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The Financial Commission has announced Swift Trader as itslatest approved Member, marking the company's inclusion in the roster of onlinebrokerages under the self-regulatory forum. This move highlights the growinginterest and demand within the FX industry for independent external disputeresolution services.Swift Trader Secures MembershipEffective May 9th, 2024, Swift Trader attained ApprovedBroker Member status following the approval of its membership application bythe Financial Commission. This designation grants the company and its customersaccess to a comprehensive array of services and membership benefits, includingprotection for up to €20,000 per submitted complaint, supported by theFinancial Commission's Compensation Fund.The Financial Commission serves as an impartial third-partymediation platform for brokerages and their clients, facilitating theresolution of complaints in situations where direct agreements between partiesprove elusive.Resolution Process Attracts Swift Trader and OthersFor approved members and their clients involved in CFDs,foreign exchange (forex), and cryptocurrency markets, the Financial Commissionoffers a resolution process compared to traditional regulatory avenues such asarbitration or local court systems. Swift Trader now joins a diverse range ofbrokerages and independent service providers leveraging the FinancialCommission's services to meet client needs while adhering to membershiprequirements.Swift Trader boasts a team of seasoned professionals withover five decades of collective experience in the financial industry. Thecompany is focused on delivering competitive pricing, and a range of tradingproducts and tools to its clientele.Recently, the Financial Commission announced theapproval of Orfinex as its Member, signifying the company's inclusion inthe self-regulatory forum for resolving disputes in the FX industry.Additionally, the organization welcomed FusionMarkets and Ultima Markets as Approved Brokers.In a separate development, the Financial Commission hasprovided an update on itsinvestigation into a recently uncovered scam involving fake representativesposing as The Financial Commission. This deceptive activity aimed to defraudtraders and swindle money. The organization had previously issued acautionary notice about this group of imposters on 15 December 2023.This article was written by Tareq Sikder at www.financemagnates.com.
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To enhance financial services for customers across the UKand European Economic Area (EEA), OpenPayd, an embedded finance andBanking-as-a-Service (BaaS) platform, has announced a strategic partnershipwith Wirex, a Web3 money app. This collaboration aims to fortify easy, fast,and secure payment solutions.Forging Alliance for Virtual IBAN PaymentsUnder the newly forged partnership, OpenPayd will facilitatethe issuance of named virtual IBANs to Wirex customers in over 30 countriesspanning the UK and EEA regions. These virtual IBANs will grant customersaccess to the Faster Payments network in the UK and enable Single Euro PaymentsArea (SEPA) Instant transactions for Euro-denominated deposits and withdrawals.The integration of OpenPayd's services into Wirex'sinfrastructure will be seamless, leveraging OpenPayd's single,developer-friendly API. Wirex customers will be allocated unique, named IBANs,empowering them to effortlessly transfer EUR and GBP funds between their Wirexand traditional bank accounts. Transactions conducted via OpenPayd's SEPAInstant and Faster Payments networks will occur in real-time, ensuringround-the-clock availability and significantly enhancing the overall customerexperience.“At Wirex, we strive to bridge the gap betweenthe traditional and digital economies, so it's vital that our customers caneasily make and receive payments via SEPA Instant and Faster Payments.OpenPayd’s tech stack is not only state of the art and easy to integrate, it’salso proven at scale - processing millions of transactions monthly,” said PavelMatveev, CEO and Co-Founder of Wirex. Wirex chooses OpenPayd to launch embedded accounts across UK and EEA https://t.co/BzaRFZqEuJ— Stock Market News (@Stock_Market_Pr) May 14, 2024Enhanced Payment OptionsBy leveraging OpenPayd's expertise in embedded finance andBaaS solutions, Wirex aims to further streamline its payment ecosystem andreinforce its position as a frontrunner in the Web3 financial landscape.The introduction of virtual IBANs represents a pivotaladvancement in Wirex's quest to provide its customers with versatile,user-centric payment options. With the support of OpenPayd's robustinfrastructure and extensive network reach, Wirex users can expect enhancedaccessibility, efficiency, and security in their financial transactions acrossborders and currencies.“High-growth digital assets businesses need reliable,scalable banking and payments partners to deliver a seamless user experiencewithout incurring delays or prohibitive fees,” said Iana Dimitrova, CEO ofOpenPayd. “Wirex is a trusted, established and growing player in the digitalassets market. Our reliable platform, with 99.99% uptime, will support Wirex inits mission to make cryptocurrency more secure, accessible and available toeveryone.”This article was written by Tareq Sikder at www.financemagnates.com.
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Globalpayments provider Paysafe has released its Q1 2024 earnings report, revealingstrong financial performance and continued growth across key business segments.The company reported an 8% year-over-year (YoY) increase in revenue, reaching$417.7 million. On a constant currency basis, revenue grew by an impressive 7%.Paysafe Delivers Strong Q12024 ResultsPaysafe'sAdjusted EBITDA for the quarter stood at $111.9 million, representing a 4%increase from the previous year. When adjusted for currency fluctuations, thegrowth in Adjusted EBITDA was 3%. The company also reported a net income of$3.1 million, a significant improvement from the net loss of $3.8 million in Q12023. Adjusted net income reached $35.3 million, growing compared to last year's period.CEO BruceLowthers attributed the strong results to the success of Paysafe's strategicinitiatives and investments. For example, Paysafe expanded its sales team,advanced its white-label wallet strategy through a partnership with Xsolla, andlaunched its Pay by Bank solution for US iGaming.“We remainconfident in our financial outlook for this year, which reflects strongerunderlying revenue performance, anchored by improved operational execution,” addedLowthers, who has been leading the company for over two years.$PSFE🔹Paysafe reported Q1 revenues of $418 million: an +8% Y/Y growth and 2% above consensus estimates.🔹Operating margin contracted -1.24 p.p. Y/Y to 7.9%, falling short of the 9.4% expectation.🔹EPS (GAAP) was $0.05: a +180% Y/Y increase, and 30% above consensus estimates. pic.twitter.com/Nx7mSEuIIv— Esthaar Labs | Finance & Tech Insights (@EsthaarLabs) May 13, 2024Revenuefrom the Merchant Solutions segment rose by 11%, driven by substantial growthin e-commerce and small to medium-sized businesses (SMBs) due to enhanced salesstrategies and portfolio optimization efforts. In constant currency, the Digital Wallets segment saw a revenue increase of 5%, or 4%, primarily fueled by thegambling sector and continued efforts to boost product and consumer engagement.Reaffirming Full-YearOutlookBased onthe strong Q1 performance, Paysafe reaffirmed its financial outlook for 2024. The company expects revenue from $1,688 million to$1,712 million and Adjusted EBITDA between $473 million and $488 million,reflecting stronger underlying revenue performance and improved operationalexecution.A fewmonths ago, Paysafe announced an extension of its collaboration with Visa. Thepartnership aims to integrate Visa network tokens, providing an alternative to traditional credit and debit card account numbers. The companymade headlines in 2023 after ending its partnership with the Binance exchangein France, which halted support for euro deposits and withdrawals for SEPAtransfers.This article was written by Damian Chmiel at www.financemagnates.com.
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Coinbase, the largest cryptocurrency exchange in the US, is “experiencing a system-wide outage” that has directly impacted its services. Both desktop and mobile platforms of the crypto exchange are not working.Coinbase Is DownThe reason behind the outage remains unclear as the exchange ensured that it is “investigating this issue.” According to the status page of Coinbase, the outage started at 21:19 Pacific Daylight Time (PDT) on 13 May. In the latest update at 23:09 PDT, the exchange noted that "we are continuing to investigate this issue."Addressing its users, the exchange further noted: “Your funds are safe.”Coinbase is experiencing a system wide outage. We are investigating this issue and working on a solution. Please see https://t.co/a3pl4WiDhZ for updates. Your funds are safe.— Coinbase Support (@CoinbaseSupport) May 14, 2024A Platform-Wide OutageAn attempt to visit the Coinbase website shows the message “503 service temporarily unavailable.” According to Mozilla, the server throws a 503 error when it is not ready to handle requests due to overload or maintenance.Interestingly, the mobile app of the crypto exchange is showing that “planned maintenance [is] in progress,” which is wrong.Ahhhh, the app is saying this is "planned maintenance." pic.twitter.com/U6bd0NtH2c— Metaman (@FacebookZucks) May 14, 2024The outage even affected the self-custody platform of the exchange, Coinbase Wallet, which is showing the message “something went wrong” and suggesting some unnecessary instructions like forcefully quitting the app and making sure it's updated.The system-wide outage came when the dollar value of Bitcoin was hovering around $62,000. According to Coinmarketcap, Coinbase handled about $2.4 billion in cryptocurrency trading volume in the last 24 hours, which will definitely take a hit with the ongoing outage.Coinbase base is one of the reputed cryptocurrency exchanges and is also publicly listed in the United States. The exchange is benefiting extensively from the ongoing bull run in crypto and has generated $1.2 billion in net income on revenue of $1.6 billion in the first quarter of 2024.The recent outage is not the first for Coinbase. On Feb 28, 2024, Coinbase and several other crypto exchanges suffered a temporary outage triggered by the surge in trading activities. However, system-wide outages are still rare as such incidents diminish user trust in a platform, especially those offering trading services.This article was written by Arnab Shome at www.financemagnates.com.
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OKX has officially launched its cryptocurrency exchange in Australia with spot and derivatives trading services, the company announced today (Tuesday). Although spot trading is available for all users in the country, only verified wholesale clients will be able to trade derivatives.Crypto Exchange in the Land Down UnderThe spot crypto exchange service of OKX listed 85 tokens, with a total of 170 crypto pairs. It also promised to expand the number of tokens offered “on an ongoing basis.”The cryptocurrency exchange further highlighted that the launch of local services in Australia would allow users from the country to deposit and withdraw AUD using local banks. Aussies can further access peer-to-peer and convert functions for cryptocurrencies. Furthermore, the crypto exchange also allows the purchase of cryptocurrencies using third-party platforms Simplex, MoonPay, and Banxa.“Australian crypto users deserve a platform that is secure, easy-to-use, and responsive to their needs, which include seamless access to banking rails as well as AUD pairs for the most popular cryptocurrencies,” said Jamie Kennedy, OKX’s Australia General Manager.Breaking news on OKX down under, announced by McLaren Racing driver @OscarPiastri 🧡We've officially launched OKX exchange services in Australia 🇦🇺 @OKXAustralia We're now the largest global crypto exchange offering AUD on ramps & spot trading pairs. pic.twitter.com/aAyBmLFLtd— OKX (@okx) May 14, 2024Complying with Local RulesThe official launch of the crypto exchange came a year after it opened a local office in Sydney. The platform is offering spot crypto exchange services locally under the entity OKX Australia Pty Ltd, which is registered with AUSTRAC, while derivatives are being offered by Australia Financial Pty Ltd, which obtained an Australian Financial Services license along with an AUSTRAC registration.Highlighting the importance of compliance, Kennedy said: “It's my job to make sure that while we offer the best product, we also invest in compliance and security to give peace of mind to our users.”Apart from Australia, OKX is also expanding in other regions. The exchange received initial approval in Singapore and a crypto license in Dubai. It also launched services in Turkey, Argentina, and Brazil. Meanwhile, the exchange pulled out its services from India, citing “local regulations.”This article was written by Arnab Shome at www.financemagnates.com.
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The Financial Commission has announced Swift Trader as itslatest approved Member, marking the company's inclusion in the roster of onlinebrokerages under the self-regulatory forum. This move highlights the growinginterest and demand within the FX industry for independent external disputeresolution services.Swift Trader Secures MembershipEffective May 9th, 2024, Swift Trader attained ApprovedBroker Member status following the approval of its membership application bythe Financial Commission. This designation grants the company and its customersaccess to a comprehensive array of services and membership benefits, includingprotection for up to €20,000 per submitted complaint, supported by theFinancial Commission's Compensation Fund.The Financial Commission serves as an impartial third-partymediation platform for brokerages and their clients, facilitating theresolution of complaints in situations where direct agreements between partiesprove elusive.Resolution Process Attracts Swift Trader and OthersFor approved members and their clients involved in CFDs,foreign exchange (forex), and cryptocurrency markets, the Financial Commissionoffers a resolution process compared to traditional regulatory avenues such asarbitration or local court systems. Swift Trader now joins a diverse range ofbrokerages and independent service providers leveraging the FinancialCommission's services to meet client needs while adhering to membershiprequirements.Swift Trader boasts a team of seasoned professionals withover five decades of collective experience in the financial industry. Thecompany is focused on delivering competitive pricing, and a range of tradingproducts and tools to its clientele.This article was written by Tareq Sikder at www.financemagnates.com.
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To enhance financial services for customers across the UKand European Economic Area (EEA), OpenPayd, an embedded finance andBanking-as-a-Service (BaaS) platform, has announced a strategic partnershipwith Wirex, a Web3 money app. This collaboration aims to fortify easy, fast,and secure payment solutions.Forging Alliance for Virtual IBAN PaymentsUnder the newly forged partnership, OpenPayd will facilitatethe issuance of named virtual IBANs to Wirex customers in over 30 countriesspanning the UK and EEA regions. These virtual IBANs will grant customersaccess to the Faster Payments network in the UK and enable Single Euro PaymentsArea (SEPA) Instant transactions for Euro-denominated deposits and withdrawals.The integration of OpenPayd's services into Wirex'sinfrastructure will be seamless, leveraging OpenPayd's single,developer-friendly API. Wirex customers will be allocated unique, named IBANs,empowering them to effortlessly transfer EUR and GBP funds between their Wirexand traditional bank accounts. Transactions conducted via OpenPayd's SEPAInstant and Faster Payments networks will occur in real-time, ensuringround-the-clock availability and significantly enhancing the overall customerexperience.“At Wirex, we strive to bridge the gap betweenthe traditional and digital economies, so it's vital that our customers caneasily make and receive payments via SEPA Instant and Faster Payments.OpenPayd’s tech stack is not only state of the art and easy to integrate, it’salso proven at scale - processing millions of transactions monthly,” said PavelMatveev, CEO and Co-Founder of Wirex. Wirex chooses OpenPayd to launch embedded accounts across UK and EEA https://t.co/BzaRFZqEuJ— Stock Market News (@Stock_Market_Pr) May 14, 2024Enhanced Payment OptionsBy leveraging OpenPayd's expertise in embedded finance andBaaS solutions, Wirex aims to further streamline its payment ecosystem andreinforce its position as a frontrunner in the Web3 financial landscape.The introduction of virtual IBANs represents a pivotaladvancement in Wirex's quest to provide its customers with versatile,user-centric payment options. With the support of OpenPayd's robustinfrastructure and extensive network reach, Wirex users can expect enhancedaccessibility, efficiency, and security in their financial transactions acrossborders and currencies.“High-growth digital assets businesses need reliable,scalable banking and payments partners to deliver a seamless user experiencewithout incurring delays or prohibitive fees,” said Iana Dimitrova, CEO ofOpenPayd. “Wirex is a trusted, established and growing player in the digitalassets market. Our reliable platform, with 99.99% uptime, will support Wirex inits mission to make cryptocurrency more secure, accessible and available toeveryone.”This article was written by Tareq Sikder at www.financemagnates.com.
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Globalpayments provider Paysafe has released its Q1 2024 earnings report, revealingstrong financial performance and continued growth across key business segments.The company reported an 8% year-over-year (YoY) increase in revenue, reaching$417.7 million. On a constant currency basis, revenue grew by an impressive 7%.Paysafe Delivers Strong Q12024 ResultsPaysafe'sAdjusted EBITDA for the quarter stood at $111.9 million, representing a 4%increase from the previous year. When adjusted for currency fluctuations, thegrowth in Adjusted EBITDA was 3%. The company also reported a net income of$3.1 million, a significant improvement from the net loss of $3.8 million in Q12023. Adjusted net income reached $35.3 million, growing compared to last year's period.CEO BruceLowthers attributed the strong results to the success of Paysafe's strategicinitiatives and investments. For example, Paysafe expanded its sales team,advanced its white-label wallet strategy through a partnership with Xsolla, andlaunched its Pay by Bank solution for US iGaming.“We remainconfident in our financial outlook for this year, which reflects strongerunderlying revenue performance, anchored by improved operational execution,” addedLowthers, who has been leading the company for over two years.$PSFE🔹Paysafe reported Q1 revenues of $418 million: an +8% Y/Y growth and 2% above consensus estimates.🔹Operating margin contracted -1.24 p.p. Y/Y to 7.9%, falling short of the 9.4% expectation.🔹EPS (GAAP) was $0.05: a +180% Y/Y increase, and 30% above consensus estimates. pic.twitter.com/Nx7mSEuIIv— Esthaar Labs | Finance & Tech Insights (@EsthaarLabs) May 13, 2024Revenuefrom the Merchant Solutions segment rose by 11%, driven by substantial growthin e-commerce and small to medium-sized businesses (SMBs) due to enhanced salesstrategies and portfolio optimization efforts. In constant currency, the Digital Wallets segment saw a revenue increase of 5%, or 4%, primarily fueled by thegambling sector and continued efforts to boost product and consumer engagement.Reaffirming Full-YearOutlookBased onthe strong Q1 performance, Paysafe reaffirmed its financial outlook for 2024. The company expects revenue from $1,688 million to$1,712 million and Adjusted EBITDA between $473 million and $488 million,reflecting stronger underlying revenue performance and improved operationalexecution.A fewmonths ago, Paysafe announced an extension of its collaboration with Visa. Thepartnership aims to integrate Visa network tokens, providing an alternative to traditional credit and debit card account numbers. The companymade headlines in 2023 after ending its partnership with the Binance exchangein France, which halted support for euro deposits and withdrawals for SEPAtransfers.This article was written by Damian Chmiel at www.financemagnates.com.
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Coinbase, the largest cryptocurrency exchange in the US, is “experiencing a system-wide outage” that has directly impacted its services. Both desktop and mobile platforms of the crypto exchange are not working.Coinbase Is DownThe reason behind the outage remains unclear as the exchange ensured that it is “investigating this issue.” According to the status page of Coinbase, the outage started at 21:19 Pacific Daylight Time (PDT) on 13 May. In the latest update at 23:09 PDT, the exchange noted that "we are continuing to investigate this issue."Addressing its users, the exchange further noted: “Your funds are safe.”Coinbase is experiencing a system wide outage. We are investigating this issue and working on a solution. Please see https://t.co/a3pl4WiDhZ for updates. Your funds are safe.— Coinbase Support (@CoinbaseSupport) May 14, 2024A Platform-Wide OutageAn attempt to visit the Coinbase website shows the message “503 service temporarily unavailable.” According to Mozilla, the server throws a 503 error when it is not ready to handle requests due to overload or maintenance.Interestingly, the mobile app of the crypto exchange is showing that “planned maintenance [is] in progress,” which is wrong.Ahhhh, the app is saying this is "planned maintenance." pic.twitter.com/U6bd0NtH2c— Metaman (@FacebookZucks) May 14, 2024The outage even affected the self-custody platform of the exchange, Coinbase Wallet, which is showing the message “something went wrong” and suggesting some unnecessary instructions like forcefully quitting the app and making sure it's updated.The system-wide outage came when the dollar value of Bitcoin was hovering around $62,000. According to Coinmarketcap, Coinbase handled about $2.4 billion in cryptocurrency trading volume in the last 24 hours, which will definitely take a hit with the ongoing outage.Coinbase base is one of the reputed cryptocurrency exchanges and is also publicly listed in the United States. The exchange is benefiting extensively from the ongoing bull run in crypto and has generated $1.2 billion in net income on revenue of $1.6 billion in the first quarter of 2024.The recent outage is not the first for Coinbase. On Feb 28, 2024, Coinbase and several other crypto exchanges suffered a temporary outage triggered by the surge in trading activities. However, system-wide outages are still rare as such incidents diminish user trust in a platform, especially those offering trading services.This article was written by Arnab Shome at www.financemagnates.com.
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OKX has officially launched its cryptocurrency exchange in Australia with spot and derivatives trading services, the company announced today (Tuesday). Although spot trading is available for all users in the country, only verified wholesale clients will be able to trade derivatives.Crypto Exchange in the Land Down UnderThe spot crypto exchange service of OKX listed 85 tokens, with a total of 170 crypto pairs. It also promised to expand the number of tokens offered “on an ongoing basis.”The cryptocurrency exchange further highlighted that the launch of local services in Australia would allow users from the country to deposit and withdraw AUD using local banks. Aussies can further access peer-to-peer and convert functions for cryptocurrencies. Furthermore, the crypto exchange also allows the purchase of cryptocurrencies using third-party platforms Simplex, MoonPay, and Banxa.“Australian crypto users deserve a platform that is secure, easy-to-use, and responsive to their needs, which include seamless access to banking rails as well as AUD pairs for the most popular cryptocurrencies,” said Jamie Kennedy, OKX’s Australia General Manager.Breaking news on OKX down under, announced by McLaren Racing driver @OscarPiastri 🧡We've officially launched OKX exchange services in Australia 🇦🇺 @OKXAustralia We're now the largest global crypto exchange offering AUD on ramps & spot trading pairs. pic.twitter.com/aAyBmLFLtd— OKX (@okx) May 14, 2024Complying with Local RulesThe official launch of the crypto exchange came a year after it opened a local office in Sydney. The platform is offering spot crypto exchange services locally under the entity OKX Australia Pty Ltd, which is registered with AUSTRAC, while derivatives are being offered by Australia Financial Pty Ltd, which obtained an Australian Financial Services license along with an AUSTRAC registration.Highlighting the importance of compliance, Kennedy said: “It's my job to make sure that while we offer the best product, we also invest in compliance and security to give peace of mind to our users.”Apart from Australia, OKX is also expanding in other regions. The exchange received initial approval in Singapore and a crypto license in Dubai. It also launched services in Turkey, Argentina, and Brazil. Meanwhile, the exchange pulled out its services from India, citing “local regulations.”This article was written by Arnab Shome at www.financemagnates.com.
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Kazakhstan has recognized Binance's local entity withISO 27001 and ISO 27701 certifications, the cryptocurrency exchange announcedtoday (Monday). The British Standards Institution awarded Binance thesecertifications after conducting an audit on the exchange's commitment toproviding a secure and reliable platform for cryptocurrency users in theregion.Security and Privacy StandardsBinance lauded this achievement, terming it as atestament to its commitment to adhering to globally recognized standards forinformation security governance and privacy information management.Additionally, the crypto exchange mentioned that the recognitions validate its ability to meet high standards for safeguarding user assets andpersonal information.Vishal Sacheendran, the Head of Regional Markets atBinance, mentioned: "Setting high benchmarks for information security andprivacy processes is a hallmark of a trustworthy, reliable firm. By securingthese internationally recognized certifications at Binance Kazakhstan, wevalidate that we meet these high standards. We hope that our users will feelsignificantly reassured knowing their assets and personal information areprotected in line with the latest global standards."#Binance Kazakhstan is proud to have been awarded the ISO 27001 and ISO 27701 certifications.This achievement highlights our strict adherence to international security and privacy standards.Read more ⤵️https://t.co/Zp5BInW3Dl pic.twitter.com/QWVzBUx3k7— Binance (@binance) May 13, 2024Last year, Binance secured similar certifications inFrance, Bahrain, and the United Arab Emirates. The external auditorA-LIGN awarded Binance the certifications for meeting international standardsin information security governance and privacy information management. ISO Certifications in France, Bahrain, and UAEJimmy Su, Binance's Chief Security Officer, said: "Users on our platform can be assured that their assets and information are protected in line with the latest global standards. We have a team of highly experienced security professionals who are continuouslyimproving, adapting, and innovating to ensure that Binance remains at theforefront of safeguarding the blockchain ecosystem."Last year, Binance officially launched its services in Kazakhstan, marking its entry into Central Asia. The exchange, which obtained apermanent license in the country the previous year, partnered with a local bankto facilitate fiat transfers. Binance Kazakhstan offers a range of services,including trading, custody of digital assets, and deposit andwithdrawal of fiat currencies.This article was written by Jared Kirui at www.financemagnates.com.
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Kazakhstan has recognized Binance's local entity withISO 27001 and ISO 27701 certifications, the cryptocurrency exchange announcedtoday (Monday). The British Standards Institution (BSI) awarded thesecertifications after conducting an audit on the exchange's commitment toproviding a secure and reliable platform for cryptocurrency users in theregion.Security and Privacy StandardsBinance lauded this achievement, terming it as atestament to its commitment to adhering to globally recognized standards forinformation security governance and privacy information management.Additionally, the crypto exchange mentioned that the recognitions validate theplatform's ability to meet high standards for safeguarding user assets andpersonal information.Vishal Sacheendran, the Head of Regional Markets atBinance, mentioned: "Setting high benchmarks for information security andprivacy processes is a hallmark of a trustworthy, reliable firm. By securingthese internationally recognized certifications at Binance Kazakhstan, wevalidate that we meet these high standards. We hope that our users will feelsignificantly reassured knowing their assets and personal information areprotected in line with the latest global standards."#Binance Kazakhstan is proud to have been awarded the ISO 27001 and ISO 27701 certifications.This achievement highlights our strict adherence to international security and privacy standards.Read more ⤵️https://t.co/Zp5BInW3Dl pic.twitter.com/QWVzBUx3k7— Binance (@binance) May 13, 2024Last year, Binance secured similar certifications inFrance, Bahrain, and the United Arab Emirates (UAE). The external auditorA-LIGN awarded Binance these certifications for meeting international standardsin information security governance and privacy information management.ISO Certifications in France, Bahrain, and UAEThe certifications were granted to Binance following acomprehensive evaluation conducted by A-LIGN, a trusted partner in security andcompliance for numerous global organizations. This evaluation scrutinizedBinance's security and privacy practices, affirming the effectiveness of itssystems and controls in safeguarding user assets and information.Jimmy Su, Binance's Chief Security Officer, said, "Users on our platform can be assured that their assets and information are protected in line with the latest global standards. We have a team of highly experienced security professionals who are continuouslyimproving, adapting, and innovating to ensure that Binance remains at theforefront of safeguarding the blockchain ecosystem."Last year, Binance officially launched its services in Kazakhstan, marking its entry into Central Asia. The exchange, which obtained apermanent license in the country the previous year, partnered with a local bankto facilitate fiat transfers. Binance Kazakhstan offers a range of services,including trading and custody of digital assets and deposit andwithdrawal of fiat currencies. This article was written by Jared Kirui at www.financemagnates.com.
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The CEO of Freetrade, a UK stock trading service, hasannounced his immediate departure from the company today (Monday). Adam Dodds,who co-founded the company in 2016 alongside Davide Fioranell and ViktorNebehaj, will be succeeded by Nebehaj, currently serving as Freetrade’s chiefoperating officer, pending customary regulatory approvals, as reported by CNBC.Transitioning from Daily Operations to Support GrowthStrategyDodds, who remains the largest individual shareholder withapproximately 12% ownership, will no longer be involved in the day-to-dayoperations but will continue to support the company from an external position,according to a Freetrade spokesperson.The decision for Dodds to step down was described as astrategic move to facilitate the company's next phase of growth. Freetrade aimsto expand its offerings, including new products such as bonds and mutual funds,tax wrappers, and its web platform, while continuing to grow its profitable UKuser base.Freetrade, Britain's answer to Robinhood, says its CEO is stepping down https://t.co/vXwfhWyg6s— CNBC (@CNBC) May 13, 2024“When reflecting on the journey from idea to over a millionusers with billions in assets, it’s getting through the tough times youremember the most,” Dodds said in comments shared with CNBC. “We almost died somany times it’s hard to count.”“Now, after putting up our first profitable quarter and withthe business on a strong sustainable footing, it’s time to hang up my skates.Freetrade is default alive and ready to take on the incumbent platforms in theUK with self-sustaining growth,” Dodds said.Strategic Response to Economic PressuresThis transition follows Freetrade's journey from its earlystages as a startup seeking to disrupt wealth management to its current statusas a company with over 1.4 million users and a workforce of 150 employees. Thecompany experienced significant growth in 2020, attracting thousands of newusers daily amid increased retail trading activity driven by events such as theGameStop stock-trading saga.However, Freetrade has also faced challenges, particularlyamid a more challenging macroeconomic environment. In 2022, the companyannounced workforce reductions, laying off 15% of its staff as part of effortsto achieve profitability. Dodds' departure marks a pivotal moment for Freetradeas it navigates these dynamics and charts its course for the future.This article was written by Tareq Sikder at www.financemagnates.com.
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TheCommodity Futures Trading Commission (<a href="https://www.financemagnates.com/tag/cftc/">CFTC</a>) has issued a stark warning, includingcryptocurrencies, to students and young job seekers: beware of becoming anunwitting "money mule."In a recentadvisory, the CFTC's Office of Customer Education and Outreach (OCEO) cautionedthat criminal organizations target young people with seemingly easy,stay-at-home job offers that involve moving money through bank accounts ordigital wallets.Money Mules and CryptoWarningAlthoughthe CFTC's warning primarily concerns the phenomenon of "moneymules," it largely also pertains to cryptocurrencies. The agency suggeststhat their decentralization and anonymity make them frequently used forpotentially illegal transactions. "Duringthis year's Money Mule Initiative campaign, the U.S. Department of Justicereported that agencies took action against more than 3,000 money mules,including criminal charges against 24 individuals," CFTC stated in itsannouncement. Accordingto the CFTC description, unwitting individuals are asked to transfer fundsbetween cryptocurrencies or blockchains, helping criminals avoid detection andexposing themselves to legal consequences. "Anestimated $75 billion has moved through digital wallets connected to thesefrauds," noted CFTC, citing a University of Texas study. "Lawenforcement is getting better at tracing and seizing stolen assets onblockchains, so criminals are motivated to 'off-ramp' or convert their tokensto dollars, and may recruit unwitting accomplices to do so.".<a href="https://twitter.com/CFTC?ref_src=twsrc%5Etfw">@CFTC</a> released a new customer advisory to warn students and jobseekers from becoming “Money Mules.” It recommends refusing requests to send/receive money to their bank accounts or crypto wallets as work duties. Read the advisory: <a href="https://t.co/s5VY4Rnlaj">https://t.co/s5VY4Rnlaj</a> <a href="https://twitter.com/hashtag/MoneyMuleInitiative?src=hash&ref_src=twsrc%5Etfw">#MoneyMuleInitiative</a> <a href="https://t.co/wbjHhpZoxH">pic.twitter.com/wbjHhpZoxH</a>— CFTC (@CFTC) <a href="https://twitter.com/CFTC/status/1790054483256389751?ref_src=twsrc%5Etfw">May 13, 2024</a>How the Money Mule ScamsWorkThe joboffers often appear straightforward - set up accounts, send or receive funds,convert dollars to crypto-assets, or buy and deliver goods. In return, the"employee" keeps a portion of the money. However, in reality,transnational crime rings are using these unsuspecting individuals to obscurethe trail of funds obtained through fraud, human trafficking, drug sales, andother crimes.Besidesfake job postings, the CFTC warns that some may be roped in thinking they arehelping an online friend in need but are actually <a href="https://www.financemagnates.com/forex/want-to-be-my-valentine-cftc-sounds-alarm-on-romance-scams/">victims of "pigbutchering"</a> - a type of romance or confidence scam used to fuel moneylaundering networks. Common red flags include:"Off-ramping":Converting crypto-assets sent to your <a href="https://www.financemagnates.com/terms/d/digital-wallet/">digital wallet</a> into dollars to sendelsewhere"On-ramping":Using cash to buy crypto, often at a Bitcoin ATM, to forward to another wallet"Smurfing":Receiving a large sum of crypto and sending smaller amounts to multiple walletsAnother day, another regulatory advisory that's focused on <a href="https://twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw">#crypto</a>. This time it's money mule scams. I look forward to the day when our tech isn't immediately & wrongfully associated with bad actors. <a href="https://t.co/9zuvAwj0lV">https://t.co/9zuvAwj0lV</a>— Katherine Kirkpatrick Bos (@kkirkbos) <a href="https://twitter.com/kkirkbos/status/1790056951839096903?ref_src=twsrc%5Etfw">May 13, 2024</a>Steep Consequences forParticipantsWhile somemoney mules are knowing accomplices, many are unaware they are facilitatingcrime. But the CFTC underscores that participating in <a href="https://www.financemagnates.com/terms/m/money-laundering/">money…
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Bitcoin lending startup Zest Protocol secured $3.5million in a funding round led by venture capitalist Tim Draper, Reutersreported. The investment, joined by notable backers including Binance Labs andFlow Traders, signals growing confidence in the crypto lending industry despiteregulatory scrutiny. Bitcoin Lending InnovationUnlike traditional lending platforms, the six-employeestartup operates a decentralized model that facilitates peer-to-peer transactionswithout intermediaries. Zest Protocol aims to disrupt the Bitcoin lendinglandscape by enabling users to lend out their Bitcoins or borrowagainst them. This approach allows users to earnpassive income. Zest's Founder, Tycho Onnasch, emphasized the platform's divergence from regulatory targets amid a crackdown by the USSecurities and Exchange Commission. The company plans to expand itsplatform with the raised funds, aiming for a broader rollout later this year.Onnasch underscored the company's conservative approach to yield generation,signaling a departure from the high-yield offerings prevalent in the early daysof crypto. Other investors who participated in the fundraising include Binance Labs and Flow Traders. Draper, known for his early investmentsin tech ventures like SpaceX, Tesla, and Coinbase, is optimisticabout the adoption of Bitcoin. His support highlights the emergence of the top cryptocurrency as an institutional asset and the growing ecosystem surrounding it.Bitcoin DevelopmentsLast month, Bitcoin underwent halving, an event that occurredat block number 840,000. Following the much-anticipated event block miningreward was halved to 3.125 Bitcoins from the previous 6.25 Bitcoins. Thisreduction has far-reaching implications for miners, investors, andthe overall Bitcoin ecosystem.Halving is important in Bitcoin'slifecycle and occurs roughly every four years or after every 210,000 blocks.This mechanism controls inflation by reducing the Bitcoin supply. Thejourney began with the inception of Bitcoin in 2009 when miners received a generous reward of 50 Bitcoins per block. Since then, halving events havesteadily decreased this reward, with previous halvings occurring in 2012 and2016.Bitcoin's protocol dictates that halving must continueuntil the maximum supply of 21 million Bitcoins is reached. Currently, around19 million Bitcoins have been mined, leaving only 2 million more to bediscovered. Any attempt to alter this predetermined algorithm would require aconsensus among Bitcoin miners, a feat that's nearly impossible given thedecentralized nature of the network.This article was written by Jared Kirui at www.financemagnates.com.
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Capital.com has shuffled the management of its United Kingdom division by appointing Rupert Osborne as the CEO of Capital Com UK Limited, Finance Magnates learned exclusively. Osborne is taking over the responsibilities of the CEO of the UK operations from Kypros Zoumidou, who continues to be the Group CEO.Local Leadership at Capital.comAccording to the broker, its decision to appoint a dedicated CEO for the UK operations came to “better align with local client needs and market dynamics.” In the newly created role, Osborne will oversee all UK operations, including setting the strategic direction for the business and overseeing all material controls.“As CEO of the UK operations, Rupert will steer the business forward while delivering the highest level of service to our clients in the UK,” said Zoumidou, who assumed the apex role with the broker succeeding Peter Hetherington.“Rupert’s appointment reflects our dedication to staying at the forefront of our clients’ diverse needs while driving growth in step with local market changes, regulations and best practices.”A Seasoned FX and CFD ExecutiveThe appointment of Osborne as the CEO of UK operations of Capital.com has been made through internal promotion. He joined the broker in June 2022 as the Dealing Director and was later promoted to Executive Director.Osborne is also a seasoned financial services executive with more than 15 years in trading and sales roles. Before joining Capital.com, he had a short six-month stint at Pepperstone, another forex and contracts for differences (CFDs) broker, as a Consultant. He also headed Koala Capital, a startup crypto exchange, for a brief period of three months, as seen on his LinkedIn profile.However, his most notable experience was at IG, where he spent about 11 years of his career. He joined the London headquarters of the broker as a Dealer in October 2010 and then climbed the corporate ladder to get promoted to Senior Dealer and then Deputy Head of Dealing for FX and Crypto. IG also appointed him as the CEO of its US division in September 2017, a role he held for four years until his separation from the company.Interestingly, Osborne is one of the many former IG executives who are now holding top management roles at Capital.com. The Group CEO, Zoumidou, himself was an IG alumni.“By continuously enhancing our offering and forging strategic partnerships with like-minded innovators, we aim to deliver the best products and services to meet the exacting needs of our UK client base,” Osborne said.This article was written by Arnab Shome at www.financemagnates.com.
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TheSecurities and Exchange Commission (SEC) has broughtcharges against a 25-year-old Florida man forallegedly conducting a fraudulent "free-riding"scheme that allowed him to purchase over $300,000 insecurities without sufficient funds.Florida Man Charged in$300K "Free-Riding" Stock SchemeTyroneJohnny Lacy, Jr., a resident of Sefner, Florida, is accusedof taking advantage of "instant buying power"credits offered by two broker-dealers in October 2022. The SECalleges that Lacy used falsified account applications and shambank deposits to induce the broker-dealers into extendinghim credit to buy securities.Accordingto the complaint, Lacy's bank accounts held minimal funds, and hisfraudulent deposits were eventually reversed. However, beforethis occurred, Lacy allegedly used the credit to purchase around$331,700 in securities. Free riding in the stock market refers to the illegal practice of buying and selling shares or other securities before the original purchase has been fully paid for or settled.“Lacyallegedly withdrew approximately $1,600 in trading profits and left onebroker-dealer with a loss of approximately $1,500,” the SEC statement said.The SEC has successfully halted the activities of fraudsters operating on a much larger scale in the stock market in the past. Over two years ago, the institution dismantled a $194 million global pump-and-dump scheme. Around the same time, it also charged five individuals who were the masterminds behind a $58 million scam.Charges andPenalties SoughtThe SEC'scomplaint, filed in the United States District Court for the MiddleDistrict of Florida, charges Lacy with violating anti-fraudprovisions of the Securities Exchange Act of 1934.The Commission is seeking permanent injunctive relief, aconduct-based injunction, civil penalties, and disgorgementof ill-gotten gains with prejudgment interest against Lacy.Thecase highlights the importance of broker-dealersmaintaining robust security measures to prevent fraudulentactivities and protect both their own interests and thoseof legitimate investors.In the latest update concerning the SEC, Finance Magnates reported that Commission Chief Gary Gensler criticized the crypto industry for inadequate disclosures. Gensler maintains that most cryptocurrencies are securities and must comply with relevant laws.This article was written by Damian Chmiel at www.financemagnates.com.
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Equiti Global Markets' Cyprus arm has appointed HusamAl Kurdi as Managing Director. Al Kurdi served as SquaredFinancial EU's Chief Executive Officer for more than three years until his promotion to SquaredFinancial Group's Deputy CEO in 2021.A Seasoned Industry ExecutiveAccording to his LinkedIn profile, Al Kurdi worked fora fintech startup, Investomy Ltd, that he co-founded in June 2023. His wealthof experience includes various roles at ADSS, MIG Bank, and MIG Investment inCairo, Egypt. Last year, Al Kurdi resigned as Deputy CEO ofSquaredFinancial to pursue his entrepreneurial endeavors. He joined the companyin 2019 after a significant tenure at ADSS, where he held the role of E-TradingProject Manager, Deputy Head of Operations, and later Head of ProductManagement/ Operation Manager. Following his departure, SquaredFinancial Group'sFounder, Philippe Ghanem, stepped in to fill the vacancy left after AlKurdi's departure. Ghanem, who had been overseeing SquaredFinancial as Chairman since April 2020, assumed the responsibility of directly running the business. Al Kurdi's departure was not the only executive move at SquaredFinancial. Former CEO Youssef Barakat transitioned to a new role within the senior management team of FX and CFDs brokerage, 4T. Additionally,SquaredFinancial welcomed Nour Hammoury as Chief Market Analyst.Equity Eyes Growth with New Executive AppointmentMeanwhile, Equiti Group entered the digital paymentsector last year by acquiring Cloud Invest. By integrating Cloud Invest's transaction management and digital payment solutions, the group aims to diversify its services and tap into new revenue streams. Iskandar Najjar, Equiti Group's Co-Founder and CEO,emphasized the the importance of the synergy between the two entities inenhancing operational efficiency. Cloud Invest caters to a diverse clientele,including banks, retailers, and micro-finance institutions. It supports Equiti's expansion in the digital spacewith its omnichannel payment solutions. Otman Ayoujil, the CEO of Cloud Invest,expressed enthusiasm about the partnership, envisioning a collective journeytowards becoming a fintech unicorn. The collaboration happened when thedigital payment market is experiencing exponential growth.This article was written by Jared Kirui at www.financemagnates.com.
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In its latest action against non-compliance in the crypto industry, the Commodity Futures Trading Commission (CFTC) has settled with FalconX, a crypto prime brokerage firm that failed to register as a futures commission merchant (FCM), for $1.8 million. The platform further received a cease-and-desist order from offering services to US residents.CFTC Busts FalconXAnnounced yesterday (Monday), FalconX is being operated by a Seychelles-registered firm, Falcon Labs. The regulator also highlighted that actions against the entity were the first against an unregistered FCM that "inappropriately facilitated access to digital asset exchanges.”Out of the total settlement amount, $1.18 million will be recovered as disgorgement, which the platform collected as fees, while it must pay the remaining $589,504 as a civil penalty.From around October 2021 until at least the end of March 2023, FalconX functioned as an intermediary and facilitated crypto trading with direct access to multiple exchanges. The customers on the platform, including US institutional customers, first created a main account in their own name and then associated sub-accounts on crypto exchanges.According to the CFTC, neither the crypto exchanges required customer-identifying information for the sub-account holders, nor did FalconX provide it.“The CFTC’s enforcement program has made clear it will not tolerate digital asset exchanges that fail to register with the CFTC or comply with the agency’s rules that maintain integrity in the derivatives markets,” Ian McGinley, the Director of Enforcement at CFTC, said, adding that the agency is now “taking the fight one step further by, for the first time, charging an intermediary that inappropriately facilitated access to those exchanges.”Cooperation Pays OffThe regulator further pointed out that FalconX cooperated in the investigation, resulting in a reduced monetary penalty. Similar results of cooperation with the authorities were seen in the sentencing of Binance’s Changpeng Zhao, who cooperated in the investigation and received only four months in prison.“Today’s action highlights that the CFTC will not hesitate to charge any entities—exchanges or intermediaries—who are providing customers access to digital asset products and services that require registration but have failed to appropriately register,” McGinley added.This article was written by Arnab Shome at www.financemagnates.com.
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Ahead of next week’s Finance Magnates Africa Summit (FMAS:24), FM spoke with Lampros Savva, Head of Business Development at <a href="https://www.ironfx.com/en/">IronFX</a>.Are you excited for FMAS:24 and how do you feel your company can directly benefit from attending an event such as this in Africa?Absolutely! Our company sees enormous potential in attending such events in Africa. In addition to providing us with invaluable networking opportunities, we also gain strategic insights into emerging market trends in the region. Additionally, we get to present our solutions to a broader audience, expanding our market reach, introduce our team to prospective IronFX traders, and establish key partnerships. FMAS is returning to Sandton City for its second year. What are you hoping to see or get out of this year’s event?We are particularly keen to experience the growth and evolution of FMAS this year. In particular, we are eager to learn more about the global trends impacting the African continent and investment opportunities specific to the region. We expect to gain valuable feedback to drive our business strategies forward in this market.Many brokers and brands have made the move to Africa amid the continent’s hype, size, and overall potential. Does this perspective align with your company’s goals in 2024 or beyond and is this excitement warranted? The move of brokers and brands to Africa aligns perfectly with our company's current goals. We recognise the tremendous potential of the African market and are committed to leveraging this momentum to expand our presence and create sustainable value for our stakeholders.FMAS:24 will be drawing the biggest brands as well as regional and local providers across multiple industries. How does your company plan to stand out in the crowd this year?To stand out at this year’s FMAS:24, our goal is to <a href="https://www.ironfx.com/en/">showcase our exceptional product offering</a> to prospective clients and partners, and to highlight the qualities that have positioned us as an award-winning global brand. This includes our advanced trading platforms like the MT4, TradeCopier, and the IFX Mobile Trading app. Furthermore, we will also share more information about Trading Central, IronFX’s independent and leading research analysis tool that uses automated AI analytics, clear user interfaces and registered investment expertise to provide traders with knowledge and expertise to make informed trading decisions. Moreover, we will introduce the IronFX Academy, an incredible online educational platform that offers a wide range of learning resources, suitable for both beginner and advanced traders. This platform truly sets us apart from our competitors, providing a toolkit designed by expert analysts and researchers to help traders achieve success in the financial markets. The retail industry continues to see sweeping changes, necessitating different strategies to chart a course forward. Given this uncertainty, how is your company built to navigate any industry headwinds in 2024 or what techniques do you feel are the most important looking ahead?Our company is built to adapt and thrive by prioritising agility, digital transformation, and customer centricity in our business strategy. We leverage data analytics and remain updated on the newest market trends to maintain a leading edge and meet the shifting demands of our growing customer base. We also continue to establish strategic partnerships to successfully navigate change and remain resilient. The forex market is a dynamic industry that is constantly evolving. To adapt, we intend to remain technologically advanced and competitive in terms of pricing and trading resources. Moreso, for us our customers’ needs come first. As such, we will continue to prioritise the protection of their data and privacy, ensuring transparency, and providing all the tools and services they need to excel in the markets. Another priority, and one that we feel extremely proud of, is maintaining our extensive library of educational…
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Capital.com has shuffled the management of its United Kingdom division by appointing Rupert Osborne as the CEO of Capital Com UK Limited, Finance Magnates learned exclusively. Osborne is taking over the responsibilities of the CEO of the UK operations from Kypros Zoumidou, who continues to be the Group CEO.Local Leadership at Capital.comAccording to the broker, its decision to appoint a dedicated CEO for the UK operations came to “better align with local client needs and market dynamics.” In the newly created role, Osborne will oversee all UK operations, including setting the strategic direction for the business and overseeing all material controls.“As CEO of the UK operations, Rupert will steer the business forward while delivering the highest level of service to our clients in the UK,” said Zoumidou, who assumed the apex role with the broker succeeding Peter Hetherington.“Rupert’s appointment reflects our dedication to staying at the forefront of our clients’ diverse needs while driving growth in step with local market changes, regulations and best practices.”A Seasoned FX and CFD ExecutiveThe appointment of Osborne as the CEO of UK operations of Capital.com has been made through internal promotion. He joined the broker in June 2022 as the Dealing Director and was later promoted to Executive Director.Osborne is also a seasoned financial services executive with more than 15 years in trading and sales roles. Before joining Capital.com, he had a short six-month stint at Pepperstone, another forex and contracts for differences (CFDs) broker, as a Consultant. He also headed Koala Capital, a startup crypto exchange, for a brief period of three months, as seen on his LinkedIn profile.However, his most notable experience was at IG, where he spent about 11 years of his career. He joined the London headquarters of the broker as a Dealer in October 2010 and then climbed the corporate ladder to get promoted to Senior Dealer and then Deputy Head of Dealing for FX and Crypto. IG also appointed him as the CEO of its US division in September 2017, a role he held for four years until his separation from the company.Interestingly, Osborne is one of the many former IG executives who are now holding top management roles at Capital.com. The Group CEO, Zoumidou, himself was an IG alumni.“By continuously enhancing our offering and forging strategic partnerships with like-minded innovators, we aim to deliver the best products and services to meet the exacting needs of our UK client base,” Osborne said.This article was written by Arnab Shome at www.financemagnates.com.
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TheSecurities and Exchange Commission (SEC) has broughtcharges against a 25-year-old Florida man forallegedly conducting a fraudulent "free-riding"scheme that allowed him to purchase over $300,000 insecurities without sufficient funds.Florida Man Charged in$300K "Free-Riding" Stock SchemeTyroneJohnny Lacy, Jr., a resident of Sefner, Florida, is accusedof taking advantage of "instant buying power"credits offered by two broker-dealers in October 2022. The SECalleges that Lacy used falsified account applications and shambank deposits to induce the broker-dealers into extendinghim credit to buy securities.Accordingto the complaint, Lacy's bank accounts held minimal funds, and hisfraudulent deposits were eventually reversed. However, beforethis occurred, Lacy allegedly used the credit to purchase around$331,700 in securities. Free riding in the stock market refers to the illegal practice of buying and selling shares or other securities before the original purchase has been fully paid for or settled.“Lacyallegedly withdrew approximately $1,600 in trading profits and left onebroker-dealer with a loss of approximately $1,500,” the SEC statement said.The SEC has successfully halted the activities of fraudsters operating on a much larger scale in the stock market in the past. Over two years ago, the institution dismantled a $194 million global pump-and-dump scheme. Around the same time, it also charged five individuals who were the masterminds behind a $58 million scam.Charges andPenalties SoughtThe SEC'scomplaint, filed in the United States District Court for the MiddleDistrict of Florida, charges Lacy with violating anti-fraudprovisions of the Securities Exchange Act of 1934.The Commission is seeking permanent injunctive relief, aconduct-based injunction, civil penalties, and disgorgementof ill-gotten gains with prejudgment interest against Lacy.Thecase highlights the importance of broker-dealersmaintaining robust security measures to prevent fraudulentactivities and protect both their own interests and thoseof legitimate investors.In the latest update concerning the SEC, Finance Magnates reported that Commission Chief Gary Gensler criticized the crypto industry for inadequate disclosures. Gensler maintains that most cryptocurrencies are securities and must comply with relevant laws.This article was written by Damian Chmiel at www.financemagnates.com.
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Equiti Global Markets' Cyprus arm has appointed HusamAl Kurdi as Managing Director. Al Kurdi served as SquaredFinancial EU's Chief Executive Officer for more than three years until his promotion to SquaredFinancial Group's Deputy CEO in 2021.A Seasoned Industry ExecutiveAccording to his LinkedIn profile, Al Kurdi worked fora fintech startup, Investomy Ltd, that he co-founded in June 2023. His wealthof experience includes various roles at ADSS, MIG Bank, and MIG Investment inCairo, Egypt. Last year, Al Kurdi resigned as Deputy CEO ofSquaredFinancial to pursue his entrepreneurial endeavors. He joined the companyin 2019 after a significant tenure at ADSS, where he held the role of E-TradingProject Manager, Deputy Head of Operations, and later Head of ProductManagement/ Operation Manager. Following his departure, SquaredFinancial Group'sFounder, Philippe Ghanem, stepped in to fill the vacancy left after AlKurdi's departure. Ghanem, who had been overseeing SquaredFinancial as Chairman since April 2020, assumed the responsibility of directly running the business. Al Kurdi's departure was not the only executive move at SquaredFinancial. Former CEO Youssef Barakat transitioned to a new role within the senior management team of FX and CFDs brokerage, 4T. Additionally,SquaredFinancial welcomed Nour Hammoury as Chief Market Analyst.Equity Eyes Growth with New Executive AppointmentMeanwhile, Equiti Group entered the digital paymentsector last year by acquiring Cloud Invest. By integrating Cloud Invest's transaction management and digital payment solutions, the group aims to diversify its services and tap into new revenue streams. Iskandar Najjar, Equiti Group's Co-Founder and CEO,emphasized the the importance of the synergy between the two entities inenhancing operational efficiency. Cloud Invest caters to a diverse clientele,including banks, retailers, and micro-finance institutions. It supports Equiti's expansion in the digital spacewith its omnichannel payment solutions. Otman Ayoujil, the CEO of Cloud Invest,expressed enthusiasm about the partnership, envisioning a collective journeytowards becoming a fintech unicorn. The collaboration happened when thedigital payment market is experiencing exponential growth.This article was written by Jared Kirui at www.financemagnates.com.
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In its latest action against non-compliance in the crypto industry, the Commodity Futures Trading Commission (CFTC) has settled with FalconX, a crypto prime brokerage firm that failed to register as a futures commission merchant (FCM), for $1.8 million. The platform further received a cease-and-desist order from offering services to US residents.CFTC Busts FalconXAnnounced yesterday (Monday), FalconX is being operated by a Seychelles-registered firm, Falcon Labs. The regulator also highlighted that actions against the entity were the first against an unregistered FCM that "inappropriately facilitated access to digital asset exchanges.”Out of the total settlement amount, $1.18 million will be recovered as disgorgement, which the platform collected as fees, while it must pay the remaining $589,504 as a civil penalty.From around October 2021 until at least the end of March 2023, FalconX functioned as an intermediary and facilitated crypto trading with direct access to multiple exchanges. The customers on the platform, including US institutional customers, first created a main account in their own name and then associated sub-accounts on crypto exchanges.According to the CFTC, neither the crypto exchanges required customer-identifying information for the sub-account holders, nor did FalconX provide it.“The CFTC’s enforcement program has made clear it will not tolerate digital asset exchanges that fail to register with the CFTC or comply with the agency’s rules that maintain integrity in the derivatives markets,” Ian McGinley, the Director of Enforcement at CFTC, said, adding that the agency is now “taking the fight one step further by, for the first time, charging an intermediary that inappropriately facilitated access to those exchanges.”Cooperation Pays OffThe regulator further pointed out that FalconX cooperated in the investigation, resulting in a reduced monetary penalty. Similar results of cooperation with the authorities were seen in the sentencing of Binance’s Changpeng Zhao, who cooperated in the investigation and received only four months in prison.“Today’s action highlights that the CFTC will not hesitate to charge any entities—exchanges or intermediaries—who are providing customers access to digital asset products and services that require registration but have failed to appropriately register,” McGinley added.This article was written by Arnab Shome at www.financemagnates.com.
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True Forex Funds has ended its operations and announcedplans to permanently close due to financial insolvency. According to astatement on the proprietary trading platform’s official website, the firm wasunable to improve its financial situation, leading to the discontinuation ofits services.End of the Road: True Forex Funds ClosesTrue Forex Funds mentioned: "We sincerely appreciate thededication and hard work of our employees, the trust our clients have placed inus, and the consistent support from our partners. Your commitment has been thefoundation of our endeavors, and for that, we are deeply grateful. Thank youfor your invaluable support and for being an essential part of True ForexFunds."In February, True Forex Funds announced plans torelaunch its services after ceasing operations due to the alleged terminationof its MT4 and MT5 licenses by MetaQuotes.The firm's CEO, Richard Nagy, expressed frustration over the lack of warningand the subsequent challenges faced by traders in the proprietarytrading industry. Despite this, the company said it was determined to resumeits services, with plans to relaunch in the "week of February 19th."Reacting to the abrupt closure, one user identified as Banjara on X mentioned: "True Forex Funds has shut down their shop and gone forever. They made millions and paid millions but at the end still it's traders who suffered. Funding gone and payouts blocked. It should be a lesson for other firms to manage risk well."Another user identified on X as PropFirmDrama said: "True Forex Funds has officially closed down. We sincerely hope the prop firm community helps the traders who suffered from these devastating updates."Setback from Industry ChallengesEarlier, True Forex Funds mentionedthat it was actively seeking the reinstatement of its licenses by MetaQuotes,although Nagy acknowledged the possibility of migrating trading accounts to adifferent broker if negotiations fail. Thecompany advised users to prepare for any outcome as the firm navigates uncertainties.In anticipation of the relaunch, True ForexFunds promised users a seamless and superior trading experience. Last month, the firm introduced Match-Trader as a secondary tradingplatform available in select countries, including Germany, Austria, Sweden, and Hungary. This rollout was reportedly in response to the high demand, with approximately 10,000 accounts waiting for migration to the platform.📢 Words from our CEO 📢Hello Traders,We are thrilled to announce the launch of Match-Trader, our new secondary trading platform. As of today, Match-Trader is available in select countries including Germany, Austria, Sweden, and Hungary. This strategic rollout is in response…— True Forex Funds (@trueforexfunds) April 19, 2024The company's representative earlier mentioned: "Our team is working tirelessly to improve our services, ensuring a seamless and excellent experience. While we look forward to launching our cTrader platform, we are committed to synchronizing all accounts, including MetaTrader, to ensure flawless processes and trading conditions."This article was written by Jared Kirui at www.financemagnates.com.
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True Forex Funds has ended its operations and announcedplans to permanently close due to financial insolvency. According to astatement on the proprietary trading platform’s official website, the firm wasunable to improve its financial situation, leading to the discontinuation ofits services.End of the Road: True Forex Funds ClosesTrue Forex Funds mentioned: "We sincerely appreciate thededication and hard work of our employees, the trust our clients have placed inus, and the consistent support from our partners. Your commitment has been thefoundation of our endeavors, and for that, we are deeply grateful. Thank youfor your invaluable support and for being an essential part of True ForexFunds."The firm's CEO, Richard Nagy, expressed frustration over the lack of warningand the subsequent challenges faced by traders in the proprietarytrading industry. Despite this, the company said it was determined to resumeits services, with plans to relaunch in the "week of February 19th."Setback from Industry ChallengesBesides that, True Forex Funds mentionedthat it was actively seeking the reinstatement of its licenses by MetaQuotes,although Nagy acknowledged the possibility of migrating trading accounts to adifferent broker if negotiations fail. Thecompany advised its users to prepare for any outcome as the firm navigatesthese uncertainties.In anticipation of the relaunch, True ForexFunds promised users a seamless and superior trading experience. Besides that, the firm introduced Match-Trader as a secondary tradingplatform last month.Earlier, the company's representative mentioned: "Our team is working tirelessly to improve our services, ensuring a seamless and excellent experience. While we look forward to launching our cTrader platform, we are committed to synchronizing all accounts, including MetaTrader, to ensure flawless processes and trading conditions."This article was written by Jared Kirui at www.financemagnates.com.
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TheCommodity Futures Trading Commission (<a href="https://www.financemagnates.com/tag/cftc/">CFTC</a>) has issued a stark warning, includingcryptocurrencies, to students and young job seekers: beware of becoming anunwitting "money mule."In a recentadvisory, the CFTC's Office of Customer Education and Outreach (OCEO) cautionedthat criminal organizations target young people with seemingly easy,stay-at-home job offers that involve moving money through bank accounts ordigital wallets.Money Mules and CryptoWarningAlthoughthe CFTC's warning primarily concerns the phenomenon of "moneymules," it largely also pertains to cryptocurrencies. The agency suggeststhat their decentralization and anonymity make them frequently used forpotentially illegal transactions. "Duringthis year's Money Mule Initiative campaign, the U.S. Department of Justicereported that agencies took action against more than 3,000 money mules,including criminal charges against 24 individuals," CFTC stated in itsannouncement. Accordingto the CFTC description, unwitting individuals are asked to transfer fundsbetween cryptocurrencies or blockchains, helping criminals avoid detection andexposing themselves to legal consequences. "Anestimated $75 billion has moved through digital wallets connected to thesefrauds," noted CFTC, citing a University of Texas study. "Lawenforcement is getting better at tracing and seizing stolen assets onblockchains, so criminals are motivated to 'off-ramp' or convert their tokensto dollars, and may recruit unwitting accomplices to do so.".<a href="https://twitter.com/CFTC?ref_src=twsrc%5Etfw">@CFTC</a> released a new customer advisory to warn students and jobseekers from becoming “Money Mules.” It recommends refusing requests to send/receive money to their bank accounts or crypto wallets as work duties. Read the advisory: <a href="https://t.co/s5VY4Rnlaj">https://t.co/s5VY4Rnlaj</a> <a href="https://twitter.com/hashtag/MoneyMuleInitiative?src=hash&ref_src=twsrc%5Etfw">#MoneyMuleInitiative</a> <a href="https://t.co/wbjHhpZoxH">pic.twitter.com/wbjHhpZoxH</a>— CFTC (@CFTC) <a href="https://twitter.com/CFTC/status/1790054483256389751?ref_src=twsrc%5Etfw">May 13, 2024</a>How the Money Mule ScamsWorkThe joboffers often appear straightforward - set up accounts, send or receive funds,convert dollars to crypto-assets, or buy and deliver goods. In return, the"employee" keeps a portion of the money. However, in reality,transnational crime rings are using these unsuspecting individuals to obscurethe trail of funds obtained through fraud, human trafficking, drug sales, andother crimes.Besidesfake job postings, the CFTC warns that some may be roped in thinking they arehelping an online friend in need but are actually <a href="https://www.financemagnates.com/forex/want-to-be-my-valentine-cftc-sounds-alarm-on-romance-scams/">victims of "pigbutchering"</a> - a type of romance or confidence scam used to fuel moneylaundering networks. Common red flags include:"Off-ramping":Converting crypto-assets sent to your <a href="https://www.financemagnates.com/terms/d/digital-wallet/">digital wallet</a> into dollars to sendelsewhere"On-ramping":Using cash to buy crypto, often at a Bitcoin ATM, to forward to another wallet"Smurfing":Receiving a large sum of crypto and sending smaller amounts to multiple walletsAnother day, another regulatory advisory that's focused on <a href="https://twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw">#crypto</a>. This time it's money mule scams. I look forward to the day when our tech isn't immediately & wrongfully associated with bad actors. <a href="https://t.co/9zuvAwj0lV">https://t.co/9zuvAwj0lV</a>— Katherine Kirkpatrick Bos (@kkirkbos) <a href="https://twitter.com/kkirkbos/status/1790056951839096903?ref_src=twsrc%5Etfw">May 13, 2024</a>Steep Consequences forParticipantsWhile somemoney mules are knowing accomplices, many are unaware they are facilitatingcrime. But the CFTC underscores that participating in <a href="https://www.financemagnates.com/terms/m/money-laundering/">money…
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Bitcoin lending startup Zest Protocol secured $3.5million in a funding round led by venture capitalist Tim Draper, Reutersreported. The investment, joined by notable backers including Binance Labs andFlow Traders, signals growing confidence in the crypto lending industry despiteregulatory scrutiny. Bitcoin Lending InnovationUnlike traditional lending platforms, the six-employeestartup operates a decentralized model that facilitates peer-to-peer transactionswithout intermediaries. Zest Protocol aims to disrupt the Bitcoin lendinglandscape by enabling users to lend out their Bitcoins or borrowagainst them. This approach allows users to earnpassive income. Zest's Founder, Tycho Onnasch, emphasized the platform's divergence from regulatory targets amid a crackdown by the USSecurities and Exchange Commission. The company plans to expand itsplatform with the raised funds, aiming for a broader rollout later this year.Onnasch underscored the company's conservative approach to yield generation,signaling a departure from the high-yield offerings prevalent in the early daysof crypto. Other investors who participated in the fundraising include Binance Labs and Flow Traders. Draper, known for his early investmentsin tech ventures like SpaceX, Tesla, and Coinbase, is optimisticabout the adoption of Bitcoin. His support highlights the emergence of the top cryptocurrency as an institutional asset and the growing ecosystem surrounding it.Bitcoin DevelopmentsLast month, Bitcoin underwent halving, an event that occurredat block number 840,000. Following the much-anticipated event block miningreward was halved to 3.125 Bitcoins from the previous 6.25 Bitcoins. Thisreduction has far-reaching implications for miners, investors, andthe overall Bitcoin ecosystem.Halving is important in Bitcoin'slifecycle and occurs roughly every four years or after every 210,000 blocks.This mechanism controls inflation by reducing the Bitcoin supply. Thejourney began with the inception of Bitcoin in 2009 when miners received a generous reward of 50 Bitcoins per block. Since then, halving events havesteadily decreased this reward, with previous halvings occurring in 2012 and2016.Bitcoin's protocol dictates that halving must continueuntil the maximum supply of 21 million Bitcoins is reached. Currently, around19 million Bitcoins have been mined, leaving only 2 million more to bediscovered. Any attempt to alter this predetermined algorithm would require aconsensus among Bitcoin miners, a feat that's nearly impossible given thedecentralized nature of the network.This article was written by Jared Kirui at www.financemagnates.com.
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The CEO of Freetrade, a UK stock trading service, hasannounced his immediate departure from the company today (Monday). Adam Dodds,who co-founded the company in 2016 alongside Davide Fioranell and ViktorNebehaj, will be succeeded by Nebehaj, currently serving as Freetrade’s chiefoperating officer, pending customary regulatory approvals, as reported by CNBC.Transitioning from Daily Operations to Support GrowthStrategyDodds, who remains the largest individual shareholder withapproximately 12% ownership, will no longer be involved in the day-to-dayoperations but will continue to support the company from an external position,according to a Freetrade spokesperson.The decision for Dodds to step down was described as astrategic move to facilitate the company's next phase of growth. Freetrade aimsto expand its offerings, including new products such as bonds and mutual funds,tax wrappers, and its web platform, while continuing to grow its profitable UKuser base.Freetrade, Britain's answer to Robinhood, says its CEO is stepping down https://t.co/vXwfhWyg6s— CNBC (@CNBC) May 13, 2024“When reflecting on the journey from idea to over a millionusers with billions in assets, it’s getting through the tough times youremember the most,” Dodds said in comments shared with CNBC. “We almost died somany times it’s hard to count.”“Now, after putting up our first profitable quarter and withthe business on a strong sustainable footing, it’s time to hang up my skates.Freetrade is default alive and ready to take on the incumbent platforms in theUK with self-sustaining growth,” Dodds said.Strategic Response to Economic PressuresThis transition follows Freetrade's journey from its earlystages as a startup seeking to disrupt wealth management to its current statusas a company with over 1.4 million users and a workforce of 150 employees. Thecompany experienced significant growth in 2020, attracting thousands of newusers daily amid increased retail trading activity driven by events such as theGameStop stock-trading saga.However, Freetrade has also faced challenges, particularlyamid a more challenging macroeconomic environment. In 2022, the companyannounced workforce reductions, laying off 15% of its staff as part of effortsto achieve profitability. Dodds' departure marks a pivotal moment for Freetradeas it navigates these dynamics and charts its course for the future.This article was written by Tareq Sikder at www.financemagnates.com.
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While online shoppingsprees and tap-and-pay convenience define the modern spending experience, ahidden danger lurks beneath the surface – Card-Not-Present (CNP) fraud. Ase-commerce and mobile payments soar, so too do the financial losses businessesface from this silent thief.A<a href="https://464903.fs1.hubspotusercontent-na1.net/hubfs/464903/2023%20Case%20Studies%20and%20whitepapers/2024%20Outlook%20Report%20Ethoca.pdf">recent report</a> paints a sobering picture: CNP fraud losses are projected toreach a staggering $28 billion globally by 2026, astaggering 40% increase from just three years prior. This exponential growthisn't uniform across the board. The U.S. and APAC regions are anticipated tosee the most dramatic rise, with annual growth estimated at a hefty 13%. EvenEurope, lauded for its stricter regulations, isn't immune, with projectedlosses reaching $2.15 billion by 2026.But what exactly is CNPfraud, and why is it such a growing concern? Unlike <a href="https://www.financemagnates.com/fintech/payments/the-sneaky-art-of-stealing-credit-card-numbers/">traditional credit cardfraud involving stolen cards</a> or physical swipes, CNP fraud exploits the digitaldivide between the cardholder and the merchant. With the rise of mobile wallets,in-app purchases, and QR code payments, the line between "in-person"and "online" transactions blurs. Businesses might unknowingly processa CNP transaction even when a customer taps their phone at a physical store.The report clarifies that even these seemingly present transactions can fallunder CNP fraud.The consequences of CNPfraud are significant. Since merchants typically shoulder the burden offraudulent CNP transactions, the financial losses can be substantial. It is estimated that CNP fraud losses in the U.S. alone will balloon to $12.87billion by 2026, a significant jump from $9.20 billion in 2023. This translatesto a potential loss of revenue that could cripple businesses, especiallysmaller ones operating on tighter margins.This vulnerabilityunderscores the urgent need for businesses to bolster their cybersecuritydefenses and implement robust fraud prevention measures. However, striking abalance is crucial. While robust security is essential, an overly cumbersomecheckout process can lead to frustrated customers abandoning their cartsmid-purchase, ultimately hurting legitimate sales. As such, one cannot emphasize enough theimportance of customer experience, meaning that businesses need tonavigate this tightrope walk, prioritizing security without sacrificing asmooth user experience.SecurityMeasures to Combat CNP FraudThe fight against CNPfraud demands a multi-pronged approach. Businesses must prioritize robustcybersecurity measures to fortify their defenses. Here are some key securitytools in the fight against CNP fraud:3D Secure Authentication: This protocol adds an extra layer of security during online transactions. When a customer makes a purchase, they are redirected to their bank's website for verification, typically requiring a password or one-time code.Tokenization: This process replaces sensitive payment information, like credit card numbers, with unique digital tokens. Even if hackers breach a system, they wouldn't have access to the actual card details.Fraud Scoring Tools: These advanced systems analyze transaction data in real-time, looking for patterns that might indicate fraudulent activity. Factors like unusual purchase locations, sudden spikes in spending, or inconsistencies in billing information can all trigger a fraud alert.By implementing acombination of these security measures, businesses can significantly reducetheir vulnerability to CNP fraud. Additionally, fosteringcollaboration between financial institutions, technology companies, andmerchants can lead to the development of more sophisticated fraud detectiontools that can identify and prevent CNP transactions before they occur (ie. artificial intelligence can analyze purchasing patterns and flagsuspicious activity in real-time, significantly reducing the instances…
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