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Singapore has disowned the collapsedcryptocurrency project Terraform Labs, saying the platform was not performingactivities requiring a license from the MAS and was neither licensed nor exemptedfrom licensing by the regulator. The city-state has also downplayed the impactof the Terraform Labs saga on its financial systems.Responding to a question by a member of parliament,Lawrence Wong, the Deputy Prime Minister and Minister for Finance and Chairmanof the MAS, said that the collapse of Terraform Labs sparked concerns aboutregulatory oversight and investor protection in the cryptocurrency market. Theevent has prompted Singaporean authorities to reevaluate and reinforceregulations to mitigate risks in the sector.Enhancing Regulatory MeasuresIn response to the incident, the MAS has implementedseveral measures to bolster the regulatory framework for cryptocurrencyinvestment firms operating in Singapore. These measures aim to enhance consumerprotection and mitigate risks associated with cryptocurrency trading.MAS mentioned: "We also remind those who tradecryptocurrencies that the MAS' rules and regulations cannot prevent monetary lossesarising from such activities. Consumers must be aware of the risks of doing soand understand that cryptocurrencies are highly volatile and have no intrinsicvalue."MAS has introduced new measures focused onretail consumers, aligning with international standards for regulatingcrypto assets. These measures include assessing customers' awareness of risksbefore granting trading access, prohibiting incentivized trading offers, andrestricting the provision of credit or leverage to consumers.Additionally, the MAS has imposed business conductrequirements on cryptocurrency platforms to ensure proper segregation andcustody of customers' assets, mitigate conflict of interest, and implement risk management processes. These enhanced measures will be implementedin phases commencing this year.Educational OutreachMAS emphasized the importance of consumer awarenessregarding cryptocurrency trading risks. While regulations can mitigate certainrisks, consumers must understand the volatile nature of cryptocurrencies andtheir lack of intrinsic value. Ultimately, investors bear responsibility fortheir investment decisions in the crypto market.Meanwhile, the Securities and Exchange Commission(SEC) of the United States is seeking $5.3 billion from Terraform Labs and its Co-Founder, Do Kwon. This demand, comprising recovery and civil penalties,follows a court ruling that found Terraform and Kwon guilty of fraud.The SEC's motion, recently filed with the US DistrictCourt for the Southern District of New York, outlined the regulator's pursuitof $4.7 billion in disgorgement and prejudgment interest from the bankruptTerraform Labs. Additionally, the SEC is seeking civil penalties totaling $520million, with $420 million directed toward Terraform and $100 million towardKwon.In response, Terraform and Kwon's legal representatives have proposed significantly lower penalties, suggesting a maximum of $3.5million for Terraform and $800,000 for Kwon. The court is expected to deliver averdict on the motion.This article was written by Jared Kirui at www.financemagnates.com.
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In the dimly lit cornersof the digital frontier, a silent war rages. Here, thieves with nimble fingersand even nimbler code prowl the back alleys of the internet, armed not withjimmies and crowbars, but with automated scripts and ever-evolving algorithms.Their target? Not gold bullion or jewels, but the far more common,and far more lucrative, quarry of credit card numbers.These digital banditsaren't after your average smash-and-grab operation. Their method is more akinto a slow, methodical poisoning. They employ a technique known as enumerationattacks, essentially a brute-force attempt to crack your card's security by tryingout a vast number of possible credit card combinations. It's a numbers game,hoping to stumble upon a valid card and then exploit it before anyone notices.The financial toll ofthese attacks is staggering. Billions of dollars vanish annually, a silenthemorrhage eating away at the heart of the global financial system. And forevery dollar stolen, there's a domino effect of frustration and inconveniencefor the cardholder, forced to deal with the aftermath of a compromised account.But the tide may beturning. Visa, the global payments giant, has unveiled a potent weapon in thisongoing struggle: the VAAI Score. This innovative tool <a href="https://www.businesswire.com/news/home/20240507262164/en/Visa-Announces-Generative-AI-Powered-Fraud-Solution-to-Combat-Account-Attacks">harnesses the power ofgenerative AI</a>, a form of artificial intelligence that can not only learn patterns,but also actively create new ones.The VAAI Score acts as areal-time guardian, analyzing every card-not-present transaction (CNP) for thetelltale signs of an enumeration attack. It's a digital bloodhound, sniffingout anomalies in a transaction's data - the time of day, the location, thepurchase pattern - that might raise a red flag.This is where generativeAI comes into play. Unlike traditional AI models that rely on pre-definedparameters, generative AI can evolve and adapt. It can learn the ever-shiftingtactics of fraudsters, constantly refining its detection methods to stay aheadof the curve.The benefits aretwofold. For financial institutions, the VAAI Score translates to a significantreduction in fraud losses. By identifying and blocking enumeration attemptsbefore they can do any damage, Visa is essentially plugging a major leak in thefinancial system's dam.But the impact goesbeyond just cold, hard cash. The VAAI Score also protects the customerexperience. Traditional fraud detection methods often cast a wide net, leadingto legitimate transactions being flagged and potentially declined. The VAAIScore, with its laser focus on enumeration attacks, minimizes disruptions forgenuine cardholders. No more being denied that crucial online purchase becauseyour spending pattern suddenly looked suspicious to an overzealous algorithm.This development marks asignificant leap forward in the ongoing battle against financial fraud. It's atestament to the power of cutting-edge technology, specifically AI, insafeguarding the financial ecosystem. The VAAI Score isn't just a shield; it's alearning machine, constantly growing more adept at sniffing out theever-more-sophisticated tricks employed by fraudsters.TheVAAI Score's success also raises a fascinating ethical question: how much powershould we cede to AI in safeguarding our financial lives? While the benefits ofreduced fraud and a smoother customer experience are undeniable, a naggingunease persists. Are we, in essence, handing over the keys to our financialsecurity to an algorithm, a complex web of code that may not always betransparent in its decision-making?This concern isparticularly relevant when considering the potential for bias within AIsystems. Historically, algorithms have been shown to perpetuate societalbiases, leading to unfair or discriminatory outcomes. The VAAI Score, despiteits sophistication, is not immune to this risk. Could certain spendingpatterns, perhaps linked to geographical location or socioeconomic background,be misinterpreted…
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In a rebuttal against accusations of bribery levelled byBinance Holdings Ltd, Nigeria has refuted claims made by the cryptocurrencyfirm, dismissing them as a diversionary tactic. The West African nation hasbeen involved in a boisterous saga with Binance.Binance's Allegations of Bribery inNigeriaThe rift deepened following a blog post penned by Binance'sChief Executive Officer, Richard Teng, alleging coercive demands for a"secret" payment to resolve issues within Nigeria. Teng's revelationignited a firestorm, casting a shadow over the already strained relationshipbetween Binance and Nigerian authorities.The alleged bribery attempts purportedly occurred during ameeting between Binance representatives and Nigerian officials in Abuja earlierthis year. Teng claimed that Binance staff were accosted by unidentifiedindividuals post-meeting, soliciting a significant cryptocurrency paymentwithin 48 hours to ostensibly quell criminal allegations.Binance Says It Was Asked for ‘Secret’ Payment Over Nigeria Woes.“As our employees were leaving the venue, they were approached by unknown persons who suggested to them to make a payment in settlement of the allegations” — Binance CEO, Richard Teng.Later that day, Binance’s… pic.twitter.com/exeWlbEF9g— Instablog9ja (@instablog9ja) May 7, 2024“Teng made false allegations of bribery against unidentifiedNigerian government officials who he claimed demanded $150 million incryptocurrency payments to resolve the ongoing criminal investigation againstthe company,” the Ministry of Information spokesman Rabiu Ibrahim said. “Thisclaim by Binance CEO lacks any iota of substance. It is nothing but adiversionary tactic.”Binance Employee Detained in Nigeria Faces Multiple ChargesTigran Gambaryan, a Binance employee, remains in custodyfacing charges of tax evasion, currency speculation, and money laundering,following his colleague's escape. The trial for Gambaryan is set to commencethis month, adding fuel to the ongoing legal skirmish.Binance's entanglement with Nigerian authorities is furthercomplicated by the detention of two of its employees and the subsequent ban onits operations in the country. Despite assurances of safe passage, Gambaryanand his colleague, Nadeem Anjarwalla, found themselves promptly arrested upontheir return to Nigeria in late February.This article was written by Tareq Sikder at www.financemagnates.com.
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In a legal blow to Cristiano Ronaldo, the famed Portuguesesoccer star, the judge overseeing the $1 billion class action lawsuit againsthim has rejected his motion to dismiss the case. The lawsuit, filed in Florida,accuses Ronaldo of endorsing Binance, which allegedly led investors into making costly and riskyinvestments.Ronaldo's Motion Denied in Binance NFT LawsuitJudge Roy Altman's ruling, issued on May 4, followed arequest from the plaintiffs to stay proceedings until a ruling on a motion tocompel arbitration. Simultaneously, the judge denied Ronaldo's motion todismiss the case, stating: "We deny without prejudice the Defendant's 29 motionto dismiss."The lawsuit revolves around Ronaldo's promotion of Binance,particularly in relation to a collection of non-fungible tokens (NFTs) launchedin partnership with the soccer star in November 2022, called "CR7."Through social media endorsements and other promotional activities, Ronaldoencouraged fans to invest in Binance, promising rewards and emphasizing thepotential of NFT investments.Cristiano Ronaldo Suffers Legal Blow For Promoting ‘Unsafe’ CR7 NFTs by Cryptocurrency Exchange Binance#CR7 | #CristianoRonaldo | #Cryptocurency https://t.co/aBXitJjvU3— LatestLY (@latestly) May 8, 2024Ronaldo's endorsements of Binance extended to his Instagramaccount, where he frequently touted the exchange and its associated products.Despite the legal action, Ronaldo's publicist has not yet provided comment onthe matter.The plaintiffs in the lawsuit are seeking damages exceeding$1 billion, alleging that Ronaldo's endorsements led them into makinginvestments that resulted in financial losses. Their request for the case to bestayed for arbitration, which would involve a third party resolving thedispute, has been granted by Judge Altman.This article was written by Tareq Sikder at www.financemagnates.com.
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Regulatory change in the crypto realm has been a subject of heated debate for many years. The general ethos of cryptocurrency is one of anarchism or anarcho-capitalism. Proponents of the tech tend to be adamantly against any type of governmental intervention into markets or technology.However, as digital assets and blockchain technology find themselves thrust into the mainstream, governments must respond. They must either incorporate these assets into existing regulations or create a new regulatory framework altogether. Lets look at how crypto regulations have evolved over the years, with a focus on US regulation.Background: Crypto Regulation in the USMuch of the conversation surrounding cryptocurrency regulation in the US has been focused on something called the <a href="https://www.financemagnates.com/cryptocurrency/decentralized-transactions-challenge-howey-tests-application-to-nfts/">Howey Test</a>. Having its roots in a landmark Supreme Court case from 1946, The Howey Test provides the criteria used to determine whether or not something can be considered a security, aka an investment contract.The test has four parts, and says that a security is:1. An investment of money; 2. In a common enterprise; 3. With the expectation of profit; and 4. Those profits being derived from the efforts of others. If an investment aligns with all four of these precepts, then it can be considered a security, meaning it falls under the regulatory jurisdiction of the <a href="https://www.financemagnates.com/terms/s/securities-and-exchange-commission-sec/">Securities and Exchange Commission (SEC</a>).The Howey Test is almost 80 years old. Applying it to new technologies like <a href="https://www.financemagnates.com/terms/c/cryptocurrencies/">cryptocurrencies</a> can be difficult. However, many have argued that most cryptocurrencies do constitute investment contracts that meet the criteria of the Howey Test.Bitcoin may be an exception, as the SEC has intimated that <a href="https://www.financemagnates.com/trending/bitcoin-the-hype-the-fomo-the-bros/">BTC looks more like a commodity</a>. This reasoning was part of what led to the approval of <a href="https://www.financemagnates.com/cryptocurrency/coinbase-rides-bitcoin-etf-wave-as-profits-soar-past-1b-in-q1/">spot Bitcoin ETFs</a> in the US in January 2024.Let’s get this thing straight. Crypto is a part of the global financial ecosystem now. No government can wish it away. That being said, if we’re not to undo the years of work towards cleaning up our financial system, we absolutely have to get the regulation right. While… <a href="https://t.co/sgDMnG0YSn">pic.twitter.com/sgDMnG0YSn</a>— Orekelewa (@orekelewa_etc) <a href="https://twitter.com/orekelewa_etc/status/1786833784131764655?ref_src=twsrc%5Etfw">May 4, 2024</a>A Timeline of Cryptocurrency RegulationBetween 2009, when Bitcoin was invented, and 2013, there were only a few significant developments in <a href="https://www.financemagnates.com/cryptocurrency/regulatory-winds-of-change-crypto-industry-prepares-for-compliance-in-2024/">cryptocurrency regulation</a>. These included: The shutdown of the <a href="https://www.financemagnates.com/cryptocurrency/us-seizes-36-billion-worth-of-bitcoins-linked-to-silk-road/">Silk Road marketplace</a> and seizure of its Bitcoin by the Federal Bureau of Investigation (FBI), and A seizure order being issued to Dwolla, a subsidiary of the <a href="https://www.financemagnates.com/cryptocurrency/mt-gox-trustee-to-pay-creditors-in-bitcoin-and-bitcoin-cash/">Mt. Gox crypto exchange</a>, by the Department of Homeland Security (DHS).Silk Road was a Bitcoin marketplace used in part for the sale of illicit substances. Its founder, Ross Ulbricht, was sentenced to two life sentences in prison without the possibility of parole. On the other hand, Mt. Gox was an exchange responsible for 70% of Bitcoin trading at the time.These two enforcement actions were the first known measures taken against cryptocurrency by authorities.In 2014, the Internal Revenue Service (IRS) issued…
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The UK and Singapore have reaffirmed their dedicationto fostering financing solutions that are aligned with sustainable finance. Keydiscussions in a recent meeting between the two nations revolved around the necessity of robust transition planning,standardized disclosure frameworks, and the mobilization of private capital forgreen finance initiatives. During the 9thUK-Singapore Financial Dialogue held on May 8, both countries acknowledged the ongoing efforts ofinternational bodies like the G20 and FSB in shaping the regulatory landscapefor sustainable finance, emphasizing the importance of global cooperation. The dialogue revolved around sustainable finance, fintech, and theevolving landscape of non-bank financial intermediation (NBFI).Embracing FintechParallel to discussions on sustainable finance, thedialogue culminated in an exchange of ideas regarding the evolving realm of fintech and innovation. From artificial intelligence to crypto assets andcentral bank digital currencies (CBDC), the dialogue analyzed the technological advancements reshaping the financial sector, the Monetary Authority of Singapore highlighted. The UK and Singapore pledged to adhere to internationalstandards and foster collaborative efforts through platforms like IOSCO and FSBto mitigate risks while nurturing innovation. Amidst the evolving landscape of NBFI, both nations recognizedthe importance of enhancing regulatory frameworks to effectively address emerging risks.The United Kingdom 🇬🇧 and Singapore 🇸🇬 held the 9th UK-Singapore Financial Dialogue in Singapore today. Both countries discussed collaboration opportunities in priority areas such as #sustainablefinance and #FinTech and innovation. @hmtreasury https://t.co/B6gkCqxRiz pic.twitter.com/3nJ0pyXY0a— MAS (@MAS_sg) May 8, 2024Discussions centered on bolstering authorities'capabilities in monitoring NBFI risks through improved data sharing and policyimplementation. Additionally, the dialogue underscored the shared commitmenttowards enhancing cross-border payment connectivity, with initiatives likeProject Nexus aiming to strengthen global payment systems.Regulations in the UKLast year, the UK unveiled a two-year plan to enhanceits open banking ecosystem. With over seven million Britons already embracingopen banking products, regulatory authorities aim to foster even greatercompetition and innovation in this rapidly evolving sector.Established in March 2022, the Joint RegulatoryOversight Committee, co-led by the Financial Conduct Authority andthe Payment Systems Regulator, has set a roadmap to guide the next phaseof open banking development in the UK. With a focus on scalability, security, andsustainability, the plan aims to elevate the availability and performance ofopen banking services while addressing risks associated with financial crime.Moreover, it emphasizes the importance of robust consumer protection measuresand improving information flows to third-party providers and end-users. This article was written by Jared Kirui at www.financemagnates.com.
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Bybit, one of the world’s top three crypto exchanges by volume, is excited to announce the Bybit P2P Season event, where participants have the opportunity to win a share of the impressive $5,200 USDT prize pool.The event will take place from May 8, 2024, at 10:00 AM UTC to May 21, 2024, at 11:59 PM UTC. Whether you are a new or existing P2P trader, this is your chance to deposit or trade and grab exciting rewards with Bybit. For new users, unlock your share of the $4,000 USDT prize pool. The rewards will be distributed to 200 winners on a first-come, first-served basis. Existing users can also take part in the celebration and unlock their share of the $1,200 USDT prize pool. For more details on the Bybit P2P Summer Celebration event, visit this page."We are delighted to launch the Bybit P2P Summer Celebration, highlighting the integral role that P2P trading plays in our platform's strategy. Bybit is dedicated to fostering a vibrant and inclusive global community of traders, and this event is a testament to our commitment to our users worldwide. We invite traders from all corners of the globe to join us in this exciting event and experience the power and benefits of P2P trading on our platform." says Joan Han, Sales & Marketing Director of Bybit. Bybit P2P offers a user-friendly interface across both mobile and web platforms, making it convenient for users to swap fiat and crypto pairs. With over 570 payment methods and support for more than 60 local currencies, coupled with a simple three-step trading process, Bybit is setting a new standard for efficiency and accessibility in the cryptocurrency trading space.About BybitBybit (https://www.bybit.com) is one of the world’s top three crypto exchanges by trading volume with 25 million users. Established in 2018, it offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.This article was written by FM Contributors at www.financemagnates.com.
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IC Markets has become the latest forex and contracts for difference (CFDs) broker to obtain a regulatory license in Kenya, Finance Magnates has learned. The Capital Markets Authority (CMA) in Kenya granted the license to the locally registered IC Markets Kenya Limited.Kenya: A Hub for FX and CFDs Brokers in AfricaAccording to the Kenyan regulator, the IC Markets entity has been licensed to operate as a non-dealing online foreign exchange broker, similar to other such international retail brokers operating locally in the country.“The increasing demand for licenses in the intermediary sector in recent years is a positive emergence as it enhances competition, innovation, and the reach of capital markets products and services to retail investors,” said the CEO of CMA, Wyckliffe Shamiah.In the latest licensing drive, the Kenyan regulator granted licenses to five new firms, which are operating in different capacities within the country’s capital markets.Apart from the latest authorization, IC Markets is also licensed in Australia, Cyprus, Seychelles, and the Bahamas. The Australia-headquartered broker also expanded from its regular FX and CFDs offerings by launching prop trading services in late March, becoming one of the very few regulated brokers in the space.Finance Magnates also approached IC Markets to learn about the new licensing but has not received any response as of press time.A Growing and Promising CountryWith a population of more than 54 million, Kenya has a nominal GDP of about $113 billion, making it the seventh-largest African economy. Penetration of the internet and mobile phones and a growing income level have made it very lucrative for retail brokers. It is also a country with a clear set of rules and regulations when it comes to operating retail brokers.Under all these circumstances, several international FX and CFDs brokers have established a presence in Kenya and obtained local licenses. Some of the international brokers regulated in Kenya are FP Markets, Pepperstone, Exness, Admirals, INGOT Brokers, Scope Markets, and Exinity.This article was written by Arnab Shome at www.financemagnates.com.
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Robinhood, the popular and occasionally berated trading app, might needto swap its feathered cap for a helmet, as the SEC has lobbed another legalgrenade at the crypto industry. So, what’s on the chopping block this time? Robinhood’s cryptocurrency<a href="https://www.financemagnates.com/terms/t/trading-platform/">trading platform</a> could face the wrath of the securities watchdog, according tothe company. It's not just another day at the sheriff's office; it’s apotential showdown at the crypto corral. You can read Robinhood’s officialresponse <a href="https://newsroom.aboutrobinhood.com/robinhood-response-to-receipt-of-wells-notice-from-the-u-s-securities-and-exchange-commission/">here</a>.SEC Strikes AgainOn May 4, Robinhood received a not-so-welcoming gift from the <a href="https://www.financemagnates.com/tag/securities-and-exchange-commission/">Securities and Exchange Commission</a> (SEC): AWells Notice. This legal love note is the SEC’s way of saying, "We mighthave a problem with you." Specifically, the notice points to possibleviolations of the tight-laced federal laws that govern securities brokers. Now,Robinhood must gird its loins and prepare to persuade the SEC that its cryptodealings are cleaner than a saint's search history.A Tale of Disappointment and DisputeRobinhood denies SEC claim of violating securities laws <a href="https://t.co/7G9kFqLOFe">https://t.co/7G9kFqLOFe</a>— Quartz (@qz) <a href="https://twitter.com/qz/status/1787936461129740703?ref_src=twsrc%5Etfw">May 7, 2024</a>Dan Gallagher, Robinhood’s Chief Legal, Compliance, and CorporateAffairs Officer, didn’t mince words. He expressed disappointment over the SEC’smove, staunchly defending the company's stance that their crypto offerings arenot securities, saying, “We firmly believe that the assets listed on ourplatform are not securities and we look forward to engaging with the SEC tomake clear just how weak any case against Robinhood Crypto would be on both thefacts and the law.” Robinhood plans to engage in a legal to-and-fro with theSEC, hoping to showcase just how "untenable" the case against themis. Meanwhile, the SEC remains mum, with their usual “we do not comment”stance, adding a dash of mystery to the proceedings.The Specter of Sam Bankman-FriedIn the world of cryptocurrency, trust is the currency that mattersmost, and the specter of Sam Bankman-Fried looms large. The former FTX CEO, nowfacing a slew of charges from fraud to <a href="https://www.financemagnates.com/terms/m/money-laundering/">money laundering</a>, has cast a long, darkshadow over the crypto landscape. You can discover our coverage, and his loveof kippers, <a href="https://www.financemagnates.com/tag/sam-bankman-fried/">here</a>.His highly publicized downfall has painted a picture of a sector riddled withrisk and regulatory oversight gaps. As the poster child for how not to operatea crypto exchange, Bankman-Fried's actions have not only led to his own legalbattles but have also stoked broader regulatory fires, including those nowthreatening Robinhood. Added to that, you also have the farce of Binancefounder CZ going to prison for money laundering – albeit after a plea deal <a href="https://www.cnbc.com/2024/04/30/binance-founder-changpeng-zhao-cz-sentenced-to-four-months-in-prison-.html">reducedhis sentence to just four months</a> – and you might understand why everyone’s alittle twitchy. Though, we must stress that Robinhood are apparently about to be investigated for something entirely different, certainly not money laundering.Crypto is still pumping, sue Robinhood too <a href="https://t.co/ptD8FcGYd0">pic.twitter.com/ptD8FcGYd0</a>— Crypto Tea (@CryptoTea_) <a href="https://twitter.com/CryptoTea_/status/1787463565676290524?ref_src=twsrc%5Etfw">May 6, 2024</a>Crypto Controversy CentralRobinhood isn't new to the regulatory rodeo. The platform, known forits zero-fee trading and popularity among the younger trading crowd, has seenits fair share of legal spats and technical mishaps. Remember the March 2020outages and the Gamestop…
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Sampo, a Nordic insurance group, is exiting its investment in Saxo Group by selling 19.8 percent of the stake in the Danish broker to Mandatum, an asset manager based in Finland. The deal was a part of the demerger of Sampo and Mandatum completed in 2023.Change in Saxo Bank’s Ownership“Sampo has today finalised the arrangements related to the sale of its 19.8% stake in Saxo Bank to Mandatum, as agreed in connection with the partial demerger completed in 2023,” the announcement noted.The sale has already received the required regulatory approvals on May 3 and is expected to be completed on May 13.The two companies have set the price of the transaction at EUR 302 million, which was agreed in the demerger process, adjusted for the dividend received. Although Sampo offered a vendor loan of EUR 280 million to Mandatum for the transaction, the latter decided to settle the transaction in cash.Saxo InvestorsApart from Sampo, other investors in Saxo are Chinese carmaker Geely, which holds 50 percent of the broker, and co-founder and CEO, Kim Fournais, who owns 28 percent. Last year, Saxo Bank sold its stake in the regulatory technology platform Saxo Fintech to Geely Holding Group, marking a significant shift in the firm’s ownership structure.Lars Seier Christensen, the other co-founder of Saxo Bank who was co-CEO for two decades, divested his stakes in the brokerage in 2017. He then established his investment arm, Seier Capital, with notable investments, including the co-ownership of the Danish football team FC Copenhagen.Meanwhile, Saxo Bank is reportedly contemplating selling its minority or majority stake at a valuation between EUR 1.5 billion and EUR 2 billion. Earlier, the Danish broker entered into a SPAC deal to take the company public, but that failed due to “market conditions.” Interestingly, Fournais hinted at another attempt to take the company public after the failed SPAC deal.This article was written by Arnab Shome at www.financemagnates.com.
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Tradu, a multi-asset trading platform, has announced thelaunch of a new cryptocurrency exchange aimed at catering to active traders andinvestors seeking low, transparent fees. The platform, which is part of StratosGroup International, LLC, a subsidiary of Jefferies Financial Group Inc. (NYSE:JEF), boasts a selection of over 40 coins, including popular options likeBitcoin and Ethereum.Fee Savings and Transparent PricingOne of Tradu's key selling points is its focus ontransparency and cost-effectiveness in the cryptocurrency trading landscape.The platform claims to offer savings of up to 95% on fees compared to otherexchanges, with a straightforward fee structure that is displayed to usersbefore placing orders. Tradu charges a commission of 0.1%, with instant rebatesavailable for larger trade sizes. In addition to its commission-based model, Tradu offersclients the option to trade on a commission-free profile, where fees areinstead incorporated into the spread. Brendan Callan, CEO of Tradu, commented: “At Tradu, we arereal supporters of crypto. It’s a huge market with significant investorinterest and as a true multi-asset trading platform, it’s important for us tooffer our clients access to both traditional assets and new digital assets. Weare bringing institutional-grade pricing and infrastructure to the retailcrypto market, providing traders with upfront costs and tight, transparentspreads enabling active traders and investors to maximise their returns.”Tradu Collaborates with dxFeed for Market Data AccessEarlier, dxFeed,a global financial data solutions firm, initiated an Infrastructure as aService project for Tradu, as reported by Finance Magnates. This partnershippositions dxFeed as the manager of critical infrastructure and data provision,allowing Tradu to focus on core business objectives. dxFeed's IaaS capabilitiesaim to address technical challenges in delivering market data, providing seamlessaccess to data from major exchanges globally. With scalable low-latencyinfrastructure, dxFeed ensures consolidated market data delivery to clientsacross Asia, the Americas, and Europe, accommodating rapid reconfiguration tomeet performance demands.This article was written by Tareq Sikder at www.financemagnates.com.
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Finalto is excited to announce the release of its latest entry in the Broker Series, with a focus on marketing and marketing compliance. This new publication explores the evolving movements of retail trading and the reactive regulatory action that comes with it. It offers brokers practical insights for navigating the challenges of marketing to diverse audiences while navigating constantly changing expectations from regulators.Retail investor activity spiked in 2021, accounting for nearly 25% of the total trading volume in the equities market according to one study. With the rise of digital platforms, a new type of trader has emerged, keen to participate in financial markets. This publication addresses how brokers can engage this new audience while maintaining their existing customer base. Learn how you can help this new demographic find their place without alienating more traditional clients.In the entry of the broker series, Finalto examines how brokers can bridge the gap between different audiences, crafting brand identities that resonate with both retail and institutional clients. As well as the fundamentals of branding, including how a cohesive brand strategy is shaped by mission, vision, and values. Klelia Orphanidou, B2B Head of Regulatory Compliance at Finalto, commented, "Compliance in marketing isn't just about ticking boxes and avoiding penalties. It's about building a culture of responsibility and fostering long-term relationships and brand loyalty." Regulatory compliance can be a real strength for your business, explore what you can do to help stay on track as the trading demographic widens.This entry unpacks a broad spectrum of marketing strategies, emphasizing the importance of leveraging social and affiliate marketing to appeal to different trader profiles while maintaining compliance with regulatory standards. Recognizing the importance of regulatory compliance, the guide provides practical tips on adhering to regulations while promoting a brokerage business. Finalto's new Broker Series entry provides valuable insights for brokers seeking to stay ahead in a rapidly evolving market while effectively managing diverse customer needs.If you would like to know more about the fully compliant financial services solutions Finalto offers across multiple jurisdictions, don't hesitate to reach out to the Finalto Sales Team here.This article was written by FM Contributors at www.financemagnates.com.
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In less than two weeks, the Finance Magnates Africa Summit (FMAS:24) will officially be underway for its second straight year. The premium event is returning to Sandton City, South Africa on May 20-22, attracting some of the financial service space’s biggest talent, speakers, and brands. One topic that is sure to draw a lot of attention at FMAS:24 is prop trading, with a curated content track exploring this area at length.FMAS:24 is a celebration of the African financial services industry, with thousands of traders and brands in attendance. With two full days of sessions and panels in store for attendees, look for four total industry verticals to be covered. This includes the online trading, blockchain & digital assets, fintech, and payments spheres, promising something for all participants.Prospective attendees can still sign up for a limited time remains and reserve their seat online for FMAS:24. Head on over to the registration page for FMAS:24 and sign-up today! Registering online ensures you can skip the wait and queue on-site.Prop Trading in Focus at FMAS:24In a matter of days, the largest event of the year in Africa will be underway at the world-famous Sandton Convention Centre. One of the most anticipated elements of this year will be the newly launched Trader Zone, geared towards retail traders and brokers, providing an informative hub and engaging forum for all participants to learn, network, and engage with other traders, top brokers, and more. Additionally, Trader Zone will be spotlighting other marquee speakers and sessions of note throughout the event. This includes the upcoming session, ‘Piecing the Prop Trading Puzzle’.Attendees can finally see how to put the intricate Prop Trading Puzzle together, from demo accounts to live funding. How do companies identify traders and what is the real significance of demo accounts? In this tell-all session, participants will explore the pass rates and the trustworthiness of prop firms, whilst learning how the transition from 500K to 2M funding works.The upcoming workshop, ‘Piecing the Prop Trading Puzzle’ will be taking place on May 21 at 13:30-13:50 at Trader Zone. This will be run by Petros Kalaitzis, Head of Cyprus Office, Tools for Brokers.Mr. Kalaitzis currently works as the Head of the Cyprus office at Tools for Brokers, where he focuses on strengthening relationships with key clients and partners, as well as supporting and guiding the TFB team. With over a decade in the finance industry, he has held several positions, including roles in dealing, sales, business development, and operations management. This diverse experience gave Petros a unique perspective on broker needs. Register Today for the Biggest Event of the Year in Africa!This is one session you cannot afford to miss. See you in Sandton City in a little under two weeks!This article was written by Jeff Patterson at www.financemagnates.com.
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Mike Diedrichs, an experienced professional in the financeand technology sectors, has announced his new role as the Chief Revenue Officerat BOSONIC. Diedrichs shared the news on LinkedIn, marking the beginning of histenure with the organization.Overview of Previous Roles Before Joining BOSONICPrior to joining BOSONIC, Diedrichs held several keypositions, showcasing a wealth of experience and expertise. Most recently, heserved as the Chief Operating Officer and Head of Business Development atHyperTrader, a role where he demonstrated leadership and exceeded performanceexpectations for one year and seven months.Diedrichs also served as a Corporate Strategy Consultant,leveraging his skills in exceeding quotas and market penetration while workingremotely. Before that, he held the position of Chief Business DevelopmentOfficer and Head of Operations at Fluent Finance, where he excelled in areassuch as marketing strategy and exceeding quotas.His journey in the financial sector includes roles at NESTFinancial Group, where he served as the Head of Operations, demonstratingproficiency in market penetration and exceeding quotas. Additionally, he heldpositions at GetLoci and various other organizations.Earlier, OTCXN,a provider of blockchain-powered capital markets infrastructure, re-brandedas Bosonic, as reported by FinanceMagnates. Drawing inspiration from quantum physics, where a"boson" serves as the force holding matter together at the atomiclevel, Bosonic aims to be the link between blockchain protocols andtransactional applications. Founded by FX and electronic trading expert RosarioIngargiola in 2015, Bosonic focuses on eliminating risks in crypto markets tofoster growth.Transitioning to Chief Revenue OfficerDiedrichs's educational background includes a Bachelor'sDegree in International Business/Economics from Lehigh University, where he wasan active member of the football team. He furthered his education by completingan Executive Program in Blockchain Technologies and Business Innovation from MITSloan School of Management.In his new role as the Chief Revenue Officer at BOSONIC,Diedrichs is expected to leverage his diverse skill set and extensiveexperience to drive revenue growth and strategic initiatives for the company. On the LinkedIn post, he wrote: “I am thrilled to announcethat I have joined BOSONIC as the Chief Revenue Officer. I am excited to bepart of a dynamic team that’s redefining the frontier of financial technologywith its groundbreaking platform that eliminates all counterparty credit andsettlement risks as well as the capital inefficiencies plaguing the currentfinancial ecosystem.”This article was written by Tareq Sikder at www.financemagnates.com.
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Taking home not one but two of the highest recognitions bestowed by the UF AWARDS LATAM, BDSwiss enjoys the laurels of success.The CFD market leader earned industry acclaim for being the “Most Innovative Broker - LATAM” and the “Best Research and Education Provider - LATAM”.Both accolades validate BDSwiss’ endeavours in the online trading field, zooming in on its ability to stay ahead of the curve through innovation and an unassailable commitment to traders in Latin America and beyond.The award wins were announced during iFX EXPO LATAM in front of a distinguished audience including representatives from top fintechs and online trading firms who came to support their favourite brand at the award ceremony that added the right dose of excitement to the evening. “It’s been an incredible experience for BDSwiss to be applauded in two top categories of the UF AWARDS LATAM - Most Innovative Broker & Best Research and Education Provider. We are honoured to have received so many votes from industry peers in Latin America. Their vote means a lot to us, and is a huge nod to our relentless effort to stay ahead of the curve in terms of education and research, but also innovation, which is paramount as we strive to arm our clients with everything they need to power their trading,” said Alessandro Iacovella, Regional Business Development Team Leader - LATAM at BDSwiss.Going from strength to strength in LATAMHonouring excellence in fintech and online trading, the UF AWARDS LATAM serve as a barometer for the highest quality. Not only do they bestow recognition and industry-wide validation upon the winners, they also serve as a clear indication of which online trading firms and fintechs are worth partnering up with. Therefore, rising to these standards is a remarkable merit. And BDSwiss has proved not once but twice that it deserves to be at the top.The “Most Innovative Broker” award greets the broker’s consistent contribution to the field of technology. Its robust trading ecosystem spanning the industry-standard MT4 and MT5 platforms alongside its more advanced, proprietary web trading and mobile platforms is known to provide a secure environment for traders of all levels. Real-time quotes on 250+ CFDs on Forex, stocks, indices, commodities, and other popular underlying assets, interactive charts, ultra-fast execution are only some of the benefits that traders can enjoy with BDSwiss.Additionally, the proprietary trading mobile app’s user-friendly interface allows for easy navigation and quick selection of time frames, offering a seamless experience anytime, anywhere. All these products, which “took us years to develop and launch are the result of sustained team effort and investment in research and development. And it pays off. Our booth at the expo was awash with partners and clients eager to see what’s new at BDSwiss. This means a lot”, added Alessandro.The “Best Research and Education Provider - LATAM” award ticks yet another box for BDSwiss, reaffirming the broker’s commitment to empowering traders with comprehensive educational resources and research tools.This distinction highlights the company’s dedication to promoting informed decision-making and equipping traders with the knowledge and insights required to further enhance their skills and reap more benefits from trading.With an unmatched offering and two of the highest industry accolades under its belt, BDSwiss left Mexico wondering “What’s next?” and its footmark has remained deeply imprinted in Latin America’s soil. Want to find out why? Feel free to open an account and test-drive the platform.This article was written by FM Contributors at www.financemagnates.com.
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The gears of globalfinance, for all their whirring efficiency, grind on an infrastructure olderthan the internet itself. Siloed systems, paper trails, and time zone hurdlescreate friction in the veins of commerce. But a quiet revolution is brewing behindthe marbled facades of Wall Street. A consortium of banking giants, led byMastercard, is testing a technology with the potential to transformsettlements: blockchain.This isn't some fringeexperiment dreamt up in a Silicon Valley garage. We're talking aboutestablished players like Citigroup, JPMorgan Chase, and Visa joining forceswith Mastercard to explore the murky depths of distributed ledger technology(DLT). Their goal? To streamline the process of settling transactions, thelifeblood of the financial system, using tokens – digital representations ofassets.Think of it this way:the current system resembles a sprawling antique store, each asset – cash,bonds, securities – tucked away on a different shelf. Settling a transactioninvolves a paper chase across these aisles, prone to errors and delays.Blockchain, on the other hand, proposes a sleek, digital marketplace. Allassets are digitized as tokens, readily available for exchange on a secure,shared ledger. Transactions become instantaneous, transparent, and far lesssusceptible to human error.The potential benefitsare enticing. Faster settlements translate to quicker access to capital, a boonfor businesses large and small. Reduced friction translates to lower costs – awin for both institutions and, eventually, consumers. But perhaps the mostsignificant advantage lies in the realm of security. Blockchain's inherenttransparency makes fraud a much tougher game to play. Every transaction ispermanently etched onto the distributed ledger, a tamper-proof record visibleto all participants.This isn't justtheoretical. Mastercard is building upon a successful pilot program thatfocused on cross-border and domestic dollar payments. The current phase delvesdeeper, simulating settlements entirely within the US dollar system. It's acrucial step towards a future where not just dollars, but a vast array ofassets, can be exchanged seamlessly.The road to this future,however, isn't without its obstacles as regulatory frameworks haven't quitecaught up to the breakneck pace of innovation in blockchain. As such, concerns lingeraround scalability – can the technology handle the immense volume of transactionsthat course through the financial system daily? Security, too, remains a toppriority. While blockchain boasts inherent advantages, it's only as secure asits weakest link.These are challengesthat the consortium, which also includes industry heavyweights like Deloitteand the Securities Industry and Financial Markets Association (SIFMA), isactively addressing. Collaboration is key. By working together, theseinstitutions can develop robust standards and iron out the wrinkles in existingregulations.The success of thisinitiative could have far-reaching implications beyond Wall Street. Streamlinedsettlements could unlock new financial products and services, fostering greaterfinancial inclusion while also paving the way for the wider adoption of digitalassets, a nascent asset class still grappling with legitimacy.The financial system, for all itsmight, is undeniably creaking at the seams as Mastercard and its partners aretaking a bold step towards a future where settlements are not just faster andmore secure, but also more adaptable to the ever-changing needs of the globalmarketplace. It's a future where the dusty ledgers of Wall Street are replacedby a dynamic, digital tapestry, woven with the threads of innovation.This article was written by Pedro Ferreira at www.financemagnates.com.
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For those weary of thetap-and-pay ballet or the insecure online card shuffle, a new dawn is breakingin the land Down Under. A strategic partnership between global fintech leaderBanked and the established National Australia Bank (NAB) is poised to resurrecta long-dormant contender in the payments arena: Pay by Bank, powered byAustralian Payments Plus’ (AP+) PayTo services.This phoenix of thefinancial world promises not just a faster and more secure way to pay, but apotential paradigm shift in Australian commerce. While credit cards have longdominated the retail landscape, Pay by Bank offers a compelling alternative – adirect, frictionless exchange between a customer's bank account and themerchant's, bypassing the need for intermediaries altogether.The benefits formerchants are undeniable as pay by Bank offers a morecost-effective solution, streamlining the payment process and potentiallyboosting their bottom line. Furthermore, the system boasts enhanced securityfeatures, with built-in fraud protection and instant refund capabilities,fostering trust and reducing the risk of financial chicanery.But the true power ofPay by Bank lies in its potential to reshape the customer experience.Pay by Bank empowers customers with complete control overtheir finances. With a simple click or tap, funds are transferred directly fromtheir secure bank accounts, offering a level of transparency and securityunmatched by traditional methods.This newfound controlextends beyond mere transactions. Pay by Bank paves the way for innovativeloyalty programs. Merchants can design schemes that reward customers not withpoints or plastic cards, but with instant discounts or cashback directly depositedinto their accounts. This fosters a more dynamic and personalized shoppingexperience, creating a win-win scenario for both merchants and consumers.The partnership betweenBanked and NAB is particularly noteworthy. Banked brings its global expertisein the burgeoning field of Account-to-Account (A2A) payments, while NAB offersits established presence within the Australian market and its commitment tocutting-edge digital banking solutions. This fusion of experience and reachcreates a formidable force poised to propel Pay by Bank into the mainstream.Of course, there will be challenges ahead. Consumer education will be paramount.Shifting established payment habits requires a concerted effort to highlightthe advantages of Pay by Bank. Additionally, ensuring seamless integration withexisting systems and fostering collaboration among all stakeholders within thefinancial ecosystem will be crucial for widespread adoption.Another hurdle lies infragmentation. Currently, a myriad of pay by bank solutions exist, each withits own quirks and compatibility. This lack of standardization can confuseconsumers and stifle widespread adoption. Industry-wide collaboration is essentialto develop a unified standard for pay by bank, ensuring a smooth and seamlessuser experience across different platforms.However, the potentialrewards are undeniable. A thriving Pay by Bank landscape promises not just amore efficient and secure way to transact, but a fundamental shift in therelationship between consumers, merchants, and financial institutions. Withtransparency, security, and control at its core, Pay by Bank has the potentialto redefine the very fabric of Australian commerce. The phoenix is rising, andits fiery wings might just cast a new light on the future of payments.This article was written by Pedro Ferreira at www.financemagnates.com.
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Mastercard and CrediMax, a credit card issuer in the Kingdom of Bahrain, have teamed up to launch a payment solution powered by Mastercard Gateway. Dubbed Click to Pay, the new checkout solution enables users to complete purchases across various devices. It promises to save time and reduce the likelihood of errors by eliminating the need for manual password entry.Enhancing Security MeasuresCrediMax has implemented encryption and tokenizationtechnologies to safeguard customer data and boost security in onlinetransactions. With these security measures, the company aims to ensure thesafety of consumers' personal and financial information in every transaction.Ahmed Seyadi, CrediMax's Chief Executive Officer, said: "CrediMax is thrilled to be at the forefront of technologicalinnovation by introducing Click to Pay to the market. We understand some of thechallenges cardholders face during the checkout process, and our goal is toprovide them with a simple, secure, and efficient solution."Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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The final countdown is underway with only twelve days to go until the highly anticipated Finance Magnates Africa Summit (FMAS:24). Taking place on May 20-22 in Sandton City, South Africa, prospective attendees can expect to engage, meet, and network with plenty of regional and local players as well as global brands and speakers. No premium event in 2024 would be complete without discussing Bitcoin and FMAS:24 will be no exception. This includes the notable panel, ‘The Wild Ride: Bitcoin Outlook for 2024 H2’.FMAS:24 has plenty in store for all attendees with two full days of panels, workshops, sessions, and more. Crypto will be in the spotlight throughout the event, not just for its potential and prospects in Africa but for its recent surge in popularity and price in 2024. As a quick reminder, participants can still sign up for a limited time and reserve their seat online for FMAS:24. Head on over to the registration page for FMAS:24 and sign-up today! Registering online ensures you can skip the wait and queue on-site.Bitcoin and Crypto Take Centre Stage at FMAS:24Bitcoin has already been having an eventful year in 2024, with its price reflecting growing popularity and confidence in the crypto. Look for Bitcoin to be a large area of emphasis at FMAS:24. The full-length agenda can be viewed by accessing the following link, covering not just the crypto space but online trading, fintech, and payments as well. The upcoming panel, ‘The Wild Ride: Bitcoin Outlook for 2024 H2’ will be taking place on May 22 at 16:40-17:20 at Centre Stage. As more governments crack down on crypto, the price of Bitcoin seems to do nothing but shoot up. Join top analysts to unravel the factors influencing its price and how US regulators impact your crypto portfolio value.Panel participants can figure out where Bitcoin is headed in H2 2024 especially in what will be a rather turbulent year with geopolitics, volatility, and demand. After last month’s Bitcoin halving, the price has still not reacted positively as many had predicted. Could BTC merely be building momentum or are there other factors at play?Register Today for the Biggest Event of the Year in Africa!This is one session you cannot afford to miss. See you in South Africa!This article was written by Jeff Patterson at www.financemagnates.com.
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“The stock research market is broken and highly concentrated,” Bridgewise’s CEO, Gaby Diamant, pointed out while speaking to Finance Magnates recently after raising $21 million, adding: “Only 20 percent of global companies are covered by analysts. While the situation is slightly better in the US, it is dire in Europe, Latin America, and Asia.”Bridgewise is addressing this gap by generating stock analysis reports in over 22 languages across 15 countries. Founded in 2019, the Israeli company employs proprietary generative artificial intelligence (AI) models to produce analyses and reports.“<a href="https://www.financemagnates.com/institutional-forex/etoro-teams-up-with-bridgewise-to-offer-ai-driven-stock-portfolio/">We collaborate with either retail trading platforms</a> or customer-facing professionals to offer a much better service to individual investors,” Diamant added.Addressing the language gap in stock reports, Bridgewise’s CEO described it as an “amazing advantage” for the company.While English remains dominant due to its reach, other top languages in demand are Portuguese and Hebrew, based on Bridgewise’s user data. The platform’s popularity in Brazil has led to increased usage of Portuguese. Interestingly, the company generates all reports directly in local languages and receives approximately 120 million API calls yearly.“In Brazil, we have a significant market share, but I believe it will begin shifting towards Japan, where we see emerging interest. We are also targeting investors in Singapore and Hong Kong,” Bridgewise’s CEO said.However, Bridgewise is not the only company offering stock research with AI. Its closest competitor is <a href="https://www.financemagnates.com/tag/tipranks/">TipRanks</a>, another Israeli company, uses natural language processing to analyze the performance of professional analysts for its services."The two companies are doing exactly the same thing, but the difference is an aggregation and opinion," Diamant elaborated. "TipRanks is aggregating a lot of data from analysts, while Bridgewise is creating opinions. We are actually acting as an analyst."“Not for the Money” Israel-headquartered Bridgewise, with offices in New York, London, Sao Paulo, Singapore, and Tokyo, recently secured $21 million in funding. Officially, the company stated it will use the funds “to accelerate market penetration and growth.”However, Diamant revealed that money was not the primary motive for raising the funds.“The main reason we pursued this funding round was not for the money,” Diamant said. “I know it sounds obnoxious,” he added, “What we did was bring global players. In this round, we attracted institutions from four different continents, including the United Emirates, the US, and Switzerland.”Indeed, <a href="https://www.financemagnates.com/institutional-forex/swiss-exchange-six-partners-with-dubai-financial-market-for-dual-listings/">Switzerland’s SIX Group</a> led Bridgewise’s latest funding round, with participation from Group11, L4 Venture Builder, and other global financial institutions.As 2023 draws to a close, it's a moment to reflect on Bridgewise's journey. What a year it's been! Our story is just beginning, and 2024 promises to be even more exciting. Here's to turning dreams into realities! 🚀🥂 <a href="https://t.co/r1QQGcvLCo">pic.twitter.com/r1QQGcvLCo</a>— Bridgewise (@BridgeWiseAI) <a href="https://twitter.com/BridgeWiseAI/status/1742922420955254825?ref_src=twsrc%5Etfw">January 4, 2024</a>“We Made Our Analysts Write Our Training Data”One of the <a href="https://www.financemagnates.com/trending/ai-in-2023-rises-falls-and-evolution/">challenges AI companies face</a> is copyright infringement with the training data. <a href="https://www.financemagnates.com/institutional-forex/openai-targets-fortune-500-executives-with-customized-ai-solutions/">OpenAI</a>, which revolutionized the AI industry by introducing ChatGPT, has been sued by a group of US newspapers over the allegations of misusing reporters' work to train their generative AI models.AI…
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Finalto Asia Pte Ltd, a leading global financial trading solutions provider, proudly announces the appointment of Suzuki Akihiko as the Head of Japan Markets, effective immediately. With an illustrious career spanning over two decades in the financial sector, Suzuki brings a wealth of experience and expertise to his new role.In his capacity as Head of Japan Markets, Suzuki will spearhead Finalto Asia's strategic initiatives in Japan, overseeing business development, client relations, and market expansion efforts. His extensive knowledge of the Japanese financial landscape, coupled with a proven track record of leadership and innovation, positions him as an invaluable asset to the company's growth trajectory."We are thrilled to welcome Suzuki Akihiko to the Finalto Asia team," said Alex MacKinnon, CEO of Finalto Asia Pte Ltd. "His deep understanding of the Japanese markets and his passion for driving excellence align perfectly with our vision of delivering unparalleled trading solutions to our clients. With Suzuki at the helm of our Japan operations, we are confident in our ability to further strengthen our presence and drive continued success in this key market."Prior to joining Finalto Asia, Suzuki held various senior roles in top-tier financial institutions, where he played a pivotal role in driving business growth and fostering strategic partnerships. His comprehensive understanding of regulatory frameworks, coupled with a commitment to innovation, has enabled him to navigate the evolving FX markets landscape."I am excited to embark on this new chapter with Finalto Asia and lead the expansion of our Japan markets," said Suzuki Akihiko. "Finalto Asia's reputation for excellence and its commitment to innovation position us strongly for success in the dynamic Japanese financial landscape. I look forward to working closely with our team to capitalize on opportunities and deliver superior value to our clients."Suzuki Akihiko's appointment underscores Finalto Asia's dedication to strengthening its leadership team and driving growth in key markets. With his proven leadership and deep industry knowledge, Finalto Asia is well-positioned to continue delivering cutting-edge financial trading solutions and driving value for clients across the region.About Finalto Asia Pte Ltd:Finalto Asia Pte Ltd is a leading global financial trading solutions provider, offering a comprehensive suite of products and services designed to empower traders and institutions to succeed in today's dynamic markets. With a focus on innovation, reliability, and client-centricity, Finalto Asia is committed to delivering best-in-class trading solutions tailored to the unique needs of its clients.This article was written by FM Contributors at www.financemagnates.com.
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Finalto is excited to announce the release of its latest entry in the Broker Series, with a focus on marketing and marketing compliance. This new publication explores the evolving movements of retail trading and the reactive regulatory action that comes with it. It offers brokers practical insights for navigating the challenges of marketing to diverse audiences while navigating constantly changing expectations from regulators.Retail investor activity spiked in 2021, accounting for nearly 25% of the total trading volume in the equities market according to one study. With the rise of digital platforms, a new type of trader has emerged, keen to participate in financial markets. This publication addresses how brokers can engage this new audience while maintaining their existing customer base. Learn how you can help this new demographic find their place without alienating more traditional clients.In the entry of the broker series, Finalto examines how brokers can bridge the gap between different audiences, crafting brand identities that resonate with both retail and institutional clients. As well as the fundamentals of branding, including how a cohesive brand strategy is shaped by mission, vision, and values. Klelia Orphanidou, B2B Head of Regulatory Compliance at Finalto, commented, "Compliance in marketing isn't just about ticking boxes and avoiding penalties. It's about building a culture of responsibility and fostering long-term relationships and brand loyalty." Regulatory compliance can be a real strength for your business, explore what you can do to help stay on track as the trading demographic widens.This entry unpacks a broad spectrum of marketing strategies, emphasizing the importance of leveraging social and affiliate marketing to appeal to different trader profiles while maintaining compliance with regulatory standards. Recognizing the importance of regulatory compliance, the guide provides practical tips on adhering to regulations while promoting a brokerage business. Finalto's new Broker Series entry provides valuable insights for brokers seeking to stay ahead in a rapidly evolving market while effectively managing diverse customer needs.If you would like to know more about the fully compliant financial services solutions Finalto offers across multiple jurisdictions, don't hesitate to reach out to the Finalto Sales Team here.This article was written by FM Contributors at www.financemagnates.com.
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In less than two weeks, the Finance Magnates Africa Summit (FMAS:24) will officially be underway for its second straight year. The premium event is returning to Sandton City, South Africa on May 20-22, attracting some of the financial service space’s biggest talent, speakers, and brands. One topic that is sure to draw a lot of attention at FMAS:24 is prop trading, with a curated content track exploring this area at length.FMAS:24 is a celebration of the African financial services industry, with thousands of traders and brands in attendance. With two full days of sessions and panels in store for attendees, look for four total industry verticals to be covered. This includes the online trading, blockchain & digital assets, fintech, and payments spheres, promising something for all participants.Prospective attendees can still sign up for a limited time and reserve their seat online for FMAS:24. Head on over to the registration page for FMAS:24 and sign-up today! Registering online ensures you can skip the wait and queue on-site.Prop Trading in Focus at FMAS:24In a matter of days, the largest event of the year in Africa will be underway at the world-famous Sandton Convention Centre. One of the most anticipated elements of this year will be the newly launched Trader Zone, geared towards retail traders and brokers, providing an informative hub and engaging forum for all participants to learn, network, and engage with other traders, top brokers, and more. Additionally, Trader Zone will be spotlighting other marquee speakers and sessions of note throughout the event. This includes the upcoming session, ‘Piecing the Prop Trading Puzzle’.Attendees can finally see how to put the intricate Prop Trading Puzzle together, from demo accounts to live funding. How do companies identify traders and what is the real significance of demo accounts? In this tell-all session, participants will explore the pass rates and the trustworthiness of prop firms, whilst learning how the transition from 500K to 2M funding works.The upcoming workshop, ‘Piecing the Prop Trading Puzzle’ will be taking place on May 21 at 13:30-13:50 at Trader Zone. This will be run by Petros Kalaitzis, Head of Cyprus Office, Tools for Brokers.Mr. Kalaitzis currently works as the Head of the Cyprus office at Tools for Brokers, where he focuses on strengthening relationships with key clients and partners, as well as supporting and guiding the TFB team. With over a decade in the finance industry, he has held several positions, including roles in dealing, sales, business development, and operations management. This diverse experience gave Petros a unique perspective on broker needs. Register Today for the Biggest Event of the Year in Africa!This is one session you cannot afford to miss. See you in Sandton City in a little under two weeks!This article was written by Jeff Patterson at www.financemagnates.com.
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Mike Diedrichs, an experienced professional in the financeand technology sectors, has announced his new role as the Chief Revenue Officerat BOSONIC. Diedrichs shared the news on LinkedIn, marking the beginning of histenure with the organization.Overview of Previous Roles Before Joining BOSONICPrior to joining BOSONIC, Diedrichs held several keypositions, showcasing a wealth of experience and expertise. Most recently, heserved as the Chief Operating Officer and Head of Business Development atHyperTrader, a role where he demonstrated leadership and exceeded performanceexpectations for one year and seven months.Diedrichs also served as a Corporate Strategy Consultant,leveraging his skills in exceeding quotas and market penetration while workingremotely. Before that, he held the position of Chief Business DevelopmentOfficer and Head of Operations at Fluent Finance, where he excelled in areassuch as marketing strategy and exceeding quotas.His journey in the financial sector includes roles at NESTFinancial Group, where he served as the Head of Operations, demonstratingproficiency in market penetration and exceeding quotas. Additionally, he heldpositions at GetLoci and various other organizations.Earlier, OTCXN,a provider of blockchain-powered capital markets infrastructure, re-brandedas Bosonic, as reported by FinanceMagnates. Drawing inspiration from quantum physics, where a"boson" serves as the force holding matter together at the atomiclevel, Bosonic aims to be the link between blockchain protocols andtransactional applications. Founded by FX and electronic trading expert RosarioIngargiola in 2015, Bosonic focuses on eliminating risks in crypto markets tofoster growth.Transitioning to Chief Revenue OfficerDiedrichs's educational background includes a Bachelor'sDegree in International Business/Economics from Lehigh University, where he wasan active member of the football team. He furthered his education by completingan Executive Program in Blockchain Technologies and Business Innovation from MITSloan School of Management.In his new role as the Chief Revenue Officer at BOSONIC,Diedrichs is expected to leverage his diverse skill set and extensiveexperience to drive revenue growth and strategic initiatives for the company. On the LinkedIn post, he wrote: “I am thrilled to announcethat I have joined BOSONIC as the Chief Revenue Officer. I am excited to bepart of a dynamic team that’s redefining the frontier of financial technologywith its groundbreaking platform that eliminates all counterparty credit andsettlement risks as well as the capital inefficiencies plaguing the currentfinancial ecosystem.”This article was written by Tareq Sikder at www.financemagnates.com.
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Taking home not one but two of the highest recognitions bestowed by the UF AWARDS LATAM, BDSwiss enjoys the laurels of success.The CFD market leader earned industry acclaim for being the “Most Innovative Broker - LATAM” and the “Best Research and Education Provider - LATAM”.Both accolades validate BDSwiss’ endeavours in the online trading field, zooming in on its ability to stay ahead of the curve through innovation and an unassailable commitment to traders in Latin America and beyond.The award wins were announced during iFX EXPO LATAM in front of a distinguished audience including representatives from top fintechs and online trading firms who came to support their favourite brand at the award ceremony that added the right dose of excitement to the evening. “It’s been an incredible experience for BDSwiss to be applauded in two top categories of the UF AWARDS LATAM - Most Innovative Broker & Best Research and Education Provider. We are honoured to have received so many votes from industry peers in Latin America. Their vote means a lot to us, and is a huge nod to our relentless effort to stay ahead of the curve in terms of education and research, but also innovation, which is paramount as we strive to arm our clients with everything they need to power their trading,” said Alessandro Iacovella, Regional Business Development Team Leader - LATAM at BDSwiss.Going from strength to strength in LATAMHonouring excellence in fintech and online trading, the UF AWARDS LATAM serve as a barometer for the highest quality. Not only do they bestow recognition and industry-wide validation upon the winners, they also serve as a clear indication of which online trading firms and fintechs are worth partnering up with. Therefore, rising to these standards is a remarkable merit. And BDSwiss has proved not once but twice that it deserves to be at the top.The “Most Innovative Broker” award greets the broker’s consistent contribution to the field of technology. Its robust trading ecosystem spanning the industry-standard MT4 and MT5 platforms alongside its more advanced, proprietary web trading and mobile platforms is known to provide a secure environment for traders of all levels. Real-time quotes on 250+ CFDs on Forex, stocks, indices, commodities, and other popular underlying assets, interactive charts, ultra-fast execution are only some of the benefits that traders can enjoy with BDSwiss.Additionally, the proprietary trading mobile app’s user-friendly interface allows for easy navigation and quick selection of time frames, offering a seamless experience anytime, anywhere. All these products, which “took us years to develop and launch are the result of sustained team effort and investment in research and development. And it pays off. Our booth at the expo was awash with partners and clients eager to see what’s new at BDSwiss. This means a lot”, added Alessandro.The “Best Research and Education Provider - LATAM” award ticks yet another box for BDSwiss, reaffirming the broker’s commitment to empowering traders with comprehensive educational resources and research tools.This distinction highlights the company’s dedication to promoting informed decision-making and equipping traders with the knowledge and insights required to further enhance their skills and reap more benefits from trading.With an unmatched offering and two of the highest industry accolades under its belt, BDSwiss left Mexico wondering “What’s next?” and its footmark has remained deeply imprinted in Latin America’s soil. Want to find out why? Feel free to open an account and test-drive the platform.This article was written by FM Contributors at www.financemagnates.com.
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AvaTrade, a forex and contracts for differences (CFDs) broker, has expanded its offerings with the launch of a dedicated futures trading platform, AvaFuture. Launched yesterday (Tuesday), the new platform offers micro, mini, and standard futures contracts.The Launch of AvaFuturesAs seen on its website, AvaFuture provides futures contracts across a range of asset classes, including indices, commodities, currencies, treasuries, cryptocurrencies, and metals. It further highlighted that it is pricing the contracts at $1.75 per standard per trade.Founded in 2006, AvaTrade is an Ireland-headquartered brokerage offering retail forex and CFDs of stocks, exchange-traded funds (ETFs), cryptocurrencies, and other asset classes. The latest offerings of futures are an extension of its existing services to retail traders. It also offers options trading under the brand AvaOptions.The Irish broker is also well-regulated, as it holds operational licenses from the authorities in Ireland, the British Virgin Islands, Australia, South Africa, Japan, the UAE, Cyprus, and Israel. Although the website of the new futures platform did not specify any particular regulator for its services, AvaTrade can offer the services under any of its licenses, depending on the jurisdiction.Apart from product expansion, AvaTrade is also focused on geographies and is contemplating obtaining a regulatory license in Spain, thus further bolstering its services within the European Union.CFDs Platforms Shift Towards FuturesMeanwhile, AvaTrade is not the only broker to see value in futures, as other brokers have also launched futures offerings in recent years.In 2021, Plus500, a London-listed FX and CFDs broker, acquired Cunningham Commodities and Cunningham Trading Systems, two US-based firms, and has launched futures trading for its clients in the US. Furthermore, Ingmar Mattus, the founder of Tickmill, another FX/CFDs broker, recently launched MetroTrade, a futures trading platform in the US market.Interestingly, an earlier survey by Acuiti revealed that over 50 percent of European retail brokers would look to offer futures and options instead of retail over-the-counter instruments, such as CFDs.This article was written by Arnab Shome at www.financemagnates.com.
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IC Markets has become the latest forex and contracts for difference (CFDs) broker to obtain a regulatory license in Kenya, Finance Magnates has learned. The Capital Markets Authority (CMA) in Kenya granted the license to the locally registered IC Markets Kenya Limited.Kenya: A Hub for FX and CFDs Brokers in AfricaAccording to the Kenyan regulator, the IC Markets entity has been licensed to operate as a non-dealing online foreign exchange broker, similar to other such international retail brokers operating locally in the country.“The increasing demand for licenses in the intermediary sector in recent years is a positive emergence as it enhances competition, innovation, and the reach of capital markets products and services to retail investors,” said the CEO of CMA, Wyckliffe Shamiah.In the latest licensing drive, the Kenyan regulator granted licenses to five new firms, which are operating in different capacities within the country’s capital markets.Apart from the latest authorization, IC Markets is also licensed in Australia, Cyprus, Seychelles, and the Bahamas. The Australia-headquartered broker also expanded from its regular FX and CFDs offerings by launching prop trading services in late March, becoming one of the very few regulated brokers in the space.Finance Magnates also approached IC Markets to learn about the new licensing but has not received any response as of press time.A Growing and Promising CountryWith a population of more than 54 million, Kenya has a nominal GDP of about $113 billion, making it the seventh-largest African economy. Penetration of the internet and mobile phones and a growing income level have made it very lucrative for retail brokers. It is also a country with a clear set of rules and regulations when it comes to operating retail brokers.Under all these circumstances, several international FX and CFDs brokers have established a presence in Kenya and obtained local licenses. Some of the international brokers regulated in Kenya are FP Markets, Pepperstone, Exness, Admirals, INGOT Brokers, Scope Markets, and Exinity.This article was written by Arnab Shome at www.financemagnates.com.
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Robinhood, the popular and occasionally berated trading app, might needto swap its feathered cap for a helmet, as the SEC has lobbed another legalgrenade at the crypto industry. So, what’s on the chopping block this time? Robinhood’s cryptocurrency<a href="https://www.financemagnates.com/terms/t/trading-platform/">trading platform</a> could face the wrath of the securities watchdog, according tothe company. It's not just another day at the sheriff's office; it’s apotential showdown at the crypto corral. You can read Robinhood’s officialresponse <a href="https://newsroom.aboutrobinhood.com/robinhood-response-to-receipt-of-wells-notice-from-the-u-s-securities-and-exchange-commission/">here</a>.SEC Strikes AgainOn May 4, Robinhood received a not-so-welcoming gift from the <a href="https://www.financemagnates.com/tag/securities-and-exchange-commission/">Securities and Exchange Commission</a> (SEC): AWells Notice. This legal love note is the SEC’s way of saying, "We mighthave a problem with you." Specifically, the notice points to possibleviolations of the tight-laced federal laws that govern securities brokers. Now,Robinhood must gird its loins and prepare to persuade the SEC that its cryptodealings are cleaner than a saint's search history.A Tale of Disappointment and DisputeRobinhood denies SEC claim of violating securities laws <a href="https://t.co/7G9kFqLOFe">https://t.co/7G9kFqLOFe</a>— Quartz (@qz) <a href="https://twitter.com/qz/status/1787936461129740703?ref_src=twsrc%5Etfw">May 7, 2024</a>Dan Gallagher, Robinhood’s Chief Legal, Compliance, and CorporateAffairs Officer, didn’t mince words. He expressed disappointment over the SEC’smove, staunchly defending the company's stance that their crypto offerings arenot securities, saying, “We firmly believe that the assets listed on ourplatform are not securities and we look forward to engaging with the SEC tomake clear just how weak any case against Robinhood Crypto would be on both thefacts and the law.” Robinhood plans to engage in a legal to-and-fro with theSEC, hoping to showcase just how "untenable" the case against themis. Meanwhile, the SEC remains mum, with their usual “we do not comment”stance, adding a dash of mystery to the proceedings.The Specter of Sam Bankman-FriedIn the world of cryptocurrency, trust is the currency that mattersmost, and the specter of Sam Bankman-Fried looms large. The former FTX CEO, nowfacing a slew of charges from fraud to <a href="https://www.financemagnates.com/terms/m/money-laundering/">money laundering</a>, has cast a long, darkshadow over the crypto landscape. You can discover our coverage, and his loveof kippers, <a href="https://www.financemagnates.com/tag/sam-bankman-fried/">here</a>.His highly publicized downfall has painted a picture of a sector riddled withrisk and regulatory oversight gaps. As the poster child for how not to operatea crypto exchange, Bankman-Fried's actions have not only led to his own legalbattles but have also stoked broader regulatory fires, including those nowthreatening Robinhood. Added to that, you also have the farce of Binancefounder CZ going to prison for money laundering – albeit after a plea deal <a href="https://www.cnbc.com/2024/04/30/binance-founder-changpeng-zhao-cz-sentenced-to-four-months-in-prison-.html">reducedhis sentence to just four months</a> – and you might understand why everyone’s alittle twitchy. Though, we must stress that Robinhood are apparently about to be investigated for something entirely different, certainly not money laundering.Crypto is still pumping, sue Robinhood too <a href="https://t.co/ptD8FcGYd0">pic.twitter.com/ptD8FcGYd0</a>— Crypto Tea (@CryptoTea_) <a href="https://twitter.com/CryptoTea_/status/1787463565676290524?ref_src=twsrc%5Etfw">May 6, 2024</a>Crypto Controversy CentralRobinhood isn't new to the regulatory rodeo. The platform, known forits zero-fee trading and popularity among the younger trading crowd, has seenits fair share of legal spats and technical mishaps. Remember the March 2020outages and the Gamestop…
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Sampo, a Nordic insurance group, is exiting its investment in Saxo Group by selling 19.8 percent of the stake in the Danish broker to Mandatum, an asset manager based in Finland. The deal was a part of the demerger of Sampo and Mandatum completed in 2023.Change in Saxo Bank’s Ownership“Sampo has today finalised the arrangements related to the sale of its 19.8% stake in Saxo Bank to Mandatum, as agreed in connection with the partial demerger completed in 2023,” the announcement noted.The sale has already received the required regulatory approvals on May 3 and is expected to be completed on May 13.The two companies have set the price of the transaction at EUR 302 million, which was agreed in the demerger process, adjusted for the dividend received. Although Sampo offered a vendor loan of EUR 280 million to Mandatum for the transaction, the latter decided to settle the transaction in cash.Saxo InvestorsApart from Sampo, other investors in Saxo are Chinese carmaker Geely, which holds 50 percent of the broker, and co-founder and CEO, Kim Fournais, who owns 28 percent. Last year, Saxo Bank sold its stake in the regulatory technology platform Saxo Fintech to Geely Holding Group, marking a significant shift in the firm’s ownership structure.Lars Seier Christensen, the other co-founder of Saxo Bank who was co-CEO for two decades, divested his stakes in the brokerage in 2017. He then established his investment arm, Seier Capital, with notable investments, including the co-ownership of the Danish football team FC Copenhagen.Meanwhile, Saxo Bank is reportedly contemplating selling its minority or majority stake at a valuation between EUR 1.5 billion and EUR 2 billion. Earlier, the Danish broker entered into a SPAC deal to take the company public, but that failed due to “market conditions.” Interestingly, Fournais hinted at another attempt to take the company public after the failed SPAC deal.This article was written by Arnab Shome at www.financemagnates.com.
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Tradu, a multi-asset trading platform, has announced thelaunch of a new cryptocurrency exchange aimed at catering to active traders andinvestors seeking low, transparent fees. The platform, which is part of StratosGroup International, LLC, a subsidiary of Jefferies Financial Group Inc. (NYSE:JEF), boasts a selection of over 40 coins, including popular options likeBitcoin and Ethereum.Fee Savings and Transparent PricingOne of Tradu's key selling points is its focus ontransparency and cost-effectiveness in the cryptocurrency trading landscape.The platform claims to offer savings of up to 95% on fees compared to otherexchanges, with a straightforward fee structure that is displayed to usersbefore placing orders. Tradu charges a commission of 0.1%, with instant rebatesavailable for larger trade sizes. In addition to its commission-based model, Tradu offersclients the option to trade on a commission-free profile, where fees areinstead incorporated into the spread. Brendan Callan, CEO of Tradu, commented: “At Tradu, we arereal supporters of crypto. It’s a huge market with significant investorinterest and as a true multi-asset trading platform, it’s important for us tooffer our clients access to both traditional assets and new digital assets. Weare bringing institutional-grade pricing and infrastructure to the retailcrypto market, providing traders with upfront costs and tight, transparentspreads enabling active traders and investors to maximise their returns.”Tradu Collaborates with dxFeed for Market Data AccessEarlier, dxFeed,a global financial data solutions firm, initiated an Infrastructure as aService (IaaS) project for Tradu, as reported by Finance Magnates. This partnershippositions dxFeed as the manager of critical infrastructure and data provision,allowing Tradu to focus on core business objectives. dxFeed's IaaS capabilitiesaim to address technical challenges in delivering market data, providing seamlessaccess to data from major exchanges globally. With scalable low-latencyinfrastructure, dxFeed ensures consolidated market data delivery to clientsacross Asia, the Americas, and Europe, accommodating rapid reconfiguration tomeet performance demands.This article was written by Tareq Sikder at www.financemagnates.com.
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