Brokerage executive Theocharis Panayi has joined the Cypriot entity of Polish brokerage group XTB as General Manager.
Panayi joins the broker from Klips, a rival broker, which appears to be led by ex-Plus500 CEO Asaf Elimelech. Panayi spent two years at Klips, where he was Head of Compliance.
He has also held senior compliance roles at several other brokerage firms, most notably TopFX, where he spent close to three years and was ultimately the broker’s Head of Legal Compliance.
XTB’s Cyprus-regulated entity is used by the company to onboard clients from across the European Union.
The one exception to that is Poland, where clients are able to sign up with the firm’s locally-regulated entity.
The company has been one of the fastest-growing players in the sector, with triple-digit percentage revenue and profit growth over the last few years.