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With Bitcoin being the best-performing asset of the yearmore often than not during the last 15 years, many investors want to gainexposure but doing so can be tricky.For retail and institutional investors alike, questions ofregulatory and tax compliance can be puzzling. Then, there’s the challenge oflearning to navigate a new ecosystem. Using exchanges, sending transactions,and taking custody of coins can take significant time to learn.Fortunately, there are ways to gain exposure to Bitcoinwithout purchasing and holding the asset itself. This can be done in a standardbrokerage or retirement account.This article will explore the avenues available for tappinginto the Bitcoin market in this way, including exchange-traded Funds (ETFs),public companies with Bitcoin holdings, and mining companies.Bitcoin ETFs: A Gateway to Cryptocurrency MarketsETFs in general have become a popular vehicle for investorslooking to diversify their portfolios without directly purchasing theunderlying assets. <a href="https://www.financemagnates.com/tag/spot-bitcoin-etf/">Spot Bitcoin ETFs</a>offer a straightforward way to invest in Bitcoin through a regulated framework,and have been very successful since their initial launch in the US on January10, 2024. The first gold ETF took 2 years to reach $10 billion in AUM.Blackrock’s IBIT accomplished the same in just 2 months.Investors track the price of Bitcoin and trade on traditionalstock exchanges, providing liquidity and accessibility to investors who may nototherwise be able to access <a href="https://www.financemagnates.com/tag/cryptocurrency/">cryptocurrency</a>markets or don’t want to hold Bitcoin itself. Some of the most dominant spot ETFs in the US include <a href="https://www.financemagnates.com/tag/blackrock/">BlackRock’s</a> IBIT,Fidelity’s FBTC, and ARK’s 21 Bitcoin Shares. Here are some important things tothink about when it comes to selecting a spot Bitcoin ETF:Custodian: How does the issuer store their coins? Allthe ETFs use <a href="https://www.financemagnates.com/tag/coinbase/">Coinbase</a>as their custodians, with a few exceptions: Fidelity secures their ownBitcoin internally,VanEck uses BitGo rather than Coinbase, Hashdexselected <a href="https://www.financemagnates.com/tag/bitgo/">BitGo</a> as itscustodian. Fees: What expense ratio does the fund charge?BitWise has garnered attention for having the lowest fee at just twenty basispoints. On the other end of the spectrum, Grayscale charges 1.5%.Transparency: How much do you value transparency whenit comes to your funds’ holdings? So far, <a href="https://www.financemagnates.com/tag/bitwise/">BitWise</a> is the onlyfund that has published the public key to its wallet, allowing anyone to viewthe blockchain transactions that prove the fund holds what it claims to. <a href="https://www.financemagnates.com/tag/fidelity/">Fidelity</a>stands out, as being a veteran in the digital asset space that allows them toself-custody their Bitcoin holdings. BitWise shines for its low fees andtransparency. Some investors see these funds as preferable. Othersmay opt for the reputation of firms like BlackRock or ARK. Public Companies with Bitcoin Holdings: Investing inCorporate BelieversA number of forward-thinking public companies have addedBitcoin to their balance sheets, recognizing its potential as a store of value.By investing in these companies, investors indirectly gain exposure toBitcoin's price movements. This approach allows investors to benefit from thecompany's broader business performance while aligning with their innovativestance on Bitcoin.MicroStrategy (MSTR) was the first and still is the mostwell-known company to adopt a Bitcoin treasury strategy. The company currentlyholds over 1% of the entire supply of BTC. Shares of MSTR have also seenimpressive appreciation in recent years, even outperforming Bitcoin at times.Here is a partial list of other companies that have decidedto put Bitcoin on their balance sheets:CoinbaseGalaxy Digital Holdings Marathon Digital HoldingsBlockTeslaIn addition to…
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American consumers,accustomed to cruising down the well-paved highway of credit card payments,enjoy a smooth ride filled with loyalty program points and convenient one-clickpurchases. But <a href="https://www.capgemini.com/insights/research-library/payments-top-trends-2024/">new on-ramps are emerging</a> and Open Banking, a seemingly unchartedroad, is promising a more direct and potentially more efficient journey.Open Banking, much likea high-speed rail system bypassing congested tollbooths, <a href="https://www.mckinsey.com/industries/financial-services/our-insights/the-role-of-us-open-banking-in-catalyzing-the-adoption-of-a2a-payments">facilitatesAccount-to-Account (A2A) payments</a>. Consumers can transfer funds directly fromtheir bank accounts to a merchant's account, bypassing the card networks andtheir associated fees. This holds the potential for a smoother ride for bothmerchants, who can potentially reduce their transaction costs, and consumers,who may benefit from lower prices or special A2A-only discounts.However, the Americanconsumer, comfortable in their high-occupancy vehicles (credit cards) andaccustomed to the familiar rewards program exits, may not be easily persuadedto switch lanes.Insights from the Worldpay Global Payments Report 2024:Sponsored by the WorldBank and other key players, <a href="https://corporate.worldpay.com/news-releases/news-release-details/worldpay-global-payments-report-2024-digital-wallet-maturity">the Worldpay Global Payments Report 2024</a> highlights the growing popularity of A2A payments.Back in 2022, only half of the jury members predicted A2A networks and mobilemoney would compete with cards within five years. However, just two years later,the picture has changed dramatically. Over two-thirds of jurors now believe A2Aand mobile money will be the fastest-growing retail payment methods in theirhome markets. This trend is particularly pronounced in the Global South(Africa, Middle East, South America, Asia Pacific), where card networks haven'testablished a dominant position. Here, only 13% see cards holding sway, while54% predict A2A or mobile money taking the lead. Existing examples likeBrazil's PIX, which surpassed credit and debit card market share in 2023,showcase this trend's potency.The Global Northpresents a more nuanced picture. Here, <a href="https://www.forbes.com/sites/davidbirch/2024/04/10/the-verdict-a2a-payments-will-be-huge-in-the-global-north-and-south/">expert opinions are divided</a> betweencards and the A2A/mobile money combination. While A2A payments have gainedtraction in Europe (Poland's Blik, Netherlands' IDEAL, Sweden's Swish), someexperts believe cards will retain dominance. However, a third of jurors foreseeongoing competition with no clear winner.TheDriving Forces:Several factors arefueling the rise of A2A payments:Open Banking: Open Banking regulations allow third-party providers to access customer financial data with consent, facilitating A2A transactions.Instant Payments: The rise of instant payment networks enables faster and more efficient A2A transfers.Strong Authentication: Improved authentication methods enhance security and consumer trust in A2A transactions.PotentialBenefits:Lower Transaction Costs: A2A payments generally involve lower fees compared to card transactions, potentially benefiting both businesses and consumers.Improved Customer Journeys: Streamlined checkout processes and in-app payments can enhance the customer experience.Greater Consumer Choice: A2A payments offer consumers an alternative to traditional payment methods, fostering competition and innovation.IndustryResponse:The rise of A2A hasspurred action from key players. Even in North America, where cards reignsupreme, <a href="https://b2b.mastercard.com/news-and-insights/blog/a2a-payment-trends-risks-and-fraud-solutions/">companies are taking notice</a>. McKinsey highlights the potential for A2Ato offer banks a "more competitive way of making payments" whileproviding consumers and merchants with more options. Visa and Mastercard…
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With Bitcoin being the best-performing asset of the yearmore often than not during the last 15 years, many investors want to gainexposure but doing so can be tricky.For retail and institutional investors alike, questions ofregulatory and tax compliance can be puzzling. Then, there’s the challenge oflearning to navigate a new ecosystem. Using exchanges, sending transactions,and taking custody of coins can take significant time to learn.Fortunately, there are ways to gain exposure to Bitcoinwithout purchasing and holding the asset itself. This can be done in a standardbrokerage or retirement account.This article will explore the avenues available for tappinginto the Bitcoin market in this way, including exchange-traded Funds (ETFs),public companies with Bitcoin holdings, and mining companies.Bitcoin ETFs: A Gateway to Cryptocurrency MarketsETFs in general have become a popular vehicle for investorslooking to diversify their portfolios without directly purchasing theunderlying assets. <a href="https://www.financemagnates.com/tag/spot-bitcoin-etf/">Spot Bitcoin ETFs</a>offer a straightforward way to invest in Bitcoin through a regulated framework,and have been very successful since their initial launch in the US on January10, 2024. The first gold ETF took 2 years to reach $10 billion in AUM.Blackrock’s IBIT accomplished the same in just 2 months.Investors track the price of Bitcoin and trade on traditionalstock exchanges, providing liquidity and accessibility to investors who may nototherwise be able to access <a href="https://www.financemagnates.com/tag/cryptocurrency/">cryptocurrency</a>markets or don’t want to hold Bitcoin itself. Some of the most dominant spot ETFs in the US include <a href="https://www.financemagnates.com/tag/blackrock/">BlackRock’s</a> IBIT,Fidelity’s FBTC, and ARK’s 21 Bitcoin Shares. Here are some important things tothink about when it comes to selecting a spot Bitcoin ETF:Custodian: How does the issuer store their coins? Allthe ETFs use <a href="https://www.financemagnates.com/tag/coinbase/">Coinbase</a>as their custodians, with a few exceptions: Fidelity secures their ownBitcoin internally,VanEck uses BitGo rather than Coinbase, Hashdexselected <a href="https://www.financemagnates.com/tag/bitgo/">BitGo</a> as itscustodian. Fees: What expense ratio does the fund charge?BitWise has garnered attention for having the lowest fee at just twenty basispoints. On the other end of the spectrum, Grayscale charges 1.5%.Transparency: How much do you value transparency whenit comes to your funds’ holdings? So far, <a href="https://www.financemagnates.com/tag/bitwise/">BitWise</a> is the onlyfund that has published the public key to its wallet, allowing anyone to viewthe blockchain transactions that prove the fund holds what it claims to. <a href="https://www.financemagnates.com/tag/fidelity/">Fidelity</a>stands out, as being a veteran in the digital asset space that allows them toself-custody their Bitcoin holdings. BitWise shines for its low fees andtransparency. Some investors see these funds as preferable. Othersmay opt for the reputation of firms like BlackRock or ARK. Public Companies with Bitcoin Holdings: Investing inCorporate BelieversA number of forward-thinking public companies have addedBitcoin to their balance sheets, recognizing its potential as a store of value.By investing in these companies, investors indirectly gain exposure toBitcoin's price movements. This approach allows investors to benefit from thecompany's broader business performance while aligning with their innovativestance on Bitcoin.MicroStrategy (MSTR) was the first and still is the mostwell-known company to adopt a Bitcoin treasury strategy. The company currentlyholds over 1% of the entire supply of BTC. Shares of MSTR have also seenimpressive appreciation in recent years, even outperforming Bitcoin at times.Here is a partial list of other companies that have decidedto put Bitcoin on their balance sheets:CoinbaseGalaxy Digital Holdings Marathon Digital HoldingsBlockTeslaIn addition to…
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The trading volume on Axi with crypto contracts for differences (CFDs) soared to US$16.7 billion in March, the broker revealed exclusively to Finance Magnates. The figures stood at US$7.6 billion in January and US$10.4 billion in February.“We saw a pretty decent amount of crypto volume growth month-on-month from January and a huge increase in the last five or six months,” said Louis Cooper, the Chief Commercial Officer at Axi. He added that the broker executed 1.5 million crypto CFDs trades last month. As much as 10 percent of the trades executed in March were crypto trades.A Significant Increase in Crypto CFDs VolumeThe monthly crypto CFDs volume on Axi for March marked a tenfold increase from the average of the three months between July and September, the first quarter of the ongoing fiscal year.As reported earlier by Finance Magnates, the <a href="https://www.financemagnates.com/forex/brokers/exclusive-crypto-cfds-volume-on-axi-nears-12-billion-in-january/">monthly crypto CFDs volume on Axi</a> ranged between AU$1 billion (approximately US$0.7 billion) and AU$2 billion (US$1.3 billion) for most of 2023. In December, the volumes surged dramatically to reach up to AU$6 billion (about US$4 billion), continuing the growth trend.The growth can be attributed to 25 percent of Axi’s active client base, translating to over 9,000 traders, who traded crypto CFDs, marking a threefold growth from the first quarter of the fiscal year.The CCO of the brokerage highlighted that “as an asset class, we now have more active Crypto CFD traders than we do <a href="https://www.financemagnates.com/forex/a-shift-from-cfds-to-futures-a-hype-or-a-viable-option/">trading Index CFDs and Futures</a>.”He further revealed that markets in Asia and the Middle East have a “big concentration of volume and customers,” although “there is a huge amount of activity happening in other parts of the world, too.”He added that “the vast majority of the growth came from our current clients who migrated towards crypto CFDs because of a moving market and increased volatility.”“We're seeing new customers who are joining to trade crypto CFDs as their first. Although that's growing, it's still the smaller percentage.”The Growing Demand for Crypto CFDs<a href="https://www.financemagnates.com/tag/axi/">Axi</a> offers crypto CFDs featuring “30 of the most popular cryptocurrencies,” including Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash. Cooper revealed that 96 percent of the crypto trading volume on Axi comes from Bitcoin CFDs.“The approval of <a href="https://www.financemagnates.com/cryptocurrency/spot-bitcoin-etfs-which-offers-the-lowest-fees/">Bitcoin exchange-traded funds</a> (ETFs) in the US has been a huge instigator of the growth of crypto,” said Cooper. “It's a validation of regulation in the US, and this is also a mark of perception from the market that there will be more institutional flow going into cryptos and particularly Bitcoin.”Other factors that have propelled the demand for crypto CFDs are the <a href="https://www.financemagnates.com/cryptocurrency/what-is-the-bitcoin-halving-unveiling-the-most-important-event-in-bitcoins-history/">upcoming halving event </a>and “price stability,” according to Cooper. “By its own standards, BTC has been incredibly stable the last 6 months,” he added. “Clients are attracted to BTC/USD because there is enough volatility for speculation, but it’s not as daunting as it was 12 to 24 months ago to speculate using leverage.”Crypto CFDs are over-the-counter leveraged derivatives that allow traders to speculate on prices by taking either long or short positions. Although other crypto derivatives offer leveraged trading, the leverage with CFDs can go higher. Axi offers a maximum of 200:1 leverage on its crypto CFDs.“Commissions are pegged to the asset price, so transactional costs would have doubled over the last quarter,” Cooper highlighted the advantages of trading costs with crypto CFDs. “We have resisted increasing our spreads as much as we can, which has given us a competitive…
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The Philippines’ regulator recently issued a warningagainst XM, the online trading platform for forex and crypto CFDs, for engagingin unauthorized securities trading activities in the country. According to an advisory dated April 4 by thePhilippines Securities and Exchange Commission mentioned that the company is“not authorized to sell or offer securities to the public in the Philippines.”Unregistered Trading PracticesAccording to the regulator, XM has more than 1,000trading instruments, 24/7 trading of crypto CFDs, leverage up to 1000:1, andbonuses of up to $10,500 US dollars. Moreover, it features a copy tradingfeature, allowing users to mimic the trades of popular traders.However, an investigation by the SEC revealed that XMhas been running promotional campaigns on various social media platforms tolure investors, including Filipinos, into trading activities on its platform."Based on the commission’s database, the operator of theplatform XM is not registered as a corporation in the Philippines and operates without the necessary license and/or authority to sell or offer any form of securities as defined under section 3.1 of the securities regulation code (SRC),to engage in the business of buying or selling securities or as a broker ordealer," The sec wrote.According to the Philippines’ regulations, securitiesbeing offered to the public must be registered with the SEC, issued by aregistered corporation or licensed dealer, and the issuer must possess asecondary license to sell or offer securities. In light of these findings, the SEC has warned thatindividuals acting as salesmen, brokers, dealers, promoters, or recruiters forXM within the Philippines may face criminal liability.Philippines SEC Warns XM's Promoters"Those who act as salesmen, brokers, dealersor agents, representatives, promoters, recruiters, influencers, endorsers, and enablers of theXM platform in selling or convincing people to invest in this platform within the Philippines even through onlinemeans may be held criminally liable under Section 28 of theSRC and be penalized with a maximum fine of Five Million Pesos (P 5,000,000.00) or imprisonmentof 21 years or both," the regulator mentioned.Similarly, the SEC recently issued a warning against eToro, the global investment platform. The regulator cautioned of consequences for eToro’s promoters operating in the country. Despite the trading platform’s global presence, the Filipino authorities emphasized its lack of regulation within their jurisdiction, issuing a regulatory advisory against the platform on March 14.This article was written by Jared Kirui at www.financemagnates.com.
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Mastercard and Equity Bank have publicized a strategiccollaboration facilitating the safe and secure transfer of funds from EquityBank customers to 30 countries. This announcement is a notable stride incross-border financial transactions within Kenya.Sub-Saharan Africa Remittances Surge to $53 Billion in2022Remittances, deemed a pivotal economic catalyst inSub-Saharan Africa, reportedly amounted to $53 billion in 2022. Notably, theCentral Bank of Kenya documented foreign currency inflows totalling $5.77billion in the same year. Such cross-border remittances are acknowledged fortheir role in bolstering financial inclusion by granting individuals access toformal financial services, thereby fostering economic growth and stability inthe region."Providing innovative solutions that deliver thechoice, security, and flexibility that customers transacting from Kenya needand expect is a factor we take pride in. Mastercard is delighted to collaboratewith Equity Bank to make this level of payment ingenuity a reality for EquityBank customers, giving Mastercard an opportunity to bring millions of peoplefrom underserved communities into the financial and digital economy,” said MarkElliott, the President for Africa at Mastercard.Equity Bank's Partnership with MastercardUtilizing Mastercard Cross-Border Services, Equity Bankcustomers will gain the ability to transfer funds through any Equity BranchLocation in Kenya. This platform purports to offer expedited transactionprocessing, fortified security measures, and competitive pricing, therebyrendering cross-border transactions accessible to consumers across EquityBank's expansive market network.Mastercard and Equity Bank have announced a strategic collaboration that will enable Equity Bank customers to send money safely and securely to 30 countries.https://t.co/AlRUPSMTFS— Uzalendo News (@UzalendoNews_KE) April 11, 2024A feature of this collaboration is the assurance of fullvalue for recipients, as no landing fees are implicated. Additionally, thecharges associated with this innovative service purportedly undercut those ofconventional international payments, rendering it a more economical andaccessible option for customers. Such a development is positioned to align withthe payments landscape, addressing customer preferences for cost-effective andefficient international transactions.James Mwangi, the Group Managing Director and CEO ofEquity Group Holdings Plc, said: “This collaboration underscores our commitmentto providing accessible financial solutions that meet the evolving needs of ourcustomers and solidifies our role in fostering inclusive growth across theregion."This article was written by Tareq Sikder at www.financemagnates.com.
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The European Central Bank left all three official rates unchanged as expected. Traders are now focusing on the press conference for any clues on when the ECB will start cutting rates
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Planet Mojo, a leading web3 gaming ecosystem, and WowWee, an award winning global toy company with such hits as Fingerlings and Robosapien, today announced a collaboration to create toys and products around Planet Mojo’s IP, characters and lore. The toys will bring the physical and virtual worlds together by connecting the real world toys with Planet Mojo’s in-game Digital Collectibles (NFTs).At its heart, Planet Mojo is a story about nature vs technology set on a mysterious planet with a deep history. Its evolving narrative is told through games, cinematics and other media extensions with visually stunning clan “Champions” and the “Mojos”, who they are committed to protecting. The Mojos are plant based creatures sprouted to protect the planet after a mysterious object strikes it, spreading a technological virus across the land and its creatures.For more than two decades, Mystic Moose’s team and founder Mike Levine have been on the cutting edge of the physical-digital revolution creating a multitude of award winning products for leading toy companies blending physical and digital play. Mike and WowWee will be building on the success they had on their previous video game - toy collaboration UNTAMED/Battle ARena, which won the prestigious KAPI Award during CES for Best Mixed Reality Toy of 2019.“We’re once again excited to work with Mike and Mystic Moose. Planet Mojo is an exciting IP rich with possibilities of toys and beyond,” said Andrew Yanofsky, Head of Marketing and Operations at WowWee. “WowWee and Mike’s team are innovators, and I’m excited to see our early concepts come to life!”This collaboration marks a significant step forward for web3 gaming, blurring the lines between the digital, blockchain and physical worlds. Toys will come with a QR code, allowing owners the ability to mint them into Digital Collectibles, fostering even deeper connections with Planet Mojo’s world and characters."We’re incredibly excited to announce our partnership with one of the industry's leading toy makers, WowWee" said Mike Levine, CEO & Founder of Planet Mojo. "These initiatives reflect our commitment to innovation, community engagement, and expanding the reach of the Planet Mojo universe. We can't wait for our players and fans to experience everything we have in store!"Players are encouraged to follow Planet Mojo’s Twitter and Discord for future updates.About Planet MojoPlanet Mojo (https://ift.tt/UXVTzJs) is an interoperable web3 gaming ecosystem created by veterans of LucasArts, EA and Activision, backed by Animoca Brands, Merit Circle and other leading funds. Built on Polygon, the vision is to create a sustainable and growing catalog of games for the next generation of gamers, empowering players by allowing them to own their in-game assets and have a say in the project’s future direction. About WowWeeWowWee® is a global innovator and industry leader in developing, marketing, and distributing hi-tech consumer robotic, toy, and entertainment products. Since its launch in 1988, WowWee has revolutionized the way consumers interact with robotics - fusing technology and imagination to deliver award-winning toys and gadgets such as Robosapien® and MiP®, The Toy Association's Innovative Toy of the Year (TOTY) in 2015. WowWee's Fingerlings® - the first-ever line of animatronic collectible toys - instantly skyrocketed in popularity, topping retail best-selling lists around the world, and winning the 2018 Collectible Toy of the Year and overall Toy of the Year awards. With offices in Montreal, Los Angeles and Hong Kong, WowWee continues to innovate across the toy and entertainment categories. This article was written by FM Contributors at www.financemagnates.com.
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Online trading provider INFINOX has reported a notable surgein credit transaction approvals, with an increase of 17% globally, and a spikeof 26% in Southeast Asia alone. This uptick is attributed to a strategiccollaboration aimed at enhancing the trading experience for clients worldwide.Collaboration for Improved Customer TransactionsINFINOX has partnered with Praxis Tech, a paytech solutionsprovider, to transform customer transactions, ensuring faster and smootherprocessing. By leveraging real-time data and cutting-edge features, the twoentities are working to streamline transaction processing approval rates.Guy Karsenti, the Chief Technology Officer at Praxis Tech,stated: "We're pleased to collaborate with INFINOX and contribute to theirphenomenal transaction approval rate growth. By utilizing our global PSPnetwork and feature-rich platform, which includes a Decline Recovery suite,this partnership is already delivering a greater payment experience tocustomers while also simplifying their global payment operations."Expanding Payment Options and Services for TraderLooking ahead, INFINOX plans to enhance local andmobile-based payment solutions, tailored to meet the needs of its globalclientele. These payment solutions aim to offer convenience and accessibility,enabling traders to manage transactions from anywhere, at any time.Additionally, INFINOX has expanded its offerings to include an enhanced EMIoption, complementing its existing range of services that include collaborationwith recognized banking providers for wire transfers.Commenting on these future developments, Jay Mawji, the CEOof INFINOX stated: "We are committed to driving innovation and deliveringunparalleled value to our clients. Our upcoming initiatives aim to raise thebar in terms of client service, payments for traders further solidifying ourposition as a leader in the online trading industry."This article was written by Tareq Sikder at www.financemagnates.com.
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INFINOX, a leading online trading provider, revealed a game-changing 17% surge in credit transaction approvals, accompanied by an even stronger 26% increase across Southeast Asia alone. This increase, a result of a strategic collaboration, continues the company's relentless pursuit of enhancing the trading experience for its clients worldwide.Partnering with Praxis Tech, a renowned paytech solutions provider, INFINOX has embarked on a journey to revolutionize the customer experience by ensuring faster and smoother transactions. Together, they are reshaping the game by leveraging real-time data and cutting-edge features to streamline transaction processing approval rates.Guy Karsenti, Chief Technology Officer at Praxis Tech, stated "We're pleased to collaborate with INFINOX and contribute to their phenomenal transaction approval rate growth. By utilizing our global PSP network and feature-rich platform, which includes a Decline Recovery suite, this partnership is already delivering a greater payment experience to customers while also simplifying their global payment operations."Looking ahead, INFINOX is set to enhance local and mobile-based payment solutions, catering to the diverse needs of its global clientele. These innovative payment solutions will offer greater convenience and accessibility, empowering traders to manage their transactions seamlessly from anywhere, at any time. INFINOX already works across a range of well-recognised Banking Providers for wire transfers and has launched an enhanced EMI offering; giving their clients the ultimate in transaction processing. Our payment processing advancements are a result of our long-standing and strong relationship with Praxis; the leading Payment Orchestration Platform. We have benefited from their incredibly experienced teams and leveraged their technology to bring our vision and client aspirations to life.Commenting on these future developments, Jay Mawji, CEO of INFINOX stated, "We are committed to driving innovation and delivering unparalleled value to our clients. Our upcoming initiatives aim to raise the bar in terms of client service, payments for traders further solidifying our position as a leader in the online trading industry."About INFINOXINFINOX, a global, multi-regulated online trading provider and the Official Trading Partner of BWT Alpine F1 Team, has earned a strong reputation for integrity and trust since its establishment in 2009. Serving clients worldwide - with over 15 offices, INFINOX facilitates trading across diverse asset classes, from forex to equities, commodities, and crypto CFDs. The company provides personalised customer service. service. INFINOX clients range from individual traders, social trading on its IX Social App, partners through its IX Partners Product and its Institutional IXO Prime offering. To learn more about INFINOX, please visit: https://www.infinox.comAbout PraxisPraxis Tech Ltd is a Payments Technology Software company, helping companies simplify global expansion and optimize their payments infrastructure. They have grown exponentially over the past few years and are a top payments orchestration platform for merchants looking to grow their business, expand into new global markets and integrate with multiple payment solutions. Currently Praxis integrates with 540+ PSPs and 1000+ alternative payment solutions, supporting over 200 currencies. This article was written by FM Contributors at www.financemagnates.com.
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Matthew White, the CEO of Dubai’s Virtual Asset RegulatoryAuthority (VARA), has voiced intentions to alleviate regulatory pressures onsmaller cryptocurrency entities. Speaking at a regulatory panel during theParis Blockchain Week, White acknowledged the imperfections in current cryptoregulations and emphasized the need for improvements, particularly to supportsmaller players in the industry.Proposed Measures for Crypto Industry Collaboration onComplianceWhite highlighted the significant financial strainassociated with regulatory compliance, particularly for smaller businesseslacking adequate resources. He expressed VARA's focus on exploringsolutions to mitigate these challenges, aiming to create a regulatoryenvironment that accommodates all participants.Among the proposed measures is a concept where largerplayers in the crypto space could provide support to smaller entities byshouldering a portion of their compliance costs. This model would allow smallerbusinesses to enter the regulated ecosystem without facing prohibitivecompliance expenses."The cost of compliance is borne by the larger systemicplayers, and this allows the smaller players to come into the ecosystem, beregulated, but also not have to suffer the same sort of level of costs ofcompliance that we’ve got," explained White.Dubai's Virtual Asset Regulatory Authority (VARA) is exploring ways to ease the regulatory cost burden for smaller crypto firms.During Paris Blockchain Week, VARA CEO Matthew White discussed potential solutions, including a model where larger entities support smaller ones.— Satoshi Club (@esatoshiclub) April 11, 2024Prioritizing Industry Dialogue for Adaptive CryptoRegulationsFurthermore, White emphasized VARA's focus on innovationwhile simultaneously establishing effective regulations. He underscored theimportance of dialogue with industry stakeholders to ensure that regulatoryframeworks remain adaptable to the rapidly growing crypto landscape.White assumed the role of CEO at VARA last year, succeedingformer CEO Henson Orser. His appointment coincided with VARA's preparations toenhance its market operations in response to tightened regulations in theUnited Arab Emirates (UAE).In November 2023, the UAE regulators issued joint guidanceoutlining fines and sanctions for unlicensed virtual asset service providers, signallinga stricter regulatory environment for the crypto industry in the region.This article was written by Tareq Sikder at www.financemagnates.com.
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Shining a spotlight on the success of the best B2C and B2B brands in the online trading and fintech space across the globe, the UF AWARDS represent the crowning achievement of high performance and enterprise.Organised by Ultimate Fintech, the UF AWARDS LATAM are a further embodiment of this, recognising the brands that have stood out from the competition over the past year in the Latin America region, highlighting the leading forex and fintech brands who continuously innovate and adapt to industry changes.The awards were held during the iFX EXPO LATAM 2024, which took place at the World Trade Center in Mexico City. The two-day event brought together major players from the financial space, including leading brokers, affiliates, hedge funds and fintechs along with thousands of traders - all under one roof. In a special ceremony on the 10th of April, the UF AWARDS LATAM 2024 concluded the first day of the hugely successful expo by honouring excellence across the LATAM region for the very first time, as voted for by fellow industry peers.Following the inaugural event in Mexico, the list of winners has now been officially confirmed. And the winners are as follows:Broker AwardsBEST BROKER - LATAM: LIBERTEXMOST TRANSPARENT BROKER - LATAM: XMMOST TRUSTED BROKER - LATAM: SKILLINGBEST CFD BROKER - LATAM: JUSTMARKETSFASTEST GROWING BROKER - LATAM: FXVIEWBEST IB/AFFILIATE PROGRAMME - LATAM: ERRANTEBEST TRADING EXPERIENCE - LATAM: DERIVBEST TRADE EXECUTION - LATAM: XSBEST TRADING CONDITIONS - LATAM: EXNESSMOST INNOVATIVE BROKER - LATAM: BDSWISSBEST RESEARCH AND EDUCATION PROVIDER - LATAM: BDSWISSBEST MULTI ASSET BROKER - LATAM: XSB2B AwardsBEST TRADING PLATFORM - LATAM: CTRADER BY SPOTWARE SYSTEMSBEST BRIDGE PROVIDER - LATAM: CENTROID SOLUTIONSBEST TECHNOLOGY PROVIDER - LATAM: FPFX TECHNOLOGIESBEST PAYMENT SERVICE PROVIDER - LATAM: WORLDPAYBEST CRM SOFTWARE PROVIDER - LATAM: FYNXTBEST TOOLS FOR PARTNERS - LATAM: CTRADER BY SPOTWARE SYSTEMSBEST INSTITUTIONAL TRADING PLATFORM - LATAM: FINALTOBEST CFD LIQUIDITY PROVIDER - LATAM: FINALTOEach of the above winners have excelled in their respective award categories, demonstrating a determination, creativity and dedication to providing the very best service to clients and affiliates in the challenging and highly competitive LATAM marketplace.The UF AWARDS LATAM celebrates those achievements, shining a light on several of the most innovative market operators who lead the way as pioneers in what is a continuously evolving and growing LATAM sector.Ultimate Fintech would like to pay tribute to everyone who took part in the UF AWARDS LATAM 2024, including all the participants, nominees, and fintech enthusiasts who voted, and offer a big congratulations to the deserving winners.This article was written by FM Contributors at www.financemagnates.com.
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In acomprehensive analysis of the cryptocurrency market, the European Securitiesand Markets Authority (ESMA) has revealed the highly concentrated natureof crypto trading and the potential risks it poses to the broader financialecosystem. The report,released on Wednesday, comes as the European Union prepares to implement theworld's first extensive regulatory framework for cryptoassets, dubbed MiCA.EU Watchdog RaisesConcern over Crypto Market ConcentrationESMA's findings reveal that a mere ten exchanges oversee approximately 90% of allcryptocurrency trades, with Binance leading the pack with anastonishing 50% share in the market. The recent Finance Magnates Intelligence study confirms the market watchdog data, indicatingan increase in trading volumes of the top 10 crypto exchanges.While this level of concentration is potentially beneficial from an efficiency standpoint, it raises significant concerns about the implications of a failure or malfunctionat a major exchange.“The top 10exchanges execute around 90% of total trading volume and, with a volume of overUSD 3.7 trillion or a market share of 49%, Binance is the largest exchange,”ESMA commented in its report. “The runner-up, Upbit, recorded only about a seventhof this volume."A recent report by #ESMA analyses the dynamics of crypto asset trading and how they compare to #TradFi markets.Here's a TL;DR 👇🧵 pic.twitter.com/ZFAWHwO9iL— European Crypto Initiative (@EuCInitiative) April 10, 2024Thisconcentration has increased over the years. In 2019, it was 54%, and currently,according to ESMA, it has risen to 73%.Euro Is Not Important inCrypto TransactionsThe reportrevealed that the euro has minimal involvement in cryptocurrency trading,with most transactions occurring outside the EU at exchanges domiciled in taxhavens.“Thedistribution of involved fiat money reflects a high reliance on the US dollarand the South Korean won as the market’s on- and off-ramp,” ESMA explained. “Theeuro only plays a minor role and the announcement of the MiCA regulation hasnot caused an increase in euro transactions so far.”▶ USD and South Korean Won are predominant, while the Euro plays a minor role. #MiCA has not affected Euro transactions significantly.— European Crypto Initiative (@EuCInitiative) April 10, 2024Furthermore,ESMA debunks the notion that cryptocurrencies serve as a safe haven duringtimes of market stress, noting a co-movement with equities and lack of stability in relation with gold.As the EUrolls out its comprehensive regulatory framework for cryptoassets calledMiCA, ESMA's findings underscore the importance of oversight and riskmanagement in this rapidly evolving sector. The watchdog plans to discuss itsreport in greater detail during a webinar on April 25.Regarding MiCA, ESMA publishedits final report a few weeks ago and seeks to strike a balance between a high level ofinvestor protection and innovation within the crypto industry.This article was written by Damian Chmiel at www.financemagnates.com.
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In an electrifying display of football excellence, FC Bayern and Arsenal FC battled it out in the UEFA Champions League quarter finals, ultimately ending in a dramatic draw that left fans on the edge of their seats. Libertex, the proud Official Online Trading Partner of FC Bayern, hosted a special viewing event for select members of the press to witness the intense match unfold in a spirited and convivial setting.The event was a showcase of the passion and thrill unique to a football match of this magnitude. Attendees enjoyed an array of drinks, casual eats, and football-themed entertainment. Adding to the unique experience, members of the press were welcomed with an exclusive greeting video message from FC Bayern players, just moments before they entered the pitch.As part of the evening's surprises, everyone was presented with an official FC Bayern scarf, as a gesture of appreciation for their attendance and support. Furthermore, an exclusive game was organised, offering the rare opportunity to claim official jerseys signed by FC Bayern stars, providing an additional touch of exclusivity and excitement to the evening.The pivotal match took place at Emirates Stadium in London, where FC Bayern's skill and resolve were on full display. Arsenal FC, reaching the quarter finals for the first time since 2010, faced a challenging opponent in FC Bayern, a team known for its historical dominance over the Gunners. Despite both teams’ spirited performance, neither could secure a decisive victory, setting the stage for an even more intense showdown in the upcoming round. Libertex, one of the leading names in CFD trading, initiated its multi-year partnership with FC Bayern in 2022 and stands proud in supporting FC Bayern's unmatched team spirit and ethos as well as its constant strive for excellence. These are but a few of the shared qualities between the two, and since it began, this partnership has been a clear indication of Libertex's commitment to innovation and excellence."Tonight we welcome and embrace fans of both clubs who are here and we emphasise that for us the love of the game is always of primary importance", said Phivos Papadopoulos, Head of PR, Communications & Sponsorships at Libertex. "Our enhanced partnership with FC Bayern as an Official Platinum Partner is a testament of the common values and aspirations shared between our two organisations, and we are excited to continue supporting FC Bayern in its UEFA Champions League campaign as well as in the German Bundesliga. We proudly remain by their side, at all times, in victory or defeat."About LibertexPart of the Libertex Group, Libertex is an online broker offering tradable CFDs with underlying assets being commodities, Forex, ETFs, cryptocurrencies, and others. Libertex also offers investments in real stocks. Over the years, Libertex has received multiple prestigious international awards and recognitions, including “Global CFD Broker of the Year” (PAN Finance Awards, 2024) and “Best Trading Experience” (Ultimate Fintech Awards, 2023). Libertex is the Official Online Trading Partner of FC Bayern, in what has become a dynamic and exciting partnership. Since being founded in 1997, the Libertex Group has grown into a robust fintech powerhouse, with an established presence in various jurisdictions, serving millions of clients from several countries all over the world. In Europe the Libertex trading platform is operated by Indication Investments Ltd., a Cyprus Investment Firm regulated and supervised by the Cyprus Securities and Exchange Commission (CySEC) with CIF License number 164/12.For more information about Libertex visit https://libertex.com/This article was written by FM Contributors at www.financemagnates.com.
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In astrategic move to bolster its European presence, Okcoin Europe Ltd. hasrebranded to OKX and appointed Erald Ghoos as the new European General Manager. Aspart of this rebranding, OKX aims to unify its brand worldwide.OKX Expands EuropeanPresenceOKX is one of the biggest crypto exchanges globally trusted with over 50 million users worldwide, The company has been operating in Europe since 2021, holding acrypto service provider registration with De Nederlandsche Bank and avirtual financial asset service provider license in Malta.As part ofits expansion plans, OKX is beta-testing its platform in theNetherlands, with an official launch on the horizon. The company is seekinguser feedback during this phase to optimize performance and tailor itsofferings to the local market.“Europe ishome to many diverse and growing communities of crypto users, some of whom haveyet to be introduced to OKX and what we stand for,” Hong Fang, the President ofOKX, commented. “Our mission over the coming months and years is to buildlocally, including in important markets such as the Netherlands."According to the Finance Magnates Intelligence report, OKX is the fourth largest exchange in terms of spot volumes, which grew by nearly 130% in March compared to February, reaching a value was $171 billion. It closely trails ByBit, which holds the third position by only a few percentage points.Crypto Exchange AppointsErald Ghoos as Europe GMEraldGhoos, the newly appointed Europe General Manager, brings extensive experienceto his role, having previously served as the General Manager of Okcoin Europe.Under his leadership, OKX aims to establish local teams that drive thecompany's global strategy, ensuring a personalized experience for its diverseuser base.“Throughthe rebrand, we aim to offer an even better customer experience for our usersin Europe,” Ghoss commented on the official OKX blog post.“In the coming months and years, we look forward to better serving the Europeancrypto community and enhancing our offerings to meet local needs.”There's been a lot of activity at OKX recently, at least regarding geographical moves. At the end of March, the exchange closed its branch in India, citing "local regulations," but expanded its operations in other jurisdictions. That same month, it joined the increasingly long list of companies that have obtained the Monetary Authority of Singapore (MAS) Major Payment Institution (MPI) license. OKX SG, the exchange's local subsidiary, acquired the MPI from MAS. The authorization will allow it to provide payment services and digital payment token services. A month and a half ago, the platform introduced OKX.TR, its version targeted at traders from Turkey, offering them trading in cryptocurrency pairs against the Turkish lira.This article was written by Damian Chmiel at www.financemagnates.com.
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The Wild West wasn'ttamed by pronouncements; it was wrangled by sheriffs with grit and asix-shooter. The online frontier, however, seems content with pronouncements,leaving the digital equivalent of tumbleweeds – authorized push payment (APP)fraud – to roll unchecked. Until now. New regulations in the UK aim to be theposse riding into town, but will they be enough to truly corral this cybercattle rustle?APP fraud thrives on asimple deception: tricking victims into authorizing payments to fraudsters.It's a confidence trick for the digital age, and just like their historicalcounterparts, these online swindlers prey on trust and exploit vulnerabilities.The fallout, however, transcends the individual. It erodes confidence in thevery systems that underpin our digital interactions.The UK's new regulationsare a response to this erosion. Previously, a voluntary code offered someprotection, but it was akin to a town marshal with a single-shot derringer –limited in scope and effectiveness. The new rules, coming into effect this October,are a legislative six-shooter. They mandate reimbursement for victims of APPfraud, placing the onus on payment service providers (PSPs) to act as digitalsheriffs, responsible for identifying and stopping the heist before it happens,or reimbursing the victim if they fail.This shift inresponsibility is significant. Previously, the onus often fell on the victim toprove they weren't somehow complicit in their own defrauding, much like in a WildWest scenario where the bank, upon discovering a stolen sack of gold, demandedthe depositor explain why they weren't more vigilant in guarding it. The newregulations dismantle this skewed logic. They recognize the inherent powerimbalance between a sophisticated fraudster and an unsuspecting victimnavigating the complexities of online transactions.The success of theseregulations hinges on two key factors: robust fraud detection by PSPs and aclear definition of "consumer standard of caution." The formerdemands a proactive approach from PSPs. Gone are the days of reactive measures– deploying technology and human expertise to identify and flag suspicioustransactions before the money leaves the victim's account. The latter, the"consumer standard of caution," is a delicate dance. It must bestringent enough to deter negligence while remaining flexible enough toacknowledge the realities of human fallibility, particularly when dealing withvulnerable customers.The UK's approach isn'ta silver bullet. Just as the Wild West still had its share of outlaws after thesheriffs arrived, online fraudsters will undoubtedly adapt their tactics.However, these regulations represent a critical step forward. They move the conversationfrom victim-blaming to proactive security. They incentivize PSPs to invest inrobust defenses, ultimately fostering a more secure online ecosystem foreveryone.This isn't just a UKstory. The rise of APP fraud is a global phenomenon. The UK's approach servesas a test case, a potential model for other countries grappling with the sameissue. Will it be enough? Only time will tell. But one thing is certain: the digitalfrontier demands a new kind of law enforcement, one that understands thecomplexities of online deception and is equipped to protect citizens in thisnew virtual landscape.This article was written by Pedro Ferreira at www.financemagnates.com.
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Interactive Brokers, a global electronic broker, hasannounced the launch of two new services, High Touch Prime Brokerage and GlobalOutsourced Trading, aimed at assisting select US hedge funds in managing andexpanding their operations. These services are designed to complementInteractive Brokers' existing suite of offerings tailored for active tradersand institutional investors, including a prime brokerage solution encompassingtrading, clearing, custody, reporting, and other features.Enhanced Support for Hedge FundsHigh Touch Prime Brokerage provides eligible hedge fundclients with personalized support, offering access to a dedicated RelationshipManager who serves as a central point of contact. This manager is equipped toaddress inquiries, resolve issues promptly, and facilitate special requests,drawing upon a deep understanding of the client's trading strategy andrequirements. “Hedge funds select Interactive Brokers for our automatedsystems and advanced trading technology, which can help keep costs low.However, we recognize that many hedge funds appreciate having a single contactfamiliar with their trading objectives and business strategies,” said MilanGalik, the Chief Executive Officer of Interactive Brokers. “High Touch PrimeBrokerage enables Interactive Brokers to compete with large prime brokers andremoves a potential barrier for hedge funds who want to move to a low-costplatform but are accustomed to personalized service.”Additionally, clients have access to Subject Matter Expertsacross various departments within Interactive Brokers, providing operational expertiseto enhance business management efficiency.Interactive Brokers Introduces High Touch Prime Brokerage Service and Global Outsourced Trading for US Hedge Funds https://t.co/BKFE3ghLvo pic.twitter.com/Gy3ZSI6O6O— Latest News from Business Wire (@NewsFromBW) April 11, 2024Extending Trading Reach with IBKR Outsourced Trading DesksFurthermore, clients availing of High Touch Prime Brokerageservice gain access to IBKR Outsourced Trading desks in Europe and Asia,extending high touch trading capabilities beyond North America. This expansionenables portfolio managers to collaborate with experienced IBKR traders aroundthe clock, crafting execution strategies and placing orders for a variety ofinstruments including domestic and international stocks, options, bonds, andmore.This article was written by Tareq Sikder at www.financemagnates.com.
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The Philippines' securities regulator recently issued a warningagainst XM, the online trading platform for forex and crypto CFDs, for engagingin unauthorized securities trading in the country. According to an advisory dated April 4, thePhilippines' Securities and Exchange Commission (SEC) mentioned that XM is“not authorized to sell or offer securities to the public in the Philippines.”Unregistered Trading PracticesAccording to the regulator, XM has more than 1,000trading instruments, 24/7 trading of crypto CFDs, leverage of up to 1000:1, andbonuses of up to $10,500 US dollars. An investigation by the SEC revealed that XMhas been running promotional campaigns on various social media platforms tolure investors, including Filipinos, into trading activities on its platform."Based on the commission’s database, the operator of theplatform XM is not registered as a corporation in the Philippines and operates without the necessary license and/or authority to sell or offer any form of securities as defined under section 3.1 of the securities regulation code (SRC),to engage in the business of buying or selling securities, or as a broker, ordealer," the SEC wrote. Finance Magnates contacted XM for comments and will update this article once we receive their feedback. According to the Philippines’ regulations, securitiesbeing offered to the public must be registered with the SEC, issued by aregistered corporation or licensed dealer, and the issuer must possess asecondary license to sell or offer securities. In light of these findings, the SEC has warnedindividuals acting as salesmen, brokers, dealers, promoters, or recruiters forXM within the Philippines of criminal liability.Philippines SEC Warns XM's Promoters"Those who act as salesmen, brokers, dealersor agents, representatives, promoters, recruiters, influencers, endorsers, and enablers of theXM platform in selling or convincing people to invest in this platform within the Philippines even through onlinemeans may be held criminally liable under Section 28 of theSRC and be penalized with a maximum fine of five million pesos (P 5,000,000.00) or imprisonmentof 21 years or both," the regulator mentioned.Similarly, the SEC recently issued a warning against eToro, the global investment platform. The regulator cautioned of consequences for eToro’s promoters operating in the country. Despite the trading platform’s global presence, the Filipino authorities emphasized its lack of authorization within their jurisdiction, issuing a regulatory advisory against the platform on March 14.This article was written by Jared Kirui at www.financemagnates.com.
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Precious metals have eased slightly in the wake of the elevated CPI report. Both gold and silver currently test significant levels of resistance
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The trading volume on Axi with crypto contracts for differences (CFDs) soared to US$16.7 billion in March, the broker revealed exclusively to Finance Magnates. The figures stood at US$7.6 billion in January and US$10.4 billion in February.“We saw a pretty decent amount of crypto volume growth month-on-month from January and a huge increase in the last five or six months,” said Louis Cooper, the Chief Commercial Officer at Axi. He added that the broker executed 1.5 million crypto CFDs trades last month. As much as 10 percent of the trades executed in March were crypto trades.A Significant Increase in Crypto CFDs VolumeThe monthly crypto CFDs volume on Axi for March marked a tenfold increase from the average of the three months between July and September, the first quarter of the ongoing fiscal year.As reported earlier by Finance Magnates, the <a href="https://www.financemagnates.com/forex/brokers/exclusive-crypto-cfds-volume-on-axi-nears-12-billion-in-january/">monthly crypto CFDs volume on Axi</a> ranged between AU$1 billion (approximately US$0.7 billion) and AU$2 billion (US$1.3 billion) for most of 2023. In December, the volumes surged dramatically to reach up to AU$6 billion (about US$4 billion), continuing the growth trend.The growth can be attributed to 25 percent of Axi’s active client base, translating to over 9,000 traders, who traded crypto CFDs, marking a threefold growth from the first quarter of the fiscal year.The CCO of the brokerage highlighted that “as an asset class, we now have more active Crypto CFD traders than we do <a href="https://www.financemagnates.com/forex/a-shift-from-cfds-to-futures-a-hype-or-a-viable-option/">trading Index CFDs and Futures</a>.”He further revealed that markets in Asia and the Middle East have a “big concentration of volume and customers,” although “there is a huge amount of activity happening in other parts of the world, too.”He added that “the vast majority of the growth came from our current clients who migrated towards crypto CFDs because of a moving market and increased volatility.”“We're seeing new customers who are joining to trade crypto CFDs as their first. Although that's growing, it's still the smaller percentage.”The Growing Demand for Crypto CFDs<a href="https://www.financemagnates.com/tag/axi/">Axi</a> offers crypto CFDs featuring “30 of the most popular cryptocurrencies,” including Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash. Cooper revealed that 96 percent of the crypto trading volume on Axi comes from Bitcoin CFDs.“The approval of <a href="https://www.financemagnates.com/cryptocurrency/spot-bitcoin-etfs-which-offers-the-lowest-fees/">Bitcoin exchange-traded funds</a> (ETFs) in the US has been a huge instigator of the growth of crypto,” said Cooper. “It's a validation of regulation in the US, and this is also a mark of perception from the market that there will be more institutional flow going into cryptos and particularly Bitcoin.”Other factors that have propelled the demand for crypto CFDs are the <a href="https://www.financemagnates.com/cryptocurrency/what-is-the-bitcoin-halving-unveiling-the-most-important-event-in-bitcoins-history/">upcoming halving event </a>and “price stability,” according to Cooper. “By its own standards, BTC has been incredibly stable the last 6 months,” he added. “Clients are attracted to BTC/USD because there is enough volatility for speculation, but it’s not as daunting as it was 12 to 24 months ago to speculate using leverage.”Crypto CFDs are over-the-counter leveraged derivatives that allow traders to speculate on prices by taking either long or short positions. Although other crypto derivatives offer leveraged trading, the leverage with CFDs can go higher. Axi offers a maximum of 200:1 leverage on its crypto CFDs.“Commissions are pegged to the asset price, so transactional costs would have doubled over the last quarter,” Cooper highlighted the advantages of trading costs with crypto CFDs. “We have resisted increasing our spreads as much as we can, which has given us a competitive…
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Planet Mojo, a leading web3 gaming ecosystem, and WowWee, an award winning global toy company with such hits as Fingerlings and Robosapien, today announced a collaboration to create toys and products around Planet Mojo’s IP, characters and lore. The toys will bring the physical and virtual worlds together by connecting the real world toys with Planet Mojo’s in-game Digital Collectibles (NFTs).At its heart, Planet Mojo is a story about nature vs technology set on a mysterious planet with a deep history. Its evolving narrative is told through games, cinematics and other media extensions with visually stunning clan “Champions” and the “Mojos”, who they are committed to protecting. The Mojos are plant based creatures sprouted to protect the planet after a mysterious object strikes it, spreading a technological virus across the land and its creatures.For more than two decades, Mystic Moose’s team and founder Mike Levine have been on the cutting edge of the physical-digital revolution creating a multitude of award winning products for leading toy companies blending physical and digital play. Mike and WowWee will be building on the success they had on their previous video game - toy collaboration UNTAMED/Battle ARena, which won the prestigious KAPI Award during CES for Best Mixed Reality Toy of 2019.“We’re once again excited to work with Mike and Mystic Moose. Planet Mojo is an exciting IP rich with possibilities of toys and beyond,” said Andrew Yanofsky, Head of Marketing and Operations at WowWee. “WowWee and Mike’s team are innovators, and I’m excited to see our early concepts come to life!”This collaboration marks a significant step forward for web3 gaming, blurring the lines between the digital, blockchain and physical worlds. Toys will come with a QR code, allowing owners the ability to mint them into Digital Collectibles, fostering even deeper connections with Planet Mojo’s world and characters."We’re incredibly excited to announce our partnership with one of the industry's leading toy makers, WowWee" said Mike Levine, CEO & Founder of Planet Mojo. "These initiatives reflect our commitment to innovation, community engagement, and expanding the reach of the Planet Mojo universe. We can't wait for our players and fans to experience everything we have in store!"Players are encouraged to follow Planet Mojo’s Twitter and Discord for future updates.About Planet MojoPlanet Mojo (https://ift.tt/UXVTzJs) is an interoperable web3 gaming ecosystem created by veterans of LucasArts, EA and Activision, backed by Animoca Brands, Merit Circle and other leading funds. Built on Polygon, the vision is to create a sustainable and growing catalog of games for the next generation of gamers, empowering players by allowing them to own their in-game assets and have a say in the project’s future direction. About WowWeeWowWee® is a global innovator and industry leader in developing, marketing, and distributing hi-tech consumer robotic, toy, and entertainment products. Since its launch in 1988, WowWee has revolutionized the way consumers interact with robotics - fusing technology and imagination to deliver award-winning toys and gadgets such as Robosapien® and MiP®, The Toy Association's Innovative Toy of the Year (TOTY) in 2015. WowWee's Fingerlings® - the first-ever line of animatronic collectible toys - instantly skyrocketed in popularity, topping retail best-selling lists around the world, and winning the 2018 Collectible Toy of the Year and overall Toy of the Year awards. With offices in Montreal, Los Angeles and Hong Kong, WowWee continues to innovate across the toy and entertainment categories. This article was written by FM Contributors at www.financemagnates.com.
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Mastercard and Equity Bank have publicized a strategiccollaboration facilitating the safe and secure transfer of funds from EquityBank customers to 30 countries. This announcement is a notable stride incross-border financial transactions within Kenya.Sub-Saharan Africa Remittances Surge to $53 Billion in2022Remittances, deemed a pivotal economic catalyst inSub-Saharan Africa, reportedly amounted to $53 billion in 2022. Notably, theCentral Bank of Kenya documented foreign currency inflows totalling $5.77billion in the same year. Such cross-border remittances are acknowledged fortheir role in bolstering financial inclusion by granting individuals access toformal financial services, thereby fostering economic growth and stability inthe region."Providing innovative solutions that deliver thechoice, security, and flexibility that customers transacting from Kenya needand expect is a factor we take pride in. Mastercard is delighted to collaboratewith Equity Bank to make this level of payment ingenuity a reality for EquityBank customers, giving Mastercard an opportunity to bring millions of peoplefrom underserved communities into the financial and digital economy,” said MarkElliott, President for Africa at Mastercard.Equity Bank's Partnership with MastercardUtilizing Mastercard Cross-Border Services, Equity Bankcustomers will gain the ability to transfer funds through any Equity BranchLocation in Kenya. This platform purports to offer expedited transactionprocessing, fortified security measures, and competitive pricing, therebyrendering cross-border transactions accessible to consumers across EquityBank's expansive market network.A feature of this collaboration is the assurance of fullvalue for recipients, as no landing fees are implicated. Additionally, thecharges associated with this innovative service purportedly undercut those ofconventional international payments, rendering it a more economical andaccessible option for customers. Such a development is positioned to align withthe payments landscape, addressing customer preferences for cost-effective andefficient international transactions.James Mwangi (CBS), Group Managing Director and CEO ofEquity Group Holdings Plc, said: “This collaboration underscores our commitmentto providing accessible financial solutions that meet the evolving needs of ourcustomers and solidifies our role in fostering inclusive growth across theregion."This article was written by Tareq Sikder at www.financemagnates.com.
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The Finance Magnates Africa Summit (FMAS:24) will be here in a few weeks, with the countdown officially underway to the biggest event of the year in Africa in 2024. FMAS:24 returns for its second year in Sandton City, South Africa on May 20-22, 2024, at the luxurious Sandton Convention Centre. With so many benefits to attending, this is one event you cannot afford to miss!As the largest in Africa, FMAS:24 will be providing many unique opportunities for professionals in the financial services industry to come together and exchange ideas, insights, and best practices. The premium event brings together industry leaders, innovators, and experts from across Africa and beyond, offers a platform for networking, learning, and collaboration. With a focus on the latest trends, challenges, and future insights shaping the finance sphere in Africa, FMAS:24 provides attendees with valuable knowledge and actionable insights to help them set up operations in Africa or take their business or trading to the next level. Registration is already live for FMAS:24 and can be accessed via the following link. Make sure to register online ahead of the event to avoid lengthy queues on-site!Why Attend FMAS:24 This MayDiverse Networking OpportunitiesAnything can happen on the exhibition floor at FMAS:24. Attendees can network with traders, investors, businesses, and industry leaders from around the world, and build valuable connections for your future endeavors.Insightful DiscussionsWith face-to-face engagement and a curated content track spanning four industry verticals, participants will be at the vanguard of any trends. Stay ahead with in-depth conversations about the latest topics and opportunities in Africa's financial sector.Forge New PartnershipsEstablish new and long-lasting partnerships and collaborations with the industry’s biggest talent, brands, and experts in a one-of-a-kind environment. Explore InvestmentsAfrica is the continent filled with potential. Participants can discover unique investment opportunities within the African region, allowing anyone the chance to diversify their portfolio and unlock potential growth avenues.Engage and Network with ExpertsNetwork and interact with expert speakers who will share their wealth of knowledge and experiences, offering invaluable perspectives to inspire and guide your journey.Diverse Agenda in Focus at FMAS:24FMAS:24 will feature a newly expanded content track covering two stages. This includes the newly launched Trader Zone, which caters to a growing retail trading demographic.Look for plenty of insightful discussions to take place across each of these stages during the two-day event. Topics will cover four industry verticals, including online trading, fintech, payments, and blockchain & digital assets.Register Today for the Biggest Event of the Year in Africa!These sessions, panels, workshops, and more will be given by leading CEOs, policymakers, fintech entrepreneurs, and investors. FMAS:24 will bring together a diverse range of voices and perspectives to offer attendees a comprehensive understanding of the challenges and opportunities facing the industry. By hearing from industry leaders and experts, attendees can gain valuable insights, learn from real-world experiences, and stay ahead of the curve and map out the rest of 2024 and beyond.This article was written by Jeff Patterson at www.financemagnates.com.
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The Finance Magnates Africa Summit (FMAS:24) will be here in a few weeks, with the countdown officially underway to the biggest event of the year in Africa in 2024. FMAS:24 returns for its second year in Sandton City, South Africa on May 20-22, 2024, at the luxurious Sandton Convention Centre. With so many benefits to attending, this is one event you cannot afford to miss!As the largest in Africa, FMAS:24 will be providing many unique opportunities for professionals in the financial services industry to come together and exchange ideas, insights, and best practices. The premium event brings together industry leaders, innovators, and experts from across Africa and beyond, offers a platform for networking, learning, and collaboration. With a focus on the latest trends, challenges, and future insights shaping the finance sphere in Africa, FMAS:24 provides attendees with valuable knowledge and actionable insights to help them set up operations in Africa or take their business or trading to the next level. Registration is already live for FMAS:24 and can be accessed via the following link. Make sure to register online ahead of the event to avoid lengthy queues on-site!Why Attend FMAS:24 This MayDiverse Networking OpportunitiesAnything can happen on the exhibition floor at FMAS:24. Attendees can network with traders, investors, businesses, and industry leaders from around the world, and build valuable connections for your future endeavors.Insightful DiscussionsWith face-to-face engagement and a curated content track spanning four industry verticals, participants will be at the vanguard of any trends. Stay ahead with in-depth conversations about the latest topics and opportunities in Africa's financial sector.Forge New PartnershipsEstablish new and long-lasting partnerships and collaborations with the industry’s biggest talent, brands, and experts in a one-of-a-kind environment. Explore InvestmentsAfrica is the continent filled with potential. Participants can discover unique investment opportunities within the African region, allowing anyone the chance to diversify their portfolio and unlock potential growth avenues.Engage and Network with ExpertsNetwork and interact with expert speakers who will share their wealth of knowledge and experiences, offering invaluable perspectives to inspire and guide your journey.Diverse Agenda in Focus at FMAS:24FMAS:24 will feature a newly expanded content track covering two stages. This includes the newly launched Trader Zone, which caters to a growing retail trading demographic.Look for plenty of insightful discussions to take place across each of these stages during the two-day event. Topics will cover four industry verticals, including online trading, fintech, payments, and blockchain & digital assets.Register Today for the Biggest Event of the Year in Africa!These sessions, panels, workshops, and more will be given by leading CEOs, policymakers, fintech entrepreneurs, and investors. FMAS:24 will bring together a diverse range of voices and perspectives to offer attendees a comprehensive understanding of the challenges and opportunities facing the industry. By hearing from industry leaders and experts, attendees can gain valuable insights, learn from real-world experiences, and stay ahead of the curve and map out the rest of 2024 and beyond.This article was written by Jeff Patterson at www.financemagnates.com.
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The surge in popularity of cryptocurrency payment systems over the last few years has resulted in significant changes in how money is handled. Credit card transactions and other conventional modes of payment have existed for a long time. However, they charge high fees compared to crypto payments. This cost, borne by the supplier or the client, influences the final price of products and services.The High Cost of Credit Card TransactionsCredit card purchases are now the most common way to pay for things worldwide, but they have a big cost affecting buyers and sellers. Charges from credit card companies usually run from <a href="https://www.forbes.com/uk/advisor/business/credit-card-processing-fees">1.5% to 3.5% per transaction, sometimes reaching as high as 6%</a>. This may not seem like a lot at first, but it adds up to a lot over time. Merchants who accept credit cards are the ones who pay for this at first. On the other hand, companies often have to charge customers more for goods and services to cover these costs to stay profitable. Customers may not even be aware that these fees increase their prices because they are used to it.Because credit card companies have such a strong hold on the payment handling business, there hasn't been much competition to reduce these fees. Credit card companies don't have much reason to lower their fees because there aren't many other options that offer the same level of reach and ease. This means that high transaction costs will remain the norm. This situation keeps going in a circle, and the consumer has to pay these fees in the end. It's also ironic that people think credit cards are convenient, but they actually support a system that raises prices without really improving service or efficiency to compensate.The Emergence of Crypto Payment Platforms as Viable AlternativesWhile the digital world changes, so do financial activities. Crypto payment services are quickly becoming a major player in the market. This new generation of payment systems is making a name by providing a strong option to standard business methods. One of the best things about these crypto payment services is that the transaction fees are very low, <a href="https://www.crypto-news-flash.com/crypto-payment-services-offer-lower-prices-than-credit-cards/">ranging from 0% to 2%</a>. This big difference from the higher fees that come with using a credit card could cause a big change in how people and businesses choose to pay.In a market that is always changing, <a href="https://slash.fi/">Slash</a> is an interesting example that shows how crypto payment systems can be useful. By setting its transaction fees at the lower end of the range, Slash not only beats the usual fees for using a credit card but also creates a new way to pay that is both unique and good for customers. Not only does this method help businesses by lowering the transaction fees, but it also ensures that customers don't end up paying more because of higher transaction fees. There are real benefits to the Slash model that could convince both businesses and customers to switch from traditional credit card companies. It shows how to create a sustainable and fair financial transaction environment that questions the status quo.Slash's Market Impact and InnovationsSlash is a cryptocurrency payment service provider that supports over 1,400 tokens from five blockchains and serves various applications, including Web3, e-commerce, and retail. This sponsorship underlines Slash's efforts to promote crypto usage beyond investing and into ordinary trade.Slash's activities focus heavily on regulatory compliance, particularly in Japan, where financial rules are exceptionally stringent. Such compliance demonstrates a commitment to guaranteeing lawful and secure transactions, which addresses concerns about the security and legality of cryptocurrency payments.Slash takes a unique strategy by returning all transaction fees to its token holders, resulting in a mutual support network. This approach promotes community interaction…
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Bitget, one of the biggest cryptocurrency exchanges by volume, has released its Q1 2024 Transparency Report, revealing visible growth across various metrics. Thereport highlighted a 100% increase in both spot and futures trading volumescompared to previous quarters, along with a significant rise in the value ofits platform native token, BGB.Bitget Reports Growth inQ1 2024 Transparency ReportAccordingto the report, Bitget's futures trading volume reached approximately $1.4trillion, an escalation of 146% from the previous quarter. The exchange witnessed thehighest increase in derivatives market share, with a growth of 2.4% in Marchalone. The spot trading volume also saw a substantial uplift of 113%, surpassing$60 billion in Q1 2024. According to an independent report by Finance Magnates Intelligence, these figures coincide with the overall boost in volumes across the cryptocurrency industry.In March, spot volumes for the largest cryptocurrency exchanges grew 119%compared to the previous year and over 100% compared to February.Bitget'suser base has expanded significantly, now serving over 25 million usersacross 100+ countries and regions. "Thisyear, Bitget is doubling down on its commitment to enhance our spot marketofferings,” Gracy Chen, the Managing Director of Bitget, commented. “We aim notonly to bolster our market position but also to contribute tremendously to thebroader crypto ecosystem, supporting startups with high potential togrow."Thanks @CryptoSlate for featuring us.🏆 Proud to become the world's largest #crypto copy trading platform!🌍 With over 25 million users globally, #Bitget now stands proudly as a Top 5 crypto exchange on various lists.Explore our latest achievements 👇— Bitget (@bitgetglobal) April 11, 2024Bitget Bets on Its CryptoTokenTheplatform's native token, BGB, had a really good run last quarter, breaking itsall-time high and surpassing the $1 mark in February. Since the beginning of2023, BGB has delivered gains of 434%, outperforming Bitcoin and establishingitself as a top performer among centralized exchange tokens.Currently,it is one of the 70 largest cryptocurrencies, with a market capitalization ofover $1.8 billion and a daily trading volume of $81 million. Binance exchange's BNB token has a market capitalization of $89 billion.Bitget's listingstrategy led to the introduction of 186 new tokens in the first quarter,expanding its offerings to over 750 tokens and 820 spot trading pairs. Severaltokens, such as XAI, GPT, and PIXEL, experienced extraordinary growth, surgingover 3000%.Accordingto the latest exchange report, more people are tradingcryptocurrencies in Europe. In Germany alone, the number of traders hasescalated 69% over the year.In the meantime,Bitget Wallet hired a new Chief Operating Officer, Alvin Kan, to accelerate its globalexpansion.This article was written by Damian Chmiel at www.financemagnates.com.
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TheFinancial Conduct Authority (<a href="https://www.financemagnates.com/tag/fca/">FCA</a>) has published findings indicating that LinkFund Solutions (LFS) failed to manage the Woodford Equity Income Fund (WEIF)with “due skill, care, and diligence.” Theregulator found that between July 2018 and the fund's suspension in June 2019,LFS did not adequately manage the fund's liquidity, which impactedinvestors' ability to access their money at short notice.Theregulator was even ready to impose a £50 million fine on LFS, but decided it would significantly reduce the compensation amount for the aggrievedinvestors.FCA Finds Link FundSolutions Failed to Manage WEIF Properly<a href="https://www.fca.org.uk/publication/final-notices/link-fund-solutions-limited-2024.pdf">Accordingto the FCA</a>, LFS failed to properly oversee Woodford Investment Management (WIM) and address liquidity concerns. In aseparate action, the FCA has issued warning notices to Neil Woodford and WIM,proposing to take action against them for their conduct in managing the WEIF."Theirfailings led to losses for those trapped in the fund when it was suspended,” ThereseChambers, the Joint Executive Director of Enforcement and Market Oversight atthe FCA, stated. “It is right that they compensate investors for the lossesthat resulted from their failings, and we're pleased that the scheme hasstarted making payments."🇬🇧 FCA | FCA Finds Link Fund Solutions Mismanagement of Woodford Equity Income Fund• Link Fund Solutions (LFS) found to have failed in due skill, care, and diligence in managing the Woodford Equity Income Fund (WEIF) as per FCA findings.<a href="https://twitter.com/hashtag/LinkFundSolutions?src=hash&ref_src=twsrc%5Etfw">#LinkFundSolutions</a>…— RegFlow Hub (@RegFlowHub) <a href="https://twitter.com/RegFlowHub/status/1778343946399396194?ref_src=twsrc%5Etfw">April 11, 2024</a>The FCAalleged that Woodford had a defective and unreasonably narrow understanding ofhis responsibilities for managing liquidity risks. The regulator also claimsthat Woodford and WIM failed to ensure that the WEIF's <a href="https://www.financemagnates.com/terms/l/liquidity/">liquidity</a> risk frameworkwas appropriate, responded adequately to the ongoing deterioration in the fund's liquidity, and maintained a reasonable liquidity profile for the WEIF.“The FCAwould have imposed a fine of £50m on LFS (which would have been reduced to £35min the case of <a href="https://www.financemagnates.com/terms/s/settlement/">settlement</a>,” the regulator stated. “However, imposing thispenalty would reduce the amount which consumers receive back.”Less than two months ago, the FCA decided that it would <a href="https://www.financemagnates.com/forex/named-and-shamed-uk-regulator-to-publicly-reveal-probed-firms/">provide more information about its ongoing cases</a> to the public and increase financial incentives for whistleblowers. It aims to enhance market transparency and discourage companies from engaging in activities that violate regulations.Up to £230 Million IsWaiting to Be Paid OutBoth Woodfordand WIM have the right to communicate with the Regulatory DecisionsCommittee regarding the warning notices. If the FCA makes final decisions, itintends to make its findings public at the appropriate time. Still, it cannot providefurther details beyond the warning notice statement at this stage.LFS hasagreed to settle the enforcement case and compensate thoseaffected. Investors who were invested in the WEIF when it was suspended arestarting to receive a share of the up to £230 million redress scheme, which the High Court approved in February.The FCA hasconfirmed that no other parties are under investigation regarding the Woodford Equity Income Fund.In 2023, the British regulator issued 21% more warnings about suspicious activities, <a href="https://www.financemagnates.com/forex/fcas-2023-crusade-against-financial-fraud-hits-new-peak/">exceeding 2,250 alerts</a>. It also adopted a Business Plan for 2024-2025, which envisages <a href="https://www.financemagnate…
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Originating from London, <a href="https://www.ebc.com/">EBC Financial Group</a> aims to build leadership in finance through becoming the Club's official foreign exchange partner across Asia, Central and South America, the Middle East, Africa, and Oceania. FC Barcelona and EBC Financial Group (EBC) are pleased to announce their partnership in the foreign exchange sector across multiple regions for 3.5 years, commencing today. This partnership designates EBC as FC Barcelona’s official Partner in Foreign Exchange, with coverage extending to regions including APAC, LATAM, the Middle East, and Africa.This partnership marks a significant milestone for EBC, aligning the brand with the respected legacy and global reach of FC Barcelona. Under this exclusive agreement, EBC is granted the unique privilege to engage in specialized business activities within the foreign exchange domain. The partnership encompasses a range of services, including foreign exchange transactions, trading, brokering (including CFDs), and advisory services.Through this alliance, EBC is set to innovate and inspire, drawing on the club's rich cultural heritage and passionate fanbase to cultivate meaningful engagement and establish a lasting presence in key regions with a brand-new audience, fostering connections with a vibrant, global community that transcend traditional market boundaries. It is also an unparalleled opportunity to bring FC Barcelona closer to its partners, supporters, and Culers in these regions, alongside its global expansion strategy to grow and continue to lead the industry via exploring the right partners in different sectors.EBC Financial Group, founded in the esteemed financial centre of London, is a comprehensive financial services group renowned for its expertise in online trading, asset management and investment consultation. With offices strategically located in prominent financial centres, such as London, Hong Kong, Tokyo, Sydney, the Cayman Islands, Singapore, Bangkok, Limassol, and more, EBC caters to a diverse clientele of retail, professional and institutional investors worldwide. Known for its institutional-grade trading environment, the group provides tailor-made financial brokerage, trading services, and an extensive array of investment solutions.A signing event to commemorate this significant milestone between the Club and EBC will be held at the revamped Spotify Camp Nou at a later date.Statement by Samuel Hertz, APAC Director of Operations at EBC Financial Group and David Barrett, CEO of EBC Financial Group (UK) Ltd: “Even though EBC is only four years old, we’ve only grown because we demand the best from ourselves and the industry.We’ve delved deep into FC Barcelona’s storied history, learning from their culture of mentorship where the experienced guide the new, and the new inspire the younger, creating a continuum of growth and excellence. This isn’t just a partnership; it's a shared journey towards greatness, embodying a culture where success is not just about winning but about fostering values, nurturing talent, and contributing positively to society. We're inspired by Barca's way of doing things, their culture where veterans nurture newcomers, passing on wisdom and passion. Our choice of FC Barcelona as a partner is deliberate and profound; it's about learning from the best and embedding their ethos of teamwork, respect, and ambition into our DNA,” stated Samuel Hertz, APAC Director of Operations at EBC Financial Group.David Barrett, CEO of EBC Financial Group (UK) Limited, the UK subsidiary of EBC Financial Group added, “Being able to forge a partnership with such a strong and respected brand as FC Barcelona underlines the groups ambition to always push ourselves to the highest levels of achievement as possible. EBC Financial Group has firms regulated in the UK by the FCA, Australia by ASIC and the Caymans by CIMA – all highly respected global centres in financial markets – this partnership with FC Barcelona underlines our efforts to align and partner with the best in…
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Appital, a financialtechnology company focused on peer-to-peer price discovery and liquiditysourcing for asset managers, has announced the appointment of John Coules toits business development team. John Coules Joins Appital Coulesbrings a wealth of expertise to Appital, having spent the last 17 years as apan-European equities sales trader at HSBC and 13 years at Lehman Brothersbefore that. His understanding of equity markets and extensive network ofinstitutional investor relationships across the UK and Europe will beinvaluable as Appital continues its global expansion.Theseasoned sales trader with over thirty years of experience joins Appital at a time when the company is experiencing substantial growth. Since the launch of its Appital Insights platform in September 2023, the company has reached $4 billion of buy-side liquidity. After three months of operation, it reached its first milestone of $2 billion."John'sexperience will be invaluable as we continue our global expansion,” BrianGuckian, the Chief Business Development Officer at Appital, welcomed Coulesto the team.Coules, inturn, noted that "Appital's peer-to-peer price discovery andliquidity-sourcing technology is truly unique and redefines how buy-side firmsengage to unlock latent liquidity."The fintech technology is transforming how buy-side firms access liquidity and engage in the price discovery process. The company's platform allows asset managers toproactively source cross-border liquidity and interact with natural liquidityacross a wide range of equities, from large-cap stocks to highly illiquid smalland mid-cap securities. Appital InsightsSince thelaunch of Appital Insights in Q4 2023, more than 40 asset managers with over$15 trillion in assets under management (AUM) have signed up, with anadditional 60+ firms in the onboarding process representing a further $30trillion in AUM. The platform enables buy-side institutions to assess the viability of executing larger orders without alerting the market. It also empowers traders and portfolio managers to gain exposure to relevant liquidity events that meet their specific criteria.Last year,Appital also started a partnership withVirtu Financial’s Triton Execution Management System, integrating its book-buildingplatform dubbed Appital Turquoise BookBuilder which was launchedback in August 2022.This article was written by Damian Chmiel at www.financemagnates.com.
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The Australian Federal Court has mandated the closure of Prospero Markets, a forex and contracts for differences (CFDs) broker, and has appointed a liquidator to oversee the process of returning client funds. This directive comes at the behest of the Australian Securities and Investments Commission (ASIC).Prospero Markets Ordered to Wind DownIssued on Thursday, the court mandated the shutdown on “just and equitable grounds.” Andrew Cummins, Jonathon Keenan, and Peter Krejci of BRI Ferrier have been designated as the broker's liquidators.This regulatory directive emerged as ASIC expressed a “broad range of concerns regarding the management of Prospero’s business.” The regulator highlighted potential breaches of the broker's licensing conditions and its obligations as an issuer of over-the-counter derivatives.The Troubled BrokerProspero Markets provided leveraged trading services to retail and wholesale clients across CFDs of forex, metals, commodities, indices, and shares. It established its Australian operations in 2012 and provides its services in the Chinese language, in addition to English, indicating that it has a significant proportion of Chinese-speaking clients, although none of the numbers are in the public domain. The brokerage first faced scrutiny last year and ASIC suspended its Australian Financial Services (AFS) license due to its failure to submit annual financial statements and audit reports timely. The AFS license suspension remains in effect until September 26, 2024.ASIC's investigation into Prospero commenced last year after Australian police charged former officers and responsible managers of the brokerage with money laundering in October 2023. These charges were linked to the Changjiang Currency Exchange money remitting chain, accused of laundering nearly $229 million over three years.“ASIC has received inquiries from clients who are concerned about the retrieval of their funds. In initiating this application, ASIC concluded that appointing liquidators was the most effective method to ensure the prompt return of client funds,” stated the Australian regulator.This article was written by Arnab Shome at www.financemagnates.com.
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