Brex Capital Takes Over QRS Global Amid Thai Forex Investigation

Brex Capital has entered the CFD brokerage market after taking over the operations of QRS Global, a broker with a large presence in Thailand.

The new broker has retained QRS Global’s trading infrastructure, services, client accounts and support operations. The transition comes during an active investigation by Thailand’s Department of Special Investigation into alleged investment fraud involving QRS Global and other offshore trading brands.

Brex Capital has appointed FX industry executive Sophie Squillacioti as CEO. The international investment group behind the acquisition has not been publicly identified.

Brex Capital Takes Control of QRS Global Operations

QRS Global was acquired by what Brex Capital describes as an international investment group. Following the acquisition, the QRS Global website began redirecting visitors to Brex Capital.

Squillacioti confirmed that the trading infrastructure, services and daily operations would continue under the new brand. The main changes involve the company’s ownership, management and name.

Existing QRS Global clients can continue using their accounts without registering again. Deposits, withdrawals, trading activity, support and partner services are expected to continue through the transition.

This makes the launch more than the introduction of a separate broker. Brex Capital has taken over an existing operation with active clients, established systems and a strong focus on Asian markets.

Industry reports place its main operations in Dubai and Bangkok. The Brex Capital website is available in English, Thai and Vietnamese.

Sophie Squillacioti Appointed Brex Capital CEO

Brex Capital has named Sophie Squillacioti as its CEO Director.

Squillacioti has more than 20 years of experience in the FX and CFD industry, with a strong background in Asian and international markets. Her previous positions include senior roles at MultiBank Group, Equiti, INFINOX, BDSwiss, BlackBull Markets, GAIN Capital and City Index.

Brex Capital says Squillacioti will lead its international expansion, client service development and global partnership strategy.

Her immediate task will be building a distinct identity for Brex Capital without disrupting the systems and accounts inherited from QRS Global.

Questions Remain About Brex Capital’s Ownership

Brex Capital has not disclosed the name of the international investment group that acquired QRS Global.

The company has confirmed the change in ownership, but no detailed information has been published about the group’s members, corporate structure or beneficial owners.

This lack of public information may concern traders trying to understand who controls the broker and which legal entity is responsible for their accounts.

Clear ownership information becomes more relevant when a new broker retains the clients, systems and operational structure of a previous brand.

Brex Capital’s Regulatory Disclosures

Brex Capital’s current website identifies Brex Capital LLC as an entity registered in Mwali, Comoros. It lists company registration number 9429042326809 and licence number T2023349.

The website states that the company is authorised by the Mwali International Services Authority to conduct international brokerage and clearing activities.

Brex Capital also lists Brex Capital Limited as a New Zealand company registered on the Financial Service Providers Register under FSP1009652.

Registration on New Zealand’s FSPR does not automatically mean a company is licensed or regulated by the Financial Markets Authority. New Zealand’s Companies Office states that FSPR registration should not be treated as official endorsement or proof that a financial services company holds the required market licence.

Earlier industry coverage raised a separate question about South African FSP number 55069. Finance Magnates reported that Brex Capital initially displayed this number and that the same FSP number was associated with another CFD broker called Ruby FX.

The current Brex Capital website no longer displays the South African FSP number in its main legal disclosure. It now focuses on the Comoros and New Zealand entities.

Traders should verify which legal entity opens their account, which authority supervises that entity and what investor protections apply before depositing funds.

Thai Authorities Investigate QRS Global Network

Brex Capital itself has not been named as a defendant in the Thai case. The investigation concerns QRS Global, QRS Education Co Ltd and other parties connected to the previous operation.

In June 2026, Thailand’s Department of Special Investigation conducted raids across 24 locations in Bangkok, Pathum Thani, Samut Prakan and Samut Sakhon.

The investigation covered complaints involving QRS Global, HFM, GOFX and Eterwealth. Introducing brokers and payment businesses connected to the alleged network were examined too.

Thai authorities allege that offshore brokers and local promoters solicited investments without the required authorisation. Marketing campaigns allegedly used displays of luxury lifestyles, expensive vehicles and profitable trading accounts to attract clients.

According to reports about the investigation, some clients were initially able to withdraw funds. Further conditions were allegedly introduced later, including additional deposits, course purchases, fees and withdrawal restrictions.

Investigators reported finding indications of trading system interference, including price adjustments, delayed orders, locked transactions and platform disruptions. These claims remain allegations under investigation.

Authorities Seized Cash and Other Assets

The June operation led to the seizure of 65.27 million baht in cash, along with foreign currency, vehicles, gold, jewellery, watches, designer bags, computers, mobile phones and cryptocurrency hardware wallets.

Reports indicate that hundreds of complainants may be connected to the broader investigation. Final victim and loss figures have not been established.

The case covers several brokers, promoters, payment companies and individuals. It should not be described as a case involving QRS Global alone.

QRS Executive Arrested in July

On July 15, the DSI arrested Mallika Maksalut, an executive and director of QRS Education Co Ltd, the company reported to have operated QRS Global in Thailand.

She faces allegations including public investment fraud, operating securities brokerage services without authorisation, conducting an unauthorised derivatives business, entering false computer data and money laundering.

Maksalut denied the allegations during questioning. She has not been convicted, and the case remains subject to the Thai legal process.

A Thai court later approved her continued detention and rejected an application for temporary release during the investigation.

Other Individuals Connected to the Investigation

The investigation attracted further attention after the DSI identified financial transfers involving People’s Party MP Pawoot Pongvitayapanu.

Investigators initially reported 14 transfers of approximately 2 million baht each. Pawoot denies wrongdoing and says the transactions were connected to legitimate gold trading.

The DSI later requested an arrest warrant, but the court rejected the request. The court directed that he enter the investigation process through a summons.

Thai actor Rattapoom Tokongsup met DSI investigators on August 3 to acknowledge allegations concerning financial links with companies connected to the broker network. He denied acting as a broker, soliciting investments or having any relationship with QRS Global.

Neither individual has been convicted in connection with the investigation.

What the Takeover Means for QRS Global Clients

The Brex Capital launch does not automatically establish wrongdoing by the new entity, its management or its owners.

The key concern is operational continuity. The same trading infrastructure, client accounts and services associated with QRS Global are continuing under Brex Capital.

Traders now need clearer answers about the broker’s ownership, legal entities and regulatory permissions. They should confirm where client money is held, which company executes trades and which dispute process applies to their accounts.

Brex Capital is a new name, but it has inherited much of QRS Global’s existing operation. Its future reputation will depend on how openly it addresses that history and how much verifiable information it provides about its ownership and regulatory structure.