don Guo, Soh Kai Jun, and Wong Xinyan.

The Broctagon Group is the liquidity and service provider to at least six CYSEC-regulated entities. In its Key Information Document, for example, GWG (Cyprus) Limited informs that the client’s orders are executed by Broctagon Prime Ltd. They are automatically transmitted for execution to Broctagon Prime Ltd when GWG receives them. NAGA, Ausprime, RyNat, Excelsius Prime, and Errante are also cooperating with the Broctagon Group for order execution and/or liquidity provision.

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