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DXtrade, atrading platform provider for FX, CFD, and crypto brokers, has announced apartnership with Pelican, a copy trading service. The integration will allowDXtrade users to access Pelican's network of over 9,000 trading signalsdirectly within the platform.DXtrade Integrates PelicanCopy TradingPelican,known for its white-label copy trading platforms used by major global brokers,will integrate its multi-asset copy trader engine into DXtrade. The newpartnership is expected to benefit both brokers and traders by providing accessto a vast network of trading signals.Accordingto both companies’ statement, the integration of copy trading functionalityresponds to demand from brokers and traders for expanded features within theDXtrade environment. What is more, it comes as DXtrade reports growth in itsuser base. "Withour recent growth came a strong demand for a copy trading service withinDXtrade. We sought to secure the best service available in the industry for ourclients, which has been made possible through our integration with Pelican,”commented Jon Light, Head of OTC Platform at Devexperts, DXtrade's parentcompany.Since 2019,Pelican Trading has been offering a social trading platform regulated by theUK's FCA, which allows for the copying of other traders' positions and iswidely used by many trading firms. Among them are numerous FX/CFD brokers,including Eurotrader, AvaTrader, USG UK, and ETX Capital"Weare excited to partner with such a great company - who share the same ambitionsand as a partnership can offer clients and brokers a full 360-degree service,”added Mike Read, Director at Pelican.ForDXtrade, this marks another significant collaboration over the past month,following their partnership with Sage Capital to boost crypto liquidity forbrokers. Sage Capital Management provides institutional-grade crypto spot andperpetual liquidity, focusing on prioritized execution and competitive pricing.DXtrade's Recent UpdatesDXtrade hasbeen actively expanding its partnerships and integrations in recent months toenhance its offerings for brokers and traders. In May, the company integratedwith FXCubic, a trading connectivity solution provider. This partnershipcombines FXCubic's expertise in liquidity provision with DXtrade's platformcapabilities, promising improved trading efficiency and enhanced riskmanagement for brokers and their clients.Earlier inApril, Devexperts announced a cross-integration between DXtrade and BizCuits, avendor offering various tools and services for the forex and CFD industry. Thiscollaboration creates a combined solution available through a plug-and-playmodel, enabling rapid integration for brokers seeking a comprehensive tradingecosystem.Additionally,Tools for Brokers (TFB) has partnered with Devexperts to integrate the DXtradeplatform into its Trade Processor ecosystem. This integration enhances TFB'smultiplatform liquidity bridge, providing brokers with more options andflexibility in their trading infrastructureThis article was written by Damian Chmiel at www.financemagnates.com.
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SynFutures, the onchain perp protocol for listing and trading any asset, is now live on Coinbase's L2 network Base. Users can now trade and provide liquidity on SynFutures V3 via Base while earning SynFutures' Oyster Odyssey (O_O) points.Additionally, SynFutures will release a series of new listings over the next several weeks as part of Meme Perp Summer. a six-week campaign blitz to expand community asset listings and reward meme communities on Layer 2.SynFutures' multichain expansion to Base comes as SynFutures V3 on Blast surpasses $100 billion in cumulative trading volume in less than four months, cementing it as the top perpetual DEX across all chains and one of the most active DeFi dApps in Web3. With its industry-leading Oyster AMM, which combines a concentrated liquidity model and an onchain orderbook, SynFutures aims to bring the ultimate onchain futures and perps experience for any asset to the Base ecosystem.Launch Partners and Meme Perp SummerSynFutures has teamed up with some of the top projects in the space, listing tokens from SocialFi giant Degen and Web3 gaming protocol Iskra, among others, to kick off Meme Perp Summer.Among the new asset pairs are: · $DEGEN/WETH· $CHOMP/WETH · $BOOMER/WETH· $ISK/WETHIn addition to popular memecoins, SynFutures will list liquid staking derivatives (LSD) assets and liquid staking tokens (LRTs), crucial in bringing liquidity and organic yield to the onchain space.Listed LSD and LRT asset pairs include:· wstETH/ETH from Lido· weETH/ETH from ether.fi· wrsETH/ETH from Kelp DAOSynFutures is utilizing Chainlink, a decentralized blockchain oracle network, to provide integral price oracle infrastructure for our deployment on Base. Fee Promotion for Major Asset Pairs As part of Meme Perp Summer, SynFutures is launching a limited-time promotion across all networks on major pairs, such as the BTC and ETH pairs. Starting on July 1, 2024, SynFutures team is reducing the trading (taker) fee for major pairs from 3 basis points (bps) to just 2 bps.Additionally, to simplify the trading experience, all traders will enjoy the benefits of the highest-level VIP fee during this promotional period.Expansion of Oyster Odyssey Points SynFutures also reaffirms to Blast users that the O_O points gained during the Blast Season will not be diluted by the Base launch. The overall pool has been increased. Rewards distributed on Base will be separate from and in addition to those on Blast. About SynFuturesSynFutures (https://ift.tt/Sco2gpB) is a decentralized perpetual futures protocol that facilitates open and transparent trading on any assets and listings instantly. The V3 Oyster AMM launched the industry’s first-ever unified AMM and Permissionless Onchain Orderbook. Backed by top investors like Pantera, Polychain, Standard Crypto, Hashkey, and more, SynFutures has processed more than $100 billion in trading volume since its launch in 2021.This article was written by FM Contributors at www.financemagnates.com.
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US judge has dismissed several core claims by theSecurities and Exchange Commission (SEC) in a case against Binance. In a post shared bythe cryptocurrency exchange today (Tuesday), Binance noted that the federal judge had dropped multiple important arguments brought by the SEC,strengthening the company's defense in the legal tussle against the watchdog.SEC's Key Claims RejectedSpecifically, the court's decision dismissed thecontention that crypto tokens, including Binance's native BNB and itsfiat-backed stablecoin BUSD, could be categorized as securities. Judge AmyBerman Jackson of the United States District Court for the District of Columbiahas ruled that these tokens do not meet the criteria for securities, therebyrejecting the SEC's broad assertion.Additionally, the court dismissed the SEC's claim thatsecondary market sales of BNB tokens on crypto exchanges constituted securitiestransactions. Besides that, the court has criticized the SEC's claims thatcrypto tokens are inherently investment contracts.In a victory for the industry, a US federal court dismissed several #SEC claims against #Binance, ruling that:1) Crypto tokens are not securities,2) BNB sales on secondary exchanges were not adequately alleged to be securities,3) BUSD is not a security.Read more ⤵️…— Binance (@binance) July 2, 2024According to Binance's statement, the ruling mentioned that the focus should be on the circumstances surrounding each transaction rather than the tokens themselves. In the statement, Binane faulted the regulator for failing to provide sufficient evidence thatsecondary market sales of BNB tokens were conducted with an expectation ofprofits, a crucial element under the Howey Test for classifying something as asecurity.Regarding its native stablecoin BUSD, the courtreportedly dismissed the claim that Binance's BUSD is an investment contract.There was no evidence to suggest that BUSD was marketed with an expectation ofprofit due to Binance's efforts, the exchange added. Other Claims to ProceedHowever, while the court dismissed these claims,it allowed certain aspects, such as the SEC's argument on direct sales of BNBas securities transactions, to proceed. However, these remaining claims reportedly facesignificant hurdles for validation, as the SEC must prove that token purchaseswere made with investment expectations.Binance has vowed to defend itself against the SEC'sregulatory attempts. The company is reportedly advocating for fair andconsistent oversight that fosters innovation and growth within the cryptomarket.Amid this development, Binance has already restricted certain services to European users to comply with the MiCA regulations. This step occurred as the new cryptocurrency regulations took shape in the region. Some of the affected services include access to copy trading, which was effected on June 26.This article was written by Jared Kirui at www.financemagnates.com.
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Interactive Brokers has introduced extended tradinghours for Korean derivatives during the US and European trading hours to caterto a growing demand for global investment opportunities in South Koreanequities and derivatives. The brokerage firm mentioned today that it hadextended the trading hours for KOSPI 200 derivatives through the Eurex/KRXLink.Extended Access to Korean DerivativesThis enhancement allows investors to trade productssuch as KOSPI 200 Options, Mini-KOSPI 200 Futures, KOSPI 200 Futures, andUSD/KRW currency futures during US and European market hours. These derivativesare fully fungible with contracts at the Korea Exchange (KRX), a move thecompany had lauded as offering effective investment strategies across differentmarkets. "Providing access to the Eurex/KRX linkexemplifies Interactive Brokers' dedication to offering our clients anextensive range of global investment and trading opportunities. Clients can nowtake advantage of extended hours to trade in one of the world's most liquidderivatives markets," Milan Galik, the Chief Executive Officer ofInteractive Brokers, mentioned."Our global client base, including APAC,European, and American clients, benefit by having access to KOSPI derivativesduring normal and extended trading hours, regardless of location."Boosting the South Korean Equities Market The recent regulatory reforms have reportedlystreamlined foreign investment processes in South Korean equities, positioningthe Eurex/KRX Link to attract more international investors. These changes areexpected to boost South Korea's market status from emerging to developed,attracting more global institutional investors. This article was written by Jared Kirui at www.financemagnates.com.
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Stablecoin issuer Tether has partnered with atechnology and strategy company specializing in virtual and crypto assets todevelop educational initiatives in Türkiye. This collaboration reportedly aimsto equip individuals with the knowledge to navigate the digital age.MoU to Advance Crypto EducationAccording to the press release, the new agreement with BTguru reflects Tether's broader aspiration for Tether EDU, a global initiativededicated to making education accessible and boundless. The MoU has outlinedplans to develop comprehensive programs that introduce private and publicstakeholders in Türkiye to the benefits of blockchain and peer-to-peertechnology. These programs will reportedly leverage BTguru's connections to facilitate discussions with financial institutions, explorereal-world asset tokenization, and evaluate regional payment networks utilizingBTguru Core.Speaking about the new agreement, Paolo Ardoino, Tether's CEO, mentioned: "Tether and BTguru believe in the transformative power ofdigital assets and peer-to-peer technologies. This MOU has the potential toprovide a solid foundation for the responsible and informed use of digitalassets. We are excited to be part of a movement that could promote freedom andeducate people across Türkiye."Tether's education initiative extends beyond Türkiye.The USDT issuer is reportedly engaging a regulated digital asset infrastructureplatform in the MENA region to enhance digital asset education across theMiddle East.Tether Signs MoU with BTguru to Drive Digital Asset Education in TürkiyeLearn more: https://t.co/UhFEMs5d4s— Tether (@Tether_to) July 2, 2024Expanding Educational EffortsTürkiye ranks as the fourth-largest nation incryptocurrency transaction volume, according to the International TradeAdministration U.S. Department of Commerce, as cited by Tether. Also,Chainalysis reports that Türkiye received approximately $170 billion in cryptotransactions over the past year, driven by the need to counteract currencydevaluation.Elsewhere, the second largest stablecoin issuer,Circle, was recently registered as an electronic money institution (EMI) inFrance. This approval makes Circle one of the compliant stablecoin issuersunder the European Union's cryptocurrency regulations.The issuer of USD Coin stablecoin obtained the e-moneylicense from France's banking industry regulator, the Autorité de ContrôlePrudentiel et de Résolution. As a result, Circle is now compliant with the EU'sMarkets in Crypto-Assets (MiCA) regulations.Still, in the stablecoin sector, Paxos has received full approval from Singapore to issue stablecoins. The license awarded by theMonetary Authority of Singapore enables the firm to offer digital payment tokenservices through its entity, Paxos Digital Singapore Pte. Ltd. The regulatorymilestone broadened the number of markets Paxos is authorized, which includethe US and the UAE.This article was written by Jared Kirui at www.financemagnates.com.
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In a financial landscape often characterized by caution andincremental change, Revolut’s performance in 2023 offers a compelling narrativeof innovation-driven growth and strategic foresight. The fintech giant's leapto <a href="https://www.revolut.com/financial-statements/">$2.2 billion in revenues and a pre-tax profit of $545 million</a> underscoresmore than just its operational success; it signifies a transformative shift inhow financial services are consumed and delivered in the digital age.1. Disruption of Traditional Banking:At the heart of <a href="https://www.financemagnates.com/fintech/payments/digital-bank-revolut-reports-95-revenue-jump-record-344m-profit/">Revolut’s success</a> is its diversifiedrevenue model, which mirrors broader industry trends towards integratedfinancial ecosystems. By not relying on any single product or market, the company has insulated itself against the volatility that plagues traditional financialinstitutions. This approach is particularly prescient in the context ofincreasing geopolitical tensions and regulatory uncertainties, which have posedsignificant challenges for conventional banks. Revolut’s model - spanning cards,interchange, foreign exchange, wealth management, and subscriptions - illustratesa shift towards a more resilient and adaptable financial architecture.Furthermore, the substantial rise in interest income—from$102 million to $621 million—reflects not only favorable central bank rates butalso the company's strategic expansion in treasury capabilities and customerdeposits. This growth aligns with a broader industry movement towardsleveraging balance sheet strength to enhance profitability. Traditional banks,which have long depended on interest income as a primary revenue source, arenow seeing digital competitors like Revolut encroach on this space with innovativedeposit products and higher interest offerings, driving a more competitivemarket environment.2. Financial Inclusion:With its revenue doubling and customer base expanding to 38million, Revolut is playing a crucial role in democratizing financial services.By providing affordable and accessible financial tools, especially in regionswith limited banking infrastructure, it is driving financial inclusion.This not only promotes economic empowerment but also enhances financialliteracy, fostering broader economic development.3. Changing Consumer Expectations:The dramatic increase in subscription revenue, which grewby 53% to $303 million, signals a deeper industry trend: consumers are willingto pay for premium, value-added services. This is a clear departure from thetraditional banking model, where services are often bundled and offered forfree. Revolut’s success in this arena indicates a consumer shift towardscustomization and perceived value, with users opting for services that offertangible benefits such as travel insurance and cashback. This trend is likelyto shape the future of financial services, pushing other players in theindustry to innovate and offer more tailored solutions.The addition of 12 million new customers in a yearunderscores a fundamental shift in consumer expectations. Today's users demandtransparency, speed, and personalized service. Revolut’s ability to increasemonthly transactions by 73% to 590 million by December 2023 highlights how itmeets these demands, pushing the entire financial industry towards morecustomer-centric models.4. Convergence of Finance and Technology:Revolut’s diversified revenue model, which saw cards andinterchange income rise to $605 million and foreign exchange and wealthmanagement revenue climb to $491 million, exemplifies the merging of financeand technology. This convergence fosters innovation and creates new financialproducts, integrating finance into our daily lives in unprecedented ways, thusreshaping the financial landscape.The fintech’s giant leap in revenue and pre-tax profitsymbolizes a transformative disruption in the financial sector. Traditionalbanks, with their legacy infrastructure and slow processes, are beingchallenged…
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Liquidnet, the global institutional investment networkconnecting asset managers with liquidity, has appointed Tim Cunningham as thenew Managing Director of Outsourced Foreign Exchange Trading and Sales.Cunningham, who most recently served as the Director at Marex, announced thislatest move on LinkedIn today (Tuesday).Veteran Executive Until recently, Cunningham was based in the New YorkCity Metropolitan Area, where he spent six months as a Director at Marex. TheVeteran executive has also worked with notable brands in the industry, such asSaxo Bank, Societe Generale, American Express, and Cowen Prime Services. Cunningham was a Director at Cowen PrimeServices for more than three years. Prior to that, he served as the Director ofFX Sales at BTIG for more than four years.In another significant career move, Liquidnet hired Alex Grinfeld, a former Executive Director at Morgan Stanley, to co-head itsfutures business in the Americas in April. This move came as the companycontinued to broaden its global listed derivatives services. Following his appointment, Grinfeld became one of thesenior futures sales traders and analysts who have joined Liquidnet since 2022.Grinfeld was the Vice President at Goldman Sachs for Futures and DerivativesSales Trading, a role he dedicated five years. He works alongside Brian Cashin,who moved to Liquidnet in March 2022 from Bank of America.Liquidnet's Efforts to Expand OfferingsLiquidnet's executive move occurred as the company continued to expand its services. For instance, the US-based firm recentlyunveiled a new initiative to enhance its block trading capabilities. DubbedSuperBlock, this offering allows traders to easily signal and participate inexceptionally large or illiquid block trades.Specifically, SuperBlock is created to utilizeLiquidnet's global buy-side community and block trading expertise and create aprotected space for executing the most challenging trades. SuperBlock Matchingalso aims to provide a more efficient environment for trades of various sizes.This article was written by Jared Kirui at www.financemagnates.com.
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Swiss fintech company Swiss4 has collaborated withMarqeta to enhance personalized payments in the luxury market consumer segment.This collaboration combines Swiss4's services in European digital finance withMarqeta's card-issuing technology in payment services. Enhancing Personalized PaymentsEstablished in 2020, Swiss4 is licensed by the SwissFinancial Market Supervisory Authority. Recently, the firm launched a financialservices application that merges multi-currency accounts, payment, and foreignexchange facilities with exclusive lifestyle management services. According to the press release, the new offeringprovides real-time, personalized digital payment services to its customers. Thecollaboration between Swiss4 and Marqeta comes at a time when consumer demandfor personalized financial experiences is on the rise. A recent surveyindicated that over half of 25-34-year-olds prefer using financial productsfrom their favorite brands over traditional banks, citing better convenienceand tailored offerings. Speaking about the new partnership, Zhina Asmei, theCo-founder and CEO of Swiss4, mentioned: "We sought out a partner that wasexperienced not only in the Swiss market, but also across Europe, and couldsupport our future expansion plans when the time comes. Marqeta is a trustedsolution that can meet our requirements for a flexible, scalable, andpersonalized offering with the latest capabilities that our customers areseeking."Swiss4's application serves as a digital wallet thatallows users to organize leisure activities, access exclusive cultural andsports events, and receive personalized recommendations in a unified platform.Expanding Services in the Swiss MarketMeanwhile, more companies are expanding their servicesin the digital asset sector in the Swiss market. Last year, Zondacrypto, acryptocurrency startup registered in Estonia, obtained its over-the-counter license in Switzerland. The firm offers digital asset exchange services,including fiat-to-crypto and crypto-to-crypto conversions.The exchange received the approval after receiving acrypto services license in Slovakia. Although the Slovakian government doesn’trequire crypto asset providers to operate with an official license, the companymentioned that the approval will enable it to comply with anti-money launderingand terrorist financing rules.This article was written by Jared Kirui at www.financemagnates.com.
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Ahead of the Finance Magnates Pacific Summit (FMPS) this August 27-29, Andrea Badiola Mateos, Chief Commercial Officer at Finance Magnates Group, helped shed light on the upcoming event and its unique opportunities. As a premium summit in Sydney, Australia, she explained <a href="https://events.financemagnates.com/LovdD?utm_source=finance-magnates&utm_campaign=CCO%2520Interview&utm_medium=interview-article&RefId=CCO+Interview">the event’s goals and attributes</a> in full-length interview.Can you tell us about the upcoming FMPS and what was the impetus behind hosting this event in Sydney?Australia is one of the most established regions for finance in APAC and we have always brought Australia to the rest of the world. We thought it was time to bring the world of fintech to Australia. Finance Magnates Pacific Summit (FMPS) is the highest quality fintech event in the Asia Pacific region, which will be held on August 27-29. Our team chose Sydney as the ideal location of this event given the sophistication and industry talent locally in Australia. We look forward to connecting plenty of brands and players from around the world to regional service providers and brokers.What are the main goals of FMPS?Considering the landscape and our 13-year record producing world-class events worldwide, FMPS will look to bridge both the B2B and B2C sides. Creating the space for all the different industry players to shape and define APAC’s (and Australia’s) direction of fintech while opening the best business opportunities is at the heart of what we want to provide.Can you elaborate on who the target audience is for FMPS and what are the verticals or industries that will be represented throughout the event?FMPS will aim to attract several different types of industry participants. Look for recognizable brands, as well as plenty of brokers, service providers, IBs and sophisticated traders on-site. FMPS will cater the online trading, fintech and blockchain verticals. We are expecting over 100 leading speakers, some of the most-trusted brands, and over a thousand high-level attendees. The resulting atmosphere will reflect an invaluable opportunity for engagement, connections, and networking.You mentioned FMPS will be hosting some industry-leading brands, could you divulge to us or mention a few who will be in attendance or any notable sponsorships?FMPS will be spotlighted by the biggest brands in the B2B and B2C sides of the fintech industry. This starts with world-leading brokers such as Pepperstone, Saxo, Avatrade, Equiti, and innovative technology providers such as B2Broker, OneZero, FxCubic, Match-Trade and many more. The summit will also serve as a hub for actionable insights, a future outlook on each industry vertical, and a chance to show off each other's wares.What are some key topics that will be covered at FMPS?FMPS is all about content, as indicated by a curated track of panels, workshops, sessions, and much more. Each content vertical mentioned above will be explored at length, followed by such notable topics as the future of financial services in APAC, the impact of AI both within companies and in offerings to investors, a survey of the Aussie fintech landscape and talent pool, and more, as headlined on the upcoming agenda.What opportunities will attendees have at the event?Networking and engagement opportunities are the highlight of the valuable connections built throughout FMevents. Starting with the official event app which will give access to connecting with other attendees to browse and schedule meetings, followed by the Networking Blitz on August 27, participants can kick off by mingling with others and setting the stage for the next two full days of exhibition.FMPS itself will include two full days of content, entertainment, and more, where golden connections can happen on the summit floor. Beyond networking, all participants can expect to learn from experts and speakers, whether you are an industry leader, a veteran trader or just starting your trading journey.FMevents has established…
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Walking the floor of the iFX Expo inLimassol, Cyprus, the big story was how payments and payment service providers are adaptingto changing demands and emerging markets, specifically the forex and cryptospaces.The following observations are madefollowing interviews with representatives of payment companies and crypto companiesthat were present at the Cyprus iFX Expo (<a href="https://cyprus2024.ifxexpo.com/">site</a>).🌟We've left a successful iFX EXPO International 2024 Day 1 behind us.Take a look at the thrilling atmosphere!<a href="https://twitter.com/hashtag/iFXEXPOInternational2024?src=hash&ref_src=twsrc%5Etfw">#iFXEXPOInternational2024</a> <a href="https://twitter.com/hashtag/iFXEXPOInternational?src=hash&ref_src=twsrc%5Etfw">#iFXEXPOInternational</a> <a href="https://twitter.com/hashtag/iFXEXPO?src=hash&ref_src=twsrc%5Etfw">#iFXEXPO</a> <a href="https://twitter.com/hashtag/Cyprus?src=hash&ref_src=twsrc%5Etfw">#Cyprus</a> <a href="https://twitter.com/hashtag/Limassol?src=hash&ref_src=twsrc%5Etfw">#Limassol</a> <a href="https://twitter.com/hashtag/UltimateFintech?src=hash&ref_src=twsrc%5Etfw">#UltimateFintech</a> <a href="https://twitter.com/hashtag/B2Bevent?src=hash&ref_src=twsrc%5Etfw">#B2Bevent</a> <a href="https://twitter.com/hashtag/Networking?src=hash&ref_src=twsrc%5Etfw">#Networking</a> <a href="https://twitter.com/hashtag/Business?src=hash&ref_src=twsrc%5Etfw">#Business</a> <a href="https://twitter.com/hashtag/Forex?src=hash&ref_src=twsrc%5Etfw">#Forex</a> <a href="https://twitter.com/hashtag/Finance?src=hash&ref_src=twsrc%5Etfw">#Finance</a> <a href="https://twitter.com/hashtag/Fintech?src=hash&ref_src=twsrc%5Etfw">#Fintech</a> <a href="https://twitter.com/hashtag/B2BMarketing?src=hash&ref_src=twsrc%5Etfw">#B2BMarketing</a> <a href="https://t.co/VjXMpLFzm1">pic.twitter.com/VjXMpLFzm1</a>— iFX EXPO (@iFXEXPO) <a href="https://twitter.com/iFXEXPO/status/1803699523899847010?ref_src=twsrc%5Etfw">June 20, 2024</a>Expanding Horizons: PaymentCompanies and the Forex MarketThe payment sector has witnessedsignificant evolution, particularly with increasing integration into the forexmarket. Historically, many payment service providers (PSPs) have viewed the<a href="https://www.financemagnates.com/terms/f/forex/">forex</a> industry as high-risk due to its association with unregulated entitiesand potential for fraud. However, this perception is shifting. Providers arerecognizing the financial opportunities and are becoming more open tocollaborating with regulated forex companies to ensure safety and compliancefor their clients.This shift is driven by the growingnumber of forex traders and the need for robust payment solutions thatfacilitate smooth transactions. Many payment companies have long-standingrelationships with large, regulated forex brokers, ensuring secure transactionsand maintaining market integrity. This trend is mirrored by other payment firmslooking to capitalize on the burgeoning demand for forex services, particularlyin emerging markets such as Latin America and Africa. This was evidenced bythe number of companies both based in these emerging markets, and Europeanproviders that are building networks within these regions.Get ready to witness a new era in industry recognition. We listened to the industry and we are proud to announce the launch of a highly anticipated product that's been in the making for quite a while. Join us at Booth #111 to find out more!<a href="https://twitter.com/hashtag/FinanceMagnates?src=hash&ref_src=twsrc%5Etfw">#FinanceMagnates</a> <a href="https://twitter.com/hashtag/iFXEXPO?src=hash&ref_src=twsrc%5Etfw">#iFXEXPO</a> <a href="https://t.co/cnUdTBz6uv">pic.twitter.com/cnUdTBz6uv</a>— Finance Magnates (@financemagnates) <a href="https://twitter.com/financemagnates/status/1803040478658548142?ref_src=twsrc%5Etfw">June 18, 2024</a>Navigating the Crypto LandscapeThe cryptocurrency market presentsboth opportunities and challenges for payments companies. On the one hand,crypto offers fast, cheap, and borderless transactions, which…
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<a href="https://www.bybit.com/en/web3/">Bybit Web3</a>, the Web3 division of <a href="https://www.bybit.com/en/press">Bybit</a> —one of the top three global crypto exchanges by trading volume—is excited to announce the launch of IDO 2.0, a revolutionary new system designed to empower loyal Bybit Web3 users and democratize access to lucrative Initial DEX Offerings (IDOs).Since its launch in January 2023, Bybit Web3 IDO has rapidly emerged as a premier platform for discovering and investing in promising blockchain projects.Key IDO MilestonesDemonstrating remarkable success, the platform has facilitated the launch of over 30 projects, attracted 1.4 million participants, and achieved an average IDO ROI exceeding an astounding 2300%. This has resulted in over $30 million in profits delivered to Bybit Web3 users across diverse chains including Ethereum, Mantle, BNB, Solana, Arbitrum, Blast, and Polygon. Bybit Web3's initial foray into the IDO space has set a high benchmark for innovation and profitability in the decentralized fundraising landscape.Sneak Preview of the New IDO 2.0New Gamifications Rewarding Loyalty and EngagementBuilding on this legacy of success, IDO 2.0 breaks new ground in the industry by prioritizing Bybit Web3 users who have actively participated in the platform's ecosystem. A unique IDO score system takes into account factors like Bybit Web3 wallet asset balance and referral program participation. Users with higher IDO scores will enjoy a significantly increased chance of winning allocations in Bybit Web3 IDOs. Additionally, the system rewards frequent IDO participants, ensuring fairer opportunities for everyone.Enhanced User and Capital Protection with Refund PolicyBybit Web3 prioritizes user safety and transparency. The recently introduced Refund Policy empowers participants to request full or partial refunds under specific conditions, providing flexibility and security for users.Bybit Web3 IDO 2.0 represents a significant leap forward in the evolution of IDOs. With its focus on rewarding loyal users, fairer allocation systems, and robust user protection, Bybit Web3 is paving the way for a more inclusive and secure future for decentralized fundraising.#Bybit / #TheCryptoArk / #BybitWeb3About Bybit Web3Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 1 million wallet users, over 10 major ecosystem partners, and counting. Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as a top 3 global crypto exchange, trusted by 30 million users globally.Join the revolution now and open the door to your Web3 future with Bybit.For more details about Bybit, please visit <a href="https://www.bybit.com/en/promo/global/web3begins">Bybit Web3.</a>About BybitBybit is one of the world’s top three crypto exchanges by trading volume with 30 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.For more details about Bybit, please visit <a href="https://www.bybit.com/en/press">Bybit Press</a>. For media inquiries, please contact: <a href="mailto:media@bybit.com">media@bybit.com</a>For more information, please visit: <a href="https://www.bybit.com/">https://www.bybit.com</a>For updates, please follow: <a href="https://www.bybit.com/en-us/promo/global/communities/">Bybit's Communities and Social Media</a>This article was written by FM Contributors at w…
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The Asia Pacific (APAC) region certainly looks poised to maintain its status as a global hub for financial technology in 2024, with a series of high-profile fintech expos in store in H2. If the first six months are any indication, the remaining events this year are expected to attract a diverse array of professionals, investors, specialists, and industry leaders. Leading expos also look to will offer unique insights into the latest advancements in fintech, providing a platform for networking, knowledge sharing, and exploring innovative solutions that are driving the industry forward.Premium fintech expos in APAC offer unparalleled opportunities for industry professionals to stay on top of the latest developments. Attendees can also forge strategic partnerships and gain insights into emerging trends and technologies. These events provide a unique platform for knowledge sharing and networking, while helping to drive the growth of the fintech sector in the region. For professionals and organizations looking to stay at the vanguard of financial innovation, <a href="https://www.financemagnates.com/fm-events/top-financial-events-in-asia-pacific-in-2024/">attending these expos will be crucial</a>. APAC as a Fintech HubThe APAC region is seen as a top destination for fintech investment, as indicated by a groundswell of startups, companies, and a well-developed industry. 2024 has already seen its fair share of key events in the region, highlighted by several prominent expos that have drawn thousands of fintech luminaries and attendees. Looking ahead to H2 2024, there remain several noteworthy events worth participating in, which look to close out the year on a high note.Top Fintech Events in APAC in 2024FMPS – Sydney, Australia – August 27-29Finance Magnates Pacific Summit (FMPS) is the <a href="https://events.financemagnates.com/event/fmps24/regProcessStep1:e5fb47ad-49d7-4986-9c1a-210825be978c">premier event</a> 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 <a href="https://asia2024.ifxexpo.com/register">bring together</a> 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.Money20/20 USA – Las Vegas – October 27-30Money20/20 USA is the <a href="https://us.money2020.com/pass-picker">largest fintech event in North America</a>. Held in Las Vegas, the 2024 iteration will house financial services and fintech leaders from across the global money ecosystem, including banks, payments, tech, startups, retail, fintech, financial services, policy and more.Singapore Fintech Festival – Singapore – November 6-8Singapore Fintech Festival sits at the <a href="https://www.fintechfestival.sg/about">intersection of policy, finance and technology</a>. Last year saw over 66,000 participants attended, featuring over 970 speakers and over 700 exhibitors and sponsors. Guided by insights from its Content Advisory Panel of industry experts, SFF showcases strategic perspectives on market trends, emerging technologies and regulatory shifts. Through insightful sessions, roundtables, and workshops, SFF is where dialogue on the future trajectories of financial services can be had.FIMA Europe - London - November 21-22<a href="https://fimaeurope.wbresearch.com/">For over 15 years</a>, FIMA Europe has been aiding data managers in overcoming their most significant hurdles. Through roundtable talks, workshops, live debates, and networking, it fosters interactive discussions and solution sharing among attendees. FIMA Europe brings together…
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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…
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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.
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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.
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Dutch lender ABN AMRO has completed the acquisition of BUX, a growing European neobroker, about seven months after entering into the deal. The announcement today (Wednesday) confirmed that completion came following regulatory approvals and the completion of the transactions.A Push to Enter the Retail Investment SpaceDespite the acquisition, BUX will continue to operate as a separate entity from its parent company, ABN AMRO. However, the BUX logo will feature the bank's endorsed logo to symbolize the backing.By acquiring BUX, the Dutch bank has expanded its grip in the retail investment space. The acquisition positions the combined entity as the number one platform for new investors in the Netherlands.“In combination with BUX, we can help clients begin to take control of their financial future at an early stage in their lives,” Annerie Vreugdenhil, Chief Commercial Officer Personal & Business Banking of ABN AMRO, said. “BUX has made this extremely easy through their innovative and user-friendly platform. We cannot wait to build on that and improve our offering for future generations.”A Growing NeobrokerEstablished in 2013, BUX is headquartered in the Netherlands and offers services across Europe, including Belgium, France, Germany, Spain, Italy, Austria, and Ireland. According to the company, it has about 500,000 clients across Europe.“Through this collaboration, we combine ABN AMRO's extensive expertise in personal finance and investing, and its years of experience with the capabilities offered by BUX's accessibility, knowledge of future generations, and user-friendly investment platform,” said the CEO of BUX, Yorick Naeff. “This allows us to better serve the new generation of investors while maintaining our speed, agility, and unwavering commitment to innovation.”The acquisition came when fintech companies were growing at a tremendous pace. Recently, Revolut revealed that it closed 2023 with a pre-tax profit of £438 million, pivoting from a loss of £25.4 million in the previous year. Its revenue also surged by 95 percent to £1.8 billion.This article was written by Arnab Shome at www.financemagnates.com.
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Interactive Brokers has introduced extended tradinghours for Korean derivatives during the US and European trading hours to caterto a growing demand for global investment opportunities in South Koreanequities and derivatives. The brokerage firm mentioned today that it hadextended the trading hours for KOSPI 200 derivatives through the Eurex/KRXLink.Extended Access to Korean DerivativesThis enhancement allows investors to trade productssuch as KOSPI 200 Options, Mini-KOSPI 200 Futures, KOSPI 200 Futures, andUSD/KRW currency futures during US and European market hours. These derivativesare fully fungible with contracts at the Korea Exchange, a move thecompany had lauded as offering effective investment strategies across differentmarkets. "Providing access to the Eurex/KRX linkexemplifies Interactive Brokers' dedication to offering our clients anextensive range of global investment and trading opportunities. Clients can nowtake advantage of extended hours to trade in one of the world's most liquidderivatives markets," Milan Galik, the Chief Executive Officer ofInteractive Brokers, mentioned."Our global client base, including APAC,European, and American clients, benefit by having access to KOSPI derivativesduring normal and extended trading hours, regardless of location."Boosting the South Korean Equities Market The recent regulatory reforms have reportedlystreamlined foreign investment processes in South Korean equities, positioningthe Eurex/KRX Link to attract more international investors. These changes areexpected to boost South Korea's market status from emerging to developed and toattract more global institutional investors.In May, Interactive Brokers joined Cboe Europe Derivatives (CEDX) as a trading and clearing participant to offer its clientsaccess to CEDX's range of pan-European equity derivatives. The firm mentionedthat the collaboration seeks to allow retail investors to benefit from Europeanderivatives markets.Launched in 2021, CEDX aims to improve the ability ofretail investors to access and benefit from European derivatives. For instance,the platform aims to enhance the derivatives trading and clearing process byimplementing a unified for institutional and retail investors to easily enterthe market.Still in Europe, Interactive Brokers has launched a new product to enable institutional and retail traders to execute short-termtrading strategies and gain access to the French stock market. Dubbed DailyOptions on the CAC 40 Index, the service promises to equip traders with toolsto navigate global markets.This article was written by Jared Kirui at www.financemagnates.com.
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Stablecoin issuer Tether has partnered with atechnology and strategy company specializing in virtual and crypto assets todevelop educational initiatives in Türkiye. This collaboration reportedly aimsto equip individuals with the knowledge to navigate the digital age.MoU to Advance Crypto EducationAccording to the press release, the new agreement with BTguru reflects Tether's broader aspiration for Tether EDU, a global initiativededicated to making education accessible and boundless. The MoU has outlinedplans to develop comprehensive programs that introduce private and publicstakeholders in Türkiye to the benefits of blockchain and peer-to-peertechnology. These programs will reportedly leverage BTguru's connections to facilitate discussions with financial institutions, explorereal-world asset tokenization, and evaluate regional payment networks utilizingBTguru Core.Speaking about the new agreement, Paolo Ardoino, Tether's CEO, mentioned: "Tether and BTguru believe in the transformative power ofdigital assets and peer-to-peer technologies. This MOU has the potential toprovide a solid foundation for the responsible and informed use of digitalassets. We are excited to be part of a movement that could promote freedom andeducate people across Türkiye."Tether's education initiative extends beyond Türkiye.The USDT issuer is reportedly engaging a regulated digital asset infrastructureplatform in the MENA region to enhance digital asset education across theMiddle East.Tether Signs MoU with BTguru to Drive Digital Asset Education in TürkiyeLearn more: https://t.co/UhFEMs5d4s— Tether (@Tether_to) July 2, 2024Expanding Educational EffortsTürkiye ranks as the fourth-largest nation incryptocurrency transaction volume, according to the International TradeAdministration U.S. Department of Commerce, as cited by Tether. Also,Chainalysis reports that Türkiye received approximately $170 billion in cryptotransactions over the past year, driven by the need to counteract currencydevaluation.Elsewhere, the second largest stablecoin issuer,Circle, was recently registered as an electronic money institution (EMI) inFrance. This approval makes Circle one of the compliant stablecoin issuersunder the European Union's cryptocurrency regulations.The issuer of USD Coin stablecoin obtained the e-moneylicense from France's banking industry regulator, the Autorité de ContrôlePrudentiel et de Résolution. As a result, Circle is now compliant with the EU'sMarkets in Crypto-Assets (MiCA) regulations.Still, in the stablecoin sector, Paxos has received full approval from Singapore to issue stablecoins. The license awarded by theMonetary Authority of Singapore enables the firm to offer digital payment tokenservices through its entity, Paxos Digital Singapore Pte. Ltd. The regulatorymilestone broadened the number of markets Paxos is authorized, which includethe US and the UAE.This article was written by Jared Kirui at www.financemagnates.com.
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US judge has dismissed several core claims by theSecurities and Exchange Commission (SEC) in a case against Binance. In a post shared bythe cryptocurrency exchange today (Tuesday), Binance noted that the federal judge had dropped multiple important arguments brought by the SEC,strengthening the company's defense in the legal tussle against the watchdog.SEC's Key Claims RejectedSpecifically, the court's decision dismissed thecontention that crypto tokens, including Binance's native BNB and itsfiat-backed stablecoin BUSD, could be categorized as securities. Judge AmyBerman Jackson of the United States District Court for the District of Columbiahas ruled that these tokens do not meet the criteria for securities, therebyrejecting the SEC's broad assertion.Additionally, the court dismissed the SEC's claim thatsecondary market sales of BNB tokens on crypto exchanges constituted securitiestransactions. Besides that, the court has criticized the SEC's claims thatcrypto tokens are inherently investment contracts.In a victory for the industry, a US federal court dismissed several #SEC claims against #Binance, ruling that:1) Crypto tokens are not securities,2) BNB sales on secondary exchanges were not adequately alleged to be securities,3) BUSD is not a security.Read more ⤵️…— Binance (@binance) July 2, 2024According to Binance's statement, the ruling mentioned that the focus should be on the circumstances surrounding each transaction rather than the tokens themselves. In its statement, Binane faulted the regulator for failing to provide sufficient evidence thatsecondary market sales of BNB tokens were conducted with an expectation ofprofits, a crucial element under the Howey Test for classifying something as asecurity.Regarding its native stablecoin BUSD, the courtreportedly dismissed the claim that Binance's BUSD is an investment contract.There was no evidence to suggest that BUSD was marketed with an expectation ofprofit due to Binance's efforts. Other Claims to ProceedHowever, while the court dismissed several key claims,it allowed certain aspects, such as the SEC's argument on direct sales of BNBas securities transactions, to proceed. However, these remaining claims facesignificant hurdles for validation, as the SEC must prove that token purchaseswere made with investment expectations.Binance has vowed to defend itself against the SEC'sregulatory attempts. The company is reportedly advocating for fair andconsistent oversight that fosters innovation and growth within the cryptomarket.This article was written by Jared Kirui at www.financemagnates.com.
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Klarna, an AI-powered global payments network and shoppingassistant, announced a new partnership with Adobe Commerce today (Tuesday).This collaboration will enable merchants to implement Klarna’s Buy Now PayLater (BNPL) services, as well as other flexible payment options.BNPL Services with KlarnaThis partnership allows Klarna to extend its paymentflexibility to a broader range of consumers. By integrating Klarna's paymentsolutions with Adobe Commerce, merchants can offer customers more paymentchoices.“Our relationship with Adobe Commerce offers thousands ofmerchants a flexible, seamless, and smooth way to accept <a href="https://www.financemagnates.com/terms/p/payments/">payments</a>,” said ErinJaeger, Head of North America at <a href="https://www.financemagnates.com/tag/klarna/">Klarna</a>. “This enhances the shopping experiencefor consumers and boosts the operational capacities of merchants.”The collaboration aims to <a href="https://www.financemagnates.com/terms/l/leverage/">leverage</a> the combined strengths ofboth companies to deliver value to their customers. This move is expected tobenefit merchants by providing more payment options and potentially increasingsales through Klarna’s BNPL services.“Consumers are embracing the flexibility that Buy Now PayLater services can provide, with Adobe Analytics data showing over 11 percentgrowth this year,” said Jason Knell, Sr. Director, Content & CommercePartners at <a href="https://www.financemagnates.com/tag/adobe/">Adobe</a>. “Klarna’s global footprint enables Adobe Commerce merchantsto meet the changing needs of their consumers and stay competitive in today’sdigital economy.” Earlier, <a href="https://www.financemagnates.com/fintech/nuvei-corporation-integrates-adobe-to-enhance-payments-in-ecommerce/">Adobepartnered with Nuvei Corporation</a> to streamline eCommerce payments.Businesses on Adobe Commerce gain access to Nuvei's payment suite via a unifiedAPI, supporting B2B and B2C sectors like retail and healthcare. Nuvei'sintegration includes 680 regional payment methods, enhancing localized paymentoptions and enabling global market expansion.🛒💸 .<a href="https://twitter.com/Klarna?ref_src=twsrc%5Etfw">@Klarna</a> has partnered with <a href="https://twitter.com/AdobeCommerce?ref_src=twsrc%5Etfw">@AdobeCommerce</a> to enable <a href="https://twitter.com/hashtag/merchants?src=hash&ref_src=twsrc%5Etfw">#merchants</a> to implement its <a href="https://twitter.com/hashtag/BNPL?src=hash&ref_src=twsrc%5Etfw">#BNPL</a> services.Curious to discover more? Check out The Paypers: <a href="https://t.co/MMlIt571AG">https://t.co/MMlIt571AG</a> <a href="https://twitter.com/hashtag/thepaypers?src=hash&ref_src=twsrc%5Etfw">#thepaypers</a> <a href="https://twitter.com/hashtag/paymentsnews?src=hash&ref_src=twsrc%5Etfw">#paymentsnews</a> <a href="https://twitter.com/hashtag/financialnews?src=hash&ref_src=twsrc%5Etfw">#financialnews</a> <a href="https://twitter.com/hashtag/paymentservices?src=hash&ref_src=twsrc%5Etfw">#paymentservices</a> <a href="https://twitter.com/hashtag/paymentsolutions?src=hash&ref_src=twsrc%5Etfw">#paymentsolutions</a> <a href="https://twitter.com/hashtag/paymentmethods?src=hash&ref_src=twsrc%5Etfw">#paymentmethods</a> <a href="https://t.co/xFEf8UiYb9">pic.twitter.com/xFEf8UiYb9</a>— The Paypers (@ThePaypers) <a href="https://twitter.com/ThePaypers/status/1808109300352528451?ref_src=twsrc%5Etfw">July 2, 2024</a>Klarna Sells Checkout BusinessMeanwhile, <a href="https://www.financemagnates.com/fintech/klarna-sells-checkout-unit-for-520m-to-focus-on-payment-service-provider-partnerships/">Klarnahas sold its checkout business for $520 million</a>, marking a strategic shiftaway from direct competition with payment giants like Stripe and Adyen, asreported by <a href="https://www.financemagnates.com/">Finance Magnates</a>.The move aims to reduce conflicts of interest in the payment service providersector, where Klarna had previously operated both as a partner and competitor. The new ownership, led by Kamjar Hajabdolahi's investorconsortium…
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Revolut's achievements in 2023 mark a pivotal moment in theevolution of financial services. The fintech company’s ascent to $2.2 billionin revenues and a pre-tax profit of $545 million not only highlights itsoperational prowess but also serves as a blueprint for the future of banking.Traditional financial institutions, long rooted in legacy systems andconventional practices, have much to glean from Revolut's innovative strategiesand agile operations. Here are ten crucial lessons that traditional banks can learnfrom Revolut's success.1. Embrace Digital-First Approaches:Revolut’s success is built on its digital-first,customer-centric model. Traditional banks must prioritize seamless,user-friendly digital experiences to meet modern consumer expectations. Byfocusing on digital innovation, banks can improve accessibility andconvenience, crucial factors in today's financial services.2. Diversify Revenue Streams:The fintech giant’s ability to generate income frommultiple sources, including cards, interchange, foreign exchange, wealthmanagement, and subscriptions, highlights the importance of diversification.Traditional banks should explore and develop varied revenue streams to enhancefinancial stability and reduce dependency on any single market or product.3. Focus on Financial Inclusion:Revolut’s growth underscores its role in democratizingfinancial services. Traditional banks can learn from this by developingaffordable and accessible financial tools to reach underserved populations.This not only drives financial inclusion but also opens new markets andcustomer bases.4. Innovate with Value-Added Services:The significant increase in Revolut’s subscription revenuereflects a shift towards premium, value-added services. Traditional banksshould innovate by offering customizable services that provide tangiblebenefits, such as travel insurance and cashback, which customers are willing topay for.5. Adapt to Changing Consumer Expectations:Revolut’s dramatic growth in customer base and transactionvolume demonstrates the shifting demands of consumers. Traditional banks needto adapt by offering transparency, speed, and personalized service to remaincompetitive in an increasingly digital world.Here to protect our customers 🫡 <a href="https://t.co/uvdoCy3SDB">pic.twitter.com/uvdoCy3SDB</a>— Revolut (@RevolutApp) <a href="https://twitter.com/RevolutApp/status/1804108274549092467?ref_src=twsrc%5Etfw">June 21, 2024</a>6. Leverage Technology for Growth:Revolut exemplifies the convergence of finance andtechnology, using innovative products to enhance customer experience.Customers trust us with $22+ billion. Now, with Revolut Secure, we’re taking it to the next level 🛡️🎚️ Personalise 10+ security settings, including Wealth Protection💬 Speak to a real human, 24/7, in 100+ languages 🤝 Let our 4,000-strong financial crime team be your security <a href="https://t.co/dc2CfTYGSX">pic.twitter.com/dc2CfTYGSX</a>— Revolut (@RevolutApp) <a href="https://twitter.com/RevolutApp/status/1805253356778057918?ref_src=twsrc%5Etfw">June 24, 2024</a>Traditional banks should invest in technology to streamline operations, reducecosts, and create new financial products that resonate with tech-savvycustomers.7. Expand Globally with Local Adaptation:The company’s successful expansion into markets like Braziland New Zealand shows the potential of global growth. Traditional banks canlearn from this by entering new markets with localized products and servicesthat meet specific regional needs, thus diversifying risk and revenue.8. Invest in Marketing and Talent:Revolut’s strategic investment of $300 million in marketingand expanding its workforce highlights the importance of brand building andhuman capital.Traditional banks should similarly invest in these areas toenhance service quality, drive growth, and stay ahead in a competitive market.9. Promote Financial Autonomy:Revolut’s success with products like the <18 app andFlexible Accounts indicates a growing demand for financial autonomy.Traditional banks can foster this by developing…
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Cartesi, a modular execution layer protocol that equips developers with access to a full Linux environment, and Avail, a modular blockchain framework designed to unify web3 and optimize data availability (DA) for scalable and customizable applications, are pleased to announce a close collaboration set to significantly advance web3 development.This integration will offer a seamless and intuitive experience for developers by leveraging Cartesi’s RISC-V Linux-based execution capabilities and Avail’s reliable data availability solution, Avail DA. The user-friendly approach will simplify the complexities of decentralized application development, enabling faster and more efficient project deployment.The modular stack allows both protocols to combine their unique properties, resulting in a robust protocol that is more powerful compared to monolithic stacks where all functionalities are integrated. In this sense, the Cartesi-Avail integration will enable developers to benefit from the increased computational power and flexible programming environment of the Cartesi stack, while also utilizing the enhanced data availability capabilities of Avail DA.“By combining Cartesi's cutting-edge RISC-V Linux-based execution with Avail DA, we are setting a new standard in the ease and efficiency of protocol development. This partnership empowers developers to overcome traditional barriers, accelerating innovation and the deployment of next-generation decentralized applications. We are thrilled to enable this leap forward in web3 development,” said Anurag Arjun, Co-Founder of Avail.The collaboration between Cartesi and Avail marks a significant milestone in the web3 space. A dedicated data availability layer ensures critical transaction data remains available and verifiable while significantly reducing the costs associated with on-chain data availability. This makes dApps more affordable and accessible, while reliable data availability is crucial for the execution layer to perform transactions and execute contracts seamlessly. “The Cartesi-Avail integration brings into reality a powerful infrastructure for new possibilities and use cases in web3. This is exciting for us and a breath of fresh air for the industry,” said Erick de Moura, Co-Founder of Cartesi.This partnership is expected to drive the creation of a more robust and versatile ecosystem, particularly benefiting gaming and DeFi verticals, empowering developers to experiment and innovate without being hindered by the limitations of current infrastructure.Cartesi equips developers with access to a full Linux environment through its native virtual machine, and high-performance rollups designed to support next-generation dApps. By bridging the gap between traditional software and blockchain, Cartesi enables developers to create more sophisticated and scalable dApps with ease. Avail DA offers secure data availability guarantees for entire networks of blockchains, enabling them to scale efficiently and in an unlimited capacity. Using validity proofs with data availability sampling provides robust security and enhanced scalability for blockchain applications. About Cartesi: Cartesi (https://cartesi.io/) is a powerful modular blockchain protocol that supercharges the web3 space. Cartesi equips developers with access to a full Linux environment through its native virtual machine, and high-performance rollups designed to support next-generation dApps. About Avail:Avail is led by Polygon’s former co-founder Anurag Arjun and is building a unification layer to solve rollup fragmentation at scale. Avail addresses this from first principles solving blockchain scalability with Avail DA, a foundational DA layer which implements the same technology planned for Ethereum’s danksharding roadmap, including KZG Commitments and Data Availability Sampling (DAS). Avail Nexus addresses growing fragmentation concerns with permissionless interoperability, leveraging proof aggregation on Avail’s scalable DA layer. Avail’s security is then reinforced with multi-asset…
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In the digital era, smartphones have evolved from mere communication devices to powerful tools enabling users to perform complex tasks on the go. This transformation has compelled businesses across industries to develop mobile applications to remain competitive and relevant in the market.One sector significantly impacted by this shift is finance. Financial services, once confined to traditional banking institutions, are now accessible at users' fingertips through innovative mobile apps. This revolution in mobile finance is empowering individuals to engage in sophisticated financial activities using their smartphones.The Rise of Fintech AppsThe financial industry is experiencing rapid digitalization, often referred to as "smartphonification." Leading financial service providers are developing apps to enhance client experiences and simplify their lives.Fintech apps offer a wide range of services, from basic transactions to complex investment management, democratizing access to financial tools for a broad audience. Consequently, companies are in a race to innovate, delivering more convenient and functional apps to gain a competitive edge.Digital Industry Leaders: Fintech360As the global financial landscape undergoes digital transformation, certain companies are emerging as leaders. Fintech360, a prominent B2B provider of fintech services, is at the forefront of this change. Specializing in advanced fintech solutions for brokers, Fintech360 aids in creating and maintaining next-generation trading platforms.Fintech360 offers a comprehensive suite of services, including CRM (Customer Relationship Management) systems, payment gateways, business intelligence tools, and trading platforms. These tools are designed to streamline and optimize brokers' operations, pushing the boundaries of global finance and enabling organizations to enter the market with robust resources and instruments.A White Label Trading Platform for BrokersOne of Fintech360's flagship offerings is its state-of-the-art white label trading platform, tailored specifically for brokers. This platform allows brokers to brand and customize the interface, providing their clients with a personalized trading experience without the need to develop their own technology.The platform integrates widely recognized systems like MT4, MT5, and Match Trader, offering a reliable foundation. It includes features such as customizable trading alerts, market news updates, and advanced analytical tools, including professional trading charts powered by TradingView. These features enable brokers to deliver top-tier services to their clients.Fintech360’s Apps for iOS & AndroidBeyond the desktop platform, Fintech360 has developed mobile apps for both Android and iOS, extending their services to a wider audience. These mobile apps offer the same advanced features as the desktop version, allowing users to engage in trading activities, access real-time news, and receive market signals from anywhere, at any time.The mobile apps' flexibility ensures users can manage trades on the go, responding to market changes in real-time. Enhanced security features, such as biometric authentication, provide additional protection for user accounts. Push notifications keep users informed about important market events, account activities, and trading opportunities, ensuring they never miss critical updates.Test-Driving the AppsTo allow brokers to fully evaluate the platform, Fintech360 offers trial versions of its mobile app through TestFlight and Firebase. This approach, uncommon among financial service providers, highlights Fintech360's commitment to customer satisfaction by enabling potential clients to test the app's features before committing.Making Fintech AccessibleFintech360’s innovative products and B2B fintech solutions are invaluable, especially for brokers, both established and aspiring. The mobile format of these offerings enhances accessibility, providing brokers with greater flexibility and reach. By eliminating the need to create their products from…
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CME Group,the world's leading derivatives marketplace, reported record-breaking foreignexchange (FX) futures trading volumes for the second quarter of 2024, withsignificant growth across multiple currency pairs.Forex Volumes Surges atCME Group in Q2 2024Foreignexchange average daily volume (ADV) reached 1.1 million contracts in Q2,marking a 20% increase compared to the same period last year. The surge in CME Group’s FXtrading activity was driven by heightened market volatility and increasedhedging demand amid global economic uncertainties.Year-to-date,the growth was 10%, compared to the first six months of 2023, during which the ADVwas around 934,000 contracts. The largest increase, as much as 25%, was notedon a monthly basis. In June 2024, the average daily volume for FX futures andoptions was nearly 1.4 million contracts, more than the 1.1 million reported inthe same month the previous year.CME may oweits strong currency results in part to arecord day of investor activity on June 12, when the exchange handled thetrading of 3.26 million FX futures contracts.CME Group Reports Record June and Q2 2024 Volumes, Reaching New Highs Across Multiple Asset Classes: Record June ADV of 25.3 million contracts, up 8% year-over-year Record Q2 ADV of 26 million contracts, with growth in all asset classes Record June and… https://t.co/8LeRssbioy— Stock Market News (@Stock_Market_Pr) July 2, 2024Severalcurrency futures contracts also achieved all-time highs during the quarter.Canadian dollar futures set a new record with an ADV of 112,200 contracts.Mexican peso futures also reached unprecedented levels, with an ADV of 90,481contracts. Additionally, New Zealand dollar and Brazilian real futures both hitrecord volumes, reflecting growing interest in emerging market currencies.The resultsalign with those reported this week by FXSpoStream as well. In its case, spotFX volume grew by 39% year-on-year, and the ADV surged by 85% to $14 billion.However, a decline in activity was noted in other reported venues.CME Reports Recor Q2 2024and June Trading VolumesThe strongperformance in FX futures was part of a broader trend of record-setting volumesacross CME Group's product lines. The exchange reported an overall record Q2ADV of 26 million contracts across all asset classes, with growth observed ininterest rates, equity indices, and commodities. For June itself, the ADV stoodat 25.3 million contracts, an 8% increase compared to the same month last yearInterestRate products led the surge, with ADV climbing 11% year-over-year to 11.5million contracts in June. US Treasury futures and options hit a record 7million contracts per day, driven by a 29% jump in 10-Year Treasury Notefutures and a 78% spike in related options.Internationalparticipation also reached new heights, with a record ADV of 8.1 millioncontracts from non-US. traders. This included an all-time high in European,Middle Eastern, and African (EMEA) trading activity, which saw ADV climb to 6.2million contracts.Accordingto the exchange's 2023 report publishedin February, its total revenue increased to $5.6 billion, and operatingincome amounted to $3.4 billion.This article was written by Damian Chmiel at www.financemagnates.com.
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The Financial Conduct Authority (FCA) collaborated with theMetropolitan Police Service to apprehend two individuals, aged 38 and 44,suspected of managing an illicit crypto asset exchange.The operation was prompted by suspicions that the exchangefacilitated transactions exceeding £1 billion in unregistered crypto assets.Suspects Released on BailThe FCA conducted inspections at premises linked to thesuspects, where the police executed searches and seized multiple digitaldevices from two residential properties in London.Following these actions, both suspects were questioned undercaution by the FCA and subsequently released on bail. The investigation by theFCA remains ongoing. Under UK regulations, crypto asset exchange providers arerequired to be registered with the FCA and adhere to anti-money launderingprotocols to operate lawfully within the country.Therese Chambers, Executive Director of Enforcement andMarket Oversight at the FCA, said: “The FCA has an important role to play inkeeping dirty money out of the UK financial system. These arrests show we willdo everything in our power to stop crypto firms from operating illegally in theUK.”Alleging Fraud in High-Risk Forex and Pension InvestmentSchemesThe FCAhas taken legal action against nine individuals for their roles inunauthorized forex trading schemes promoted through social media, as reportedby Finance Magnates. EmmanuelNwanze allegedly orchestrated the scheme, distributing unauthorized financialpromotions via Instagram from May 19, 2018, to April 13, 2021. The schemeinvolved unauthorized trading of high-risk Contracts for Difference (CFDs).Other individuals are also charged with issuing unauthorized financialpromotions and are set to appear in court on June 13, 2024.Additionally, the FCAhas charged Kristofer McGuire, Keith Williamson, and Karla Walker withfraud connected to a high-risk trading scheme targeting pension investments inCFDs. Victims were allegedly misled into investing, resulting in significantfinancial losses exceeding £8 million. The FCA's investigation uncoveredmisleading claims about the victims' professional investor status anddetrimental trading strategies designed to generate substantial commissions.McGuire, Williamson, and Walker are slated to appear in court to address thesecharges.This article was written by Tareq Sikder at www.financemagnates.com.
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Germany's financial regulator, BaFin, has imposed a €12.975 million ($13.82 million) fine on Citigroup Global Markets Europe AG (Citigroup) for breaching obligations related to algorithmic trading under the country's securities trading laws.Citigroup Penalized byBaFin for Algorithmic Trading InfractionsTheviolations occurred in May 2022, when Citigroup failed to have appropriate riskcontrols in place to ensure its trading systems were subject to proper tradingthresholds and limits. The investment bank also did not prevent thetransmission of erroneous orders, which can trigger or contribute to marketdisruptions.AlthoughCitigroup had outsourced its algorithmic trading monitoring and administrationto its London-based affiliate Citigroup Global Markets Limited, the German unitremains responsible for the proper design of the trading system. In this case,the system did not detect a manual input error by a London-based trader,resulting in the transmission of incorrect orders that caused a marketdisruption.“Investmentfirms engaged in algorithmic trading, like Citigroup Global Markets Europe AG,are required to have certain systems and risk controls in place. In algorithmictrading, a computer algorithm automatically sets individual order parameters,”BaFin explained in Thursday’s announcement.Accordingto the regulator, this is critical to mitigate risks posed by overloadedsystems to capital markets. Companies must also prevent the transmission oferroneous orders.Violationsof these obligations can result in BaFin fines of up to €5 million or 10% oftotal revenues. The fine imposed on Citigroup is legally binding.Interestingly, this marks another fine Citigroup has had to pay in Europe related to algorithmic trading. In May, the UK's FCA imposed a significantly higher fine on the bank of £61.6 million ($78.24 million) due to a system error that inadvertently led to the sale of $1.4 billion worth of equities across European exchanges. As for BaFin, the German regulator has recently also fined N26, a neobank, which allegedly had deficiencies in reporting suspicious activities in 2022.This article was written by Damian Chmiel at www.financemagnates.com.
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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.
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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.
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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.
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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.
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