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After arecord-breaking 2021, one of Europe's oldest cryptocurrency exchangesexperienced two consecutive years of significant unprofitability. The Britishbranch of Luxembourg-based Bitstamp recently published its 2023 results,showing a revenue decline to just under €8 million and a net loss of €19.7million.Bitstamp EnduresChallenging Two Years of Crypto WinterBitstampLimited, registered in the UK, emphasized in its report published this week inCompanies House that the 70% year-over-year revenue drop from €29 million was"mainly driven by unfavorable market conditions and the reduction intrading volumes."In 2021,the exchange achieved a record profit of €37 million, responding to Bitcoin'shistoric highs. 2022 brought a decline from the peaks and a loss of around €7million, while the past year saw this loss triple to nearly €20 million.Nevertheless,Bitstamp remains among the top 10 largest cryptocurrency exchanges in terms ofspot volumes. According to Finance Magnates Intelligence data, in July2024, it ranked ninth with a result of almost $8 billion.It's worthnoting that the unfavorable impact on results was not only due to lower BTCprices throughout most of 2023 and reduced retail investor activity but alsointernal company movements. Part of Bitstamp Limited's business was transferredto three of its subsidiary companies, including Bitstamp UK Limited, BitstampGlobal Ltd (registered in the British Virgin Islands), and Bitstamp Europe SA(registered in Luxembourg).Although wedon't have insight into the latter two's results, Bitstamp UK Limited also published its 2023 report. The company's turnover was notsubstantial either, amounting to £1 million, with a net loss of £1.5 million.Returningto Bitstamp Limited, besides a significant decrease in revenue and deepeningnet loss, the company also reported more than a twofold reduction in volume. In2022, it amounted to €55 million, now falling to just over €25 million.Althoughthe company doesn't mention any forecasts for 2024 in the report, looking athow the BTC price has changed, it can be assumed that the current year willperform significantly better compared to recent ones. Especially consideringthat in 2023 the average Bitcoin price was $16,000, while currently, it'saround $44,000.MiCA and Acquisition byRobinhoodTheEuropean Union's Markets in Crypto-Assets Regulation (MiCA) came into effect onJune 30. Bitstamp was one of the first exchanges to implement appropriatemeasures before this deadline. The exchange delisted the EUR-denominatedstablecoin EURT and announced it would not list any new Electronic Money Tokens(EMTs).Moreimportantly, Robinhood announced in June its agreement to acquire Bitstamp. Theacquisition is expected to expedite Robinhood Crypto's global expansion.Bitstamp holds over 50 active licenses and registrations worldwide, attractingcustomers from the EU, UK, US, and Asia to Robinhood's platform.We’re accelerating Robinhood Crypto’s worldwide expansion. Robinhood has officially entered into an agreement to acquire @Bitstamp, a global cryptocurrency exchange with customers across the EU, UK, US and Asia. More details: https://t.co/wk3x02z0rU pic.twitter.com/aadKzhCxlx— Robinhood (@RobinhoodApp) June 6, 2024"BringingBitstamp's platform and expertise into Robinhood's ecosystem will give users anenhanced trading experience with a continuing commitment to compliance,security, and customer-centricity," said JB Graftieaux, CEO of Bitstamp.This article was written by Damian Chmiel at www.financemagnates.com.
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Ryan Salame, FTX's Former executive serving a 7.5-yearsentence, has retracted his legal motion to compel the government to honor hisplea deal. The decision comes as his long-time partner, Michelle Bond, nowfaces federal charges, prompting a strategic shift in their legal approach.Salame initially filed the motion last week, claimingthat prosecutors had coerced him into pleading guilty by suggesting they woulddrop their investigation into Bond, the mother of his child, according to apetition filed before the court last week. His plea was meant to shield Bond from legalrepercussions, but with Bond's recent indictment on campaign finance charges,Salame has reconsidered his strategy.A Sudden Change of CourseSalame's petition, submitted just before Bond'sindictment became public, alleged that prosecutors improperly secured hisguilty plea by implying they would cease their investigation into Bond.However, as Bond's legal situation took a turn for the worse, Salame's legalteam decided to withdraw the petition, Coindesk reported.Bond, the SEC's former lawyer and a prominent figure in the crypto advocacy community was charged in federal court on August 22 with multiple counts related to illegal campaign contributions. These charges stem from her unsuccessful 2022 Congressional campaign, during which she allegedly receivedunlawful contributions from Salame and other FTX employees.Despite Salame's withdrawal, Judge Lewis Kaplan hasreportedly ordered a hearing on the original petition, which will requireSalame's presence as part of his bail conditions. This hearing will stillexplore whether the government honored the terms of Salame's plea deal despitehis motion being retracted.The Broader ImplicationsBond's indictment and Salame's legal maneuvershighlight the intense scrutiny surrounding FTX's former executives. Bond nowfaces four serious charges, each carrying a potential five-year prison sentenceif convicted. The unfolding legal drama between Salame and Bondcould further expose the complexities of their involvement with FTX, a companyalready mired in scandal.Salame was the Co-Chief Executive at FTX’s Bahamassubsidiary. His decision to plead guilty followed the impending trial of SamBankman-Fried, who was jailed for orchestrating a multi-billion fraud scheme. At FTX, Salame was not only a key executive but also aprolific contributor to Republican political campaigns. He reportedly channeledUSD $24 million to political parties. Additionally, prosecutors mentioned thatBankman Fried used Salame and other FTX executives as "straw donors."This article was written by Jared Kirui at www.financemagnates.com.
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Netherlands-based payment service provider for onlinemerchants PayU has teamed up with Mastercard to introduce new cross-borderissuer authentication solutions. The new service promises to enhance globalpayments by offering merchants, issuers, and consumers a better paymentexperience across multiple markets.According to a report by Inc42, PayU introduced thesesolutions at the Global Fintech Festival 2024, highlighting a focus onsimplicity, convenience, and security for all stakeholders in the paymentsecosystem. Enhancing Cross-Border TransactionsThe newly launched cross-border issuer authenticationsolution is designed to allow issuers to instantly connect to an authenticationplatform. This enables them to identify and authorize non-3D secureinternational e-commerce payments. The system also enhances fraud detection, ensuringcompliance with global regulatory standards. PayU's solution promises toimprove the overall security and efficiency of international transactions,benefiting merchants by reducing the complexities and risks associated withcross-border payments.PayU's collaboration with Mastercard is part of abroader strategy to enhance its digital payment platform through strategicpartnerships. Earlier this week, PayU rolled out a push provisioning platformin partnership with major card networks, including Visa and Mastercard, tofacilitate seamless card tokenization between banks and merchants. This initiative aims to increase the security andconvenience of online card transactions, further solidifying PayU's position inthe global payments landscape.Amazon Pay LaterAdditionally, PayU has integrated Amazon Pay Laterinto its checkout infrastructure to enable online merchants to offer instant,flexible credit options to their customers. As PayU continues to expand itsglobal footprint, the company is reportedly exploring options for a publiclisting in India.Recently, Mastercard unveiled a new payment passkey service,promising to secure online shopping. According to the company, this offeringwill first be piloted in India in collaboration with major payment players,including Juspay, Razorpay, and PayU. Elsewhere, Ecommpay teamed up with Mastercard last month tointegrate the Click to Pay solution across the UK and Europe. This partnershipaims to offer merchants and consumers a better payment experience by mitigatingfraud and improving transaction approval rates.Click to Pay reportedly eliminates the need for passwordsand manual card entry by utilizing user recognition, network tokenization, andglobal interoperable standards. The partnership with Ecommpay seeks to improvethe guest checkout process by allowing customers to complete purchases withoutbeing redirected or manually entering card details.This article was written by Jared Kirui at www.financemagnates.com.
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UP Fintech Holding Limited (UP Fintech, NASDAQ: TIGR) hasreleased its financial results for the second quarter ending June 30, 2024. TheCompany reported total revenue of $87.4 million, marking a significant increasefrom the previous quarter and year-over-year. Trading Volume SurgeNon-GAAP net income for the quarter was $5.2 million. Thetotal trading volume reached $105.9 billion, a substantial rise from the sameperiod last year. Net asset inflow for the first half of the year was $7billion, driving the total account balance to a new high of $38.2 billion.Commission income was $34.1 million, and interest-related income was $47.1million."In the second quarter, the company's business grewsignificantly as the market environment became more active, with revenuereaching a record high,” UP Fintech's Founder and CEO, Wu Tianhua, stated. “As of early August, the number of funded clients worldwidehas exceeded 1 million, and total client assets have continued to reach newhighs for the past three consecutive quarters, fully demonstrating thelong-term growth potential of Tiger Brokers."BREAKING NEWS Earnings Snapshot: UP Fintech reports all-time high Q2 revenue, total client assets of $38.2 billion https://t.co/xwwLbViVUX pic.twitter.com/1Eu0cG9Sgd— ZBreakingNewz (@ZBreakingNewz) August 30, 2024Performance across RegionsIn Singapore, UP Fintech introduced T+0 same-day settlementfor its "Tiger Vault" service, enhancing trading efficiency. Theaverage 7-day annualized yields for USD, HKD, and SGD money market funds were5.2%, 4.2%, and 3.6%, respectively. The TradingFront Turnkey Asset ManagementPlatform saw a 26.5% quarter-over-quarter increase in Assets Under Custody. TheCompany also partnered with Manulife to offer Variable Universal Life insurancecustody services.In Hong Kong, UP Fintech ranked fourth among IPOunderwriters, participating in IPOs for Laopu Gold, Dida, Mobvoi, and ChaPanda.The Company maintained a strong presence in the IPO market.In Australia, the Company’s Employee Stock Ownership PlanSaaS service, UponeShare, experienced significant growth, with revenueincreasing by 149.5% year-over-year and 27.9% quarter-over-quarter. UponeShareadded 22 new enterprise clients, bringing the total to 579. Additionally, theTiger Enterprise Account service added 14 new companies, increasing its totalclient base to 442.This article was written by Tareq Sikder at www.financemagnates.com.
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Dukascopy, a Geneva-headquartered retail forex and contracts for differences (CFDs) broker, has released its financials for the first six months of 2024, revealing a significant drop in its consolidated income from trading activities. The income fell to CHF 5.14 million, a 46.5 percent decline from CHF 9.61 million in 2023. The broker's net profit also plummeted by 81.7 percent to CHF 80,815.A Significant Drop in Income and ProfitThe standalone trading income also dropped to CHF 4.88 million, compared to CHF 9.23 million in the corresponding period in 2023, marking a decline of 47.1 percent. These figures follow a 33 percent annual decline in trading income for the Swiss online broker in 2023.However, Dukascopy benefited from higher interest rates, generating CHF 1.34 million from interest income, almost double the amount year-over-year. It also earned a net CHF 629,781 from other commission businesses and services.The decline in income significantly impacted the broker's half-yearly consolidated net profits, which fell to CHF 80,815 from CHF 438,851 in the corresponding period of 2023. Standalone profits for the period came in at CHF 19,784.A Sharp Correction from the PeakAs Finance Magnates reported earlier, Dukascopy's net profit in 2023 was CHF 1.3 million, significantly lower than the previous year's record of CHF 6.4 million. At that time, the company noted that this figure was achieved despite "unfavourable changes in the market environment."Despite the income drop, the brokerage only managed to reduce its consolidated costs marginally, incurring a total operating expense of CHF 9.96 million, slightly lower than H1 2023’s CHF 10.01 million.Interestingly, Dukascopy strengthened its balance sheet during this period. The value of its total assets increased to CHF 218.4 million at the end of June 2024, up from CHF 202.39 million at the end of June 2023.Meanwhile, the Swiss broker continues to enhance its products and services. Last June, it added access to Italian stocks and indices on its trading platform and integrated the MetaTrader 5. The broker is also attempting to capitalize on the bankruptcy of its local competitor, FlowBank, by attracting their stressed clients.This article was written by Arnab Shome at www.financemagnates.com.
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The Financial Achievements in Markets Excellency awards (FAME) ceremony took place yesterday in Sydney, Australia, drawing plenty of noteworthy brands and participants. These awards have quickly established themselves as a standard for achievment in the financial services space, bestowing key titles to outperformers in the industry.Many of the industry’s elite brands attended the FAME ceremony, following at the conclusion of the Finance Magnates Pacific Summit FMPS at the International Convention Centre. A total of eleven awards were given out, covering several some sought after titles and bragging rights in Australia in 2024.FAME – Setting a New Standard for Excellence in Australia Given the concentration of talent in Australia, it comes as no surprise that the FAME awards have made themselves into a household name in the Asia-Pacific (APAC) region. As the financial services space continues to adjust and grow, many traders, partners, and brands look to these awards as a stamp of approval and an example of who to do business with.Indeed, the Australian retail trading market has experienced remarkable growth and transformation over the past few decades. Once dominated by institutional investors, the market has increasingly opened up to the retail space, thanks to advancements in technology, regulatory changes, and a growing appetite for financial independence.Each of the winners of these FAME awards have shown a penchant for excellence in the financial markets in Australia. These companies have also demonstrated unparalleled leadership, innovation, and a staunch commitment in their respective industries. Perhaps most importantly, these awards are a signal to everyone that these companies are the most reputable for both trading and business.This year’s winners include the following brands:Best Forex CFD Broker: Australia – AC CapitalBest Trading Tools: Australia – MitradeBest Multi-Asset Broker: Australia – ATFX ConnectBest Trading Experience: Australia – FP MarketsBest Forex Spreads: Australia – FP MarketsBest IB/Affiliate Program: Australia – Decode GlobalBest Customer Service: Australia – TradingProBest ECN/STP Broker: Australia – Bold PrimeMost Trusted Broker: Australia – AetosMost Innovative Broker: Australia – FxViewMost Reliable Broker: Australia – AxiThis article was written by Finance Magnates Staff at www.financemagnates.com.
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NAGA Group has successfully completed its merger withKey Way Group, the parent company of CAPEX.com. This merger, which received allnecessary regulatory approvals within six weeks, aims to enhance NAGA’s globalfootprint and drive cost efficiency, EQS News reported. Expanding User Base The merger has positioned NAGA Group as one of thenotable neo-brokers globally, with approximately 1.5 million users spanningover 100 countries. The integration of CAPEX.com’s user base into NAGA’secosystem is expected to introduce users to a range of features and services,setting the NAGA SuperApp apart from competitors.NAGA’s strategy includes leveraging common technologyacross the entire group to streamline operations and reduce costs. The groupanticipates cost savings of up to EUR 9 million per year, a figure that hadpreviously been projected at USD 10 million. The immediate focus will be onharnessing synergies in technology, regulatory processes, and customeracquisition efforts.Commenting on the merger, Octavian Patrascu, CEO ofThe NAGA Group, expressed enthusiasm about the opportunities ahead. “I’mthrilled about the successful merger and the new opportunities it brings. We’veexecuted this as planned, setting the stage to focus on synergies and drivegrowth,” said Patrascu. He emphasized the importance of maintaining NAGA’sinnovative spirit while embracing the efficiencies of a more structuredorganization.User Migration to NAGAThe migration of CAPEX.com’s existing users to theNAGA platform is scheduled to begin in the coming days. This transition willprovide CAPEX users with access to NAGA’s extensive offerings, including socialtrading, neo-banking, and cryptocurrency trading, significantly enhancing theuser experience. The positive impact of these synergies is expected togenerate an EBITDA effect of around EUR 4 million annually.Last month, the required regulatory approvals were granted for the merger of NAGA Group and CAPEX.com. The deal, involvingCAPEX.com, operated by Key Way Group, was initially announced in 2023. In April, the proposed transaction was approved by theshareholders of the publicly listed NAGA. The approval came despite a notablerevenue decline, a net loss, and 40% staff cuts last year, the supervisoryboard of the publicly listed NAGA Group AG (XETR: N4G). NAGA’s revenues declined 32% from €57.6 millionannounced in 2022 to €39.7 million in 2023. The financial results significantlydeclined from those reported at the beginning of this year.This article was written by Jared Kirui at www.financemagnates.com.
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LiteFinance has entered a multi-year partnership withLeicester City Football Club as their Official Trading Partner. This marks akey moment for LiteFinance as it expands its brand into sports.Founded in 2005, LiteFinance offers trading services in 29international languages. It provides access to a range of trading instrumentsincluding currencies, commodities, stocks, and agricultural products.Leicester City Collaboration HighlightsThe partnership with Leicester City aims to increaseLiteFinance's visibility and reach. By aligning with one of England’s prominentfootball clubs, LiteFinance seeks to introduce its trading solutions to alarger audience.Leicester City Commercial Director, Dan Barnett, said: “Thiscollaboration marks an exciting chapter for us as we continue to expand ourglobal reach with new partners.”“We look forward to working closely with LiteFinance tofurther elevate the Club's presence on the international stage in uniqueways."Meanwhile, LiteFinancehas integrated the cTrader platform into its trading software, nowavailable on desktop, web, and mobile, as reported by Finance Magnates. This updateincludes full compatibility with LiteFinance’s ECN account, offering advancedtrading features. cTrader, known for its intuitive interface and robustanalysis tools, supports STP (straight-through processing) to ensuretransparency and minimize delays. The platform aims to enhance tradingperformance with its comprehensive suite of tools.Leicester City Confirms LiteFinance as Official Trading Partner https://t.co/wHCpeqPATb pic.twitter.com/kVTmUp6wPm— LiteFinance Official (@litefinanceeng) August 29, 2024Engaging Global AudienceLeicester City has a strong global following, especially inSoutheast Asia, where it has a significant social media presence. Thecollaboration is expected to engage new audiences and offer enhancedexperiences for both Leicester City fans and LiteFinance clients.LiteFinance Chief Executive, Kristina Leonova, added: “Weare excited to embark on this journey with Leicester City, a partnership thatreflects our mutual commitment to excellence and innovation. “It will allow us to connect with new audiences and createimpactful experiences, while working to deliver on our promises and set newstandards of success.”This article was written by Tareq Sikder at www.financemagnates.com.
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Crypto.com announced the launch of its global retailservices. These services will allow retail users of the Crypto.com App in over90 countries to deposit and withdraw funds more easily. The company claims that this move will improve theefficiency and utility of users' cryptocurrency transactions.Dubai Drives Crypto ExpansionThe global retail services will be managed from Crypto.com'sregional hub in Dubai. Standard Chartered will support the expansion. Theregulatory framework established by Dubai's Virtual Assets Regulatory Authority is intended to provide a secure environment for the growth of digitalassets.“Working with Standard Chartered to launch our global retailservices is a huge milestone for us," said Eric Anziani, President and COO of Crypto.com."Not only is it a significant step forwardin our global expansion plans, but also enables our commitment to delivering aworld-class customer experience whilst maintaining the highest levels ofsecurity and compliance,” ✅ First to offer seamless USD, EUR and AED deposit and withdrawal in over 90 countries.We’re excited to announce the launch of global retail services to our millions of users worldwide, powered by Standard Chartered Bank from our Dubai hub.Learn more:https://t.co/mv5kgfi8QU pic.twitter.com/gOgc4qXaBE— Crypto.com (@cryptocom) August 29, 2024Global Crypto ExpansionThe service will first be available next month to customersin the UAE. Users in the region will be able to access Crypto.com's productsand services through the app. This includes the ability to trade over 250cryptocurrencies. Crypto.com plans to expand the service to other countries inthe future. The company aims to offer the same services and financialinfrastructure for deposits and withdrawals to a global audience.Rola Abu Manneh, Chief Executive Officer, UAE, Middle East and Pakistan for Standard Chartered, added: “Thiscollaboration closely aligns with the UAE’s National Agenda which emphasisesinnovation, economic diversification, and the growth of a knowledge-basedeconomy.”“By providing cutting edge solutions that meet the evolvingneeds of customers across the UAE and beyond, we are contributing to the UAE’svision of becoming a regional and international hub for digital assets.”This article was written by Tareq Sikder at www.financemagnates.com.
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For industry professionals, there’s no better place for networking and engagement than the upcoming Finance Magnates London Summit (FMLS). Returning for its 13th year, FMLS:24 will take place on November 18-20 at Old Billingsgate, shaping up as the must-attend event of the Fall. As one of the most significant events in the global finance calendar and an annual tradition, London Summit offers unparalleled opportunities for connecting, learning, and discovering the latest trends and innovations shaping the industry moving forward.This professional event has established itself as an industry standard for leading talent, big names, and quality. Each year, London Summit has managed to bring together the brightest minds and most influential figures in the finance industry. This year will be no exception, drawing brands and individuals from the online trading, crypto, fintech, and payments verticals.Such a diverse and high-caliber attendee list is one thing that makes FMLS a truly unique event. In addition, attendees have come to expect and take advantage of unparalleled opportunities to network with industry leaders, exchange ideas, and build valuable relationships. Whether you’re looking to connect with potential clients, partners, or thought leaders, London Summit a platform to expand your professional network in a meaningful way. November will be here before you know it. FMLS:24 is already offering exclusive Early Bird prices for attendees for a limited time only. Reserve your seat today to this Fall’s biggest event.Explore Unique Opportunities and Benefits at London Summit 2024One of the most attractive elements of FMLS is its comprehensive agenda, packed with insightful panels, keynote speeches, and workshops. The summit covers a wide range of topics relevant to today’s finance professionals. Expert speakers from around the world will be sharing their knowledge and insights on the latest market trends, regulatory developments, and technological advancements. Whether you’re interested in the future of decentralized finance, the impact of AI on trading, or the current regulatory field, FMLS offers a deep dive into the most pressing issues facing the industry.Stay tuned over the next month as the full-length agenda takes shape. For now, prospective attendees can explore some sessions on offer, with the leading minds poised to speak face-to-face with participants. FMLS:24 is aiming for a record attendance, with upwards of 150 speakers, 120 exhibitors, and over 3,500 attendees on site. FMLS:24 Awards Nominations UnderwayEvery London Summit is capped off by the annual awards ceremony, where registered attendees have the chance to vote directly on the industry’s most prestigious accolades. Nominations for these prestigious honors are currently underway. To make your voice heard or cast your nomination, access the following link.All participants are encouraged to head over to the nominations page, where you can login and begin the process that is easier than ever. All registered users are eligible to nominate any brand they wish for each category, with upwards of 27 different awards up for grabs. These awards cover the top performers in the institutional space across the aforementioned four verticals. Join the conversation surrounding London Summit today!This article was written by Jeff Patterson at www.financemagnates.com.
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PayPal has expanded its partnership with Fiserv toenhance the checkout experience for businesses across the US. Thiscollaboration, which has spanned over a decade, aims to streamline how Fiserv'smerchant clients can integrate PayPal's payment solutions.Merchant Payment ProcessesPayPal and Fiserv have worked closely for over tenyears, delivering a range of payment processing, payout, and e-commerceservices to millions of merchants worldwide. According to the official statement, the latestexpansion of their partnership focuses on simplifying the process for Fiserv'smerchant clients to offer PayPal and Venmo as payment options, enhancing theoverall customer experience. By providing a connection to Fastlane, thispartnership aims to accelerate guest checkout flows, particularly in the USmarket. Fastlane, powered by PayPal's extensive payment expertise, is designedto optimize the guest checkout process, allowing users to complete theirpurchases in just one click. The integration of Fastlane into Fiserv's ecosystem isa game-changer for merchants. Guest shoppers using Fastlane convert more than 80% of the time and achieve up to 50% higher conversion ratescompared to standard checkout processes. Moreover, Fastlane reduces the time taken to completea transaction by 32%, offering a quicker and more efficient shoppingexperience. As PayPal and Fiserv continue to collaborate, the focus remains ondriving customer-centric innovation and simplifying the checkout experience formillions of businesses and their customers. Integrating FastlaneThis partnership aims to enhance commerce in the US by making transactions faster, simpler, and more efficient for everyone involved by integrating Fastlane and streamlining the process for merchants to enable PayPal and Venmo.With this strategic expansion, PayPal and Fiserv arenot just enhancing their offerings; they are setting a new standard for thefuture of e-commerce, ensuring that merchants can provide their customers withthe best possible checkout experience.Recently, PayPal expanded its partnership with Adyen,a financial technology platform. The agreement allows Adyen to integrateFastlane by PayPal into its services for enterprise and marketplace customersin the US. According to the duo, there are also plans to extend this offeringto other regions in the future.Additionally, MoonPay partnered with PayPal in May tointroduce a crypto purchasing option for US users. This offering enablesusers to use PayPal for transactions via wallet transfers, bank transfers, anddebit cards. This article was written by Jared Kirui at www.financemagnates.com.
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We at B2BROKER are excited to announce the full integration of our advanced investment platform, B2COPY, with Spotware’s cTrader, the premium and first Open Trading Platform™. This integration allows brokers and traders on cTrader to leverage both platforms’ cutting-edge features, providing an enhanced and more efficient copy trading experience.Unique Features of B2COPY for cTraderB2COPY is the first solution to offer an institutional-grade copier for cTrader that works directly with cTrader accounts. Additionally, B2COPY introduces the first-ever PAMM (Percent Allocation Management Module) for cTrader. The MAM(Multi-Account Manager) solution from B2COPY distinguishes itself by offering institutional-level services, including automated processing of fee payments, seamless integration with IB modules, and extensive risk management features.B2COPY AdvantageThe new integration of cTrader with B2COPY offers several enhanced features:● Trading Flexibility – B2COPY on cTrader allows investors to trade on their accounts, close copied positions, and detach their positions from the master’s positions.● Flexible Fee Settings – Masters can change fee plans, create promotional offers for clients, and set different fee settings for different clients.● Multiple Allocation Methods – B2COPY on cTrader supports various allocation methods, including proportionally by equity, balance, and fixed lot allocation.● Advanced Copying Features – Features such as pausing and reversing copying, customising user nicknames and avatars, and changing strategy names are available in B2COPY on cTrader.● User-Friendly Integrations – B2COPY on cTrader is seamlessly integrated with B2CORE CRM and can be integrated with other proprietary CRMs. This removes the need to go to the trading platform.● Website Widgets – B2COPY on cTrader provides widgets for website integration, including leaderboards and individual statistics pages, which increases user engagement and transparency.Why cTrader?cTrader is a premium multi-asset FX/CFD trading platform renowned for its robust and comprehensive ecosystem, catering to the diverse needs of Brokers, Prop Firms, IBs, and Traders.● cTrader offers seamless integration with third-party services through its multiple APIs. Even developing custom applications connected to the cTrader backend is incredibly simple with the Open API.● Plugins provide brokers & props with extensive opportunities to customise the cTrader UI and incorporate bespoke elements.● Brokers & props receive cTrader as an out-of-the-box cloud solution hosted by Spotware on world-class infrastructure. ● cBroker, a powerful and flexible management system that unlocks unlimited possibilities for brokers & props, is included in the cTrader suite.● Brokers & props can confidently build a competitive edge and enhance their reputation with cTrader, the fastest-growing FX/CFD platform.cTrader stands out across the trading community due to its exceptional features, including:● Advanced order types and sophisticated protections ● Rich charting and technical analysis tools● Level II pricing and execution with ultra-low latency● Effortless entry into algo and social trading● Stunning UI and user-centric design● Availability across all popular platforms: web, desktop, macOS, iOS and Android. IBs prefer cTrader as the ultimate solution to grow their referral base with:● cTrader Invite - an all-in-one toolkit designed to help partners attract new traders with appealing cTrader products and effectively convert them into referrals.● cTrader Copy - a full-scale social trading platform featuring hundreds of successful strategies that encourage new users to engage in live trading.● cTrader Algo - an automated trading solution that enables easy development of algorithms and supports free 24/7 cloud execution of cBots across all cTrader apps.● Other partner tools include signal links for sharing trading opportunities, Chart Streams for sharing technical analysis, shared access for money managers and more."With this integration with…
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Quentin Miller has left LMAX Group after about seven years to join iSAM Securities as the Head of Institutional Sales for the Asia Pacific region. He will be based in the group company's Hong Kong offices.A Push for GrowthThe appointment came only a day after the company promoted Barry Flanigan to Head of Asia Pacific. Both appointments were strategic moves for the company, which is pushing its growth in the APAC region.In the new role, Miller will drive the company's sales strategy to align with its long-term vision. He will also ensure sustainable revenue growth and capitalize on new opportunities in the region.“With a strong technical background and extensive experience in our sector, he is well-equipped to grow and support our increasingly sophisticated client base,” said Flanigan.A Seasoned ExecutiveMiller is a well-known financial services executive, gathering most of his experience in Asia. His latest role was at the Singapore offices of LMAX Group, where he joined in early 2018 as the Director of APAC. There, he was in charge of developing the company’s business in Asia, building a team, and shaping the sales strategy for FX and digital assets.Before LMAX, he was an Executive Director at the Singapore offices of Standard Chartered Bank. His prominent roles include being the VP at the Singapore branch of Commerzbank, a role he held for two years. He started his career as an Analyst in Credit Derivatives at JPMorgan and then moved to the Royal Bank of Scotland as a Trader Quant in FX Algorithmic Trading.iSAM Securities is an algorithmic trading firm and an electronic market maker, providing liquidity, technology, and prime services to institutional clients and trading venues. The brand is regulated in the United Kingdom, the United States, the Cayman Islands, and Hong Kong.Commenting on his new appointment, Miller said: “The brand boasts strong values based on integrity and innovation as well as market-leading technology and unique products which add significant value to clients.”This article was written by Arnab Shome at www.financemagnates.com.
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Taurex, a global leader in the FX and CFD trading industry, is pleased to announce the appointment of two highly experienced executives, James Watts and Tim Rudland, to its senior leadership team. These senior hires underscore Taurex’s commitment to enhancing its market position, driving innovation, and solidifying its presence in key global markets. James Watts Joins Taurex as Commercial DirectorJames Watts, a veteran in the FX and CFD industry, has been appointed as the new Commercial Director at Taurex. With a career spanning over 16 years, James has earned a distinguished reputation for his exceptional leadership and expertise in sales, business development, and commercial strategy. His previous roles include senior positions at renowned trading and finance firms such as IronFX, London Capital Group (LCG), Multibank Group, and Alpari UK, where he played pivotal roles in driving revenue growth and expanding market share. His most recent position was as Senior Executive Officer at Evalect Group, where he oversaw key commercial activities and contributed to the firm’s expansion in the MENA region. At Taurex, Watts will be tasked with spearheading the company’s commercial operations, focusing on accelerating growth in the MENA region and other strategic markets. He will also play a critical role in enhancing Taurex’s client acquisition strategies, leveraging his extensive network and deep industry knowledge to forge new partnerships and strengthen existing relationships. Commenting on his new position, Watts noted: “I am thrilled to join Taurex as the new Commercial Director at their Dubai office. Taurex boasts a robust foundation in global regulation, competitive pricing, proprietary technology, and a team of exceptionally talented professionals. I look forward to building on this strong base and helping Taurex advance as a global leader in online trading. The future is indeed bright!” Tim Rudland Appointed as Chief Revenue OfficerTaurex is equally excited to welcome Tim Rudland as Chief Revenue Officer, a key role that will ensure the company aligns its revenue generating strategies as it continues to expand. Tim brings nearly two decades of experience in the FX and CFD industry, having held senior roles in risk management, trading, liquidity and institutional sales at some of the most respected firms in the sector, including Multibank, Liquidity.net, FXCM Pro, GKFX, and Alpari UK. His career has been marked by his ability to navigate complex financial markets and implement frameworks that protect the interests of firms and their clients. His tenure at Multibank saw him take the senior position of Chief Risk Officer, where he was instrumental in managing the company's risk framework. As Chief Revenue Officer at Taurex, he will be responsible for overseeing the company’s global revenue management strategy, ensuring that it not only meets but exceeds industry standards. His role will involve close collaboration with other members of the executive team to align revenue management strategies with the company’s growth objectives, ensuring that Taurex continues to operate with integrity and resilience in an increasingly complex regulatory environment. Rudland shared his thoughts on his new role, stating: “It’s a pleasure to be welcomed into the Taurex family. Nick and the team have built a great brand and infrastructure over the last few years, so now is an exciting time to join and I hope that I can use my experience to help with the next growth phase of the company.” A Strategic Move for TaurexThese appointments come at a pivotal time for Taurex, which has seen significant growth and transformation since its rebranding from Zenfinex in September of last year. The addition of James Watts and Tim Rudland to the executive team reflects Taurex’s strategic focus on driving sustainable growth while maintaining the highest standards of operational excellence. Nick Cooke, CEO of Taurex, commented on the new hires: “We are thrilled to welcome James and Tim to the Taurex family. Their…
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Apex TraderFunding, a prop trading firm that has allegedly been struggling with timelypayouts to its clients in recent months, has introduced new solutions aimed atstreamlining and accelerating the entire process. However,voices have emerged suggesting that the prop firm has begun requiringsignificant effort from clients, potentially infringing on the privacy of theirstrategies and themselves.Apex Aims to Speed Up FundPayouts, but Clients Are UnsatisfiedIn a videoupdate released this week, Apex Trader Funding addresses the issue of delayedpayouts. Darrell Martin, CEO and founder of the prop firm, states that newsecurity and fraud detection systems are in their "final touches,"aiming to improve the existing process of realizing payments for profitabletraders."We'reworking to get payment approvals processed within 48 hours or less when thoserequests come in. We aim to get those approved and out in just a few businessdays for those payments to hit back to traders. We're working on speeding thatup even more," Martin commented in the YouTube video.Companyclients claim that shortly after the announcement about speeding up the payoutprocess, they began receiving mass requests for video recordings of theirtransactions.🚨 Apex mass requests video recordings hours after releasing video about speeding up payout approval process.10s of millions in payouts impacted over the last 3 months.++++Apex Updates the ProcessVows to speed up the payout process and to improve detection of rule… pic.twitter.com/Rs94ytReEX— FundTraders (@FundTraders) August 29, 2024Such a model may not be appealing to clients. This is especially true given that the latest PipFarm survey showed that retail traders in prop trading firms are primarily looking for clear rules (79%) and fast payouts (75%). Low prices or high-profit share percentages proved to be significantly less important. 2 Days of Screen andSelf-RecordingCommentsunder FundTraders' post on X (formerly Twitter) seem to confirm reports on a mass request for video recordings. A user named Brad Roads stated, "I just received a video proof request at 7 PM two days before when payout is supposed to happen. This video proof requires 'Two Trading Days' to be recorded. Bro, I don't have time for this."YouTubeuser comments suggested that Apex allegedly requires footage from a camera aimed at the trader in addition to recording transactions and monitor screens."Theywant me to outline my whole trading strat and record myself for 2 days with awebcam facing myself and monitors at the same time as well as recording myscreen, they also want me to give them a written statement about everything.Bloody horror show!" commented a user named @muathmuath8450.Traders areconcerned on one hand that this may infringe on their privacy, and on theother, that it will expose their own investment strategies to the company,giving it full insight into the decision-making process.FinanceMagnates reached out to the company for comment on this matter but had notreceived a response at the time of publication.The Achilles' Heel of theIndustryApex is notthe only company in the prop trading industry allegedly struggling with timelypayments to its traders. This is a common issue for many other prop firms, withThe Funded Trader being one of the most recent examples. The company has beenbehind on payments for months, and according to the latest information, it hasmanaged to process 30% of outstanding payments for traders and 55% foraffiliates.Accordingto Michael Bernan, a guest author at Finance Magnates, prop firms havebecome victims of their own success."Assoon as there are not enough new traders entering the system to cover thepayouts of the winners, the firm becomes technically insolvent and unable topay fees," he commented.He addsthat the demand for cheap capital to trade with a high payout is insatiable.Companies try to defend their liquidity by blocking profit withdrawals, citingviolations of trading rules that are often unclear, hidden, or created on thego."Inessence, the business models…
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Saxo Bank Reports 35% Profit Increase for H1 amid RestructuringTopping this week's headlines, Saxo Bank Group released its financial results for the first half of 2024. The bank reported an adjusted net profit of EUR 68 million, a 35% increase compared to EUR 50 million in the same period last year. In 2024, Saxo Bank introduced a new pricing structure aimed at reducing client costs and focused on improving the overall client experience. These changes contributed to a record number of clients and client assets. By the end of June 2024, Saxo Bank had over 1.2 million clients and EUR 109 billion in client assets. The Saxo Bank Group also initiated a restructuring of its distribution model in the Asia-Pacific region.Dukascopy Endures a Harsh H1 2024: Income and Profit NosediveDukascopy, Geneva-headquartered retail forex and contracts for differences (CFDs) broker released its financials for the first six months of 2024, revealing a significant drop in its consolidated income from trading activities. It fell to CHF 5.14 million, a 46.5 percent decline from CHF 9.61 million generated in the corresponding period in 2023. The broker's net profit also plummeted by 81.7 percent to CHF 80,815. The standalone trading income also dropped to CHF 4.88 million, compared to CHF 9.23 million in the corresponding period in 2023, marking a decline of 47.1 percent. These figures follow a 33 percent annual decline in trading income for the Swiss online broker in 2023. However, Dukascopy benefited from higher interest rates, generating CHF 1.34 million from interest income, almost double the amount year-over-year.TRADE.com UK Reports 60% Profit Growth in 2023Still on financial performance, last year, TRADE.com in the UK achieved higher revenue and profit and increased the value of its assets compared to the previous year. Trade Capital UK Ltd (TCUK), the operator of the FX/CFD broker, earned almost 60% more than in 2022. According to the 2023 report published in the UK Companies House, the FCA-licensed company TCUK achieved revenue of £892,377 in 2023, compared to £759,240 in 2022, representing an 18% increase. While maintaining nearly unchanged direct expenses and reducing administration expenses, this helped more than double the operating profit, which jumped from £154,569 to £306,411. This also translated into a nearly 60% higher net profit, growing from £140,694 to £218,325 in 2023. The company also reported information about its total assets, which increased to almost £700,000 compared to the previous year.Valutrades' Revenue Plummets Nearly 80% in a “Challenging Year”London-based broker Valutrades published its 2023 results for its FCA-regulated business. A turnover more than four times smaller than the previous year resulted in a significant operating loss and a net loss of nearly £4 million. According to Valutrades Limited's financial report filed with Companies House, the company's revenue in 2023 stood at £1.5 million, falling by almost 80% from the £6.5 million reported the previous year. The company's sales costs decreased by 34%, but not enough to maintain profitability. The operating profit of £552,000 from 2022 was wiped out, resulting in a loss of £3.7 million. The final net loss in 2023 amounted to £3.8 million.Advanced Markets’ UK Profits Slipped 69% despite Revenue SurgeAdvanced Markets (UK) Limited, the FCA-regulated subsidiary of the broader Advanced Markets Group, ended 2023 with a turnover of $2.26 million and a net profit of $114,635. Although the turnover for the year increased by about 6.8 percent from 2022’s $2.12 million, the net profit declined by 69.3 percent year-over-year.The company provides institutional foreign exchange liquidity and prime-of-prime services to the forex and contracts for differences (CFDs) trading industry. The Group is headquartered in the United States and operates globally with a presence in several jurisdictions.Tickmill Sets New Trading Volume Record in MENA, Surpassing $135 BillionThe first half of 2024 proved exceptionally strong for Tickmill…
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Good UX, good tokenomics, and good tech are all important. But these properties are worthless if there isn’t an even more precious attribute powering it all – liquidity. Exchanges, networks, and dapps live or die by liquidity. It is to traders what water is to humans. When liquidity runs dry, ecosystems start to wilt. No wonder that crypto builders devote so much resources to deepening liquidity.Whether it’s aping the latest memecoin on your favorite DEX or trading perps on a centralized orderbook, there needs to be sufficient liquidity to enter and exit positions at the desired price. Otherwise, you’re throwing money away with every trade you place.Of course, it’s one thing to appreciate the value of liquidity as the foundation for everything crypto is built on. It’s quite another to attain and maintain it, particularly on decentralized networks. Thanks to recent innovations, however, onchain liquidity has improved significantly, driven by hybrid solutions that combine CeFi and DeFi.The Constant Quest for Deeper LiquidityOptimizing liquidity isn’t just about reducing slippage, important as this is. Liquidity also contributes to price stability since in highly liquid markets assets will be less volatile because large trades can occur without drastically affecting the price. In illiquid markets, such as new tokens launched on DEXs, the price can yo-yo, with even moderate sized orders making an impact.This impacts everyone from the next trader waiting in line, whose order may be executed at a different price to that quoted a moment earlier, to liquidity providers who can be affected by impermanent loss. On centralized exchanges, such stability is also desirable for attracting institutional investors and building trust in the market, as professional trading firms are only drawn to liquid assets.CEXs typically use an order book system, with the exchange matching buy and sell orders to facilitate trades. Liquidity on centralized platforms is often managed by market makers who continuously offer to buy and sell assets at different prices. These market makers profit from the spread between buy and sell orders and play a vital role in ensuring there is always liquidity available.Market makers are also utilized in DeFi, but the majority of liquidity comes from retail users, especially whales (HNWIs). In return for pooling liquidity, users earn a portion of the trading fees generated by the platform, incentivizing a liquid market. Effective as this model is, the proliferation of DEXs, AMMs, L1s, and L2s has caused liquidity fragmentation. There might be billions of dollars in DeFi liquidity, but it’s scattered everywhere. To solve this problem, DeFi developers have had to get creative.Liquidity Layers and Hybrid SolutionsDeFi devs have tried a number of approaches to solving the liquidity challenge, leveraging variants of the following solutions:Liquidity aggregators: Services that combine liquidity from multiple DEXs, allowing traders on a particular network to obtain the best possible price. Aggregators are limited by available onchain liquidity however.Liquidity layers: These seek to draw liquidity from multiple chains and protocols and can be thought of as an enhanced DEX aggregator that can access more sources.Hybrid solutions: Can derive liquidity from both centralized and decentralized sources, allowing a greater spectrum of crypto liquidity to be provisioned onchain.To visualize how this works in practice, let’s consider a couple of working solutions. One of the best known liquidity protocols is Orbs, whose L3 aggregates liquidity and is capable of merging CeFi and DeFi sources. This allows DEXs to offer liquidity that can match that available on centralized order books. As a result, traders can enjoy the non-custodial benefits of an onchain environment coupled with the liquidity synonymous with a CEX.Orbs’ Liquidity Hub forms the optimization layer that allows DEXs to access external sources such as CEXs, and is complemented by a similar solution, known as Perpetual Hub, for…
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In the first half of 2024, Admirals Group AS reportedincreased trading revenues and positive EBITDA despite low market volatility.The Group’s net trading income rose by 4% to EUR 22.0 million, up from EUR 21.1million in the same period of 2023.EBITDA Turns PositiveOperating expenses for the Group decreased by 9%, totallingEUR 22.9 million compared to EUR 25.2 million in the previous year. EBITDAreached EUR 0.4 million, a turnaround from a loss of EUR 2.9 million in thefirst half of 2023. The Group’s net loss improved to EUR 1.2 million, comparedto EUR 4.8 million in the previous year.Earlier, Admirals launched an analytical research terminal for the MetaTrader 4 andMetaTrader 5 platforms, as reported by Finance Magnates. According toFinanceFeeds, this tool utilizes AI-driven analytics to deliver marketinsights, helping traders make informed decisions.The terminal includes various features such as a corporatecalendar, economic calendar, NewsIQ, and integration with Dow Jones. Itconsolidates news articles, data, and insights to provide a centralizedplatform for traders to stay informed about market developments.Regulatory Changes in ProgressIn April 2024, Admirals voluntarily suspended the onboardingof new customers for Admirals Europe Ltd. This decision is related to thecompany’s efforts to align with recommendations from the Cyprus Securities andExchange Commission (CySEC) and affects only its operations in EU countries.Admirals is working to implement the required changes tomeet regulatory standards. The company is collaborating with CySEC to resumeattracting new clients in the EU and to strengthen its market position as acompliant entity.Meanwhile, the UK's FinancialConduct Authority (FCA) has warned about a fraudulent firm impersonatingAdmiral Markets UK Ltd. The cloned entity, operating under the nameadmrlmrkts.co, uses the legitimate firm's details to deceive individuals. TheFCA notes that this clone scam involves using similar contact information toconfuse potential investors.This article was written by Tareq Sikder at www.financemagnates.com.
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Finalto is all about strategic partnerships. And you don’t get more strategic than this. Finalto are very proud sponsors of the financial services event of the year – or at least the week – the FT Alphaville pub quiz. After a summer hiatus, the geekiest quiz in the City of London makes a triumphant return on Thursday, 26 September.The quiz is run by the team at FT Alphaville, the must-read Financial Times markets commentary blog.According to official Alphaville social media channels, the quiz is open to “financial nerds, legal geeks, economist dorks etc”. If that describes you, your friends, and/or your colleagues (and if you’ve read this far, it probably does), then we recommend following Alphaville’s social channels ASAP to maximise your chances of getting a seat at the quiz table. Demand is always high, and space is limited.You can find detailed quiz rules, regulations and best practice (and, critically, the menu) by following this link to the FT Alphaville quiz page.And when you’re back in the office celebrating your victory or plotting your revenge, be sure to get in touch to learn more about how Finalto’s award-winning services and technology can support your business. This article was written by FM Contributors at www.financemagnates.com.
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The net profit of Compagnie Financière Tradition (SWX: CFT), an inter-dealer broker and operator of a Japanese retail forex trading platform, for the first six months of 2024 reached CHF 60 million, a year-over-year increase of 17.6 percent at the current exchange rate and 24.5 percent at the constant exchange rate.Solid Six MonthsThe company’s consolidated revenue for the six months was CHF 537.1 million, reflecting a yearly increase of 4.6 percent and 9.2 percent, respectively, on current and constant exchange rates. It generated CHF 271.5 million in the second quarter of the year, while CHF 265.6 million came in from the first three months.“Compagnie Financière Tradition continued to grow at a solid pace throughout the first half, maintaining the momentum of last year,” the official announcement today (Friday) added. “Activity levels were up in all regions and across most asset classes during the period, largely driven by the Group's organic growth policy.”Both Businesses Received a BoostThe combined revenue from its joint ventures was CHF 577 million, compared to CHF 552.4 million in the corresponding quarter of the previous year. Revenue from the inter-dealer broking (IDB) business jumped 9.4 percent at constant exchange rates to CHF 560.3 million, while the online forex trading business for retail investors in Japan (non-IDB) brought in CHF 16.7 million, which is 4.9 percent higher.Furthermore, the group’s recognised net financial income for the six months was CHF 1.7 million, compared to a net expense of CHF 4.5 million in the previous year. It also generated a net CHF 2.6 million from interest income, which was significantly higher compared to 2023. Additionally, its net foreign gains and losses from forex fluctuations marginally impacted the latest figures, which incurred a loss of CHF 3.9 million the previous year.As for the outlook, the Group expects its third-quarter results to be in line with the first half of the year.“Compagnie Financière Tradition intends to pursue its growth strategy, primarily organic, as well as its investments in its brokerage activity in order to accelerate its digitalisation across all its operations as well as in its data and analytics activities with the support of its developed data science expertise,” the official announcement added.This article was written by Arnab Shome at www.financemagnates.com.
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Deep-pocket cryptocurrency companies are racking up sports deals, with Polkadot being the latest to become a sponsor of Club Internacional de Fútbol Miami, better known as Inter Miami. The Polkadot brand will first feature on Inter Miami’s assets starting from Saturday’s match.Another Big-Ticket Sports SponsorshipUnder the agreement, the blockchain company has gained the status of the football club’s Global Training Partner. The club's training tops will feature the Polkadot logo front and centre.“Knowing this team of global soccer superstars will soon wear the brand we love and support on their jerseys is beyond exciting,” said Chrissy Hill, CLO & interim COO of Parity Technologies, Polkadot’s leading technical contributor.Further, Polkadot will be able to promote its brand at the club’s home stadium and through its digital infrastructure, which includes social media. The official announcement detailed that the Polkadot brand will be visible throughout the interior and exterior of Florida-based Chase Stadium, which can accommodate 21,550 spectators.Moreover, any exposure on Inter Miami’s social media handles will also boost the brand of the blockchain project. The club has 17 million followers on Instagram, 6.5 million followers on Facebook, 1.2 million followers on X (formerly Twitter), and 306K subscribers on YouTube.The Resigning Popularity of 'Soccer' in the USThe popularity of football, locally called soccer, cannot be compared with the sport’s engagement in Europe or South America. However, the popularity of this sport is growing at a tremendous pace among American fans, and a massive amount of money is being invested in this particular sport.According to Nielsen data, the age of an average Major League Soccer fan, in the top domestic league, is 37.4 years, with 61 percent under 45 years of age.Inter Miami is also a big name in US football (or soccer). Former English football legend David Beckham is a partner in the club, which has also signed Lionel Messi, one of the most popular footballers today, as a player.Meanwhile, the rush for sports sponsorships in the last couple of weeks came with the commencement of the new season. Recently, the German football club BVB signed blockchain firm BlockDAG as a sponsor for $10 million, while also extending its deal with Coinbase. Gate.io also became the sponsor of Italian football giant Inter Milan.This article was written by Arnab Shome at www.financemagnates.com.
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The online trading company iFOREX has signed apartnership with the Dutch sports club PSV as the official Trading Partner ofPSV Eindhoven. According to the club's statement, this collaboration targetsthe UEFA Champions League campaign.Renewing Sports PartnershipThe online trading platform collaborated with the club from 2016 to 2018. The company's logo and interview jackets will be displayed on the lineup during all European matches. PSV Eindhov mentioned that this visibility aims tocapture the attention of millions of football fans across Europe, aligning theiFOREX brand with top-tier sportsmanship and competition.Commenting about the partnership, iFOREX's CEO ItaiSadeh mentioned: "This is the second time iFOREX and PSV have found each other,after a successful collaboration during the 2016-2018 seasons. With this newpartnership, we want to increase the brand awareness of iFOREX Europe in Europeand raise awareness of the iFOREX Group globally.""We chose to collaborate with PSV because bothteams share the values of perseverance, self-discipline, and patience, whichare necessary for success both on and off the field, especially for thosetrading in global financial markets. In addition, our unique trading platform,developed in-house, offers traders the highest level of security, which iscrucial in today's increasingly vulnerable world."Past Sports Sponsorship DealsiFOREX is a global online trading platform offering a wide spectrum of financial instruments, including currencies, commodities, and stocks. It caters to both novice and experienced traders and providesextensive educational resources and advanced trading tools. On X, PSV has more than 500,000 followers, while iFOREX has more than 170,000. In the past, iFOREX has ventured into other sportssponsorships, including a deal with the British Virgin Islands Olympic Committee. In this collaboration, the broker sponsored the Virgin Islands (UK)Olympic team on its journey to the Tokyo 2020 Olympic Games. iFOREX also published online content for the BVI Olympic Team’s journey. Elsewhere, iFOREX recently launched an AI trading assistant created to answer traders' questions. This offering on the iFOREX website aims to enhance users' trading services. It reportedly answers trading-related inquiries on the spot.This article was written by Jared Kirui at www.financemagnates.com.
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The Commodity Futures Trading Commission (CFTC) has imposeda $22 million fine on Nasdaq Futures, Inc., formerly a designated contractmarket (DCM), for significant regulatory breaches involving its incentiveprograms. According to a statement by the commission, from July 2015to July 2018, Nasdaq Futures operated as a DCM focusing on energy futurescontracts. During this period, the firm implemented an incentive program knownas the DMM program.Volume-based PaymentsWhile Nasdaq Futures publicly reported a fixed stipend formarket makers, it failed to disclose a volume-based component that influencedpayments to select participants. This component was never revealed to the CFTCor the public, as required by the Commodity Exchange Act and CFTC regulations.The CFTC's investigation uncovered that Nasdaq Futures notonly omitted crucial details about the volume-based payments but also providedfalse information when questioned. Company representatives denied the existenceof the volume-based component despite clear evidence of its role in theincentive program. This misrepresentation violated the CEA's core principlesfor DCMs, which mandate accurate disclosure and adherence to regulatoryrequirements.Commenting on the enforcement action, CFTC's Director ofEnforcement Ian McGinley said: "The CFTC's oversight regime depends uponCFTC-designated exchanges providing the CFTC and market participants accurateinformation. Nasdaq Futures, Inc.'s conduct here represents significantviolations of its duty to provide such information and several statutory CorePrinciples applicable to CFTC-designated exchanges." Further compounding the issue, Nasdaq Futures ignoredrecommendations from its regulatory service provider to address specifictrading activities and failed to document these decisions. This non-compliancewith CFTC regulations contributed to the overall penalty imposed.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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Bybit has launched a new update that waives foreignexchange fees for Mastercard holders in seven European countries. Thisservice is available for users in Poland, Bulgaria, Croatia, the CzechRepublic, Denmark, Sweden, and Hungary. Waiving FX Fees in EuropeAccording to an exchange statement, this offering aimsto enhance user experience by offering seamless, cost-effective financialsolutions. Effective immediately, Bybit Cardholders can make purchases in localcurrencies, PLN, BGN, HRK, CZK, DKK, SEK, and HUF, without incurring thestandard 0.5% FX fee. This update is particularly advantageous for frequenttravelers and those conducting business across these regions, as it eliminatesthe concern of hidden charges. The Bybit Card offers a range of features designed tomake international spending more convenient. Users can withdraw cash from anyATM worldwide that supports Mastercard, providing easy access to funds nomatter where they are. Additionally, the card offers both virtual andphysical options, compatible with Apple Pay and Google Pay, allowing users tomake on-the-go payments effortlessly. Beyond fee-free spending, Bybit Cardholders can alsobenefit from a generous rewards program. The card reportedly offers a baseline 2% cashbackon all purchases, with VIP members enjoying cashback rates of up to 10%. Bybit Expands PresenceEstablished in 2018, Bybit has quickly grown to becomea major player in the cryptocurrency exchange space, serving over 40 millionusers globally. The company also sponsors Formula One’s Oracle Red Bull Racingteam, further solidifying its presence in the global market.Recently, Bybit recently unveiled a new program tooffer financial protection to users affected by fraudulent activities on theexchange. Dubbed Bybit P2P Shield, the new service offersfinancial compensation to eligible users who experience fraud duringtransactions. The initial rollout is reportedly limited to specific regions,with plans to extend this coverage globally. Besides that, Bybit also disclosed the expansion into Latin America. The exchange is registered as a Virtual Asset Service Providerand card operator in Argentina. This initiative reportedly made Bybit one ofthe first to offer a full range of digital asset services in Argentina. Argentina's recent rollout of the VASP registry markeda step forward in regulating the crypto space. Bybit's registration highlightedits intention to follow local regulations.This article was written by Jared Kirui at www.financemagnates.com.
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HFM, a global online trading company and brand name of HF Markets Group along with HF Markets, continues to support traders worldwide by expanding its educational offerings. Through in-person seminars in key cities and online webinar series, HFM aims to deliver the latest trading knowledge and market strategies to both emerging and established markets.“We are excited to bring our educational resources to traders all over the world,” the HFM spokesperson remarked. “Our seminars and webinars are designed to be easy to follow and informative, giving traders the practical skills they need to succeed. Whether attending in-person or joining us online, traders can expect to learn from industry experts who are dedicated to helping them master the markets.” Accessible and Flexible Education for All TradersHFM’s seminars are a key part of this educational expansion, held in major cities worldwide. These events feature expert speakers who provide attendees with trading insights relevant to local market conditions. In addition to in-person seminars, HFM also offers a series of online webinars for all types of traders. Available in multiple languages, HFM’s webinars cover a wide range of topics like “How to Trade Market Gaps Strategies”, “Choosing Your Stop Loss & Take Profit,” and many more. By joining these webinars, traders can learn from HFM’s market experts at their own pace and from the comfort of their own homes.“At HFM, we are committed to giving our traders all the tools and resources they need to succeed in the markets,” the HFM spokesperson added. “Our seminars and webinars are just a part of our comprehensive offerings. With a wide asset index and industry-leading platforms, we are a one-stop shop for traders. To be exact, we want to set up an environment wherein traders feel encouraged and ready to reach their financial goals.”About HFM Since 2010, HFM has been at the forefront of empowering traders with top-tier technology, comprehensive education, and unbeatable trading conditions. Boasting 7 industry regulations and over 60 prestigious awards, HFM’s commitment to excellence and security is clear. Their extensive asset index covers everything from forex and indices to bonds and ETFs, all supported by four tailored account types and three powerful trading platforms, including the proprietary HFM platform. With many promotions and options like copy trading, HFM ensures every trader can pursue their financial ambitions confidently.This article was written by FM Contributors at www.financemagnates.com.
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Bybit Web3, the Web3 division of Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to unveil the TON Tournament. Users can participate in the largest selection of TON projects collected on a centralized exchange across many verticals, including GameFi, Pet AI, Memes, DeFi, and SociaFi. From Aug. 30, 2024, 7 AM UTC, participants can engage in the first-ever comprehensive airdrop event within the TON ecosystem, with $200,000 in rewards up for grabs.Emily Bao, Bybit Web3 evangelist, commented, “The TON Tournament is part of our plan to simplify access to Web3's amazing fun, community, and finance opportunities. We're thrilled to partner with another top-tier protocol like TON and offer our users a unique opportunity to explore and benefit from all the new projects launching there.”To celebrate the start of the campaign, Bybit Web3 will host a live stream. The stream will dive into TON’s growth in many crypto verticals on its mission to onboard 1 billion users to Web3. TON heavyweights such as EVAA, Yescoin, Momo AI, Catizen, TrueCoin, Storm, and JetTron will attend.The tournament features exclusive rewards from 14 top protocols across the TON ecosystem, including 60 Fish from Catizen, a game with over 500,000 players, 1 billion Points from YesCoin, one of the giant games on Telegram, and 200 Lucky Nodes & 5,000 Gold Hammers from MomoAI. The total rewards from all 14 featured projects is over $200,000, and all users can claim their share. Bybit’s Airdrop Arcade is designed to simplify and enhance the process of accessing Web3 opportunities. It consolidates numerous airdrop opportunities into a single, engaging platform. Inspired by mobile games, Airdrop Arcade offers a gamified environment with quests and levels, making it accessible for beginners and seasoned airdrop hunters. This approach turns crypto acquisition into an enjoyable experience, allowing users to accumulate rewards across various tokens and chains effortlessly.About 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 10 million wallet users, over 20 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 40 million users globally.Join the revolution now and open the door to your Web3 future with Bybit.For more details about Bybit, please visit Bybit Web3.About BybitBybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 37 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.This article was written by FM Contributors at www.financemagnates.com.
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Saxo Bank Group has released its financial results for thefirst half of 2024. The bank reported an adjusted net profit of EUR 68 million,a 35% increase compared to EUR 50 million in the same period last year.In 2024, Saxo Bank introduced a new pricing structure aimedat reducing client costs. The bank also focused on improving the overall clientexperience. These changes contributed to a record number of clients and clientassets. By the end of June 2024, Saxo Bank had over 1.2 million clients and EUR109 billion in client assets.Higher Rates Support GrowthDespite low volatility in financial markets, which reducedtrading and investing activity, higher interest rates and a positive inflow ofclient funding supported the bank's financial performance. Total incomeincreased slightly to EUR 311 million in the first half of 2024, compared toEUR 300 million in the same period last year. This income was split evenlyacross business areas, with trader clients, investor clients, and institutionalclients each contributing around one-third.Restructuring Asia-Pacific OperationsThe Saxo Bank Group also initiated a restructuring of itsdistribution model in the Asia-Pacific region. This restructuring, aimed atenhancing operational efficiency and reducing risk, included a strategic reviewof offices in Hong Kong, Japan, and Australia. The bank is in the process ofclosing its office in Shanghai. Restructuring costs of EUR 6 million wererecognized in the first half of 2024.“The positive momentum we’ve experienced in the first halfof the year is a strong indicator that our strategy is resonating with ourclients,” Commenting on the results, Kim Fournais, CEO and Founder of SaxoBank, said.“More than 1.2 million clients now trust Saxo with more thanEUR 109.38 billion in assets. This is a result of our relentless focus onenhancing our investment platforms, products, and services, and offering verycompetitive pricing that empowers our growing client base to make more of theirmoney.”This article was written by Tareq Sikder at www.financemagnates.com.
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Mastercard has launched its new Payment Passkey Serviceglobally. The service aims to make online shopping more secure and efficient.The launch was announced during a keynote presentation at the Global FintechFest in Mumbai. The service will first be piloted in India, working withmajor payments players, including Juspay, Razorpay, and PayU. Online merchantssuch as bigbasket and banks like Axis Bank are also participating in the pilot.Biometric Passkeys Replace OTPsThis service responds to rising concerns about the securityof online transactions. Although one-time passwords (OTPs) are popular due totheir ease of use, they are becoming vulnerable to various scams, includingphishing, SIM swapping, and message interception. The Payment Passkey Service uses biometric authenticationmethods, such as fingerprints or facial scans, to streamline online shopping.By replacing traditional passwords and OTPs, the service intends to maketransactions faster and more secure. Consumers will no longer need to rememberor share passwords or OTPs, reducing the risk of fraud.“By introducing the Mastercard Payment Passkey Service inIndia, we’re advancing secure online checkout and our vision for a tokeneconomy,” said Jorn Lambert, Chief Product Officer at Mastercard. “Throughinnovative technology that enhances security and convenience, we’re creating amore transparent commerce ecosystem for all. As we continue to lead the way indigital payments, our commitment to achieving a tokenized future is strongerthan ever.” Big News! We just announced the global launch of our Payment Passkey Service, debuting in India.Imagine shopping online without ever having to worry about forgotten passwords or delayed OTPs. Our Payment Passkey Service will redefine convenience while securing the digital… pic.twitter.com/MzZSZOK84p— Mastercard India (@mastercardindia) August 29, 2024Passkey Service Goes GlobalThe service uses tokenization to protect a user’s paymentdetails and biometric data. No data is shared with third parties, making itdifficult for fraudsters to access sensitive information. The Payment PasskeyService follows a simple process. Shoppers choose their Mastercard duringcheckout, use biometric authentication on their device, and, onceauthenticated, the payment is completed instantly.After the initial pilot in India, Mastercard plans to expandthe Payment Passkey Service to more consumers and financial institutionsworldwide in the coming months.This article was written by Tareq Sikder at www.financemagnates.com.
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Helmut Siedl, a pioneering figure in the blockchain industry, has dedicated over a decade to decentralization and privacy-centric technologies. His journey began in 2013 when a quest for a video card for gaming unexpectedly led him to the world of cryptocurrency. Successfully investing in Litecoin, Siedl soon enriched his portfolio with DMD Diamond, where he became a key investor and advocate for its community-driven approach.Siedl's commitment to genuine decentralization has been pivotal in the evolution of DMD Diamond, positioning it as a foundational layer in the future blockchain economy. Beyond DMD, he is the founder of blockserv, a company that supports blockchain projects, and co-founder of lab10, which focuses on decentralization and privacy.In this exclusive interview, Siedl reflects on his personal and professional evolution, from his early investments to his current role as Chief Visionary Officer at DMD Diamond. He shares insights into his motivations, lessons learned, and his unwavering belief in the potential of decentralized finance, offering a compelling narrative of resilience and innovation in an ever-evolving industry.What initially drew you to the world of cryptocurrency in 2013, and how did that moment shape your career trajectory? In late 2013, I couldn't buy a video card for my PC because they were sold out due to crypto miners. I learned about this new technology and was surprised how a nerd like myself was able to miss it. So, I joined as an investor, someone who read and understood the Bitcoin whitepaper, and believed in the impact this technology can have on mankind.Could you recount the journey of your first investment in Litecoin and how that led you to discover DMD Diamond? What factors influenced your decision to invest in DMD despite its status as an abandoned coin?I did feel pressured to quickly decide which cryptocurrency could replicate the success of Bitcoin. Despite being a blockchain “noob”, I was clever enough to understand that Bitcoin was nearing its peak value, so investing in it at that time would not be a good idea. I chose Litecoin as the second-best option at the time. Then, a few weeks later, with a lot more research, I did move all invested value from litecoin towards dmd diamond as, for me, it was the true hidden gem with big potential (that it was abandoned a second time wasn’t clear to me that point as it was somehow revived by a greek dude where we did believe he just did what was right - spearhead a community takeover)As one of the earliest investors in DMD Diamond, what insights convinced you of the project's potential during its formative stages? When the community found out that the Greek guy wasn't involved with good intentions, but only for a buy-dead-coin-revive-and-earn stunt, we were shocked. However, because we were so involved in the community's development and believed in the idea of a decentralized coin with innovative features that encompassed all known improvements of Bitcoin, we decided to step in and take over from the Greek guy. He handed over the GitHub access and was happy to no longer be responsible for driving the community forward. That was when we started to have an impact on DMD Diamond's evolution, and we began designing the v2 upgrade.Reflecting on your 11-year involvement with DMD Diamond, what key milestones have defined your journey, and how has your role evolved over time?I started with v2 in 2014, then moved to v3 in 2017, and finally transitioned to development start of v4 in 2018. Throughout these versions, the coin's economic design, technology, and feature selection have remained largely unchanged, with a few essential parts kept constant.The maximum number of DMD coins is fixed at 4.38 million and has never increased. The coin rollout for each iteration has been adjusted to be longer and more sustainable. With v4, we have finally found ways to achieve the seemingly impossible - a total maximum coin limit combined with an endless coin rollout and reward system for validators who secure…
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DTX Exchange (DTX) has taken center stage in the crypto market after announcing the much-awaited testnet launch. The decentralized trading platform has also surpassed $1.8 million raised in its ongoing presale weeks ahead of expected. This development is expected to accelerate the development of a unified trading ecosystem. Analysis of DTX Exchange’s Unified PlatformDTX Exchange (DTX) was envisioned as a cutting-edge platform that brought together conventional and decentralized assets under a single umbrella. The DeFi exchange provides retail traders with maximum capital access along with a suite of trading products. Access and security are paramount in the development of the platform to ensure that traders can interact with over 100,000 financial instruments in a single application. The background infrastructure of DTX Exchange (DTX) is backed by a proprietary Layer-1 blockchain that ensures seamless governance. Additionally, the platform has also introduced the VulcanX protocol to minimize trading fee and offer a multi-channel trading avenue for traders around the globe. DTX Exchange Surpasses $1.8 Million in Funds Raised The DTX Exchange's value proposition has been validated by its current market performance. The platform raised over $1.8 million within its initial weeks of launch, and the funding is expected to accelerate the deployment of DTX products, including the layer-1 blockchain, integrated wallet application, and enterprise APIs, which are central to the development of a decentralized ecosystem. Exploring the VulcanX Evolution According to the team, with the crypto market increasingly shifting towards mainstream adoption, it is essential to have platforms that provide a smooth onboarding experience for users to become a part of web3. DTX Exchange provides the perfect onramp by merging traditional equities, stocks, forex, and crypto trading under a unified umbrella. This transition is represented by the VulcanX protocol going live by the platform.The recent upgrade includes a Layer-1 blockchain that has already entered its testnet stage. In the final deployment, the blockchain is expected to outperform established leaders and prove to be an innovative challenger to leading altcoins. DTX has also strategically integrated data feeds from other fintech platforms to provide a streamlined solution for investors. About DTX ExchangeDTX Exchange (https://dtxexchange.com) is the first hybrid trading platform with its VulcanX blockchain infrastructure. The platform is redefining the global trading industry with its cross-functional approach towards stocks, crypto assets, equities, and contract trading options. With support from a rapidly growing community, DTX Exchange aims to make a massive impact. For more information about the upcoming features and developments, users can visit the DTX Exchange website or interact with the community on Telegram. This article was written by FM Contributors at www.financemagnates.com.
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