Whistleblower Request – Please let us know more about Broctagon Prime, the Asian Kraken in Cyprus!

Spread financial intelligence

Broctagon Prime, a wholly-owned subsidiary of Broctagon Fintech Group, Singapore, is a regulated Cyprus Investment Firm (CIF) and acts as a liquidity provider to an impressive number of other CySEC regulated brokers. The Broctagon FinTechGroup is an Asian venture controlled by Soh Kai Jun and Choon Keit Wong. These guys have also been behind the Starfish FX, which renounced its CySec license in Sept 2016. scheme. The UK entity behind Starfish FX was dissolved via compulsory strike-off in 2019. We want to learn more about this Asian Kraken in Cyprus.

Key data

Trading namesBroctagon Prime
Broctagon Fintech Group
Social mediaFacebook, Twitter, LinkedIn
Legal entityBroctagon Prime Ltd, Cyprus
Broctagon Prime Markets Limited (Broctagon Labuan), Labuan
Broctagon Capital Limited, UK (dissolved)
Starfish Markets (CY) Ltd d/b/a Starfish FX
Starfish Markets Limited, UK (dissolved)
Related individualsChoon Keit Wong, Malaysia
Soh Kai Jun, Singapore
Michael Pantelakis, Cyprus
RegulatorsCySEC (license no 320/17)
Labuan Financial Services Authority (Labuan FSA)
Other brandStarfish 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 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 providee financial services without authorization. In Sept 2016, the license was renounced. The beneficial owners of Starfish FX have been Soh Kai Jun and Choon Keit Wong.

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 and Choon Keit Wong via Broctagon Fintech Group in Singapore. Broctagon Prime Markets Limited (Broctagon Labuan) is regulated by the offshore regulator Labuan Financial Services Authority (Labuan FSA) as a money-broking business.

Broctagon Prime 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 Broctagon Prime for order execution and/or liquidity provision.

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If you have any information about Broctagon Prime and its affiliates, please let us know through our whistleblower system, Whistle42.

CategoriesBroker CySEC

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