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US Securities and Exchange Commission (SEC) Chairman GaryGensler delivered a cautionary message to cryptocurrency exchanges,underscoring that merely providing disclosures to investors does not immunizethem from regulatory scrutiny.Crypto Disclosure Gaps and Regulatory ConcernsSpeaking in an interview with CNBC yesterday (Wednesday),Gensler stressed the inadequacy of disclosures alone, especially if cryptoexchanges are involved in activities like market manipulation or disseminationof misleading information affecting investment decisions.He highlighted the prevalent absence of disclosures fromnumerous crypto firms, operating in a manner that would not meet the standardsexpected in traditional financial markets. The SEC has intensified its enforcement efforts in thedigital assets realm, particularly following the collapse of cryptocurrencyexchange FTX in late 2022.The agency is actively pursuing legal actions against someof the major players in the US crypto market, including an ongoing case againstCoinbase, the largest exchange in the country by daily trading volume.⚡️ News Flash - 5 Jun 2024 !1️⃣ @SECGov Chair @GaryGensler Asserts Disclosures Alone Insufficient to Protect #Crypto Exchanges #SEC Chair Gary Gensler stated in a #CNBC interview that crypto exchanges providing disclosures are still subject to enforcement actions by the agency.… pic.twitter.com/SD4quYVrM7— Altcoin Alerts (@Altcoin_Alerts) June 5, 2024Balanced Approach on Crypto ETFsGensler adopted a nuanced approach when discussing thepotential for crypto exchange-traded funds (ETFs), citing examples like thoseinvolving the Solana memecoin BONK.The year is 2024 Jim Cramer is asking Gary Gensler if we should have a BONK ETF on CNBCthis is real life pic.twitter.com/5zyCzDZwAq— gaut (@0xgaut) June 5, 2024This moderated stance aligns with the SEC's recent greenlight on spot Ethereum ETFs, a decision that surprised many given previousconsiderations of Ethereum as an unregistered security. The SEC's approval of Ethereum ETFs has spurred discussionson the agency's openness to considering other altcoin spot ETFs.Observers speculate that political dynamics, including theinfluence of the crypto lobby and the impending 2024 election, may havecontributed to the SEC's evolving position.This article was written by Tareq Sikder at www.financemagnates.com.
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Amid the bustling Finance Magnates Africa Summit(FMAS:24) in Johannesburg, South Africa, Gerhard Van Deventer, the Divisional Executive of Enforcement at theFinancial Sector Conduct Authority (FSCA), shared crucial advice for newtraders on avoiding financial scams in an interview with our very own AdamButton, ForexLive Chief Currency Analyst. We're at the Finance MagnatesAfrica Summit, and it's a packed house with hundreds of new traders pouring in.What is the main message you want to tell them?"I think the main message from our side iscertainly talking to the actual traders and the platform owners. Please keep inmind that not everybody can afford the risk of trading in <a href="https://www.financemagnates.com/tag/cfds/">CFDs</a>, trading onplatforms, or trading in underlying products like crypto. So, the whole issueof suitability is very important, and that is something that we would reallyappreciate if our service providers would keep an eye on.""Our message is always only to deal withregulated entities. Very important, only deal with regulated entities. There'sa framework that they must operate in, and there's something we can do if itgoes wrong. The problem is there's a trend that we are seeing nowadays ofimpersonations, so the public has a really hard time because scammers wouldimpersonate one of our regulated entities."We've seen it's a moving target. The most legitimatebrokers often can't offer the same things or make the same claims, making itless tempting for users to trade with them. While promising returns that areway out of reach should be a red flag, what are the different ways scammerslure people to deposit their money?"You're absolutely right; unrealistic returns arethe most important red flag. But there's a more sophisticated problem:impersonations. Scammers impersonate our regulated entities, making it hard forthe public. I used to say look out for bad language or incorrect grammar onwebsites or social media, but scammers have upped their game.""Now, you mightsee professional-looking websites. The best advice is to contact the <a href="https://www.financemagnates.com/tag/fsca/">FSCA</a> andcheck on our website whether the entity is genuine. It's crucial for the publicto do their due diligence.""Is there any way to trade with a non-regulatedbroker here? There is a way to do it, but is that ever advisable? It's neveradvisable. We distinguish between a non-regulated person and an unregisteredperson. An unregistered person is someone who should have a license but doesn'thave one, while an unregulated person is someone who doesn't require alicense."It's impressive to see some advertising emphasizing<a href="https://www.financemagnates.com/terms/r/regulation/">regulation</a> from South Africa and around the world. Consumers often gloss over-regulation, but it's crucial to check if an entity is regulated. You mentionedthere are thousands of regulated entities and many more unregulated orimpersonating them. What can you tell us about that?"Absolutely. Our focus is on the unregulatedentities because that's where the big risk is. The public often doesn't stand achance against these scams, so it's essential to do due diligence.Unfortunately, even very smart people can fall for scams because they don'thave time to look after their finances. For instance, we've seen doctorstargeted because they deal in trust and don't have time to manage theirfinances."Influencers seem to be a growing concern. Why is thata red flag?"Influences is a big issue for the FSCA and it'scertainly a focus area for enforcement in the coming year. What you're reallydoing is you're giving financial advice, and you have influence. You're givingfinancial advice to people who are not going to think twice about it, and thatis really dangerous.""Before we will grant a license for an intermediary or abroker to provide advice, he or she must convince us that they have the skills,the qualifications, and the experience to give that advice."What about copy trading? Why is that dangerous forretail traders?"<a…
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The Australian financial market regulator has cancelled the license of retail forex and contracts for differences (CFDs) issuer XTrade.AU Pty Ltd, operating as XTrade, due to a range of lapses.ASIC Cancels XTrade’s LicenseAnnounced today (Thursday), the broker also moved to the Administrative Appeals Tribunal (AAT) on 29 April 2024 for a review and stay of the Australian Securities and Investments Commission’s (ASIC) decision to cancel the Australian Financial Services (AFS) license. However, the AAT refused to grant a stay order, meaning the license will remain cancelled until a final decision is made.XTrade operated as a retail over-the-counter (OTC) derivatives issuer, offering risky CFDs and FX contracts to its customers. CFDs offer leveraged trading opportunities, allowing traders to speculate on the change in value of an underlying asset.Although it will not be able to offer services in Australia with a cancelled AFS license, the brand will continue to operate in overseas markets with its licenses from Belize and South Africa.Severe Operational ViolationsAccording to the Australian regulator, between June 2018 and September 2022, XTrade failed to comply with the general obligations of an AFS license holder. The broker was engaged in “unconscionable conduct.”The regulator further pointed out that XTrade failed to “take reasonable steps to ensure that its representatives complied with financial services laws” and “did not have adequate arrangements for the management of conflicts of interest.” Additionally, the broker did not ensure that its “retail product distribution was consistent with its target market determination” or that its services were being offered “efficiently, honestly and fairly.”Apart from the operational lapses, the regulatory investigation found that the broker had “put its own interests above those of its clients and did not act in good faith.” Furthermore, the brokerage representatives were engaged in misconduct for many years, and it failed to ensure that they underwent adequate training.ASIC has been very strict with CFD brokers recently, especially regarding their services to retail traders. The broker already introduced heavy restrictions in the industry, lowering the offering leverage to up to 30:1.The regulator also issued temporary stop orders for design and distribution obligations (DDOs) violations against several popular CFD brands, including TMGM, Saxo, and Mitrade. It sued eToro for DDO violations, the first such action against a broker.This article was written by Arnab Shome at www.financemagnates.com.
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The Australian financial market regulator has cancelled the license of retail forex and contracts for differences (CFDs) issuer XTrade.AU Pty Ltd, operating as XTrade, due to a range of lapses.ASIC Cancels XTrade’s LicenseAnnounced today (Thursday), the broker also moved to the Administrative Appeals Tribunal (AAT) on 29 April 2024 for a review and stay of the Australian Securities and Investments Commission’s (ASIC) decision to cancel the Australian Financial Services (AFS) license. However, the AAT refused to grant a stay order, meaning the license will remain cancelled until a final decision is made.XTrade operated as a retail over-the-counter (OTC) derivatives issuer, offering risky CFDs and FX contracts to its customers. CFDs offer leveraged trading opportunities, allowing traders to speculate on the change in value of an underlying asset.Although it will not be able to offer services in Australia with a cancelled AFS license, the brand will continue to operate in overseas markets with its licenses from Belize and South Africa.Severe Operational ViolationsAccording to the Australian regulator, between June 2018 and September 2022, XTrade failed to comply with the general obligations of an AFS license holder. The broker was engaged in “unconscionable conduct.”The regulator further pointed out that XTrade failed to “take reasonable steps to ensure that its representatives complied with financial services laws” and “did not have adequate arrangements for the management of conflicts of interest.” Additionally, the broker did not ensure that its “retail product distribution was consistent with its target market determination” or that its services were being offered “efficiently, honestly and fairly.”Apart from the operational lapses, the regulatory investigation found that the broker had “put its own interests above those of its clients and did not act in good faith.” Furthermore, the brokerage representatives were engaged in misconduct for many years, and it failed to ensure that they underwent adequate training.ASIC has been very strict with CFD brokers recently, especially regarding their services to retail traders. The broker already introduced heavy restrictions in the industry, lowering the offering leverage to up to 30:1.The regulator also issued temporary stop orders for design and distribution obligations (DDOs) violations against several popular CFD brands, including TMGM, Saxo, and Mitrade. It sued eToro for DDO violations, the first such action against a broker.This article was written by Arnab Shome at www.financemagnates.com.
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Stablecoin issuer Paxos has launched a yield-bearingstablecoin in Argentina. Available through crypto platforms Ripio,Buenbit, Manteca, and Plus Crypto, this new digital asset, dubbed Lift Dollar (USDL), aims tomaintain its value to the dollar and offer users an opportunity to earn dailyearnings from US government securities and cash equivalent assets.Powered by Ethereum Smart ContractsRonak Daya, the Head of Product of PaxosInternational, said: "Lift Dollar is the first stablecoin designed to benefittoken holders. Token holders and distribution partners receive daily yield through an Ethereum smart contract, with all the benefits of a regulated,trusted stablecoin platform.""Our targeted launch in Argentina will ensure millionsof token holders will now have safe access to US dollars that enables them tonot only save and transact but also earn daily yield. We are pleased to workwith these trusted platforms and look forward to growing our partnershipsthroughout the year."Today, Paxos International announced the launch of Lift Dollar ($USDL) – a yield-bearing stablecoin that democratizes access to US dollars and safe yield generated from cash and cash equivalent assets. Now, you can seamlessly spend, save and trade, all while earning yield.1/4— Paxos (@Paxos) June 5, 2024According to a statement by Paxos, this yield isderived from a reserve of US government securities and cash equivalents,managed under the supervision of the Financial Services RegulatoryAuthority of Abu Dhabi Global Market. This ensures that USDL is backed 1:1 byUS dollars.Focussing on Financial InclusionUSDL reportedly uses an Ethereum smart contract todistribute the daily yield directly to token holders without requiring anyadditional action on their part. The launch of USDL in Argentina is part ofPaxos’ effort to enhance financial inclusion in the region throughpartnerships. Last year, Paxos secured a preliminary license fromthe Abu Dhabi Global Market’s Financial Services Regulatory Authority. Thisapproval allows Paxos to issue USD and other currency-backed stablecoins and offer crypto-brokerage and custody services. Paxos has already made significant strides in securingregulatory approvals, having previously received in-principle approval fromSingapore’s Monetary Authority of Singapore. Paxos’ strategy revolves around leveraging blockchaintechnology to create a more open and secure financial system. The firm’sstablecoins are backed 1:1 by the US Dollar and cash equivalents, ensuringtransparency and stability. This article was written by Jared Kirui at www.financemagnates.com.
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Western Union has expanded its collaboration withTencent Financial Technology to enable customers worldwide to send moneydirectly to Weixin users in China. Under this agreement, customers utilizing Western Union'sdigital platforms can transfer money directly to Weixin Pay wallets or linkedbank accounts in China. Enhancing Global Payment AccessAccording to the payment giant, this integration seeks to streamline the paymentprocess and allow senders to bypass traditional cash collection methods. Withthe option to send up to USD 5,000 per transaction, this enhancement marks asignificant stride towards meeting the evolving needs of customers seeking international money transfer solutions.Western Union's collaboration with Tencent aims tocater to the preferences of China's tech-savvy population by offering abetter money transfer service. By leveraging Weixin's userbase and Western Union's global network, the partnership creates a digitalbridge that connects China with the rest of the world by facilitatingcross-border transactions.Sohini Rajola, the Head of Asia Pacific at Western Union,mentioned: "We are thrilled to expand our services on Weixin, one of the topdigital platforms in China that plays a significant role in the lives of over 1billion users. China is the third-largest recipient of remittances globally,receiving approximately USD 50 billion in 2023. Through our collaboration withTenpay Global, we are excited to further enhance our services to meet theevolving needs of customers."Western Union emphasized the significance of thiscollaboration in addressing the growing demand for cross-border remittances,particularly in a market like China. With approximately USD 50 billionin remittances received in 2023, China is reportedly the third-largest remittance recipient globally.Expansion to CubaEarly last month, Western Union resumed its money transfer service from the United States to Cuba. The step aims to facilitate remittances to Cuban residents holding accountsat specified local banks. Under the resumed service, Western Union customers cansend money from any US retail location, WesternUnion.com, or the mobile app torecipients in Cuba. However, the service is limited to consumer transfers, witheach transaction capped at $2,000. Recipients must possess valid identification documentsand maintain bank accounts at designated Cuban banks, including Banco Popularde Ahorro, Banco Metropolitano SA, and Banco de Credito y Comercio (Bandec).Funds can only be received into bank accounts anddebit cards, with transfers restricted to consumer transactions. Uponpresentation of valid government-issued identification, US customers arepermitted to remit up to $2,000 per transaction. The money transfer services are reportedly available for receipt on the same day, even on weekends and holidays.This article was written by Jared Kirui at www.financemagnates.com.
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US lawmakers have accused Nigeria of holding Binance's executive hostage and called for President Joe Biden tointervene and secure the executive's release, Bloomberg reported.In a recent letter, sixteen Republican congressmen,led by Michael McCaul, Chairman of the House Foreign Affairs Committee, urgedPresident Biden to address the detention of Tigran Gambaryan, a US citizen and the Head of Financial Crime Compliance at Binance. Gambaryan has been held in aNigerian prison since April, following his detention during a trip to discussBinance’s compliance issues with Nigerian authorities.Lawmakers' Allegations and Nigerian ResponseThe congressmen termed the charges against thedetained executive baseless and a coercion tactic by the Nigerian government toextort Binance. They argue that Gambaryan’s detention qualifies him as a UScitizen wrongfully detained by a foreign government.Nigerian Information Minister Mohammed Idris reportedly refutedthese claims, saying that Gambaryan's detention complies with Nigerian law. Idrisemphasized that the charges against Gambaryan include non-payment of taxes andaiding tax evasion through Binance’s platform.The confrontation began in February when Gambaryan anda colleague were detained during a visit to Nigeria. The meetings, initiallyprofessional, grew hostile, culminating in Gambaryan’s arrest. While hiscolleague managed to escape, Gambaryan was held at a guest house before formalcharges were brought against him in April.Gambaryan faces charges alongside Binance forallegedly aiding customers in evading taxes and failing to pay value-added andcorporate income taxes. He is currently held in Kuje Correctional Center, ahigh-security prison in Abuja. Concerns about his health have been raised afterhis court appearance was postponed due to illness. Broader Implications and Binance’s Legal TroublesThe detention of Gambaryan comes amid broader tensionsbetween Binance and Nigerian authorities. The country had previously blockedaccess to cryptocurrency channels, blaming them for exacerbating the naira’sdevaluation. Binance’s challenges extend beyond Nigeria. In the US,the firm’s founder, Changpeng Zhao, was sentenced to four months in prison forcompliance failures. Additionally, Binance agreed to a $4.3 billion settlementin November to resolve US allegations of facilitating cybercrime and terrorism.Last month, a Nigerian court issued a ruling pavingthe way for Binance’s executive Tigran Gambaryan to stand trial on behalf ofthe cryptocurrency exchange in the ongoing tax evasion case. Gambaryan and theRegional Manager for Africa, Nadeem Anjarwalla, face four counts of taxevasion. Additionally, they have beenaccused of laundering over $35 million and engaging in specialized financialactivities without a license.This article was written by Jared Kirui at www.financemagnates.com.
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Stablecoin issuer Paxos has launched a yield-bearingstablecoin in Argentina. Available through leading crypto platforms Ripio,Buenbit, Manteca, and Plus Crypto, this new offering, dubbed Lift Dollar (USDL), aims tomaintain its value to the dollar and offer users an opportunity to earn dailyearnings from US government securities and cash equivalent assets.Powered by Ethereum Smart ContractsRonak Daya, the Head of Product of PaxosInternational, said: "Lift Dollar is the first stablecoin designed to benefittoken holders. Token holders and distribution partners receive daily yield through an Ethereum smart contract, with all the benefits of a regulated,trusted stablecoin platform.""Our targeted launch in Argentina will ensure millionsof token holders will now have safe access to US dollars that enables them tonot only save and transact but also earn daily yield. We are pleased to workwith these trusted platforms and look forward to growing our partnershipsthroughout the year."Today, Paxos International announced the launch of Lift Dollar ($USDL) – a yield-bearing stablecoin that democratizes access to US dollars and safe yield generated from cash and cash equivalent assets. Now, you can seamlessly spend, save and trade, all while earning yield.1/4— Paxos (@Paxos) June 5, 2024According to a statement by Paxos, this yield isderived from a reserve of US government securities and cash equivalents,managed under the stringent supervision of the Financial Services RegulatoryAuthority of Abu Dhabi Global Market. This ensures that USDL is backed 1:1 byUS dollars.Focussing on Financial InclusionUSDL reportedly uses an Ethereum smart contract todistribute the daily yield directly to token holders without requiring anyadditional action on their part. The launch of USDL in Argentina is part ofPaxos’ effort to enhance financial inclusion in the region throughpartnerships. Last year, Paxos secured a preliminary license fromthe Abu Dhabi Global Market’s Financial Services Regulatory Authority. Thisapproval allows Paxos to issue USD and other currency-backed stablecoins and offer crypto-brokerage and custody services. Paxos has already made significant strides in securingregulatory approvals, having previously received in-principle approval fromSingapore’s Monetary Authority of Singapore. Paxos’ strategy revolves around leveraging blockchaintechnology to create a more open and secure financial system. The firm’sstablecoins are backed 1:1 by the US Dollar and cash equivalents, ensuringtransparency and stability. This article was written by Jared Kirui at www.financemagnates.com.
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Western Union has expanded its collaboration withTencent Financial Technology to enable customers worldwide to send moneydirectly to Weixin users in China. Under this agreement, customers utilizing Western Union'sdigital platforms can transfer money directly to Weixin Pay wallets or linkedbank accounts in China. Enhancing Global Payment AccessAccording to the payment giant, this integration seeks to streamline the paymentprocess and allow senders to bypass traditional cash collection methods. Withthe option to send up to USD 5,000 per transaction, this enhancement marks asignificant stride towards meeting the evolving needs of customers seeking international money transfer solutions.Western Union's collaboration with Tencent aims tocater to the preferences of China's tech-savvy population by offering abetter money transfer service. By leveraging Weixin's userbase and Western Union's global network, the partnership creates a digitalbridge that connects China with the rest of the world by facilitatingcross-border transactions.Sohini Rajola, the Head of Asia Pacific at Western Union,mentioned: "We are thrilled to expand our services on Weixin, one of the topdigital platforms in China that plays a significant role in the lives of over 1billion users. China is the third-largest recipient of remittances globally,receiving approximately USD 50 billion in 2023. Through our collaboration withTenpay Global, we are excited to further enhance our services to meet theevolving needs of customers."Western Union emphasized the significance of thiscollaboration in addressing the growing demand for cross-border remittances,particularly in a market like China. With approximately USD 50 billionin remittances received in 2023, China is reportedly the third-largest remittance recipient globally.Expansion to CubaEarly last month, Western Union resumed its money transfer service from the United States to Cuba. The step aims to facilitate remittances to Cuban residents holding accountsat specified local banks. Under the resumed service, Western Union customers cansend money from any US retail location, WesternUnion.com, or the mobile app torecipients in Cuba. However, the service is limited to consumer transfers, witheach transaction capped at $2,000. Recipients must possess valid identification documentsand maintain bank accounts at designated Cuban banks, including Banco Popularde Ahorro, Banco Metropolitano SA, and Banco de Credito y Comercio (Bandec).Funds can only be received into bank accounts anddebit cards, with transfers restricted to consumer transactions. Uponpresentation of valid government-issued identification, US customers arepermitted to remit up to $2,000 per transaction. The money transfer services are reportedly available for receipt on the same day, even on weekends and holidays.This article was written by Jared Kirui at www.financemagnates.com.
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US lawmakers have accused Nigeria of holding a Binanceexecutive hostage. The legislators have called for President Joe Biden tointervene and secure the executive's release, Bloomberg reported.In a recent letter, sixteen Republican congressmen,led by Michael McCaul, Chairman of the House Foreign Affairs Committee, urgedPresident Biden to address the detention of Tigran Gambaryan, a US citizen andhead of financial crime compliance at Binance. Gambaryan has been held in aNigerian prison since April, following his detention during a trip to discussBinance’s compliance issues with Nigerian authorities.Lawmakers' Allegations and Nigerian ResponseThe congressmen termed the charges against thedetained executive baseless and a coercion tactic by the Nigerian government toextort Binance. They argue that Gambaryan’s detention qualifies him as a UScitizen wrongfully detained by a foreign government.Nigerian Information Minister Mohammed Idris refutedthese claims, saying that Gambaryan's detention complies with Nigerian law. Idrisemphasized that the charges against Gambaryan include non-payment of taxes andaiding tax evasion through Binance’s platform.The confrontation began in February when Gambaryan anda colleague were detained during a visit to Nigeria. The meetings, initiallyprofessional, grew hostile, culminating in Gambaryan’s arrest. While hiscolleague managed to escape, Gambaryan was held at a guest house before formalcharges were brought against him in April.Gambaryan faces charges alongside Binance forallegedly aiding customers in evading taxes and failing to pay value-added andcorporate income taxes. He is currently held in Kuje Correctional Center, ahigh-security prison in Abuja. Concerns about his health have been raised afterhis court appearance was postponed due to illness. Broader Implications and Binance’s Legal TroublesThe detention of Gambaryan comes amid broader tensionsbetween Binance and Nigerian authorities. The country had previously blockedaccess to cryptocurrency channels, blaming them for exacerbating the naira’sdevaluation. Binance’s challenges extend beyond Nigeria. In the US,the firm’s founder, Changpeng Zhao, was sentenced to four months in prison forcompliance failures. Additionally, Binance agreed to a $4.3 billion settlementin November to resolve US allegations of facilitating cybercrime and terrorism.This article was written by Jared Kirui at www.financemagnates.com.
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Ouinex, a digital assets trading platform, has raised $5million through a series of private funding rounds. The most recent Private 2token sales round raised $1 million, bringing the total funds raised to $5.2million.Ouinex's user base exceeds 50,000 members. The recentfundraising round was limited to the Ouinex community and received significantinterest from investors. This indicates strong confidence in the platform'sfuture.Engaging Community in FundraisingOuinex involves its community in the fundraising process byengaging with active traders. This approach ensures that the user base is partof the platform's development.Last month, Ouinex held a conference in Paris. The event wasbacked by Interactiv Trading and attended by over 500 people, mainly highnet-worth traders. Many attendees confirmed they had invested in Ouinex duringits presale rounds.Ouinex is a trading platform for crypto and derivatives. Itoffers low latency, competitive trading fees, and advanced tradinginfrastructure. The platform features innovative universal cross margining,allowing users to trade traditional financial instruments using their cryptoholdings as margin.Meanwhile, Ouinexis solidifying its regulatory standing having recently obtained a Virtual AssetService Provider registration from the Polish Financial Supervision Authority,according to sources at FinanceMagnates.This marks Ouinex's first regulatory approval and comes justdays before its initial coin offering. The acquisition of the Polish licensealigns with the company's roadmap, which anticipated obtaining registrationfrom Poland by the fourth quarter of 2023. Additionally, securing registrationin Poland is a strategic move as Ouinex looks to expand into European markets.Enhancing Trading PlatformThe $5 million raised will be used to enhance the platformand obtain additional regulatory licenses. Ouinex expressed gratitude to itscommunity for their support."Our Private 2 token sales round is a testament to thestrength and dedication of our community," said Ilies Larbi, CEO ofOuinex. "We are thrilled to have raised over $5 million without spending asingle marketing dollar, showcasing the power of our user-driven approach andthe value our platform delivers to investors."This article was written by Tareq Sikder at www.financemagnates.com.
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Alipay+ has partnered with Khan Bank to enable digitalpayments for users of 12 international e-wallets, a move that aimsto boost tourism and businesses across Mongolia.Supporting Payments in MongoliaAccording to the press release, the collaborationbetween Alipay+ and Khan Bank enables tourists from eight countries and regionsto use their preferred e-wallets to make payments across Mongolia. Thisinitiative covers a wide array of e-wallets, including Alipay, GCash, Kakao Pay,and TrueMoney. These digital payment methods can be used at various locations,from luxury hotels to local shops, by scanning a QR code.Merchants across Mongolia are expected to benefit from Alipay+'sintegrated payment solutions. The system supports transactions usinga single QR code for a simplified payment process. Additionally, Alipay+marketing solutions enable merchants to create promotions, distribute digitalcoupons, and offer discounts directly to e-wallet users.To mark this partnership, Khan Bank and Alipay+ aimto launch promotional activities through October 2024. Users of selectede-wallets, such as AlipayHK and Kakao Pay, will reportedly receive a 10%instant discount when making purchases at Khan Bank's POS terminals. Moree-wallet services are expected to join in the coming months, further expandingthe digital payment landscape in Mongolia.Khan Bank is Mongolia's top financial institution,serving 82% of the population through its network of branches anddigital channels. The bank focuses on sustainable development by supportingMSMEs and offering environmentally responsible products. Expanding Global ReachSince its introduction in 2020, Alipay+ has reportedly connectedover 88 million merchants in more than 50 countries. This expansion intoMongolia is part of an effort to facilitate cross-border payments andenhance consumer experiences worldwide. By linking local merchants with globaltravelers, Alipay+ seeks to boost tourism and economic growth.Most recently, Alipay+ collaborated with DNA Payments to enable over 50,000 UK merchants, especially in the hospitality sector, to accept payments through popular Asian e-wallets like Alipay, GrabPay, and Kakao Pay. This integration allows tourists to make instant payments by scanning a QR code with their mobile devices, eliminating concerns about currency exchange rates or carrying physical cash. Businesses can now cater to the payment preferences of Asian tourists, who are accustomed to using mobile payment solutions in their home countries. This change aims to boost customer engagement and satisfaction, encouraging tourists to choose establishments that offer their preferred payment methods.This article was written by Jared Kirui at www.financemagnates.com.
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Cyprus-based Traders Trust has become the latest forex and contracts for differences (CFDs) broker to join the prop trading trend. Finance Magnates has learned that the retail broker launched prop trading services under the brand TradingCult.Another Broker Enters Prop TradingAccording to the TradingCult website, the prop trading brand is operated by Seychelles-based Cultpedia and Cyprus-based Cultedge, two separate entities from those running the FX and CFDs brokerage brand. Interestingly, the entities operating TradingCult and Traders Trust are based in the same Cyprus office.Furthermore, Nicola Berardi, the Chief Executive of Traders Trust, is the founder and CEO of the new prop trading brand, as shown on the TradingCult website. Berardi is the former Chief Financial Officer of Saxo Bank and Synthesis Bank, who founded the Traders Trust brand in 2009 and has been heading it as the CEO since.“At TradingCult, I’m dedicated to providing the funding, education, and support that traders need to succeed,” a message from Berardi on the TradingCult website notes. “My mission is to empower traders by breaking down barriers and ensuring everyone can thrive in the financial markets, and I am committed to helping them reach their full potential.”Finance Magnates approached Traders Trust for official confirmation but has not received any reply as of press time.Brace yourselves! The wait is over! The moment has arrived! We are thrilled to announce the launch of Trading Cult, our innovative proprietary trading firm! Our mission? To fund your trading journey.https://t.co/HW1uakbFhQ#TradingCult #NewBeginnings #Trading #forex pic.twitter.com/peLajrCUCE— Trading Cult Official (@trading_cult) May 21, 2024Brokers’ Interest in Prop TradingBefore Traders Trust, established FX and CFDs brokerage brands like OANDA, Axi, Hantec Market, and IC Markets have already launched their prop trading services. The popularity of prop trading is also pushing other brokerage brands to take an interest in the new industry.Interestingly, TradingCult approached the industry with a very aggressive offering. The newly launched prop trading platform offers traders a 95 percent profit split. Prospective traders can buy any of the four offered challenges, which cost between $99 and $999. The lowest-tier account offers a funded account with a balance of $10,000, while the top-tier one offers $200,000.TradingCult also uses the brokerage service of Traders Trust to offer trading on MetaTrader 4.This article was written by Arnab Shome at www.financemagnates.com.
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The purpose of this article is not to review the differentproprietary trading firms and their programs proliferating the OTC/Futures market but to examine the merits of the latest craze from the perspective of someone who has worked inall segments of the trading industry.I have been a professional money manager for more than 20years, having worked as a proprietary trader for an investment bank and HNWI, a hedgefund manager, and for the last 12 years as an incubator of emerging traders. The Real WorldThe <a href="https://www.financemagnates.com/tag/hedge-fund/">hedge fund</a> industry comprises roughly 15,000 hedge fundsmanaging an estimated $5 trillion dollars, this includes CTA/Managed Futuresmanagers. It is reported that about 6% of these funds close each year, with an overall average return of around 8% per annum if you take a long-term view of the industry. Most importantly for our discussion, the fee structure is around 1%per annum management fee and a 20% performance fee above a high-water mark. Ishould add that managers' fees have been under pressure for years. Establishing a hedge fund or a regulated managed account is onerous from a regulatory point of view, as are the costs for establishing and maintaining compliance, along with auditing and administration fees.Institutional investors have grown tired of paying fees to hedge funds for what they see as “skill-less returns” <a href="https://t.co/j6eXqDumek">https://t.co/j6eXqDumek</a>— Bloomberg Asia (@BloombergAsia) <a href="https://twitter.com/BloombergAsia/status/1796511672820998431?ref_src=twsrc%5Etfw">May 31, 2024</a>To have any chance of raising sufficient money, the fund manager normally needs, at the very minimum, a 2-year track record, but more like 5-years, attractive risk-adjusted returns, and some previous firm and education pedigree.The above is the formula required to play in the moneymanagement game with a reasonable amount of money under management. However,nothing is guaranteed. Many talented traders meeting the above criteria stillstruggle to attract enough attention or interest to raise sufficient funds torun a viable fund.There are other forms of professional trading opportunities.This is where you formally become an employee of a bank or a <a href="https://www.financemagnates.com/tag/hedge-fund/">proprietary trading</a> firmmanaging the firm’s own capital. These are often highly sought-after positionsthat pay well, around 10% of profits.In short, getting the opportunity to trade with sizeablecapital is very tough. It is very similar to making a good living as aprofessional sportsman. The competition is fierce, and only a very small portion of people are trying to make it into the big leagues. Of course, we mainly see the successful ones as they are what the marketers focus on, exploiting the way our brains are wired to extrapolate the success of a small number into what wethink is a much larger number.<a href="https://twitter.com/hashtag/ESMA?src=hash&ref_src=twsrc%5Etfw">#ESMA</a> is conducting preliminary reviews on potential regulations for proprietary trading.— Finance Magnates (@financemagnates) <a href="https://twitter.com/financemagnates/status/1796632958754861245?ref_src=twsrc%5Etfw">May 31, 2024</a>Filling the GapThe <a href="https://www.financemagnates.com/terms/o/online-trading/">online trading</a> craze that started in the 1990s with the burgeoning internet accelerated in the 2000s with the growth of the OTC market, which Finance Magnates readers are extremely familiar with and well-informed about. This growth has continued to date and spawned a massive industry. Idon’t have the space to describe the growth of this industry in detail, but oneof the catalysts for the growth in the industry has been the incredible successof MetaQuotes (MT4 & MT5). The technology package this firm developedenabled companies with very limited technology and industry experience to set up a broker very easily and relatively cheaply. The prop firm concept for retail-type traders has beenaround for many decades…
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In an age whereevery click, swipe, and like can be monitored, Google’s latest data leak isless of a surprise and more of a confirmation of our worst fears. This time,the leak didn’t just spill the beans—it tore the lid off, slathered itself in sugarytomato sauce and ran naked down the road.Google - The Latest LeakAccording to atip given to <a href="https://www.404media.co/">404 Media</a> by Googleemployees, sensitive user information, the kind you wouldn’t even share withyour closest friends, was exposed in Google's latest leak. We’re talking recordings of children’s voices, car license plates and users’ home addresses, toname just a few problems. This incident not only underscores Google'saggressive data collection tactics but also throws light on a much darker,often overlooked issue: <a href="https://www.financemagnates.com/terms/a/artificial-intelligence-ai/">Artificial Intelligence (AI</a>) systems like OpenAI, Siri from Apple and the onemade by Google, like data like a dragon likes gold.Remember whendata breaches were all about stolen credit card numbers? Those were the goodold days. Now, it's about personal chats, your favorite cat videos, and thoseembarrassing late-night searches. Now … the question is … does Google have any firewallsbetween its AI devs and its search/data people…? We’ll never know.Interested in the Google data leak? Of course you are. This is pretty cool. Search and filter the data based on several criteria. Just started testing it out but could be helpful for those wanting to dig in further -> The Google Search API Leak: A Comprehensive Database of… <a href="https://t.co/EFHAixUIrc">pic.twitter.com/EFHAixUIrc</a>— Glenn Gabe (@glenngabe) <a href="https://twitter.com/glenngabe/status/1796882460434719067?ref_src=twsrc%5Etfw">June 1, 2024</a>AI - The All-Knowing Oracle or the Creepy Stalker?Let's take adetour into the realm of AI, both the supposed savior and potential destroyerof modern civilization, depending on who you believe. A recent open letter endorsedby AI luminaries Yoshua Bengio and Geoffrey Hinton, and 13 former and current employees of OpenAI,GoogleDeepMind, and Anthropic, ringsalarm bells about the unchecked development of AI systems. These aren’t yourrun-of-the-mill warnings about robots taking our jobs. No, these are hardcoreconcerns about AI posing "serious risks” if left unchecked. To be clearthe letter says, “These risks range from thefurther entrenchment of existing inequalities, to manipulation andmisinformation, to the loss of control of autonomous AI systems potentiallyresulting in human extinction.”OK, then. That's not worrying at all.The letteressentially says, “Hey, we might be building Skynet, and maybe we should hitpause before it decides we're obsolete.” The fact that these warnings arecoming from within the industry should make us all sit up and pay attention.When the creators start worrying about their creations, it's probably time toget worried too. And if you don’t know what Skynet is, go watch any of theTerminator movies, but preferably the first as it’s the best.In any case, youcan read the letter <a href="https://righttowarn.ai/">here</a>.A group of current, and former, OpenAI employees - some of them anonymous - along with Yoshua Bengio, Geoffrey Hinton, and Stuart Russell have released an open letter this morning entitled 'A Right to Warn about Advanced Artificial Intelligence'.<a href="https://t.co/uQ3otSQyDA">https://t.co/uQ3otSQyDA</a> <a href="https://t.co/QnhbUg8WsU">pic.twitter.com/QnhbUg8WsU</a>— Andrew Curran (@AndrewCurran_) <a href="https://twitter.com/AndrewCurran_/status/1798008084444721278?ref_src=twsrc%5Etfw">June 4, 2024</a>WhenAI Knows Your SecretsHere's where itgets even more interesting (or terrifying, depending on your perspective). Google’sAI systems, like the much-hyped <a href="https://ai.google/">Gemini and itscousins</a>, aren’t just generating quirky poems or beating you at chess.They’re using massive datasets—datasets that include your personalinformation—to become smarter, faster, and…
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Two individuals have filed a civil claim against HongKong-based cryptocurrency exchange JPEX, seeking to recover over HK$1.85million. This lawsuit is the first civil action related to an alleged fraudcase involving more than 2,600 victims with total losses amounting to HK$1.6billion. A lawmaker indicated that ten more victims plan to take similar legalactions.Filing Lawsuit over Missing FundsThe plaintiffs, Chan Wing-yan and Herbert Lam, filed a writof summons in District Court against seven defendants, including JP-EX CryptoAsset Platform and Web 3.0 Technical Support. These companies allegedlyprovided virtual asset services under the JPEX brand since 2021. Felix Chiu, avirtual asset manager at over-the-counter crypto exchange Coingaroo, andunidentified holders of three JPEX wallets are also named as defendants. According to the legal documents, Wing-yan registered twoaccounts with JPEX in July and August last year and opened a third account in Lam’sname. Wing-yan’s decision was influenced by seminars and promotional materialsfrom social media influencer Joseph Lam, who claimed to be a partner of JPEXand was arrested in September over conspiracy to defraud but has not beencharged.During this period, Wing-yan transferred HK$850,000 and paidan additional HK$1 million in cash to Chiu to purchase Tether cryptocurrency(USDT) for her JPEX accounts. She also transferred 6219.6 USDT (HK$48,575) fromanother cryptocurrency platform to JPEX. The total deposits amounted to 247,498USDT (HK$1.93 million).First Civil Lawsuit Filed Against #Crypto Exchange #JPEX for Alleged Fraud #NewsBytes https://t.co/9YFCJ1OZrV— Bitcoin.com News (@BTCTN) June 5, 2024Police Report 73 ArrestsThe plaintiffs allege they were unable to withdraw theirassets after JPEX imposed a 99 percent withdrawal fee last September when theSecurities and Futures Commission identified JPEX as unlicensed. Theydiscovered their assets had been transferred to unknown wallets shortly aftereach deposit, leaving their accounts nearly empty.The plaintiffs also stated they lacked access to the privatekeys necessary to manage their crypto-assets, which were controlled by thedefendants. They have lodged three alternative claims, one seeking to recoverabout 226,013 USDT allegedly converted into other cryptocurrencies withoutauthorization. They have also requested the court to trace the assets and issuean injunction to prevent the defendants from dealing with them.Police reported that 73 individuals had been arrested inconnection to the JPEX scandal, all of whom were granted bail and must reportto the police regularly.This article was written by Tareq Sikder at www.financemagnates.com.
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Issuer processing powerhouse Enfuce announced a groundbreaking partnership with Síminn Pay, thefintech arm of Síminn, the largest telecom service provider in Iceland. Enfuceis launching a new, <a href="https://enfuce.com/product/issue-payment-card/">virtual commercial cardprogramme</a> for Síminn Pay, equipped with aCO2 calculator by climate action platform Deedster, to help itscommercial clients reduce their carbon footprints.This announcement follows a series of strategicpartnerships unveiled by Enfuce, including collaborations with French worktechunicornSwile in France tolaunch an innovative all-in-one employee benefits card,and allpay, the UK’s leader in payment services forthe public and social housing sectors to modernise payments in the UK publicsector, showcasing Enfuce’s strong growth across Europe.This seemingly innocuous addition of a carbonfootprint tracker signifies a potentially significant shift in the paymentsindustry. Traditionally, the environmental cost of financial transactions hasremained largely invisible to consumers and businesses alike. With Enfuce andSíminn Pay's initiative, however, environmental impact is no longer relegatedto the realm of afterthought. Businesses can now gain real-time insights intothe carbon footprint associated with their purchases, empowering them to make data-drivendecisions that minimize their environmental impact.With this new partnership, Síminn Pay, with asubstantial business client base of around 14,000 in Iceland, is introducing acommercial card solution that will provide an easy onboarding process andaccessible credit lines for Síminn Pay’s customers. The new open loopMastercard credit card, sponsored by Enfuce, is a virtual card compatible withApple Pay and Google Pay.While this programme is newly launched, thepartnership between Enfuce and Síminn Pay has already proven successful. SinceNovember 2022, Enfuce has issued 8,000 consumer credit cards for Síminn Pay,enabling its users to make seamless payments. The new commercial card programmestrengthens this relationship, highlighting Síminn Pay’s confidence in Enfuce’ssecure, scalable, and innovative card payment solutions that are modular aswell as cloud-based. This pioneering collaboration also sets a new standardfor sustainability. Síminn Pay is the first Enfuce customer to implement CO2calculation with climate action platform Deedster, as part of a strategicalliance formed with Enfuce in 2023. Enfuce will provide Síminn Pay withauthorization and transaction data related to purchases, which Deedster willuse to calculate the carbon footprint of Síminn Pay’s clients' transactions.This innovative use of advanced analytics and reporting enables Síminn Pay’s clientsto understand the carbon emissions of their business activities and incorporateactionable insights into their own ESG reporting, facilitating more sustainablebusiness decisions.The implications go beyond mere awareness. Businessesincreasingly face pressure from stakeholders and consumers to embracesustainable practices. This card program equips them with a valuable tool todemonstrate their commitment to ESG principles. Transparency around carbon footprint allows businesses to not onlytrack progress towards sustainability goals but also communicate their effortseffectively.The new partnership is just one example of Enfuce’ssector-leading commitment to levelling up ESG in the payments space and beyond.Through its partnership with Deedster, Enfuce is empowering card users tominimise their carbon footprints through impactful initiatives, demonstratingwhat it means to walk the walk when it comes to ESG and how to weavesustainability into the fabric of a business.Monika Liikamaa, Co-Founder andCo-CEO of Enfuce says: "We’re thrilledto be levelling up our long-standing partnership with Síminn Pay, a companythat shares our Nordic values and commitment to sustainability. Thiscollaboration is a testament to our joint vision for a more environmentallyresponsible future and to setting new standards in the fintech and te…
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The office of the Ombudsman at the French Autorité desMarchés Financiers (AMF) has released its annual report for 2023, highlighting arising number of cases in real estate investment companies, crowdfunding, andcrypto assets compared to the previous year. The AMF's Ombudsman, Marielle Cohen-Branche, reported that it received 1,922 cases compared to 1,900 in 2022. The report indicates a significant drop inadmissible cases, leading to fewer solutions proposed by the Ombudsman.Nevertheless, the team managed to handle and close a substantial number ofcases, reducing the backlog by nearly 40%. Sharp Rise in Crypto CasesNotably, 1,129 admissible cases were reported, whichcompared to 1,341 in 2022. 2,060 cases were processed and closed, a dropcompared to 2,089 in 2022. This resulted in 826 proposed solutions, representing a declineof 18%.Share savings plans accounted for 25% of thetotal referrals, continuing to be the primary source of disputes. Most issues resulted from delays in transferring plans between institutions. A notable caseinvolved non-<a href="https://www.financemagnates.com/terms/c/compliance/">compliance</a> with <a href="https://www.financemagnates.com/tag/tax-laws/">tax regulations</a> due to multiple transfers. While no longer the main focus, employee savingsschemes still constitute 18% of referrals, with early release being the majorcomplaint. Meanwhile, disputes related to stock market orders have significantly decreased, a shift attributed to fewer new investors and a reduced volumeof securities operations.[<a href="https://twitter.com/hashtag/Mediation?src=hash&ref_src=twsrc%5Etfw">#Mediation</a>] <a href="https://twitter.com/hashtag/PEA?src=hash&ref_src=twsrc%5Etfw">#PEA</a>, <a href="https://twitter.com/hashtag/EpargneSalariale?src=hash&ref_src=twsrc%5Etfw">#EpargneSalariale</a>, <a href="https://twitter.com/hashtag/Crowdfunding?src=hash&ref_src=twsrc%5Etfw">#Crowdfunding</a> immobilier, <a href="https://twitter.com/hashtag/cryptoactifs?src=hash&ref_src=twsrc%5Etfw">#cryptoactifs</a> : quels ont été les principaux dossiers en 2023 ? Marielle Cohen-Branche, médiateur de l’AMF, dresse le bilan dans le <a href="https://twitter.com/hashtag/RapportAnnuel?src=hash&ref_src=twsrc%5Etfw">#RapportAnnuel</a> 2023 du médiateur de l’AMFDécouvrez-le ici➡️<a href="https://t.co/pNUVp9jQ1I">https://t.co/pNUVp9jQ1I</a> <a href="https://t.co/S23yzz80kR">pic.twitter.com/S23yzz80kR</a>— AMF (@AMF_actu) <a href="https://twitter.com/AMF_actu/status/1798017060905291998?ref_src=twsrc%5Etfw">June 4, 2024</a>In 2023, the economic climate experienced asharp increase in disputes related to real estate investment companies (SCPIs) and crowdfunding. SCPI disputes doubled to 86 cases, primarily concerningdelays in redemption requests and unit depreciation. <a href="https://www.financemagnates.com/tag/real-estate/">Real estate</a> <a href="https://www.financemagnates.com/terms/c/crowdfunding/">crowdfunding</a>cases also surged by 110%, necessitating a distinction between market downturnissues and platform-specific malfunctions.Stablecoin IssuesComparatively, the volatile <a href="https://www.financemagnates.com/tag/crypto/">crypto</a> asset market andthe increase in registered DASPs led to asharp rise in crypto-related complaints in 2022. The number of disputes jumpedto 54, with 17 deemed admissible. Issues included problems with stablecoins andthe practices of certain market participants exploiting "reversesolicitation" to avoid AMF registration.Last year, the Ombudsman's proposals favoredapplicants 54% of the time, with a high compliance rate of 95%. Among the casesclosed, 202 recommendations led to financial proposals, with compensationtotaling €864,519.Personal equity savings plans were the leading causeof disputes, accounting for a significant portion of the referrals. Most issuesrevolved around delays in transferring PEAs between institutions. Thisrecurrent problem led the AMF Board to form a working group to seek practical solutions.This article was written by Jared Kirui at www.…
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The office of the Ombudsman at the French Autorité desMarchés Financiers (AMF) has released its annual report for 2023, highlighting arising number of cases in real estate investment companies, crowdfunding, andcrypto assets compared to the previous year. The AMF's Ombudsman, Marielle Cohen-Branche, received 1,922 cases compared to 1,900 in 2022. The report indicates a significant drop inadmissible cases, leading to fewer solutions proposed by the Ombudsman.Nevertheless, the team managed to handle and close a substantial number ofcases, reducing the backlog by nearly 40%. Sharp Rise in Crypto CasesNotably, 1,129 admissible cases were reported, whichcompared to 1,341 in 2022. 2,060 cases were processed and closed, a dropcompared to 2,089 in 2022. This resulted in 826 proposed solutions, a declineof 18%.Share savings plans accounted for 25% of thetotal referrals, continuing to be the primary source of disputes. Most issues resulted from delays in transferring plans between institutions. A notable caseinvolved non-<a href="https://www.financemagnates.com/terms/c/compliance/">compliance</a> with <a href="https://www.financemagnates.com/tag/tax-laws/">tax regulations</a> due to multiple transfers. While no longer the main focus, employee savingsschemes still constitute 18% of referrals, with early release being the majorcomplaint. Meanwhile, disputes related to stock market orders have decreasedsignificantly, a shift attributed to fewer new investors and a reduced volumeof securities operations.[<a href="https://twitter.com/hashtag/Mediation?src=hash&ref_src=twsrc%5Etfw">#Mediation</a>] <a href="https://twitter.com/hashtag/PEA?src=hash&ref_src=twsrc%5Etfw">#PEA</a>, <a href="https://twitter.com/hashtag/EpargneSalariale?src=hash&ref_src=twsrc%5Etfw">#EpargneSalariale</a>, <a href="https://twitter.com/hashtag/Crowdfunding?src=hash&ref_src=twsrc%5Etfw">#Crowdfunding</a> immobilier, <a href="https://twitter.com/hashtag/cryptoactifs?src=hash&ref_src=twsrc%5Etfw">#cryptoactifs</a> : quels ont été les principaux dossiers en 2023 ? Marielle Cohen-Branche, médiateur de l’AMF, dresse le bilan dans le <a href="https://twitter.com/hashtag/RapportAnnuel?src=hash&ref_src=twsrc%5Etfw">#RapportAnnuel</a> 2023 du médiateur de l’AMFDécouvrez-le ici➡️<a href="https://t.co/pNUVp9jQ1I">https://t.co/pNUVp9jQ1I</a> <a href="https://t.co/S23yzz80kR">pic.twitter.com/S23yzz80kR</a>— AMF (@AMF_actu) <a href="https://twitter.com/AMF_actu/status/1798017060905291998?ref_src=twsrc%5Etfw">June 4, 2024</a>In 2023, the economic climate experienced asharp increase in disputes related to real estate investment companies (SCPIs) and crowdfunding. SCPI disputes doubled to 86 cases, primarily concerningdelays in redemption requests and unit depreciation. <a href="https://www.financemagnates.com/tag/real-estate/">Real estate</a> <a href="https://www.financemagnates.com/terms/c/crowdfunding/">crowdfunding</a>cases also surged by 110%, necessitating a distinction between market downturnissues and platform-specific malfunctions.Stablecoin IssuesComparatively, the volatile <a href="https://www.financemagnates.com/tag/crypto/">crypto</a> asset market andthe increase in registered DASPs led to asharp rise in crypto-related complaints in 2022. The number of disputes jumpedto 54, with 17 deemed admissible. Issues included problems with stablecoins andthe practices of certain market participants exploiting "reversesolicitation" to avoid AMF registration.Last year, the Ombudsman's proposals favoredapplicants 54% of the time, with a high compliance rate of 95%. Among the casesclosed, 202 recommendations led to financial proposals, with compensationtotaling €864,519.Personal equity savings plans were the leading causeof disputes, accounting for a significant portion of the referrals. Most issuesrevolved around delays in transferring PEAs between institutions. Thisrecurrent problem led the AMF Board to form a working group to seek practical solutions.This article was written by Jared Kirui at www.financemagnates.com.
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Crypto exchange Binance today (Wednesday) sought to dismissa large portion of a London lawsuit, valued at up to 10 billion pounds ($12.8billion), over allegations of collusion to "delist" the BitcoinSatoshi Vision (BSV) cryptocurrency.London Lawsuit Targets Binance and KrakenThe lawsuit, brought to London's Competition Appeal Tribunal(CAT) on behalf of over 200,000 BSV owners, targets Binance and other exchangesincluding Kraken. The suit, filed by BSV Claims, accuses the exchanges ofanti-competitive behaviour in delisting BSV in 2019. The plaintiffs argue thatthis action caused the value of BSV to drop significantly and hindered itspotential to become a leading cryptocurrency, estimating this aspect of theclaim at up to 9 billion pounds.BSV Claims' legal team stated that the exchanges did notoppose the case being certified under the UK's collective proceedings regime,which is similar to the US class action system. This certification would markthe initial step in the lawsuit.Exchanges Face ScrutinyBinance has requested the CAT to dismiss the part of thecase concerning BSV's alleged potential to become a major cryptocurrency, whichpertains to those who retained BSV after its delisting. Binance's lawyer, BrianKennelly, argued that those who kept BSV made a "voluntary decision"and had the option to sell it and reinvest in a comparable cryptocurrency..@Binance asked the @CATribunal to throw out most of the claims against it and other exchanges in a UK lawsuit seeking more than 10 billion pounds for anticompetitive behavior relating to the delisting of the $BSV token in 2019. @sheldonreback reports. https://t.co/BBZhY0NKZB— CoinDesk (@CoinDesk) June 5, 2024BSV Claims' lawyers contended in court documents that thisissue should be allowed to proceed to trial along with the rest of the case. Binancedid not provide a comment on the ongoing legal proceedings. Meanwhile, a Krakenspokesperson labelled the lawsuit as "baseless."In 2019, Binance, Kraken, and other exchanges delisted BSV.This decision was partly influenced by claims from Australian computerscientist Craig Wright, associated with BSV, who asserted that he was thepseudonymous inventor of Bitcoin, known as "Satoshi Nakamoto".This article was written by Tareq Sikder at www.financemagnates.com.
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Coinsand banknotes might soon be relegated to the realm of nostalgia in SouthAfrica. The South African Reserve Bank (SARB) has unveiled an ambitious roadmapthat seeks to usher in a cashless era, prioritizing financial inclusion andeconomic growth. This strategic shift signifies a recognition that while thenation boasts a surprisingly high level of financial inclusion, with over 94%of adults boasting at least one bank account, a significant portion of thepopulation remains tethered to cash. This persistent reliance on physicalcurrency acts as a barrier to economic participation and innovation.<a href="https://www.resbank.co.za/content/dam/sarb/what-we-do/payments-and-settlements/regulation-oversight-and-supervision/Digital%20Payments%20Roadmap.pdf">TheSARB's roadmap</a> acknowledges the progress made. South Africa possesses asophisticated banking system, a testament to past efforts to make financialservices more accessible. However, the roadmap identifies remaining hurdles.These include limited access to digital payment channels for certaindemographics, particularly those residing in rural areas, and a lack ofawareness or trust in these newer technologies.Thisdigital payment push isn't merely about convenience. It's about unlockingeconomic potential. By removing the friction associated with cash transactions,the roadmap envisions <a href="https://www.financemagnates.com/tag/south-africa/">a South Africa where economic activity flourishes</a>.Faster, more efficient payment systems would streamline business operations,both large and small. This, in turn, could foster entrepreneurship and jobcreation, ultimately improving the lives of ordinary South Africans.Centralto the roadmap's strategy is the fostering of competition and innovation withinthe financial sector. By encouraging a wider range of players, includingfintech companies and non-bank institutions, to participate in the nationalpayment system, the SARB hopes to see a blossoming of new and creative paymentsolutions. This competitive environment would drive down costs, a crucialfactor in encouraging widespread adoption of digital payments, especiallyamongst low-income earners.Theroadmap also recognizes the transformative power of technology. It embracesemerging payment methods like mobile money and paves the way for the potentialexploration of central bank digital currencies (CBDCs). Mobile money, with itsability to bypass traditional banking infrastructure, holds immense promise forreaching previously unbanked populations. CBDCs, though still in a nascentstage globally, could revolutionize financial transactions by offering a secureand government-backed digital alternative to cash.However,the roadmap isn't solely focused on technological advancements. It acknowledgesthe human element in this digital transformation. Security concerns remain asignificant hurdle for some South Africans hesitant to embrace digitalpayments. The roadmap proposes a two-pronged approach to address this. Firstly,it emphasizes the adoption of robust two-factor authentication protocols tosafeguard transactions. Secondly, it underscores the importance of educatingthe public about the security measures in place and the benefits of digitalpayments.Buildingtrust is paramount. The roadmap recognizes the need for robust consumerprotection frameworks to ensure fair and transparent practices within thedigital payments ecosystem. This includes robust data privacy regulations andclear mechanisms for dispute resolution. Only by fostering a sense of securityand confidence can the roadmap truly succeed in ushering in a cashless SouthAfrica.Thejourney towards a cashless future won't be without its challenges. Shiftingentrenched habits and behaviors takes time. However, the SARB's roadmap offersa clear vision and a practical approach. By fostering competition, embracingnew technologies, and prioritizing security and education, South Africa has areal opportunity to unlock the full potential of its digital economy,ultimately leaving the era of the rand in its physical…
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MasterCard <a href="https://www.mastercard.com/news/press/2024/may/mastercard-crypto-credential-goes-live-with-first-peer-to-peer-pilot-transactions-adds-new-partners-to-the-ecosystem/">announced</a> the launch of the MasterCard Crypto Credential, a service aiming to make crypto transfers easier and less complex. This service will enable users to send and receive crypto using their aliases instead of typing out long and complex blockchain addresses, a problem that has seen millions of dollars lost during transactions. According to the team, the solution is already enabled on various exchanges, including Bit2Me, Lirium and Mercado Bitcoin exchanges, as well as new additions such as Foxbit, a crypto wallet provider and Lulubit, which is integrated with Lirium. The service will be piloted in Latin America and Europe with more countries set to be added in the coming months. “As interest in blockchain and digital assets continues to surge in Latin America and around the world, it is essential to keep delivering trusted and verifiable interactions across public blockchain networks,” said Walter Pimenta, executive vice president of Product and Engineering, Latin America and the Caribbean at Mastercard. “We’re thrilled to work with this dynamic set of partners to bring Mastercard Crypto Credential closer to realizing its full potential.” Starting this June, users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland and Uruguay can send cross-border and domestic transfers across multiple currencies and blockchains. Praising the move by MasterCard, Thor Abbasi, Co-Founder of <a href="https://www.zivoe.com/en">Zivoe</a>, a Real World Asset protocol aiming to offer affordable credit access, stated the move will be a “significant step towards broader crypto adoption” while enabling financial inclusion to the unbanked and underbanked. “Traditional finance incumbents like Mastercard are continuing to recognize that the future of finance will be on-chain,” Abbasi added. “This further validates our approach at Zivoe to leverage blockchain technology to expand more affordable credit access, and we look forward to the positive impact this development will have on the broader blockchain community.”The service launch has been in the pipeline since its announcement at Consensus in 2023, marking the first real-world crypto application by the major money transfer service. Adding to trust and certainty in transactions, the MasterCard Crypto Credential service aims to expand and support the domestic and cross-border remittance market. This will boost the adoption of crypto across the globe, allowing the very basic crypto users to send value across a simplified and safe channel. Speaking on the launch of MasterCard Crypto Credential, Mark Smargon, CEO and Founder of <a href="https://www.fuse.io/">Fuse</a>, a low-cost global payments platform aiming to join the service stated: "It seems like major incumbents like Visa and Mastercard are looking to leverage their proprietary data and utilize their existing relationships with customers and merchants with web3 payments.”Expanding global crypto payments and remittancesThe MasterCard Crypto Credential helps verify interactions among consumers and businesses using blockchain networks. The service will ensure that the user has met a set of verification standards and that the wallet they are sending crypto is the right recipient address and correct blockchain. The associated exchanges will verify the user under a set of predefined set of Mastercard Crypto Credential standards. Once verified, the user obtains an alias that they can use to send or receive crypto to their wallet. This is possible via the exchange of metadata which reduces the complexity of sending or receiving crypto. The service ensures the funds are being sent to a recipient’s wallet that supports the assets they are sending, which breeds trust and certainty in the transaction. If the receiving wallet does not support the asset or blockchain…
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Crypto exchange Binance today (Wednesday) sought to dismissa large portion of a London lawsuit, valued at up to 10 billion pounds ($12.8billion), over allegations of collusion to "delist" the BitcoinSatoshi Vision (BSV) cryptocurrency.London Lawsuit Targets Binance and KrakenThe lawsuit, brought to London's Competition Appeal Tribunal(CAT) on behalf of over 200,000 BSV owners, targets Binance and other exchangesincluding Kraken. The suit, filed by BSV Claims, accuses the exchanges ofanti-competitive behaviour in delisting BSV in 2019. The plaintiffs argue thatthis action caused the value of BSV to drop significantly and hindered itspotential to become a leading cryptocurrency, estimating this aspect of theclaim at up to 9 billion pounds.BSV Claims' legal team stated that the exchanges did notoppose the case being certified under the UK's collective proceedings regime,which is similar to the US class action system. This certification would markthe initial step in the lawsuit.Exchanges Face ScrutinyBinance has requested the CAT to dismiss the part of thecase concerning BSV's alleged potential to become a major cryptocurrency, whichpertains to those who retained BSV after its delisting. Binance's lawyer, BrianKennelly, argued that those who kept BSV made a "voluntary decision"and had the option to sell it and reinvest in a comparable cryptocurrency..@Binance asked the @CATribunal to throw out most of the claims against it and other exchanges in a UK lawsuit seeking more than 10 billion pounds for anticompetitive behavior relating to the delisting of the $BSV token in 2019. @sheldonreback reports. https://t.co/BBZhY0NKZB— CoinDesk (@CoinDesk) June 5, 2024BSV Claims' lawyers contended in court documents that thisissue should be allowed to proceed to trial along with the rest of the case. Binancedid not provide a comment on the ongoing legal proceedings. Meanwhile, a Krakenspokesperson labelled the lawsuit as "baseless."In 2019, Binance, Kraken, and other exchanges delisted BSV.This decision was partly influenced by claims from Australian computerscientist Craig Wright, associated with BSV, who asserted that he was thepseudonymous inventor of Bitcoin, known as "Satoshi Nakamoto".This article was written by Tareq Sikder at www.financemagnates.com.
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Coinsand banknotes might soon be relegated to the realm of nostalgia in SouthAfrica. The South African Reserve Bank (SARB) has unveiled an ambitious roadmapthat seeks to usher in a cashless era, prioritizing financial inclusion andeconomic growth. This strategic shift signifies a recognition that while thenation boasts a surprisingly high level of financial inclusion, with over 94%of adults boasting at least one bank account, a significant portion of thepopulation remains tethered to cash. This persistent reliance on physicalcurrency acts as a barrier to economic participation and innovation.<a href="https://www.resbank.co.za/content/dam/sarb/what-we-do/payments-and-settlements/regulation-oversight-and-supervision/Digital%20Payments%20Roadmap.pdf">TheSARB's roadmap</a> acknowledges the progress made. South Africa possesses asophisticated banking system, a testament to past efforts to make financialservices more accessible. However, the roadmap identifies remaining hurdles.These include limited access to digital payment channels for certaindemographics, particularly those residing in rural areas, and a lack ofawareness or trust in these newer technologies.Thisdigital payment push isn't merely about convenience. It's about unlockingeconomic potential. By removing the friction associated with cash transactions,the roadmap envisions <a href="https://www.financemagnates.com/tag/south-africa/">a South Africa where economic activity flourishes</a>.Faster, more efficient payment systems would streamline business operations,both large and small. This, in turn, could foster entrepreneurship and jobcreation, ultimately improving the lives of ordinary South Africans.Centralto the roadmap's strategy is the fostering of competition and innovation withinthe financial sector. By encouraging a wider range of players, includingfintech companies and non-bank institutions, to participate in the nationalpayment system, the SARB hopes to see a blossoming of new and creative paymentsolutions. This competitive environment would drive down costs, a crucialfactor in encouraging widespread adoption of digital payments, especiallyamongst low-income earners.Theroadmap also recognizes the transformative power of technology. It embracesemerging payment methods like mobile money and paves the way for the potentialexploration of central bank digital currencies (CBDCs). Mobile money, with itsability to bypass traditional banking infrastructure, holds immense promise forreaching previously unbanked populations. CBDCs, though still in a nascentstage globally, could revolutionize financial transactions by offering a secureand government-backed digital alternative to cash.However,the roadmap isn't solely focused on technological advancements. It acknowledgesthe human element in this digital transformation. Security concerns remain asignificant hurdle for some South Africans hesitant to embrace digitalpayments. The roadmap proposes a two-pronged approach to address this. Firstly,it emphasizes the adoption of robust two-factor authentication protocols tosafeguard transactions. Secondly, it underscores the importance of educatingthe public about the security measures in place and the benefits of digitalpayments.Buildingtrust is paramount. The roadmap recognizes the need for robust consumerprotection frameworks to ensure fair and transparent practices within thedigital payments ecosystem. This includes robust data privacy regulations andclear mechanisms for dispute resolution. Only by fostering a sense of securityand confidence can the roadmap truly succeed in ushering in a cashless SouthAfrica.Thejourney towards a cashless future won't be without its challenges. Shiftingentrenched habits and behaviors takes time. However, the SARB's roadmap offersa clear vision and a practical approach. By fostering competition, embracingnew technologies, and prioritizing security and education, South Africa has areal opportunity to unlock the full potential of its digital economy,ultimately leaving the era of the rand in its physical…
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MasterCard <a href="https://www.mastercard.com/news/press/2024/may/mastercard-crypto-credential-goes-live-with-first-peer-to-peer-pilot-transactions-adds-new-partners-to-the-ecosystem/">announced</a> the launch of the MasterCard Crypto Credential, a service aiming to make crypto transfers easier and less complex. This service will enable users to send and receive crypto using their aliases instead of typing out long and complex blockchain addresses, a problem that has seen millions of dollars lost during transactions. According to the team, the solution is already enabled on various exchanges, including Bit2Me, Lirium and Mercado Bitcoin exchanges, as well as new additions such as Foxbit, a crypto wallet provider and Lulubit, which is integrated with Lirium. The service will be piloted in Latin America and Europe with more countries set to be added in the coming months. “As interest in blockchain and digital assets continues to surge in Latin America and around the world, it is essential to keep delivering trusted and verifiable interactions across public blockchain networks,” said Walter Pimenta, executive vice president of Product and Engineering, Latin America and the Caribbean at Mastercard. “We’re thrilled to work with this dynamic set of partners to bring Mastercard Crypto Credential closer to realizing its full potential.” Starting this June, users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland and Uruguay can send cross-border and domestic transfers across multiple currencies and blockchains. Praising the move by MasterCard, Thor Abbasi, Co-Founder of <a href="https://www.zivoe.com/en">Zivoe</a>, a Real World Asset protocol aiming to offer affordable credit access, stated the move will be a “significant step towards broader crypto adoption” while enabling financial inclusion to the unbanked and underbanked. “Traditional finance incumbents like Mastercard are continuing to recognize that the future of finance will be on-chain,” Abbasi added. “This further validates our approach at Zivoe to leverage blockchain technology to expand more affordable credit access, and we look forward to the positive impact this development will have on the broader blockchain community.”The service launch has been in the pipeline since its announcement at Consensus in 2023, marking the first real-world crypto application by the major money transfer service. Adding to trust and certainty in transactions, the MasterCard Crypto Credential service aims to expand and support the domestic and cross-border remittance market. This will boost the adoption of crypto across the globe, allowing the very basic crypto users to send value across a simplified and safe channel. Speaking on the launch of MasterCard Crypto Credential, Mark Smargon, CEO and Founder of <a href="https://www.fuse.io/">Fuse</a>, a low-cost global payments platform aiming to join the service stated: "It seems like major incumbents like Visa and Mastercard are looking to leverage their proprietary data and utilize their existing relationships with customers and merchants with web3 payments.”Expanding global crypto payments and remittancesThe MasterCard Crypto Credential helps verify interactions among consumers and businesses using blockchain networks. The service will ensure that the user has met a set of verification standards and that the wallet they are sending crypto is the right recipient address and correct blockchain. The associated exchanges will verify the user under a set of predefined set of Mastercard Crypto Credential standards. Once verified, the user obtains an alias that they can use to send or receive crypto to their wallet. This is possible via the exchange of metadata which reduces the complexity of sending or receiving crypto. The service ensures the funds are being sent to a recipient’s wallet that supports the assets they are sending, which breeds trust and certainty in the transaction. If the receiving wallet does not support the asset or blockchain…
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Are you looking for the next big B2B and B2C event in the Asia-Pacific region in 2024? Look no further than the Finance Magnates Pacific Summit (FMPS:24), coming to Sydney Australia on August 27-29. As a premium summit organized by FMevents, attendees can expect the industry’s top talent, speakers, and names, complete with networking opportunities and plenty of entertainment!FMPS:24 will be taking place at the International Convention Centre (ICC) in Sydney, Australia, one of the country’s leading venues for conventions, exhibitions, and entertainment. The summit will aim to bring together businesses and individuals, offering priceless networking opportunities for emerging and established businesses in financial services to build meaningful connections, explore innovative possibilities, and showcase their products and services.In addition, the event will retain a heavy focus on the B2C trading space, providing an informative hub for traders and financial markets enthusiasts to connect with leading online brokers, and experts for insights into online trading.What’s On OfferFMPS:24 will cover a total of four industry verticals: online trading, crypto, payments, and fintech. A curated content agenda and immersive experience was tailored for businesses and individuals with the goal to provide a platform for new business opportunities and knowledge sharing. No matter if you're a company looking for partnerships or an individual seeking to advance your trading journey, this event offers valuable insights and the chance to become part of a growing global community.Prospective attendees can expect to engage, network, and connect face-to-face with the following participants: Forex/CFD Brokers Institutional Brokers Affiliates & IBs Traders & Investors Educators & Market Experts Fintech & Payments Brands Crypto & Digital Assets Businesses Technology & Liquidity Providers Press/Media Regulators Start-ups Investors/VCsHave you booked your ticket for FMPS:24 yet? Head on over to the registration page today and reserve your seat.This is one event you cannot afford to miss with plenty of local partners and regional providers, top industry talent and speakers, as well as the industry’s most reputable brands. Stay tuned over the next month for the rollout of the official agenda for FMPS:24.Prospective attendees can expect to hear from the top decision-makers, C-suite executives, and plenty of specialists as they explore key industry trends and the most pertinent topics. See you in Sydney this August!This article was written by Jeff Patterson at www.financemagnates.com.
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<a href="https://b2broker.com/">B2Broker</a>, the leading Prime of Prime (PoP) liquidity and technology provider, has expanded its crypto liquidity offerings by launching <a href="https://b2broker.com/news/b2broker-expands-crypto-liquidity-offering-with-6-new-crypto-cfds-pairs/">six new crypto CFDs pairs</a>, each chosen for their massive trading volume and strong market demand. This decision was influenced by the consistent growth in crypto adoption, the recent green light for Bitcoin and Ethereum spot ETFs, and the escalating interest in crypto CFD trading.With this latest addition, B2Broker’s portfolio now includes a total of <a href="https://docs.google.com/spreadsheets/d/1kxdxtEBTGwtAiOqCIociDM9T_ZWMRSuGvDVtCzkqrTc/edit?roistat_visit=2641554#gid=721757110">140 crypto CFD pairs</a>, which cover Solana, Avalanche, Polkadot, Polygon, Uniswap, Algorand, and all the other leading coins and blockchains.Starting Monday, June 3rd at 6 AM GMT, the following new pairs are available for trading:TON/USDFET/USDRNDR/USDCAKE/USDICP/USDAPT/USDB2Broker was the first liquidity provider to roll out spot and perpetual futures-based <a href="https://b2broker.com/products/crypto-cfd-liquidity/">crypto CFDs</a>. The firm has also been at the forefront of introducing <a href="https://b2broker.com/ndf/">NDFs as CFDs</a> in the market.Today, B2Broker's crypto CFD liquidity is favoured by over 250 institutional clients and 30 professional funds worldwide because of its stability, consistency, and wide connectivity options (cTrader, oneZero, Prime XM, Centroid, TFB, TradeLocker, Your Bourse, FX Cubic, MT4/MT5, B2Trader, or any other system via FIX API).A Look at the Newly Added CFD PairsTON/USD - Launched in 2018 as "Telegram Open Network" (TON), Toncoin today is a powerful, decentralised layer one blockchain which supports multiple other blockchains, DNS, and storage, serving 650+ dApps, including Notcoin. Toncoin enables staking, payments, large-scale transactions, and smart contracts. Its value surged 280% last year, making it a top 10 cryptocurrency by market cap.24-Hour Trading Volume: $500MMarket Cap: $17BTotal Supply: 5.1B TONFET/USD - Fetch.ai (FET) is a decentralised network enabling autonomous agents to learn and collaborate via AI and machine learning. Launched by experts in AI and blockchain in 2017, Fetch.ai unveiled the FET token with Binance in 2019. The token's value has surged by 700% in the past year, driven by AI advancements and growing interest in the industry.24-Hour Trading Volume: $190MMarket Cap: $1.8BTotal Supply: 2.6B FETRNDR/USD - The Render Network, introduced in 2017, revolutionises computation services for demanding tasks like AI learning through a swift, fail-safe, blockchain-based peer-to-peer network. The protocol connects GPU power seekers with render resources, guaranteeing secure and error-free processing. RNDR's value has rocketed by 280% over the past year.24-Hour Trading Volume: $250MMarket Cap: $4.0BTotal Supply: 530M RNDRCAKE/USD - CAKE is the native token of PancakeSwap, a leading multi-chain DEX. Boasting $711B trading volume, 1.8M users, and $2.24B value locked across nine blockchains, CAKE's uses include staking in Syrup Pools, farming rewards, lotteries, team battles, IFOs, and NFTs, making it popular among traders and DeFi enthusiasts.24-Hour Trading Volume: $230MMarket cap: $800MTotal Supply: 385M CAKEICP/USD - Launched by the DFINITY Foundation in May 2021, the Internet Computer acts as a "World Computer," capable of running almost any online service, bypassing the need for conventional IT infrastructure. The platform's ICP token serves governance functions, compensates computational nodes, and rewards engaged community members, contributing to its recent value growth.24-Hour Trading Volume: $80MMarket Cap: $5.7B Total Supply: 520M ICPAPT/USD - Aptos is a PoS blockchain platform, inaugurated in 2022 by ex-Facebook employees, dedicated to popularising web3 applications and fostering a healthy DApp environment. APT holders can delegate to on-chain…
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Web3 Foundation, the entity supporting the growth of the Polkadot ecosystem, has awarded a grant to PolkaPort East. The Decentralized Futures (DF) grant is designed to help further decentralize Polkadot while spearheading technical, community, and broader ecosystem adoption.PolkaPort East is an independent entity leading investor relations and growth initiatives for Polkadot centered on Hong Kong and the Greater Bay Area. The DF grant from the Web3 Foundation is the first such award to be received by an organization working in Asia.The grant will support PolkaPort East’s goals of leading investor relations and growth for Polkadot in the region. Its mandate also includes promoting Polkadot and its technology, and acting as a key regional driver of capital into the ecosystem.Max Rebol, co-founder of PolkaPort East and CEO of Harbour Industrial Capital, a Polkadot-focused VC fund, said: “The launch of PolkaPort East comes at a crucial moment for Polkadot. It represents a critical step towards increasing the network’s decentralization while strengthening the ecosystem’s strategic position in Hong Kong. Thibault Perréard, also a co-founder who heads up strategy for Bifrost, a leading Polkadot parachain added: “With the support of the DF grant, PolkaPort East will be tapping into the thriving innovation hubs of Hong Kong and the Greater Bay Area while engaging and fostering relationships with local governments, global enterprises and capital allocators of the region.” Vincent Chan, the third co-founder of PolkaPort East who formerly led growth initiatives at Parity Technologies, explained that following the receipt of the DF grant, the initiative will seek to attract participants to the Polkadot ecosystem across Asia. These include projects and developers looking to build on Polkadot, Polkadot-native VCs, funds, and capital allocators, as well as general web3 investors. It will also target Asian university blockchain collectives and associations, fintechs seeking to enter web3, and local government exploring the use of blockchain technology.Speaking on behalf of the Web3 Foundation, David Hawig, the Director of Ecosystem, stated “The Web3 Foundation is thrilled to support the Polkaport East initiative through a Decentralized Futures grant. This project exemplifies our commitment to fostering decentralized access and innovation within the Polkadot ecosystem. We believe Polkaport East will play a pivotal role in enhancing connectivity and empowering the community in Hong Kong, driving forward the vision of a truly decentralized internet.”About Decentralized Futures The DF initiative developed by Web3 Foundation is designed to kickstart independent teams and initiative that will drive Polkadot’s success. It was established in 2023 following the restructuring of Parity Technologies which offloaded responsibilities for investor relations, growth and marketing to focus solely on technical development.Through the DF program, funding is available for Polkadot-focused organizations that aim to generate profit, as well as for non-profits that have a strategy to secure ongoing financing through Polkadot's onchain treasury system. An initial $20M plus 5M DOT tokens have been allocated to Decentralized Futures to expand the Polkadot ecosystem.About PolkaPort EastBased in Hong Kong, PolkaPort East (http://polkaporteast.xyz/) is an organization tasked with spurring adoption of the Polkadot ecosystem in Asia with a focus on Hong Kong and the Greater Bay Area. By working with different entities ranging from developers to investors, PolkaPort East will help to fuel adoption of web3 technology and onboard new users to Polkadot.This article was written by FM Contributors at www.financemagnates.com.
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UP Fintech Holding Limited (NASDAQ: TIGR) disclosed itsunaudited financial results for Q1 2024, ending on March 31. Wu Tianhua, Chairman and CEO, reported a 19.0%year-over-year increase in total revenues, reaching US$78.9 million. Strong Q1 Performance with Surge in Net IncomeNotably, net income attributable to ordinary shareholders ofUP Fintech surged to US$12.3 million, indicating a robust performance in Q1.Additionally, the company's non-GAAP net income reached US$14.7 million,underscoring its strong financial standing and operational efficiency.During the quarter, UP Fintech added 28,800 new fundedaccounts, totalling 933,400 funded accounts by the quarter's end, reflecting a15% increase year-over-year. Moreover, asset inflow stood strong at US$5.3billion, contributing to a notable 103.8% year-over-year increase in totalaccount balance to US$32.9 billion.2024-06-05 pre-market gainer:$TIGR -1.4599% :UP Fintech saw its stock rise after reporting better than expected Q1 results with revenue growing nearly 19% year over year and client assets hitting a record high.— Market Mover (@mkt_mover) June 5, 2024Earlier, UP Fintech Holding Limited, operator of Tiger Tradeonline brokerage, securedapproval from Hong Kong's Securities and Futures Commission to expand itslicense for virtual assets trading, as reported by Finance Magnates. Among the first in Hong Kong, UP Fintech now offers cryptotrading services, including Bitcoin and Ethereum, to qualified investors. Thismove aligns with UP Fintech's goal of providing a comprehensive tradingexperience, integrating cryptocurrencies with stocks, options, futures, andfunds on its Tiger Trade platform.Operating Costs Increase in Line with Revenue GrowthFinancially, total revenues surged to US$78.9 million,marking a 19.0% increase year-over-year. Commissions increased by 9.2% toUS$27.8 million due to heightened trading volume. Meanwhile, interest incomesaw a significant rise to US$43.8 million, attributed to increased marginfinancing and securities lending activities. Operating costs and expenses totalled US$50.8 million, withnotable increases in employee compensation and benefits, communication andmarket data expenses, and general and administrative expenses.This article was written by Tareq Sikder at www.financemagnates.com.
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Dozens of Israelis were extradited to Germany in connection with crypto and binary options scams that siphoned about 1 billion euros from victims over five years, according to two local Israeli news outlets, Mako and Posta.The fraud also involved former Israeli footballer Liron Basis, who was arrested last week in Moscow at the request of German authorities. He is now in a detention centre in Moscow and is expected to be extradited to Germany. The reports outlined that Basis is a suspect in a fraud of about 30 million euros.Basis has hired a local lawyer and denied the acquisitions against him. Many other Israeli arrested and extradited to Germany were represented by Nir Rotenberg and Gib Rotenberg, who successfully obtained lighter sentences for many, while some were released to house arrest until the end of the trial.Busting the Gang OperationsThe local police revealed that the Israeli criminal organisations operated from offices in Ramat Gan and Bnei Brak. They also ran operations from cities in Eastern European countries, like Sofia, Belgrade, Budapest, Prague, Bucharest, Tbilisi, and others, employing dozens of German, Spanish, and Italian-speaking staff.The modus operandi of the gangs involved connecting with pensioners in high-income European countries and persuading them to invest in binary options with promises of high returns. They mostly targeted German nationals, which alerted the German authorities."They establish cover companies, employ local young people and Israelis who supervise them, and operate without a trading license from those countries," an Israeli police officer told Mako.Binary options are banned in many countries, including Israel. Instead, many criminal groups lure victims by offering instruments that are very simple to understand—the payout is based simply on the up or down movement of an asset in a short period of time. These criminal gangs, however, usually do not invest the proceeds they collect from the victims.Germans Are High Value TargetIn another similar forex fraud case, the German authorities filed a case last month, naming two Israelis, Timor Rukhlin and Tal Aharon, both of whom were extradited to Germany.According to the indictment, published in Posta, Rukhlin headed a financial criminal organisation that operated trading platforms under more than five different names and also targeted victims, mostly German, by telephone. According to the indictment, the organisation swindled 27 million euros, out of which 10 million euros came from German speakers. Aharon, on the other hand, was part of a Bulgaria-based criminal gang, other members of which are also being chased by the German police.The previous indictment by the German authorities also connected Rukhlin and Aharon to Airsoft, the Israeli company that provided the malicious technology to conduct the fraud. Last September, the Israeli police raided the Ramat Gan offices of Airsoft, Finance Magnates reported. However, the mastermind behind Airsoft, Jeremy Katlan, also known as Roni Hajjaj, fled Israel and is still at large.Rotenberg lawyers also represented Aharon and has managed to obtain a release order for him while the trial is ongoing. The lawyers also softened the charges against Aharon, only for his involvement in fraud. Rukhlin, on the other hand, is under house arrest.This article was written by Arnab Shome at www.financemagnates.com.
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