267
All you want to know about retail and institutional FX. Reach me @AlexanderKoshkin to discuss advertising options.
India's Financial Intelligence Unit (FIU) has fined Binance, the world’s largest crypto exchange by volume, 188.2 million rupees (about $2.25 million) for violating the country’s anti-money laundering regulations. However, it remains unclear when Binance will resume operations in the country.Binance’s Re-entry in IndiaBinance was one of nine foreign cryptocurrency exchanges operating in India, the access to which was blocked by the Indian FIU last December. The order even required Apple and Google to remove local access to these crypto exchanges from their application stores.Under the existing rules in India, cryptocurrency exchanges need to register with the FIU as reporting entities and follow the local anti-money laundering rules. Furthermore, there are requirements to withhold taxes on crypto transactions and profits.Among the blacklisted exchanges, Seychelles-based KuCoin was the first to comply with the Indian regulations, doing so within a month and paying a penalty of 3.45 million rupees. Although Binance did not make any official announcements, reports revealed that the exchange was planning to re-establish its operations in the country by paying a penalty.Binance already registered with the FIU last May, which will allow it to resume its operations in India.The Regulatory Troubles of BinanceDespite being the largest cryptocurrency exchange, Binance has faced regulatory backlash around the globe. Initially, the exchange expanded its operations across borders without focusing on local licensing, but it had to pivot from that strategy after a massive regulatory backlash.Meanwhile, the Canadian anti-money laundering agency also fined Binance $4.38 million in May for violating local anti-money laundering rules. However, Binance appealed against that penalty, arguing that it did not direct its services to Canadian residents. Interestingly, the exchange had already announced its plans to exit the Canadian market in May 2023.In the US, Binance's woes were grave, as the global exchange was forced to exit the country after a settlement of $4.3 billion with the Justice Department. The exchange paid an additional $2.85 billion to the US commodities regulator. Furthermore, former CEO Changpeng Zhao pled guilty to violating one count of the Bank Secrecy Act and received a four-month jail term.Recently, the US arm of Binance.com, Binance.US, also lost its money-transmitting license in seven states. Additionally, the exchange paused new onboarding in Connecticut, Georgia, Ohio, Minnesota, and Washington.This article was written by Arnab Shome at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/lof5TZJ
TheFinancial Conduct Authority (FCA) is keeping a close eye on trading apps due toconcerns that certain digital engagement practices (DEPs) may be encouragingexcessive risk-taking among investors, according to the results of a recentonline study.FCA Scrutinizes TradingApps over Gamification ConcernsThe FCAconstructed an experimental trading app platform to test the impact of variousDEPs on trading behavior. The study, which involved over 9,000 consumers, foundthat features such as push notifications and prize draws can lead to morefrequent trading and riskier investment decisions by 11% and 12%, respectively. Additionally, these gamification strategies increased the proportion of trades in risky investments by 8% and 6%.Theregulator also discovered that DEPs had a more significant effect on certainsubgroups, including those with low financial literacy, women, and youngerparticipants aged 18-34. Under the FCA's Consumer Duty, trading apps arerequired to design and test their services to ensure they meet consumers' needsand allow them to make well-informed investment choices."Tradingapps have the potential to transform retail investments, but some in-appfeatures might be pushing consumers towards more frequent or riskier trading,which isn't right for everyone," said Sheldon Mills, Executive Director ofConsumers and Competition at the FCA. “With usage and popularity of tradingapps growing, we’ll be keeping them under review to ensure customers canmake investment decisions that suit their needs.”Gamification Becomes aGrowing ConcernThe FCAinitially cautioned stock trading apps to review game-like design elements in2022 before the implementation of the Consumer Duty. With these apps' growing popularity, the regulator plans to continue monitoring them toensure customers can make suitable investment decisions.Gamificationin trading refers to using game-like elements in trading platforms andinvestment apps to engage users. This approach incorporates features such as pushnotifications, competitions, rewards, and levels that are commonly found ingames, aiming to make the trading experience more interactive. However, Itcan encourage overtrading or prompt users to take unnecessary risks due to thegame-like environment that might downplay the real-world financial risksinvolved.In additionto the app review, the FCA is also educating consumers about making betterinvestment choices through its InvestSmart campaign and has recently broughtcharges against “finfluencers” promoting financial products on social media.The issue is serious, as studies indicate that retail investors trust financial influencers more than their family, friends, or economic experts. One in three respondents surveyed by CMC Markets in April reported that popular financial influencers most impact their trading decisions.This article was written by Damian Chmiel at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/smfAgh5
Retail andinstitutional trading brokerage Hantec Markets has announced the appointment ofRajan Naik as its new Global Head of Marketing. In this role, Naik will beresponsible for shaping the company's marketing vision, overseeing globalstrategies, and growing the Hantec Markets brand.Hantec Markets AppointsRajan Naik as Global Head of MarketingThe new GlobalHead of Marketing brings over 15 years of experience in the trading industry toHantec Markets.He previously served as Head of Marketing at INFINOX for more than five years,where he led brand expansion and marketing initiatives while also heading thecompany's Dubai hub. His priorexperience includes management and advisory roles at trading education brands, including Lear to Trade and other brokerage firms, such as Financial Markets Online."We'rethrilled to have Rajan join the team at Hantec Markets,” said Nader Nurmohamed,the company’s CEO. “His experience will be instrumental in bolstering ourmarketing efforts towards increasing market share, expanding our brand, andachieving strategic business milestones," Naik'sappointment follows several recent additions to Hantec Markets' leadership team.Norayr Djerrahian, formerly the Head of Strategy and Innovation, has stepped upas Chief Strategy Officer, while Michael O'Sullivan, previously the Head of Technology,hasmoved into the role of Chief Technology Officer."It'san exciting time to be joining Hantec Markets as it looks to unlock the nextphase of its growth trajectory,” stated Naik. “I look forward to workingalongside the talented team here towards an expanded vision for growth bytapping into key marketing levers."Move Towards Prop TradingStaffchanges at Hantec coincide with the establishment of a new brand, HantecTrader, responsible for developing proprietary trading offerings. Thisaligns the company with an increasing number of FX/CFD brokers interested inthe model used by retail prop firms, which are extremely popular amonginvestors. "Thelaunch of Hantec Trader encompasses our goal of extending financial freedom andempowerment to a global audience by allowing a low-risk, low-cost way forindividuals to participate in the global financial markets," commentedAndrew Speakman, the Sales Director at Hantec Trader. BesidesHantec, IC Markets, Axi, and OANDA have also launched their own brands, with FinanceMagnates last month comparing their offerings in terms of challenges, thesize of Funded accounts, and overall trading conditions.This article was written by Damian Chmiel at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/1aHUVkG
TheFinancial Conduct Authority (FCA) is urging victims of Ian James Hudson'sillegal financial activities to come forward and claim compensation by July 3,2024. The call comes after the Southwark Crown Court ordered Hudson to pay£220,710.14 in restitution to those affected by his fraudulent trading andcarrying out regulated activities without proper authorization.FCA Secures £220,000 inVictim Compensation from Convicted FraudsterHudson waspreviously convicted and sentenced to a total of 4 years in prison following anFCA prosecution in 2021. The court has now issued a confiscation order underthe Proceeds of Crime Act 2002, requiring Hudson to pay the full amount ascompensation to his victims.Between2008 and 2019, Hudson offered advice on investments, claiming to investsubstantial deposits made by his clients on their behalf. However, during thisperiod, he was not authorized by the FCA to provide these or any otherfinancial services, as legally required.“Mr. Hudson’s defrauding was calculated and persistent over a number of years,preying on victims who believed he was a financial adviser and trusted friendwhen he was neither of these things,” Mark Steward, Executive Director ofEnforcement and Market Oversight at the FCA, commented back in 2021. Moreover, Hudsonassured his clients that their funds deposited with his business, RichmondAssociates, would be invested in various financial instruments or used forspecific purposes. In total, his clients deposited approximately £2 millionwith him, and the funds were used to pay off earlier clients or cover hislavish lifestyle.In additionto the compensation order, the court imposed a default prison sentence of 2years on Hudson. This means he would be liable to serve additional time if hefails to satisfy the terms of the confiscation order.FCA Imposed Record Finesin 2023The actionsrelated to Hudson are just one of many examples of the FCA's recent increased enforcement activity. In 2023 alone, the regulator canceled 1,266unauthorized firms and imposed a record amount of financial penalties totaling£52,802,900. Accordingto the latest data published a few months ago, the regulator also set a newrecord in the number of warnings against fraudsters and suspicious businesses.In 2023, it issued 2,286 alerts, 21% more than the 1,822 reported in2022This article was written by Damian Chmiel at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/ZO6z0qG
TheAustralian Securities Exchange (ASX) marked a milestone on Thursday with thelaunch of the country's first Bitcoin (BTC) exchange-traded fund (ETF) on itsmain stock market. The VanEck Bitcoin ETF (VBTC)debuted with approximately AUD990,000 ($660,429) in assets, signaling a growingappetite among investors for cryptocurrency-related products.Australia's Main StockExchange Welcomes First Bitcoin ETFThelaunch comes after more than three years of discussions between fundmanagers and the ASX, as the exchange operator sought to ensure propersafeguards were in place. While the VanEck Bitcoin ETF will not directly own Bitcoin,it will invest in the US-listed VanEck Bitcoin Trust (HODL), whichmade its debut in January.The launchof the VanEck Bitcoin ETF follows a wave of similar products hitting the marketin other countries. In the United States, investors have poured billions ofdollars into cryptocurrency ETFs since several products received regulatoryapproval in early 2024. HongKong also joined the trend in April, introducing six cryptocurrency funds,although investor interest there has been relatively subdued compared to the US.“The demandfor access to Bitcoin via a listed vehicle traded on ASX has been increasing,and many of our clients have told us that their clients are already positionedto have an allocation ready to invest,” said Arian Neiron, CEO and ManagingDirector at VanEck Asia Pacific.The first bitcoin ETF is now available on @ASX.Learn more about the VanEck Bitcoin ETF $VBTC.https://t.co/grfIje1BgF pic.twitter.com/JOyHzb20GN— VanEck Australia (@vaneck_au) June 19, 2024While theVanEck Bitcoin ETF is the first fund of its kind to be listed on the ASX, it isnot the only cryptocurrency-related product available to Australian investors.The local subsidiary of CBOE Global Markets (CBOE) operates a competitorexchange that alreadyhosts several bitcoin ETFs.Bitcoin,the world's largest cryptocurrency by market capitalization, has experienced asignificant resurgence in 2023, with its price nearly tripling since the startof the year. However, the digital asset's value has plateaued in recent monthsafter reaching a peak in March.As theVanEck Bitcoin ETF begins trading alongside some of Australia's most well-knowncorporations, such as BHP (BHP) and Commonwealth Bank (CBA), it remains to beseen how investors will respond to this new investment vehicle and whether itwill pave the way for more cryptocurrency-related products on the ASX in thefuture.The marketfor cryptocurrency ETFs is now eagerly awaiting the introduction of thefirst-ever physically-backed funds for Ethereum (ETH), the second-largestdigital asset by market capitalization. Although the US SEC acceptedpreliminary applications from issuers a month ago, the final approval hasnot yet occurred.This article was written by Damian Chmiel at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/iPkLX4u
CMC MarketsPlc, a publicly-listed online trading platform (LSE: CMCX), reported its highest net operatingincome since the COVID-19 pandemic for the fiscal year ended March 31, 2024.The London-based company saw adjusted profit before tax jump 52% as itbenefited from robust client trading activity and ongoing diversificationefforts.CMC Markets FY24 Net Operating Income Hits £332.8MNetoperating income rose 15% to £332.8 million, driven by an 11% increase intrading net revenue to £259.1 million. The strong performance spanned the business's retail and institutional segments, with the latter accountingfor a growing share of overall net revenue. Investing net revenue dipped 10% to£34.0 million, primarily due to currency headwinds from a weaker Australiandollar."Overthe past year, a recovery in client trading combined with our diversificationstrategy through B2B technology and an institutional first approach hasdelivered strong growth and opened up many opportunities for the company aroundthe world," said CMC Markets CEO Lord Cruddas.The firm'sstatutory profit before tax rose 21% to £63.3 million, reflecting the solidtop-line growth and initial steps to optimize costs. Adjusted profit beforetax, which excludes one-off charges, surged 52% to £80.0 million.CMC Marketssaid it made significant progress on operational efficiency during the year,launching a cost review program to drive synergies across product and businesslines. The company also established a centralized Treasury Management Divisionto optimize cash management, currency exposure and liquidity.Earlier this year, the company twice announced that its income for FY24 would exceed previous forecasts. Initially, in January, it suggested that the income would be in the range of £290-310 million, a projection it confirmed again in March. The final result proved to be even higher.Lookingahead, Cruddas struck an optimistic tone, saying "CMC Markets Connect hasadded a new fintech dimension to our offering and there is no higherendorsement of our company than when a major bank or financial institutiontrusts our technology to deliver a service to their valued clients."The companyis guiding to fiscal 2025 net operating income of £320-360 million on a costbase, excluding variable compensation and one-time items, of approximately £225million. CMC Markets declared a final dividend of 7.3 pence per share, bringingthe full-year payout to 8.3 pence, up 12% from the prior year.The outlook for the coming quarters appears positive. CMC Connect, the institutional arm of CMC mentioned by Cruddas, has established a strategic partnership with Revolut this week. The company will provide the retail trading giant with back-end infrastructure, enabling Revolut's customers to access the broker's trading universe directly through the neo-banking app. Meanwhile, CMC has promoted Michael Bogoevski to the role of Head of Institutional APAC and Canada, based in Sydney, Australia. Previously, he served as Head of Distribution in the same region.This article was written by Damian Chmiel at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/SKXO8vG
BlackBull Markets proudly announces the appointment of New Zealand international cricketer Kyle Jamieson as a global ambassador. This strategic partnership marks an exciting collaboration between one of New Zealand's fastest bowlers and one of New Zealand’s fastest growing brokers.Kyle Jamieson, widely regarded as one of the premier talents in international cricket, brings his zeal for excellence to his role as global ambassador for BlackBull Markets. As a towering figure in the cricketing world, Kyle's dedication, integrity, and leadership qualities align perfectly with BlackBull Markets' core values.Commenting on his appointment, Kyle Jamieson expressed his excitement about joining forces with BlackBull Markets, stating, “excited to align with a New Zealand company taking on the world, united by shared values and vision. The dedication BlackBull has to their craft is certainly something that resonates with me as a professional athlete”.Michael Walker, CEO of BlackBull Markets, welcomed Kyle Jamieson to the team, saying, "We are delighted to welcome Kyle Jamieson as a global ambassador. Kyle has shown exceptional talent and professionalism in his international caps and with the Royal Challengers Bangalore. He is a perfect fit for BlackBull Markets.This article was written by FM Contributors at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/4PZymEq
BlackBull Markets proudly announces the appointment of New Zealand international cricketer Kyle Jamieson as a global ambassador. This strategic partnership marks an exciting collaboration between one of New Zealand's fastest bowlers and one of New Zealand’s fastest growing brokers.Kyle Jamieson, widely regarded as one of the premier talents in international cricket, brings his zeal for excellence to his role as global ambassador for BlackBull Markets. As a towering figure in the cricketing world, Kyle's dedication, integrity, and leadership qualities align perfectly with BlackBull Markets' core values.Commenting on his appointment, Kyle Jamieson expressed his excitement about joining forces with BlackBull Markets, stating, “excited to align with a New Zealand company taking on the world, united by shared values and vision. The dedication BlackBull has to their craft is certainly something that resonates with me as a professional athlete”.Michael Walker, CEO of BlackBull Markets, welcomed Kyle Jamieson to the team, saying, "We are delighted to welcome Kyle Jamieson as a global ambassador. Kyle has shown exceptional talent and professionalism in his international caps and with the Royal Challengers Bangalore. He is a perfect fit for BlackBull Markets.This article was written by FM Contributors at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/4PZymEq
eToro has renewed its sports partnership with the oldest football club in the Czech Republic, SK Slavia Prague, for the 2024/25 football season. This extension marks the fourthconsecutive year eToro will maintain its position as the Czech club's front-of-shirt sponsor.Brand Visibility and EngagementeToro’s relationship with SK Slavia Prague hasflourished, mirroring the club’s notable achievements on the field. Lastseason, SK Slavia Prague finished second in the Czech League and advanced tothe last 16 of the UEFA Europa League. On social media platform X, eToro has more than 300,000 followers, while SK Slavia Prague has close to 70,000. Speaking about the renewed partnership, NirSzmulewicz, the Chief Marketing Officer at eToro, said: "It is an honor toextend our strategic partnership with SK Slavia Prague for the fourth year in arow. This is eToro’s most prominent sponsorship agreement with any Europeansports team."We're proud to announce that we're partnering with SK Slavia Prague! ⚽🎉@slaviaofficial @slavia_engRead 👉https://t.co/hXd1LAj5XV pic.twitter.com/RjpDu1tDSu— eToro (@eToro) July 21, 2021As part of the deal's renewal, eToro’s brandingwill continue to be displayed across various channels, including players’uniforms, LED boards, social media, fan forums, and pitch-side banners.According to eToro, this visibility is important in strengthening its presencein the sports industry and its connection with a global audience.More Sports Sponsorship DealsNotably, the trading and investing platform’ssponsorship portfolio spans major sports leagues, including the English PremierLeague, German Bundesliga, UK Premiership Rugby, Spanish Liga ACB, and RugbyAustralia.eToro signed the initial sports sponsorship deal with SK Slavia Prague in 2021. The two entities agreed on a multi-year partnership, but neither disclosed the terms. The official announcement highlighted that the Israeli broker's logo would be featured on all official club team wear, including the jerseys of the club’s men's, women's, and youth teams.Elsewhere, eToro entered into an agreement with X to publish financial educational content on the social media platform through livestream events, video on demand, and audio Spaces. This offering will reportedly be rolled out across the United Kingdom, Germany, France, Italy, Spain, the United Arab Emirates, and the United States. This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/UsbZOJF
eToro has renewed its sports partnership with one of the oldest football clubs in the Czech Republic, SK Slavia Prague, for the 2024/25 football season. This extension marks the fourthconsecutive year eToro will maintain its position as the Czech club's front-of-shirt sponsor.Brand Visibility and EngagementeToro’s relationship with SK Slavia Prague hasflourished, mirroring the club’s notable achievements on the field. Lastseason, SK Slavia Prague finished second in the Czech League and advanced tothe last 16 of the UEFA Europa League. On social media platform X, eToro has more than 300,000 followers, while SK Slavia Prague has close to 70,000. Speaking about the renewed partnership, NirSzmulewicz, the Chief Marketing Officer at eToro, said: "It is an honor toextend our strategic partnership with SK Slavia Prague for the fourth year in arow. This is eToro’s most prominent sponsorship agreement with any Europeansports team."We're proud to announce that we're partnering with SK Slavia Prague! ⚽🎉@slaviaofficial @slavia_engRead 👉https://t.co/hXd1LAj5XV pic.twitter.com/RjpDu1tDSu— eToro (@eToro) July 21, 2021As part of the deal's renewal, eToro’s brandingwill continue to be displayed across various channels, including players’uniforms, LED boards, social media, fan forums, and pitch-side banners.According to eToro, this visibility is important in strengthening its presencein the sports industry and its connection with a global audience.More Sports Sponsorship DealsNotably, the trading and investing platform’ssponsorship portfolio spans major sports leagues, including the English PremierLeague, German Bundesliga, UK Premiership Rugby, Spanish Liga ACB, and RugbyAustralia.eToro signed the initial sports sponsorship deal with SK Slavia Prague in 2021. The two entities agreed on a multi-year partnership, but neither disclosed the terms. The official announcement highlighted that the Israeli broker's logo would be featured on all official club team wear, including the jerseys of the club’s men's, women's, and youth teams.Elsewhere, eToro entered into an agreement with X to publish financial educational content on the social media platform through livestream events, video on demand, and audio Spaces. This offering will reportedly be rolled out across the United Kingdom, Germany, France, Italy, Spain, the United Arab Emirates, and the United States. This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/UsbZOJF
National Australia Bank’s venture capital arm, NAB Ventures, has invested in Zodia Custody, a move that highlights the growingacceptance of cryptocurrency solutions in the traditional banking framework.Zodia Custody's Australian ExpansionZodia Custody, a platform known for itsinstitution-grade cryptocurrency and digital asset storage, established itsoperations in Australia in late 2023. According to Coindek, the exact amount ofNAB Ventures' investment in the entity remains undisclosed.Following the investment, Zodia Custody is focusing ononboarding Australia's unique ecosystem of home-grown digital asset exchanges.Many of these exchanges are transitioning their assets to the Zodia platform inanticipation of stricter regulatory requirements expected to be implemented by2025.NAB Ventures takes a stake in bank-backed global digital asset custodian Zodia Custody https://t.co/Ou72idgTtw pic.twitter.com/MLCN2FjxSy— Zodia (@ZodiaCustody) June 19, 2024Major financialplayers such as Standard Chartered, Northern Trust, and SBI Holdings support Zodia Custody. The latest investment from NAB is part of Zodia's broader strategy to become the custodian ofchoice for digital asset ETFs awaiting approval from the Australian SecuritiesExchange.Lately, Zodia Custody has been expanding its globalfootprint. In March, the company extended its crypto security services to financial institutions in Hong Kong. Founded in 2020, the UK-based crypto arm ofStandard Chartered mentioned that it aims to meet the institutional demand forcrypto asset storage in the region.Expanding Services GloballyThis move followed the firm’s expansion intothe Asia-Pacific region, including Australia. According to Zodia, financialinstitutions in Hong Kong have expressed an increasing interest in cryptoassets, creating an ideal client base for investment. Previously, Zodiaextended its operations to Japan, Singapore, and Australia. Zodia also introduced SAF3, a digital asset custodyplatform specifically designed for institutional clients in Australia. The digital assetfirm is also reportedly considering future partnerships and is open to clientsfrom jurisdictions outside of its current operational footprint. Besides that, ZodiaMarkets, a digital asset exchange and brokerage platform, obtained approval as a virtual asset service provider from the Central Bank of Ireland lastyear.This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/XEUHmwB
A Nigerian court has dismissed a fundamental rights enforcement lawsuit filed by Nadeem Anjarwalla, Binance's executive, the local media publication Vanguard reported. This turnof events occurred following Anjarwalla’s escape from lawful custody to Kenya. The case involves claims against the NationalSecurity Adviser (NSA) and the Economic and Financial Crimes Commission (EFCC).Tax Evasion and Money Laundering ChargesNadeem Anjarwalla, Binance's Africa Regional Manager, and his colleague Tigran Gambaryan filed lawsuits seeking their releasefrom detention by the NSA and EFCC. The duo was arrested inNigeria to face tax evasion and money laundering charges, and their suits were brought before Justice Inyang Ekwo ofthe Federal High Court of Abuja. In March, during a court session, Anjarwalla's representative reportedly requested permission to withdraw his appearance.Justice Ekwo granted this request, adjourning the matter for further mention.However, on the scheduled date, no legal representative appeared on behalf ofAnjarwalla, leading to the dismissal of the case.Justice Ekwo emphasized the lack of diligentprosecution as the primary reason for dismissing the suit. He noted the absenceof legal representation for Anjarwalla, which undermined the progress of the matter.Developments in CourtThe situation took a new turn when Anjarwallaescaped from lawful custody on March 22, reportedly fleeing to Kenya. This escape complicated the legal proceedings and brought additional scrutiny to theactions of the NSA and EFCC. Given the unresolved status of his detention and subsequent flight, Anjarwalla’s escape likely influenced the court’s decision.Most recently, Nigeria dropped tax evasion charges against the embattled Binance executives following the crypto exchange's appointment of a local representative to handle legal proceedings. The crypto exchange clarified that Gambaryan'srole did not involve decision-making for the company, suggesting his detentionwas unnecessary for resolving issues with the Nigerian government. US lawmakers had accused Nigeria of holding theexecutive hostage and urged President Joe Biden to intervene and secure theirrelease. The congressmen said that the charges against the detained executivewere baseless and a tactic of coercion by the Nigerian government to extortBinance.This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/y5XFlwE
The Asia Pacific (APAC) region continues to cement its status as a key hub for global finance, highlighted by a diverse array of financial events happening in 2024. These events cover various sectors including fintech, investment, banking, and online trading. Such leading events routinely draw a wide range of professionals, speakers, and attendees. Each event not only highlights the region’s strengths and industry but also provides a platform for critical discussions, networking, and the discussion of emerging trends and technologies.2024 has so far stood as a landmark year for the financial sector in the APAC region, marked by influential events that will drive forward the region’s outlook. This includes the latest trading technologies and services to fintech innovations. A diverse range of topics covered has ensured that remains at the forefront of global financial discourse not only this year but for the foreseeable future. Attending Events in APACProfessionals and organizations invested in the future of finance would do well to engage with these events, as they offer unparalleled opportunities for learning, networking, and influencing the future of global finance.Understanding and keeping on top of upcoming events in APAC in 2024 is not just advisable but essential for investors, businesses, and individuals alike.Key Financial Events in the Asia Pacific in 2024Tech in Asia Conference – Kuala Lumpur – July 1-3The Tech in Asia Conference, an event uniting Asia-Pacific’s startup and tech communities, is set to be hosted twice in a single year for the first time in 2024. This flagship event, which has been a significant platform in the region for the past eleven years, will take place in two different cities, offering double the insights, connections, and opportunities.FMPS – Sydney, Australia – August 27-29Finance Magnates Pacific Summit (FMPS) is the premier event for the retail investing industry and fintech community at large. The event brings together local and global expertise, providing a dynamic platform to connect, learn, and build valuable relationships. After 12 years and dozens of events worldwide the Summit finally comes to the land down under, to celebrate and foster growth across the Asia Pacific region.iFX EXPO Asia – Bangkok, Thailand – September 16-18iFX EXPO Asia 2024 will bring together thousands of C-level executives from the world’s top brands, along with hundreds of fintech innovators and affiliates. Meet and interact with 120+ exhibitors in the online trading space, including brokers, crypto exchanges, technology, and service providers.SWITCH – Singapore – October 28-30SWITCH, the Singapore Week of Innovation and Technology, assembles a diverse mix of global leaders, entrepreneurs, creators, accelerators, and investors from the Global-Asia innovation network. It serves as a dynamic platform for the sharing of ideas, fostering vibrant networks, and showcasing innovation-focused activities, with an emphasis on sectors like healthcare & biomedical sciences, smart cities & urban solutions, trade & connectivity, and emerging sustainable technologies.Should You Attend These Events?The financial events unfolding across APAC in 2024 hold important implications for investors, traders, and brands alike. For individuals and investors, these events can shape market sentiment, influencing investment decisions and portfolio strategies. Leading financial events help foster discussion of the online trading industry, regulatory reforms, or emerging trends across the region. As such, the repercussions of these events can reverberate across global financial markets, impacting asset prices and investment returns. Ultimately, staying informed and proactive in light of the top financial events in APAC for 2024 is essential for investors, businesses, and individuals looking to grow or scale. By understanding the implications of these events, adapting to changing market conditions, and implementing sound financial strategies, stakeholders can position themselves for success…
Читать полностью…
Once again, Limassol, Cyprus, has transformed into abusy retail trading industry hub as it hosts the iFX Expo International 2024.Held at the magnificent City of Dreams Mediterranean Integrated Resort, thispremier event draws thousands of industry professionals eager to connect,learn, and showcase their innovations.A Gathering of Industry LeadersThe iFX Expo International 2024 isn't just an event;it’s a significant annual gathering for the online trading B2B industry. FromJune 18-20, the City of Dreams Mediterranean will be the bustling hub wherebrokers, fintech companies, and service providers converge. This year, over 140exhibitors, including prominent names like Exness, Deriv, and B2Broker, are setto showcase their latest products and services, fostering a dynamic environmentfor innovation and networking.The expo is renowned for its extensive and variedparticipant base. Attendees can expect to see brokers and affiliates introducing brokers (IBs), payment service providers, liquidity providers, and fintech innovators.🥂The iFX EXPO International 2024 has officially started! 📸 Here is what the atmosphere is looking like:#iFXEXPOInternational2024 #iFXEXPOInternational #iFXEXPO #Cyprus #Limassol #UltimateFintech #B2Bevent #Networking #Business #Forex #Finance #Fintech #B2BMarketing pic.twitter.com/7cuXa7fAB1— iFX EXPO (@iFXEXPO) June 19, 2024This year, over 140 exhibitors, including prominent names likeExness, Deriv, and B2Broker, are set to showcase their latest products andservices, fostering a dynamic environment for innovation and networking.This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/hjrtDXQ
RetailForex and CFD brokerage Pepperstone announced today (Wednesday) the launch of24-hour CFD trading on US shares in collaboration with cTrader, MetaTrader, andTradingView. This new service will allow traders to respond to market-movingevents and news at any time, regardless of standard market hours.Pepperstone Launches24-Hour CFD Trading on US Shares in Partnership with Leading PlatformsStock markets are limited to several-hour sessions throughout the day. However, many important events, such as corporate earnings reports or geopolitical developments, often occur outside regular trading windows.Pepperstone'snew 24-hour CFD trading on US shares ensures that traders can capitalize onthese opportunities as they arise, mitigating the risk of gapping whenexchanges reopen."Thisoffering, and our continued partnership with cTrader, TradingView andMetaTrader, furthers our mission to empower traders with innovative andvaluable trading solutions," said Tamas Szabo, CEO of Pepperstone."One of the biggest risks equity traders face is gapping risk, when theexchange reopens, and 24-hour CFD trading on US shares helps mitigatethat."Popular stocksof tech giants such as Nvidia, Tesla, and Apple are included in the offering. Fees start from $0.02 per share and there is no minimum commission for the new24-hour CFD trading on US shares.The movecomes as the New York Stock Exchange considers round-the-clocktrading, inspired by the success of the cryptocurrency market and the muchgreater accessibility of trading platforms via personal computers and mobile devices. "Thisinitiative aligns perfectly with our vision to provide as many traders aspossible with the tools and flexibility they need to succeed in today's dynamicfinancial markets,” Ilia Iarovitcyn, CEO of Spotware Systems, the companybehind cTrader, added. “We are proud to support this launch on the cTraderplatform and look forward to seeing the positive impact it will have on tradersworldwide."Although other brokers have introduced the option to trade during extended hours on stock CFDs in the past, Pepperstone claims to be the first to offer this serviceon both the cTrader and TradingView platforms, with availability also on MT5.Last year,eToro launched new CFDs for extended-hours stock trading, and Revolut presented Trading Pro, allowing advanced European traders to trade after regularmarket hours.Pepperstone became the Platinum Sponsor of the Finance Magnates Pacific Summit in Sydney this August. If you want to meet industry representatives, you are invited to the Australian capital from August 27 to 29.This article was written by Damian Chmiel at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/1bJF0PA
CMC MarketsPlc, a publicly-listed online trading platform (LSE: CMCX), reported its highest net operatingincome since the COVID-19 pandemic for the fiscal year ended March 31, 2024.The London-based company saw adjusted profit before tax jump 52% as itbenefited from robust client trading activity and ongoing diversificationefforts.CMC Markets FY24 Net Operating Income Hits £332.8MNetoperating income rose 15% to £332.8 million, driven by an 11% increase intrading net revenue to £259.1 million. The strong performance spanned the business's retail and institutional segments, with the latter accountingfor a growing share of overall net revenue. Investing net revenue dipped 10% to£34.0 million, primarily due to currency headwinds from a weaker Australiandollar."Overthe past year, a recovery in client trading combined with our diversificationstrategy through B2B technology and an institutional first approach hasdelivered strong growth and opened up many opportunities for the company aroundthe world," said CMC Markets CEO Lord Cruddas.The firm'sstatutory profit before tax rose 21% to £63.3 million, reflecting the solidtop-line growth and initial steps to optimize costs. Adjusted profit beforetax, which excludes one-off charges, surged 52% to £80.0 million.CMC Marketssaid it made significant progress on operational efficiency during the year,launching a cost review program to drive synergies across product and businesslines. The company also established a centralized Treasury Management Divisionto optimize cash management, currency exposure and liquidity.Earlier this year, the company twice announced that its income for FY24 would exceed previous forecasts. Initially, in January, it suggested that the income would be in the range of £290-310 million, a projection it confirmed again in March. The final result proved to be even higher.Lookingahead, Cruddas struck an optimistic tone, saying "CMC Markets Connect hasadded a new fintech dimension to our offering and there is no higherendorsement of our company than when a major bank or financial institutiontrusts our technology to deliver a service to their valued clients."The companyis guiding to fiscal 2025 net operating income of £320-360 million on a costbase, excluding variable compensation and one-time items, of approximately £225million. CMC Markets declared a final dividend of 7.3 pence per share, bringingthe full-year payout to 8.3 pence, up 12% from the prior year.The outlook for the coming quarters appears positive. CMC Connect, the institutional arm of CMC mentioned by Cruddas, has established a strategic partnership with Revolut this week. The company will provide the retail trading giant with back-end infrastructure, enabling Revolut's customers to access the broker's trading universe directly through the neo-banking app. Meanwhile, CMC has promoted Michael Bogoevski to the role of Head of Institutional APAC and Canada, based in Sydney, Australia. Previously, he served as Head of Distribution in the same region.This article was written by Damian Chmiel at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/SKXO8vG
In recent years, fintech has revolutionized the way we manage our finances. From instant digital payments and online banking to cryptocurrency trading, fintech has made financial transactions faster, more convenient, and more accessible than ever before.However, this digital revolution comes with a downside. In the wrong hands, even the most beneficial instruments can be used for malicious purposes. While most users adopt new financial technologies to simplify their lives, others exploit these innovations for fraudulent practices.For example, in 2023, about $22.2 billion worth of cryptocurrency was sent to illicit addresses, a clear scheme of money laundering. Cryptocurrency is just one component of fintech; other elements like P2P digital payments and online banking significantly increase these numbers.Fintech Providers Face Security ChallengesUnder these conditions, top fintech providers face a dual challenge: offering competitive financial services while ensuring high-level protection for their clients. The industry’s leaders are now in a heated race to implement the most effective anti-fraud and anti-money laundering (AML) measures.B2B fintech solution providers demonstrate the highest dedication to security. Unlike other businesses focusing on specific financial services, B2B solution providers create comprehensive ecosystems relied upon by other organizations. With such responsibility, enhanced safety measures are crucial to protect both their operations and those of their clients.Fintech360 Leading the Fintech Solutions RaceA prime example of a fintech solution provider committed to security is Fintech360. This company’s responsible approach to transaction and data safety sets it apart as a leader in the field. Fintech360 is renowned for its high-quality B2B services provided to regulated brokers, including CRM systems, payment gateways, business intelligence tools, trading platforms, and more.Fintech360’s mission goes beyond profit-making; it aims to revolutionize the brokerage industry with innovative omni-channel solutions. The company focuses on achieving the highest efficiency while keeping its trading platforms simple and user-friendly, available for both iOS and Android.How Fintech360 Ensures Client ProtectionFintech360 is a blueprint for B2B fintech solutions providers, both in the quality of its services and the security measures it takes to protect its clients. The company’s security system relies on a multi-layered, cloud-based infrastructure that ensures the highest level of data safety. It meets the latest industry standards, employing advanced security tools to protect sensitive information and prevent fraudulent practices.Major safety measures employed by Fintech360 include Rest API encrypted protocols and disc encryption at rest, ensuring secure data storage and transfer. Given the volume of data handled, this aspect cannot be overestimated.Other security measures include Data Loss Prevention (DLP) services, comprehensive security logs, a permission-based platform structure, and automatic security monitoring tools. Additionally, the company utilizes two-factor authentication (2FA) for both B2B clients and internal users.Fintech360 Teams Up with FUGU for Enhanced SecurityDespite its robust internal security measures, Fintech360 recognizes the value of third-party support in covering global, strategically important elements like anti-fraud and AML. To this end, Fintech360 has partnered with FUGU, a leading provider of payment fraud detection software known for its innovative approach to digital safety.FUGU’s post-checkout verification system allows parties to confidently accept transactions while minimizing the risk of false declines, a common method of fraud. Using constant transaction monitoring, pattern analysis, and AI tools, FUGU effectively combats various fraud models, including stolen identities, account takeovers, and friendly fraud.In terms of AML, FUGU excels with customer due diligence (CDD) and know your customer (KYC) procedures, ensuring…
Читать полностью…
Charles Schwab has introduced its retail trading experience,Schwab Trading Powered by Ameritrade, to traders in the UK. This launch marks anexpansion for the financial services provider, which currently holds 35.1million active brokerage accounts globally. The platform integrates thethinkorswim suite of trading tools with Schwab.com and Schwab Mobile, offering tradingeducation and specialized support services.Thinkorswim Now Available to UK TradersSchwab Trading Powered by Ameritrade includes thethinkorswim platforms, available on desktop, mobile, and web. These platformsoffer charting and analytics tools, user-friendly navigation, and customizationoptions.The platform allows users to trade various US-basedproducts, including equities and select derivatives, with no account minimumand zero online listed equity trade commissions. With the thinkScriptprogramming language enabling users to create their own order entry andstrategic testing algorithms on thinkorswim desktop and mobile.Communication capabilities are also integrated into theplatform, with in-platform chat rooms available on thinkorswim desktop andmobile. These chat rooms allow users to share ideas and insights with othertraders, fostering a collaborative trading environment.Richard Flynn, Managing Director of Charles Schwab UK, said:“We know from our recent Investment Forces research that a new generation ofinvestor – Gen T, or Generation Trader – is emerging in the UK; more thanthree-quarters of Gen Z and Millennial retail investors are already doing – orconsidering doing – copy trading, and 58% adjust their investments at leastonce a month." "With this new generation adopting a more proactive approach tomanaging their investments, education plays a critical role in helping themlearn and implement strategies and stay on top of market news and economicevents. Providing high-powered trading capabilities alongside education toolsand support, Schwab Trading Powered by Ameritrade is an ideal partner for UKretail traders at any point in their investing journeys.”Introducing paperMoney Trading SimulatorA notable feature is the trading simulator calledpaperMoney, which allows users to test trading strategies in a real-timeenvironment without financial risk. This provides an opportunity for traders torefine their approaches and gain confidence before engaging in actual trades.In addition to the thinkorswim platforms, users can access avariety of educational resources. These include live events, courses, articles,videos, and podcasts tailored to meet evolving learning needs. Schwab Coachingconnects clients with experienced education coaches through interactivewebcasts, providing insights from seasoned trading professionals.Clients also benefit from specialized trading support. Thisincludes local support via Schwab’s London branch office and access to theSchwab Trade Desk, which offers assistance with platform use, tradingstrategies, and understanding potential trade outcomes. This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/Uax2Gzk
Susanne Chishti will retire as a Non-Executive Director at CMC Markets (LON: CMCX), a forex and contracts for differences (CFDs) broker, after spending more than two years in the role. According to the official announcement today (Thursday), she will remain in the role until the conclusion of the Annual General Meeting on 25 July 2024.“I would like to thank Susanne for her hard work and the insight she has provided to the Board, particularly in relation to workforce engagement matters, during her time as a Non-Executive Director,” said James Richards, Chairman of CMC Markets.A Proponent of FintechThe London-headquartered broker is already in the process of identifying Chishti's successor. Although no particular deadline has been mentioned, nominations for a new Non-Executive Director will be filed in the “coming months.”Chishti assumed her role of CMC Markets' Non-Executive Director on 1 June 2022. She also sits on the board of Crown Agents Bank and Lenderwize, according to her LinkedIn profile. Furthermore, she is an Advisory Board Member at The British Blockchain Association. She was also a Non-Executive Director of SafeCharge from March 2019 until October 2019.Apart from her responsibilities on the boards of the companies, she is also the founder and Chair of London-based Fintech Circle since 2014. She started her career in 1995 at Hewlett-Packard and then worked for big names like Accenture, Morgan Stanley, Deutsche Bank, and Lloyds Banking Group.CMC’s Solid ResultsMeanwhile, CMC Markets also published its financial results for the fiscal year 2024. The brokerage's revenue exceeded expectations and came in at £332.8 million, 15 percent higher than the previous fiscal year. Although trading revenue jumped by 11 percent to £259.1 million, revenue from investing streams declined by 10 percent to £34 million.The brokerage ended the fiscal year with a pre-tax profit of £63.3 million, 21 percent higher. Its basic earnings per share improved to 16.7 pence from 14.7 pence.This article was written by Arnab Shome at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/3YZ4KUw
India's Financial Intelligence Unit (FIU) has fined Binance, the world’s largest crypto exchange by volume, 188.2 million rupees (about $2.25 million) for violating the country’s anti-money laundering regulations. However, it remains unclear when Binance will resume operations in the country.Binance’s Re-entry in IndiaBinance was one of nine foreign cryptocurrency exchanges operating in India, the access to which was blocked by the Indian FIU last December. The order even required Apple and Google to remove local access to these crypto exchanges from their application stores.Under the existing rules in India, cryptocurrency exchanges need to register with the FIU as reporting entities and follow the local anti-money laundering rules. Furthermore, there are requirements to withhold taxes on crypto transactions and profits.Among the blacklisted exchanges, Seychelles-based KuCoin was the first to comply with the Indian regulations, doing so within a month and paying a penalty of 3.45 million rupees. Although Binance did not make any official announcements, reports revealed that the exchange was planning to re-establish its operations in the country by paying a penalty.Binance already registered with the FIU last May, which will allow it to resume its operations in India.The Regulatory Troubles of BinanceDespite being the largest cryptocurrency exchange, Binance has faced regulatory backlash around the globe. Initially, the exchange expanded its operations across borders without focusing on local licensing, but it had to pivot from that strategy after a massive regulatory backlash.Meanwhile, the Canadian anti-money laundering agency also fined Binance $4.38 million in May for violating local anti-money laundering rules. However, Binance appealed against that penalty, arguing that it did not direct its services to Canadian residents. Interestingly, the exchange had already announced its plans to exit the Canadian market in May 2023.In the US, Binance's woes were grave, as the global exchange was forced to exit the country after a settlement of $4.3 billion with the Justice Department. The exchange paid an additional $2.85 billion to the US commodities regulator. Furthermore, former CEO Changpeng Zhao pled guilty to violating one count of the Bank Secrecy Act and received a four-month jail term.Recently, the US arm of Binance.com, Binance.US, also lost its money-transmitting license in seven states. Additionally, the exchange paused new onboarding in Connecticut, Georgia, Ohio, Minnesota, and Washington.This article was written by Arnab Shome at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/lof5TZJ
Noor Capital UK (previously House of Borse Limited) reported a turnover of over £1.1 million along with a net profit of £257,320 for the period between 1 August 2023 and 31 March 2024. The financials for the eight months are as follows: The company is changing its fiscal year, which previously ended in July.A Pivot from Loss to ProfitAlthough not completely comparable, the revenue for the eight months was 88 percent higher than the figure reported for the previous 12 months, which was the fiscal year 2023. The profits in the incomplete year also came after an annual loss of £128,449.“Turnover was primarily derived from commissions on foreign exchange trading conducted by clients,” the latest Companies House filing of the company stated. “During the financial period ending March 31, 2024, the company underwent significant internal transformations, positioning it favourably for enhanced future performance. This proactive approach by management underscores a concerted effort to address business challenges and optimise overall operations.”Furthermore, the profits increased the equity shareholders’ funds by 33 percent to more than £1 million.A detailed look into the income statement of Noor Capital UK revealed that, although the cost of sales jumped in the eight months period to £434,501 from the previous fiscal year’s £322,359, the company managed to cut down its administrative expenses to £341,760 from £447,832. It also received £6,954 from interest income, taking the pre-tax profits to £340,145.Noor Capital’s UK EntryHouse of Borse, regulated by the UK's Financial Conduct Authority, was fully acquired by Noor Capital based in the United Arab Emirates in March 2023. The acquisition paved the way for Noor Capital to enter the UK market. The new owner also changed the name of House of Borse to Noor Capital UK to align with its overall branding.Under the Noor Capital UK brand, the broker targets retail and professional investors with forex and contracts for differences (CFDs) instruments. Prior to this, House of Borse had exclusively focused on professional clients.This article was written by Arnab Shome at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/jSWmQoV
Noor Capital UK (previously House of Borse Limited) reported a turnover of over £1.1 million along with a net profit of £257,320 for the period between 1 August 2023 and 31 March 2024. The financials for the eight months are as follows: The company is changing its fiscal year, which previously ended in July.A Pivot from Loss to ProfitAlthough not completely comparable, the revenue for the eight months was 88 percent higher than the figure reported for the previous 12 months, which was the fiscal year 2023. The profits in the incomplete year also came after an annual loss of £128,449.“Turnover was primarily derived from commissions on foreign exchange trading conducted by clients,” the latest Companies House filing of the company stated. “During the financial period ending March 31, 2024, the company underwent significant internal transformations, positioning it favourably for enhanced future performance. This proactive approach by management underscores a concerted effort to address business challenges and optimise overall operations.”Furthermore, the profits increased the equity shareholders’ funds by 33 percent to more than £1 million.A detailed look into the income statement of Noor Capital UK revealed that, although the cost of sales jumped in the eight months period to £434,501 from the previous fiscal year’s £322,359, the company managed to cut down its administrative expenses to £341,760 from £447,832. It also received £6,954 from interest income, taking the pre-tax profits to £340,145.Noor Capital’s UK EntryHouse of Borse, regulated by the UK's Financial Conduct Authority, was fully acquired by Noor Capital based in the United Arab Emirates in March 2023. The acquisition paved the way for Noor Capital to enter the UK market. The new owner also changed the name of House of Borse to Noor Capital UK to align with its overall branding.Under the Noor Capital UK brand, the broker targets retail and professional investors with forex and contracts for differences (CFDs) instruments. Prior to this, House of Borse had exclusively focused on professional clients.This article was written by Arnab Shome at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/jSWmQoV
Global payment company Corpay is set to acquire GPS Capital Markets, a cross-border and treasury managementsolutions provider primarily focused in the US. This acquisition aims tostrengthen Corpay’s capabilities in providing business-to-business cross-borderand treasury management solutions, particularly to upper-middle marketcompanies in the US. Strengthening Global Payments NetworkAccording to the press release, this acquisition isexpected to close in early 2025, subject to regulatory approval and standardclosing conditions. This deal aims to add value with GPS’s blue-chip clientroster, experienced FX specialists, and FX netting technology. Speaking about the acquisition, Ron Clarke, theChairman and CEO of Corpay, said: "GPS is our third largest deal ever. We are quite excited about GPS’ assets, including a blue-chip roster of clients, a team of terrific FX specialists, and a market-leading FX netting technology.""GPS presents significant revenue and expensesynergies and will be accretive to our 2025 cash EPS. This acquisition puts uswell on our way to scaling our Corporate Payments business to nearly $2 billionby 2026." Post-acquisition, Corpay will enhance its globalfootprint by processing cross-border payments for approximately 23,000customers across six continents, handling transactions in more than 145currencies. The firm aims to boost its operational capabilities in theinternational payments sector.$2B Growth Target and Global ExpansionBesides the acquisition announcement, Corpayhighlighted its financial outlook for the second quarter of 2024. The companyexpects results to align with the midpoint of the guidance provided in its May8, 2024, earnings release. Investors and stakeholders can anticipate a detailedreport on Corpay’s Q2 performance in early August.Last month, Corpay expanded its operations by acquiring Paymerang, a provider of accounts payable automation solutions,to strengthen its services for corporate clients. This deal seeks to boostCorpay's presence in sectors such as education, healthcare, hospitality, andmanufacturing.According to the firm, the addition of over 250,000merchants from Paymerang to Corpay's existing network of over 1 million vendorsis among the important benefits of the deal. Besides that, Corpay most recently grew its cross-border payments business with the launch of a new office in Auckland, NewZealand. This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/4iF1zCD
Global payment company Corpay is set to acquire GPS Capital Markets, a cross-border and treasury managementsolutions provider primarily focused in the US. This acquisition aims tostrengthen Corpay’s capabilities in providing business-to-business cross-borderand treasury management solutions, particularly to upper-middle marketcompanies in the US. Strengthening Global Payments NetworkAccording to the press release, this acquisition isexpected to close in early 2025, subject to regulatory approval and standardclosing conditions. This deal aims to add value with GPS’s blue-chip clientroster, experienced FX specialists, and FX netting technology. Speaking about the acquisition, Ron Clarke, theChairman and CEO of Corpay, said: "GPS is our third largest deal ever. We are quite excited about GPS’ assets, including a blue-chip roster of clients, a team of terrific FX specialists, and a market-leading FX netting technology.""GPS presents significant revenue and expensesynergies and will be accretive to our 2025 cash EPS. This acquisition puts uswell on our way to scaling our Corporate Payments business to nearly $2 billionby 2026." Post-acquisition, Corpay will enhance its globalfootprint by processing cross-border payments for approximately 23,000customers across six continents, handling transactions in more than 145currencies. The firm aims to boost its operational capabilities in theinternational payments sector.$2B Growth Target and Global ExpansionBesides the acquisition announcement, Corpayhighlighted its financial outlook for the second quarter of 2024. The companyexpects results to align with the midpoint of the guidance provided in its May8, 2024, earnings release. Investors and stakeholders can anticipate a detailedreport on Corpay’s Q2 performance in early August.Last month, Corpay expanded its operations by acquiring Paymerang, a provider of accounts payable automation solutions,to strengthen its services for corporate clients. This deal seeks to boostCorpay's presence in sectors such as education, healthcare, hospitality, andmanufacturing.According to the firm, the addition of over 250,000merchants from Paymerang to Corpay's existing network of over 1 million vendorsis among the important benefits of the deal. Besides that, Corpay most recently grew its cross-border payments business with the launch of a new office in Auckland, NewZealand. This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/4iF1zCD
A Nigerian court has dismissed a fundamental rights enforcement lawsuit filed by Nadeem Anjarwalla, Binance's executive, the local media publication Vanguard reported. This turnof events occurred following Anjarwalla’s escape from lawful custody to Kenya. The case involves claims against the NationalSecurity Adviser (NSA) and the Economic and Financial Crimes Commission (EFCC).Tax Evasion and Money Laundering ChargesNadeem Anjarwalla, Binance's Africa Regional Manager, and his colleague Tigran Gambaryan filed lawsuits seeking their releasefrom detention by the NSA and EFCC. The duo was arrested inNigeria to face tax evasion and money laundering charges, and their suits were brought before Justice Inyang Ekwo ofthe Federal High Court of Abuja. In March, during a court session, Anjarwalla's representative reportedly requested permission to withdraw his appearance.Justice Ekwo granted this request, adjourning the matter for further mention.However, on the scheduled date, no legal representative appeared on behalf ofAnjarwalla, leading to the dismissal of the case.Justice Ekwo emphasized the lack of diligentprosecution as the primary reason for dismissing the suit. He noted the absenceof legal representation for Anjarwalla, which undermined the progress of the matter.Developments in CourtThe situation took a new turn when Anjarwallaescaped from lawful custody on March 22, reportedly fleeing to Kenya. This escape complicated the legal proceedings and brought additional scrutiny to theactions of the NSA and EFCC. Given the unresolved status of his detention and subsequent flight, Anjarwalla’s escape likely influenced the court’s decision.Most recently, Nigeria dropped tax evasion charges against the embattled Binance executives following the crypto exchange's appointment of a local representative to handle legal proceedings. The crypto exchange clarified that Gambaryan'srole did not involve decision-making for the company, suggesting his detentionwas unnecessary for resolving issues with the Nigerian government. US lawmakers had accused Nigeria of holding theexecutive hostage and urged President Joe Biden to intervene and secure theirrelease. The congressmen said that the charges against the detained executivewere baseless and a tactic of coercion by the Nigerian government to extortBinance.This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/y5XFlwE
The Asia Pacific (APAC) region continues to cement its status as a key hub for global finance, highlighted by a diverse array of financial events happening in 2024. These events cover various sectors including fintech, investment, banking, and online trading. Such leading events routinely draw a wide range of professionals, speakers, and attendees. Each event not only highlights the region’s strengths and industry but also provides a platform for critical discussions, networking, and the discussion of emerging trends and technologies.2024 has so far stood as a landmark year for the financial sector in the APAC region, marked by influential events that will drive forward the region’s outlook. This includes the latest trading technologies and services to fintech innovations. A diverse range of topics covered has ensured that remains at the forefront of global financial discourse not only this year but for the foreseeable future. Attending Events in APACProfessionals and organizations invested in the future of finance would do well to engage with these events, as they offer unparalleled opportunities for learning, networking, and influencing the future of global finance.Understanding and keeping on top of upcoming events in APAC in 2024 is not just advisable but essential for investors, businesses, and individuals alike.Key Financial Events in the Asia Pacific in 2024Tech in Asia Conference – Kuala Lumpur – July 1-3The Tech in Asia Conference, an event uniting Asia-Pacific’s startup and tech communities, is set to be hosted twice in a single year for the first time in 2024. This flagship event, which has been a significant platform in the region for the past eleven years, will take place in two different cities, offering double the insights, connections, and opportunities.FMPS – Sydney, Australia – August 27-29Finance Magnates Pacific Summit (FMPS) is the premier event for the retail investing industry and fintech community at large. The event brings together local and global expertise, providing a dynamic platform to connect, learn, and build valuable relationships. After 12 years and dozens of events worldwide the Summit finally comes to the land down under, to celebrate and foster growth across the Asia Pacific region.iFX EXPO Asia – Bangkok, Thailand – September 16-18iFX EXPO Asia 2024 will bring together thousands of C-level executives from the world’s top brands, along with hundreds of fintech innovators and affiliates. Meet and interact with 120+ exhibitors in the online trading space, including brokers, crypto exchanges, technology, and service providers.SWITCH – Singapore – October 28-30SWITCH, the Singapore Week of Innovation and Technology, assembles a diverse mix of global leaders, entrepreneurs, creators, accelerators, and investors from the Global-Asia innovation network. It serves as a dynamic platform for the sharing of ideas, fostering vibrant networks, and showcasing innovation-focused activities, with an emphasis on sectors like healthcare & biomedical sciences, smart cities & urban solutions, trade & connectivity, and emerging sustainable technologies.Should You Attend These Events?The financial events unfolding across APAC in 2024 hold important implications for investors, traders, and brands alike. For individuals and investors, these events can shape market sentiment, influencing investment decisions and portfolio strategies. Leading financial events help foster discussion of the online trading industry, regulatory reforms, or emerging trends across the region. As such, the repercussions of these events can reverberate across global financial markets, impacting asset prices and investment returns. Ultimately, staying informed and proactive in light of the top financial events in APAC for 2024 is essential for investors, businesses, and individuals looking to grow or scale. By understanding the implications of these events, adapting to changing market conditions, and implementing sound financial strategies, stakeholders can position themselves for success…
Читать полностью…
National Australia Bank’s venture capital arm, NAB Ventures, has invested in Zodia Custody, a move that highlights the growingacceptance of cryptocurrency solutions in the traditional banking framework.Zodia Custody's Australian ExpansionZodia Custody, a platform known for itsinstitution-grade cryptocurrency and digital asset storage, established itsoperations in Australia in late 2023. According to Coindek, the exact amount ofNAB Ventures' investment in the entity remains undisclosed.Following the investment, Zodia Custody is focusing ononboarding Australia's unique ecosystem of home-grown digital asset exchanges.Many of these exchanges are transitioning their assets to the Zodia platform inanticipation of stricter regulatory requirements expected to be implemented by2025.NAB Ventures takes a stake in bank-backed global digital asset custodian Zodia Custody https://t.co/Ou72idgTtw pic.twitter.com/MLCN2FjxSy— Zodia (@ZodiaCustody) June 19, 2024Major financialplayers such as Standard Chartered, Northern Trust, and SBI Holdings support Zodia Custody. The latest investment from NAB is part of Zodia's broader strategy to become the custodian ofchoice for digital asset ETFs awaiting approval from the Australian SecuritiesExchange.Lately, Zodia Custody has been expanding its globalfootprint. In March, the company extended its crypto security services to financial institutions in Hong Kong. Founded in 2020, the UK-based crypto arm ofStandard Chartered mentioned that it aims to meet the institutional demand forcrypto asset storage in the region.Expanding Services GloballyThis move followed the firm’s recent expansion intothe Asia-Pacific region, including Australia. According to Zodia, financialinstitutions in Hong Kong have expressed an increasing interest in cryptoassets, creating an ideal client base for investment. Previously, Zodiaextended its operations to Japan, Singapore, and Australia. Zodia also introduced SAF3, a digital asset custodyplatform specifically designed for institutional clients in Australia. The digital assetfirm is also reportedly considering future partnerships and is open to clientsfrom jurisdictions outside of its current operational footprint. Additionally, the Standard Chartered-backed ZodiaMarkets, a digital asset exchange and brokerage platform, obtained approval as a virtual asset service provider (VASP) from the Central Bank of Ireland lastyear, further aligning its services with regulatory requirements.This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/XEUHmwB
Once again, Limassol, Cyprus, has transformed into abusy retail trading industry hub as it hosts the iFX Expo International 2024.Held at the magnificent City of Dreams Mediterranean Integrated Resort, thispremier event draws thousands of industry professionals eager to connect,learn, and showcase their innovations.A Gathering of Industry LeadersThe iFX Expo International 2024 isn't just an event;it’s a significant annual gathering for the online trading B2B industry. FromJune 18-20, the City of Dreams Mediterranean will be the bustling hub wherebrokers, fintech companies, and service providers converge. This year, over 140exhibitors, including prominent names like Exness, Deriv, and B2Broker, are showcasing their latest products and services, fostering a dynamic environmentfor innovation and networking. The expo is renowned for its extensive and variedparticipant base. Attendees can expect to see brokers and affiliates introducing brokers (IBs), payment service providers, liquidity providers, and fintech innovators. The event is designed to facilitate the creation of long-lastingbusiness relationships.🥂The iFX EXPO International 2024 has officially started! 📸 Here is what the atmosphere is looking like:#iFXEXPOInternational2024 #iFXEXPOInternational #iFXEXPO #Cyprus #Limassol #UltimateFintech #B2Bevent #Networking #Business #Forex #Finance #Fintech #B2BMarketing pic.twitter.com/7cuXa7fAB1— iFX EXPO (@iFXEXPO) June 19, 2024A key highlight of the iFX Expo International 2024 is its lineup ofspeaker sessions, promising to bringattendees to the forefront of the online trading industry with insights fromsome of the sector’s leading minds.This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/hjrtDXQ
Bybit, thesecond largest crypto exchange by spot volumes, announced on Wednesday that ithas achieved a major milestone of 30 million registered users worldwide. Thecompany also unveiled Copy Trading Pro, a new platform that enables investorsto mirror the strategies of more experienced traders to potentially earnpassive income with more consistent returns.Bybit Surpasses 30 MillionUsers, Reaches 12% Market ShareTheDubai-based exchange has seen strong growth in last twelve months, with itsmarket share in spot trading surging from 2% in 2023 to more than 12% in 2024, accordingto Finance Magnates Intelligence. "Reaching30 million registered users is a humbling achievement, and it wouldn't bepossible without the unwavering support of our vibrant global cryptocommunity," said Ben Zhou, Co-founder and CEO of Bybit. "We areincredibly grateful for their trust and remain committed to providingbest-in-class, reliable services tailored to local needs."Interestingly,the company had already celebrated reaching the same milestone last month,having added 10 million new users in just six months. However, this time Bybit hasalso announced the launch of a new copy trading product in current lineup.Bybit Unveils Copy TradingPro for Passive Crypto InvestingAlthoughcopy trading has long been a cornerstone of Bybit's offerings, theplatform has now introduced a new service called Copy Trading Pro. This allowsinvestors to automatically replicate the trades of carefully selected "ProMasters" across both spot and derivatives markets.Theseexpert traders can employ diverse strategies to maximize returns and earn upto 30% of profits generated. Investors' funds are locked in for 180 days, withweekly redemptions available, providing Pro Masters a stable capital base toexecute longer-term plays."WithCopy Trading Pro, we are revolutionizing the way traders and investorsparticipate in the crypto market, creating a safer and more mutually beneficialenvironment for both sides," said Joan Han, Sales and Marketing Directorat Bybit.Forinvestors, Copy Trading Pro offers the ability to align with top traders whileretaining platform safeguards like 10x leverage limits and robust riskmanagement tools. Investments seamlessly mirror Pro Masters' positions,eliminating slippage and missed trades.The launchof the new copy trading platform comes as Bybit continues to push into the Web3space. Recent initiatives like the Airdrop Arcade, NFT Pro, and InscriptionMarketplaces aim to simplify access to blockchain projects and ecosystems. Theupcoming Bybit Web3 DEX Pro will in addition provide a decentralized exchangeexperience.In the mostrecent move, the crypto exchange has integrated Apple Pay into its offering,enhancing purchases of digital assets.This article was written by Damian Chmiel at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/i1XxUNC
Bitcoin (BTC)has been maintaining its multi-month highs for another consecutive month, justa step away from its historical highs. It is driving investor activity and,consequently, the trading volumes of the largest crypto exchanges. In May, thespot volume for the top ten platforms exceeded $1 trillion, growing by 173%compared to the same month a year earlier.Cryptocurrency ExchangeVolumes up YoY, but Falling in 2024Looking atthe statistics of the largest cryptocurrency exchanges in terms of volume, we notice that May brought the second month of declines after arecord-breaking March. April saw a 60% plunge post-halving, and the month-over-month depreciation averaged 22% in May.All exchanges included in the Finance Magnates analysis recorded visible declines between April and May. The leading platform, Binance, gave up 22%, and itsvolume shrank to just under $550 billion.“Thedecline in trading activity follows previous historical patterns, where tradingvolumes on centralised exchanges decreased in the months following the Bitcoinhalving event,” CCData commented in its newest report. “However, the addedvolatility stemming from the unexpected approval of an Ethereum ETF has boostedtrading activity in the last few days of the month.”However, itshould be emphasized that compared to the previous year, these results arestill multiple times better. In May 2023, the total volume for the top tenexchanges was $367 billion, which is less than the current monthly volume ofBinance alone. In the meantime, the biggest crypto exchange exceeded the 200 million registered users mark.Theturnover of Binance, compared to May 2023, grew by 151%. In the case of therecord holder, which turned out to be Bybit, the jump was over 560%, from alevel of less than $18 billion to $119 billion last month. Huobi alsorecorded a significant year-over-year (YoY) volume increase, with this value jumping by nearly 400% from less than $14 billion. Only three out of ten exchanges reported YoY growth of less than 100%.No Change on the Podium,but with Reshuffles in the Top PositionsThe firstthree places in terms of volume still belong to Binance, Bybit, and OKX, andthey also have the largest percentage share of the market, which totals 75%.However,there have been changes in the fourth and fifth positions. Due to strongmonthly volume declines of over 40%, the Upbit exchange dropped out of the top,while Coinbase jumped to fourth place (volume of $89 billion), and Huobi rankedfifth ($71 billion).This article was written by Damian Chmiel at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/FTnRKm7