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eToro has enhanced its platform by partnering with theDubai Financial Market (DFM), in an agreement that allows the fintech firm'susers to some of the companies listed on the DFM. According to the company,this move offers users the opportunity to tap into one of the Middle East'sfinancial markets.Diversifying Investment Portfolios According to eToro, the integration of DFM stocks intoeToro's platform provides users with access to 10 companies. These companiesoperate across a wide range of sectors, including real estate, banking,utilities, logistics, and transport. Among the top stocks now available are major playerssuch as Dubai Electricity & Water Authority (DEWA), Emaar Properties, andDubai Islamic Bank. Collectively, these companies reportedly have a marketcapitalization exceeding USD 124 billion, positioning them as key assets withinthe regional market. Commenting about the partnership, Jason Hughes, theSenior Executive Officer at eToro Middle East, mentioned: "On eToro, userscan invest in 20 stock exchanges, gaining access to global and emergingmarkets. The geographical breadth of our stock offering aims to address theunique needs and preferences of our users who wish to invest in foreignequities as well as their home market.""By adding this initial selection of DFM stocks,we aim to support the investment needs of our UAE investors as we continue todevelop tailored solutions for the region. We are grateful for thecollaboration with DFM and look forward to providing investors worldwide withaccess to participate in the UAE's growth story."By incorporating DFM stocks, eToro is not onlycatering to investors in the UAE but also offering a new avenue for globalinvestors to participate in the region's economic growth.Facilitated by Emerging Markets Specialist ArqaamCapitalArqaam Capital, a Dubai-based specialist in emerging markets, facilitated the addition of DFM stocks to the eToro platform. "The addition of DFM-listed stocks to the eToroplatform aligns with our mission to promote the growth and development of ourfinancial market. We remain committed to supporting initiatives that drive thisgrowth and provide global investors with seamless access to robust investmentopportunities in Dubai," Khalifa Rabba, DFM's Chief Operating Officer,added.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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Nigeria's financial regulator is preparing to licensecryptocurrency exchanges. The country's Securities and Exchange Commission (SEC), headquartered in Abuja, is set to unveil its inaugural licenses fordigital and tokenized assets this month, Bloomberg reported.Formally Regulating Crypto According to the regulator, this move reflects abroader global trend of regulators increasingly seeking to bring crypto markets under formal oversight. Emomotimi Agama, the SEC's Director-General,highlighted the urgency and potential of this regulatory change. "Being a crypto enthusiast and fintechenthusiast, I can tell you without doubt that this is going to happen soonerthan you think," Agama stated during a Bloomberg Television interview. Heemphasized the need to support the country's youth in tapping into fintechopportunities, citing the growing market size.Nigeria's decision aligns with regulatory actions inother regions. The European Union, South Africa, and Botswana have implementedframeworks to manage digital assets, aiming to stabilize markets and protectinvestors. These steps come in the wake of a tumultuous period in2022, marked by significant market crashes and scandals that prompted calls forstricter oversight.Nigeria’s top finance regulator plans to license crypto exchanges as adoption surges https://t.co/0OulDkPNZx— Bloomberg Crypto (@crypto) August 20, 2024In contrast, Nigeria has faced challenges, including aprevious ban on banks facilitating crypto transactions. Authorities wereconcerned about currency manipulation impacting the naira, which has sharplydepreciated against the dollar. The SEC's forthcoming licensing regime aims to addressthese issues by providing a structured approach to crypto market operations. Inaddition to the licensing plan, Nigeria is preparing to introduce a new bill bySeptember that will outline tax regulations for cryptocurrency transactions.Upcoming Legislation and Ongoing Legal ActionsThis development is expected to further integratedigital assets into the country's financial system. Meanwhile, legal actionsare ongoing against crypto exchange Binance, with allegations of tax evasionand money laundering leading to the imprisonment of one executive.As Nigeria moves forward with its crypto licensinginitiative, the financial sector anticipates a more regulated environment thatbalances growth with investor protection.Even as Nigeria prepared to restore sanity in thecrypto assets space, some exchanges have suspended operations. Recently, OKX discontinued its services in the region due to changes in local regulations. This stepfollowed months of gradual service reduction, culminating in a complete exit. The crypto exchange specified that all services in the country will cease by August 16.This article was written by Jared Kirui at www.financemagnates.com.
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The Switzerland-originatedneobank Brighty App has announced its launch in Montenegro, marking its firstexpansion into the Western Balkans region. The next step is to debut in the UK.Brighty App Expands toMontenegro, Eyes SEPA IntegrationThe move comes as the countryprepares to join the Single Euro Payments Area (SEPA) by year-end, positioningBrighty to capitalize on increased cross-border financial activity.Brighty App offers integratedcryptocurrency and fiat currency services and previously was available only inEU and EEA countries. The platform provides users with multi-currency accounts,cryptocurrency trading, and both virtual and physical debit cards."Expanding into Montenegroserves our mission to provide seamless crypto payments and earningopportunities across the broader European region," said Nikolay Denisenko,Co-founder and Chief Technical Officer at Brighty App.The company's entry intoMontenegro coincides with the country's upcoming SEPA accession, which isexpected to reduce costs and simplify euro transactions between Montenegro andEU member states. This timing could potentially accelerate cryptocurrency adoptionin the Western Balkans.🌍 Brighty is live in Montenegro! 🌍Zdravo, Montenegro! Brighty is here to make your money work smarter for you. 🚀Seamless saving, sending, spending, and earning at up to 10% on your stablecoins.Download the Brighty app today! #BrightyInMontenegro #DigitalFinance pic.twitter.com/x0VUhBxQIM— brightyapp (@brightyapp) August 16, 2024The UK Is NextDenisenko revealed in aninterview with Finance Magnates that the company is focusing not only onMontenegro but is also working to debut in the UK. "The team is consistentlymonitoring regulatory changes in order to reach and serve as much of theEuropean continent as possible," the Co-founder commented.POV: You travel across the UK and pay for everything in #crypto ☕️ pic.twitter.com/ieskLjoqEi— brightyapp (@brightyapp) August 17, 2024He also disclosed that thecompany should soon launch a new service in the area of stablecoins.“This September, Brighty userscan expect to see a one-of-a-kind card feature launching in the app, which willallow them to earn even more on their stablecoin holdings,” Denisenko added.Recent Brighty’s UpdatesBrighty App recently introducedan AI-powered investment platform, which the company claims can achieve annualreturns of up to 21%. This feature uses algorithms to analyze market data andautomatically optimize user portfolios.As it expands, Brightyemphasizes its commitment to Swiss-level security standards to protect userdata and transactions. The app supports both SEPA and SWIFT payments, allowingfor flexibility in international transfers.At the endof last year, thecompany announced that it was entering the European B2B payments sector,targeting a market worth over $2 trillion.This article was written by Damian Chmiel at www.financemagnates.com.
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The official countdown is underway for the Finance Magnates Pacific Summit (FMPS) with just one week to go until the doors swing open. The professional event of the year in Asia-Pacific (APAC) will be taking place in downtown Sydney on August 27-29, drawing some of the biggest brands, speakers, names, and more from around the globe. This includes FM’s team, who is sending some of their most talented personnel to network, engage, and speak face-to-face with clients and attendees.FMPS will be attracting a combination of global brands, in conjunction with local and regional players for an unforgettable two-day experience. The event will serve as a key opportunity to network and establish new relationships.As a quick reminder, FMPS online registration is available for a limited time only! If you have not already done so, make sure to head on over to the event website and register today! Skip the queues on-site and make sure to sign up in advance to save time!Meet with FM’s Team at FMPS to Connect and Grow with Industry LeadersThe FM team will be on-site at Booth #4 and available for all inquiries, questions, meetings, and more. Head over to the booth throughout the event to speak with qualified personal to help discuss how to grow your brand and maximize visibility. This includes the following opportunities for all attendees:Latest trends & strategiesAdvertising solutionsUpcoming expos & eventsNetwork with industry leadersSpeak with any of the following qualified FM representatives, who can assist with any queries you have:Andrea Badiola Mateos, CCOMinna Kairesalo, Senior Relationship ManagerJanet Pinto, Senior Relationship ManagerDora Christofi, Senior Marketing ManagerFMPS will provide the ideal forum to help drive your business forward in 2024, be it in APAC or on a global stage. The FM team specializes in providing the latest insights and innovations in the financial services space, with customizable marketing solutions that are tailored to any company. Prospective attendees looking to schedule a personalized meeting with FM’s team during the expo or simply see what the group can offer are encouraged to arrange a meeting via the following link.What Can Attendees Expect at FMPS?As part of its inaugural launch, FMPS will be catering to a wide range of attendees, part of an immersive experience covering four industry verticals. This includes the online trading, crypto, payments, and fintech space.Prospective participants can meet with plenty of different companies, brokers, IBs, traders, and more from around the world. In terms of content, FMPS will be offering a fully curated agenda, featuring no shortage of informative panels, workshops, keynotes, and more. All attendees are encourage to access the full-length agenda ahead of next week. This is one event you cannot afford to miss. See you in Sydney next week!This article was written by Jeff Patterson at www.financemagnates.com.
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Caroline D. Pham has done it again: The Commissioner at the Commodity Futures Trading Commission (CFTC) has once more issued a statement criticising the working ethics of the top US regulatory agency. The fresh criticisms came little more than a month after she attacked the enforcement division of the regulator for its alleged misconduct in its actions against My Forex Funds. “Unclear Roles and Responsibilities”Recently, she publicly revealed her observation that “most of the CFTC’s improper changes in the interpretation of decades-old CFTC regulations, in violation of the Administrative Procedure Act, due to the lack of a rational basis, reasoned decision-making, and public notice-and-comment—namely, regulation by enforcement—is because of unclear roles and responsibilities among CFTC divisions.”This is one of many criticisms Commissioner Pham has directed at the workings of the US agency that regulates the financial derivatives markets in the country.Her criticisms were widely shared within the retail trading industry last September when she questioned the regulator's ethics in its lawsuit against Traders Global Group Inc., the prop trading firm My Forex Funds operator. She even expressed grave concerns over the allegations of false statements related to the case made by CFTC staff in court."This is a grave matter, and we, the Commission, will be subject to intense scrutiny over how we handle the alleged CFTC misconduct," Pham stated. "This type of behaviour cannot be tolerated at a law enforcement agency."Notably, My Forex Funds is now seeking a sanctions order against the CFTC.Earlier, she even questioned the CFTC’s “administrative proceedings,” saying that “the agency is the prosecutor, judge, and jury, lacking the checks-and-balances imposed by separation of powers between the executive and judicial branches of government to ensure a fair hearing and due process.”She also pointed out the jurisdictional war between the CFTC and the SEC over cryptocurrencies when the two agencies took action against Kraken."[The lawsuit] appears to assert that fund shares held by investors—namely, securities—can themselves constitute leveraged trading," Pham stated. "this interpretation fails to distinguish between an investment in a fund, which would typically be a security under the jurisdiction of the SEC, and the trading activities of a fund, alleged here to be under the CFTC’s jurisdiction.""The CFTC’s approach may infringe upon the SEC’s authority and undermine decades of robust investor protection laws by conflating a financial instrument with a financial activity, disrupting the foundations of securities markets. Owning shares is not the same thing as trading derivatives."Who Is Caroline D. Pham?Pham assumed her role as one of the CFTC Commissioners in April 2022, having been appointed by the Biden administration. She was nominated by President Joe Biden for the CFTC Commissioner role in December 2021 and was confirmed in March 2022.She was not a stranger to regulatory workings, having served as Special Counsel and Policy Advisor to the Office of Commissioner Scott O'Malia at the CFTC between June 2013 and October 2014. She even interned at the regulatory agency.Before she was appointed CFTC Commissioner, she worked at Citi for about seven and a half years. She joined the Wall Street bank in October 2014 as the Director and Head of Markets Regulatory Implementation and left as the Managing Director and Head of Market Structure for Strategic Initiatives.Pham is one of the five CFTC Commissioners, all of whom are political appointees serving five-year terms. They collectively govern the regulatory agency's operations.CFTC Must Fix Its ActPham’s latest criticisms of the agency highlighted its approach towards “self-reporting and cooperation credit,” which was tied to a particular case. She even stressed that the regulator must provide more clarity on self-reporting standards.“I have proposed that the CFTC enhance procedures for coordination among the primary divisions—MPD, DMO, and…
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Flipster, one of the leading crypto derivatives trading platforms, is listing Tether Gold (XAU₮) issued by TG Commodities Limited to its platform, providing users with new opportunities to deposit, withdraw, and convert the gold-backed digital asset.Flipster CEO Yongjin Kim commented: “Tether continues to lead the stablecoin market, maintaining the highest market cap among its peers. As blockchain technology evolves, there is growing interest in real-world assets like gold being brought on-chain. Tether is well-positioned to capitalize on this trend, offering products like Tether Gold that provide users with a way to gain exposure to the value and stability of gold.”To celebrate the introduction of Tether Gold on its platform, Flipster has launched two exciting campaigns designed to reward users for engaging with this new offering:1. Tether Gold Launchpool· Total prize pool: 60,000 USD₮· Daily rewards: Win up to 12,000 USD₮ daily by staking XAU₮ and converting crypto to XAU₮.· Campaign dates: 20 August 00:00 UTC to 25 August 00:00 UTC2. Tether Conversion Campaign· Earning up to 24% APR: Converting staked XAU₮ to USD₮ and earning up to 24% APR, in addition to other ongoing campaigns, on the user's entire USD₮ wallet balance.· Campaign dates: 25 August 00:00 UTC to 8 September 00:00 UTCBy adding Tether Gold to its platform, Flipster continues to build on its reputation as a forward-thinking platform that provides users with the tools they need to navigate the evolving digital asset landscape.“At Flipster, we are thrilled to offer access to these innovative assets, empowering our users to explore real-world asset opportunities and enhancing our platform’s appeal as a comprehensive trading hub,” said Kim.About FlipsterFlipster (https://flipster.io) is among the fastest-growing crypto derivatives trading platforms, offering lightning-fast perpetual futures listings on the latest cryptocurrencies. The easy-to-use platform provides users with an all-in-one trading experience with leverage of up to 100x on over 250 tokens with high liquidity and zero trading fees.About Tether and USD₮Tether is a pioneer in stablecoin technology, driven to revolutionize the global financial landscape, its mission is to provide accessible, secure, and efficient financial, communication, and energy infrastructure. Tether enables greater financial inclusion and communication resilience, fosters economic growth, and empowers individuals and businesses.As the creator of the industry’s largest, most transparent, and liquid stablecoin, Tether is dedicated to building sustainable and resilient infrastructure to benefit underserved communities. By leveraging cutting-edge blockchain and peer-to-peer technology, it is committed to bridging the gap between traditional financial systems and the potential of decentralized finance.About Tether Gold (USD₮)Tether Gold (Gold) is a digital asset offered by TG Commodities Limited. One full USD₮ token represents one trou fine ounce of gold on a London Good Delivery bar. XAU₮ is available as an ERC-20 token on the Ethereum blockchain, the token can be traded or moved easily at anytime, anywhere in the world, and can be transferred to any on-chain address from the purchaser’s Tether wallet where it is issued after purchase. The allocated gold is identifiable with a unique serial number, purity, and weight and is redeemable in the form of physical gold.This press announcement is not an offer to sell or the solicitation of an offer to buy Tether Gold (XAU₮). TG Commodities Limited will only sell or redeem XAU₮ pursuant to its gold token terms of sale and service available.This article was written by FM Contributors at www.financemagnates.com.
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With the summer now in its final weeks, the push towards Fall will soon be in full swing, and with it the Finance Magnates London Summit (FMLS)! This includes the annual London Summit Awards 2024, with nominations already underway to determine the most prestigious brands of 2024.The landmark summit is now in its thirteenth year, returning to Old Billingsgate on November 18-20. FMLS:24 will include plenty of new and exciting elements for attendees, part of an unforgettable two-day experience in the heart of London.As one of the most anticipated segments of the entire summit, the London Summit Awards will look to bestow industry’s most unique set of honors. Each year, these titles recognize the best performing brands across multiple verticals, including online trading, crypto, fintech, and payments.FMLS:24 be awarding a greater number of companies, categories, and top performing brands than ever before on the industry’s largest and most visible stage. The only question is, will your brand take home this year’s biggest honors?Everything You Need to Know About London Summit Awards 2024London Summit Awards are truly special and unique, given that they are determined entirely by industry peers – never bought – and ultimately rewarding the top performers in several categories. These awards are backed by an extensive and transparent nominations and voting process that has already begun, helping showcase a wide range of brands.What sort of titles are on the line in 2024? Past honors have recognized a wide range of different performers, including the best providers in liquidity, execution, trading platforms, marketing, performance, and many other aras of the trading, fintech and crypto ecosystems. How to Nominate Your Brand for London Summit Awards 2024Don’t miss the chance to nominate your brand and be in the running to win one of the most sought-after industry titles. The online voting process has already begun and is designed to provide the entire industry with a voice in deciding the winners each year, without the interference of judges or third parties.The FMLS:24 awards feature a singular nomination round, making the stakes higher than ever before. Don't forget to register to cast your vote. As a quick reminder, only registered attendees can participate in the London Summit Awards 2024.If you have not already done so, make sure to sign up today and join the conversation surrounding the London Summit Awards.Once registered, simply head over to the nominations page, where you can login and begin the process that is easier than ever. Participants are eligible to nominate any brand they wish for each category, with upwards of 27 different awards up for grabs.The nominations process will be live until October and will be immediately followed by the online voting round. During the voting round, thousands of industry participants cast their vote to decide who will take home the prestigious titles. Do not delay as October will be here before you know it.The full terms and conditions of the awards can be accessed via the following link. Countdown to LondonFMLS:24 is expected to draw a record attendance, building on the momentum of last year’s event. The professional event will target upwards of 3,500+ attendees, 130+ speakers, and 150+ exhibitors from around the world. Each FMLS has distinguished itself with world-class networking opportunities, face-to-face engagement, and the chance to foster or establish meaningful and long-lasting connections with peers. This year’s show will be no exception, with plenty in store for attendees, sponsors, and exhibitors alike.This starts with the annual Networking Blitz Opening Party, setting the tone for the next two days of the exhibition. Join industry peers and representatives from the largest and most reputable brands for a night of revelry, drinks, and business opportunities. The following two days will include a fully curated content track, highlighted by panels, workshops, keynotes and more. Stay tuned over the next month or so as the full…
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The Seychelles National Assembly has approved a draft billaimed at regulating virtual asset service providers (VASPs). Finance MinisterNaadir Hassan presented the bill, which is part of Seychelles' broader strategyto address risks associated with virtual assets and VASPs.Once enacted, the law will require VASPs seeking a licenseto establish a substantial presence in Seychelles. This includes appointing aresident director and setting up an office staffed with competent personnel.The law is designed to ensure that VASPs operate responsibly and to prevent themisuse of virtual assets for illicit activities.Individuals Ineligible for LicensesHassan noted that entities applying for a license mustincorporate under either the Companies Act or the International BusinessCompanies Act. He emphasized that individuals will not be eligible forlicenses. Entities already regulated by the Seychelles central bank will needto seek approval from the bank before operating as VASPs.The new law will apply to wallet service providers, virtualasset exchanges, brokers, and virtual asset investment providers. All theseentities will need to undergo a thorough evaluation process before beinggranted a license.🌴 Seychelles takes a progressive step with the approval of the Virtual Asset Regulation Bill! 🚀 This move will foster a secure environment for virtual assets in the country. #Seychelles #VirtualAssetRegulation #Blockchain #Crypto #DigitalAssets #Fintec… https://t.co/3TfqOe1dsa— Daily Dose Media (@_DailyDoseMedia) August 20, 2024FSA Handles Consumer EducationThe finance minister highlighted that the legislation aimsto strike a balance between supporting innovation in the virtual asset spaceand addressing money laundering concerns. The bill is aligned withrecommendations from the Financial Action Task Force (FATF), a globalstandard-setter in the fight against money laundering and terrorism financing.The Seychelles Financial Services Authority will betasked with enforcing the new regulations. The bill also includes provisionsfor consumer education, focusing on raising awareness about potential scams andthe risks of improper use of virtual assets.This article was written by Tareq Sikder at www.financemagnates.com.
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Global markets are experiencing significant uncertainty in anticipation of the U.S. presidential elections scheduled for November 5, 2024. It is currently clear that Donald Trump will represent the Republican Party in the election, while Kamala Harris will be the Democratic candidate. Both opponents have different perspectives on the U.S. economy and their respective presidencies will have different influences on foreign markets. Kamala Harris is expected to continue Joe Biden's policies with minor adjustments. Donald Trump and the Republicans have their vision for the economy, which will likely be similar in some respects to his economic policies during his first presidential term. This article examines the potential consequences of either the Democrats or Republicans coming to power and their impact on markets in South and Southeast Asia.Key directions of Trump's economic policy toward South and Southeast AsiaAmerica First approachTrump’s return could revive the ‘America First’ policies, focusing on domestic manufacturing and renegotiating trade deals to favour the U.S. This might create tensions in trade relations with Asian countries.Tariff strategiesTrump might reinstate or increase tariffs on Asian goods, which could lead to trade disputes and affect economic growth in the region.Bilateral negotiationsA shift towards bilateral trade agreements could emerge, providing some Asian countries with an opportunity to negotiate more favourable terms directly with the U.S.Trump is a strong supporter of business and understands the ways in which business can develop. Therefore, his first step will likely be to extend tax breaks, which would positively impact the U.S. stock market. In this scenario, a strong dollar would not be advantageous for the U.S., and there would be an acceleration in the policy of reducing interest rates, considering the latest favourable U.S. economic reports. However, there is a downside to this decision. Kar Yong Ang, a financial market analyst for Octa brokerbelieves that ‘extending tax breaks could significantly harm the U.S. budget and exacerbate the already serious deficit problem.’Trump presents himself as a peacemaker, emphasising that during his presidency, he could resolve the Ukrainian-Russian conflict and the conflict between Israel and the Arab world. Additionally, Trump has promised to reduce energy and electricity costs in the U.S. by increasing domestic fossil fuel production, which would reduce oil imports into the country. Thus, if he succeeds, a decrease in gold and oil prices could be expected.IndiaA decline in oil prices could lead to further growth in the Indian stock market. According toKar Yong Ang, India in such a case ‘will have all the conditions for long-term stock market growth. Among emerging markets, India ranks among the leaders in domestic demand.’ India is one of the largest importers of oil and gold. The decrease in the cost of these commodities could give a strong boost to the Indian market.IndonesiaFor Indonesia, a major oil exporter, Trump's arrival could negatively impact revenue from oil exports. The country also actively exports metals and ores, but given Trump's desire to focus economic policy on domestic production and extraction, a decrease in Indonesian exports may be expected. Indonesia is the world's largest producer of nickel, which can be used for producing batteries for electric vehicles. However, Trump plans to repeal much of the $369 billion Inflation Reduction Act, the largest climate measure in U.S. history, which includes stimulating clean energy projects and purchasing electric vehicles.MalaysiaMalaysia is likely to be less affected, but the impact will still be felt, as the U.S. is a top LNG exporter, competing directly with Malaysia. Key directions of Kamala Harris's economic policy toward South and Southeast AsiaContinuation of Biden’s policiesIf Kamala Harris wins, we can expect a continuation of Biden's economic policies, which focus on strengthening international alliances and addressing climate…
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Mango Markets, a leading decentralised crypto exchange on the Solana blockchain, is seeking community votes on the settlement proposal with the US Securities and Exchange Commission (SEC) for allegations of securities law violations.A Unique Approach to SettlementYesterday (Monday), the governance body that manages Mango Markets opened voting for the “SEC settlement offer proposal.” The settlement offer by the DAO representatives includes the payment of $223,228 in civil penalties, which will be paid to the SEC from the DAO treasury.Mango Markets’ DAO treasury currently holds about $2 million in USDC stablecoin and other assets.“The DAO Representative will be authorised to transfer USDC from the DAO Treasury and convert it to USD in the amount of the penalty to be held in escrow while the SEC Commissioners evaluate final approval of the DAO’s settlement offer,” the announcement by Mango Markets’ governance body noted.However, the SEC has yet to make any formal decision on the settlement. If the Mango Markets community approves the proposal, it could open a new channel for how decentralised platforms might settle with regulators in the future.The settlement would also require the destruction of MNGO token holdings and their delisting from all cryptocurrency exchanges. As MNGO is the network's primary governance token, this raises concerns about the decentralised exchange's future operations.#Mango Markets #DAO is considering a settlement with the #SEC over allegations of securities law violations, proposing to pay a $223,228 fine, destroy its #MNGO tokens, and seek delisting from exchanges. The proposal has already reached a #quorum with unanimous support. This… pic.twitter.com/a0Ohmwhz8l— TOBTC (@_TOBTC) August 20, 2024A Popular Decentralised PlatformMango Markets made headlines in 2021 for raising $70 million by selling its MNGO tokens. However, public sales were conducted in markets outside the United States. The platform again grabbed the limelight when now-convicted fraudster Avraham Eisenberg exploited it, draining about $110 million worth of digital assets.The SEC also began investigating Mango Markets a few days before the trial of Eisenberg. Furthermore, the Department of Justice and the Commodity Futures Trading Commission are also investigating the platform.“Due to the rules regarding the confidentiality of settlement discussions and because the SEC’s investigation is ongoing and non-public as a matter of law, the DAO Representative is limited in the information that it is permitted to share in a non-privileged context,” the announcement added.This article was written by Arnab Shome at www.financemagnates.com.
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Cryptocurrency exchange Bybit has launched the BybitP2P Shield, a program designed to provide financial protection to usersimpacted by fraudulent activities on its platform. According to the company,this initiative aims to restore trust and confidence in P2P trading and enhancesecurity in the industry.Security in P2P TradingDubbed Bybit P2P Shield, the new offering providesfinancial compensation to eligible users who experience fraud duringtransactions. The initial rollout is reportedly limitedto specific regions, with plans to extend this coverage globally. Bybit's initiative represents a significant stepforward in enhancing user security, particularly in the wake of incidents thathave shaken confidence in P2P platforms. The core of Bybit P2P Shield is its ability to compensate users for losses due to fraudulent activities. While this providesa much-needed layer of protection, Bybit emphasizes that users should stillexercise caution and remain vigilant when engaging in P2P transactions. Beyond the P2P Shield, Bybit is committed toconstantly refining its platform to offer a safer and more reliable tradingexperience. The exchange's efforts are focused not only on security but also onenhancing the overall user experience. Bybit aims to empower traders to participate in thecrypto market with confidence, knowing they have the support and protectionthey need. Bybit's P2P Shield is more than just a protective measure—it's astatement of the company's commitment to fostering trust in the crypto space.P2P TradingAs one of the top three crypto exchanges by volume,Bybit's innovations in security could set a precedent for other platforms, potentially reshaping the landscape of P2P trading.The latest offeringcomes amid Bybit’s global expansion. Last week, the company announced that ithad expanded into Latin America with a Virtual Asset Service Provider (VASP)and card operator in Argentina. This approval enables the exchange to offer variouscrypto services in the region. Recently, Argentina created a VASP registry to regulate thefast-evolving crypto asset market. As a VASP and card issuer, Bybit is mandatedto provide various crypto-related services to users in Argentina. This development came amid Argentina’s economic challenges. Latin American countries are turning to cryptocurrency to improve their situation. The Argentine General Inspectorate of Justice extended the approval.This article was written by Jared Kirui at www.financemagnates.com.
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DeFinity Markets has secured approval from the JerseyFinancial Services Commission (JFSC) to launch an investment-grade digital assetsmatching and settlement platform. According to the company's statement, this initiative leverages Jersey’s Virtual AssetService Provider (VASP) framework to offer bank-backed credit intermediation toinvestment-grade clients. Addressing Over-collateralizationThe platform reportedly aims to address key industrychallenges, including counterparty risk and over-collateralization, making it apromising new player in the global financial landscape.DeFinity Markets, a pioneer in institutional digitalasset trading, is set to expand its footprint in the financial world with thelaunch of its new platform in Jersey. This marks a strategic move for thecompany, which has been operational in the spot foreign exchange market since2014.Connected to some of the world’s most prominentbanks—such as Nomura, Commerzbank, and Credit Agricole—DeFinity Markets hasalready established a strong presence among global buy and sell-side clients.Co-founder Manu Choudhary expressed enthusiasm aboutthis expansion, highlighting Jersey's commitment to financial innovation."Jersey’s robust VASP framework and commitment to financial innovationmake it the ideal location for our platform," Choudhary said.DeFinity Markets’ new platform introduces a challengermodel where investment-grade clients can transact using bank-intermediatedcredit through the prime brokerage desk. This innovation aims to eliminate theburden of over-collateralization, which has been a significant obstacle indigital asset trading.Expanding User BaseJersey has become a hub for financial innovation, andDeFinity Markets’ decision to base its operations there underscores theisland's growing reputation. The company has partnered with Carey Olsen Jerseyfor all legal matters, reinforcing its commitment to establishing a solidpresence on the island.Looking ahead, DeFinity Markets plans to aggressivelyexpand its user base, attracting liquidity providers (LPs) and clientsinterested in transacting with investment-grade counterparties. The platform’s ability to offer efficient digitalasset trading solutions addresses the increasing demand for sound counterpartyrisk management in the growing digital assets market.This article was written by Jared Kirui at www.financemagnates.com.
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The Australian Securities and Investments Commission has canceled Libertas Financial Planning Pty Ltd's license. According to the regulator's announcement today (Monday), the cancellation of the Australian financial services license marks the first time the regulator has taken such action under the newlyoperational Compensation Scheme of Last Resort (CSLR) in a compensationpayout to a client.Consumer ProtectionThe CSLR, which commenced operations in April 2024,was created to protect consumers who have suffered financial losses due to themisconduct of licensed firms but have been unable to recover compensation. The scheme can reportedly pay up to $150,000 toeligible consumers who have an unpaid determination from the AustralianFinancial Complaints Authority (AFCA) relating to issues such as financialadvice, securities dealing, and credit intermediation.The regulator mentioned that it took this action as a result of AFCA's determination against Libertas Financial Planning on 24 July 2023,which the firm failed to satisfy.We have cancelled the Australian financial services licence of former financial advice business Libertas Financial, the first such cancellation following a payment of compensation by the Compensation Scheme of Last Resort https://t.co/jMMgjEGr6u— ASIC Media (@asicmedia) August 19, 2024Subsequently, the CSLR stepped in and made acompensation payment to the affected client on 24 July 2024. ASIC, in response,canceled the AFSL of Libertas Financial Planning on 14 August 2024, followingnotification from the CSLR.Compensation PaymentLast month, ASIC took action against United Global Capital (UGC) and its Director. The regulator banned Joel James Hewish from the financial services industry for ten years and canceled UGC's financial services license.ASIC reportedly found that UGC's authorized representatives engaged in questionable practices, including recommending that clients create self-managed superannuation funds and invest in speculative products related to Hewish. In addition, ASIC recently issued a new guideline for unlicensed entities and AFS licensees. The regulation relates to unsolicited contactleading to financial advice. The regulation highlighted the legal responsibilitiesand compliance obligations for entities engaging in unsolicited and digital contact with consumers and underscored the need to follow financial serviceslaws.According to the regulator, entities facilitatingfinancial transactions, influencing consumer decisions, or engaging in digitalinteractions related to financial advice require an AFS license or appropriateauthorization.This article was written by Jared Kirui at www.financemagnates.com.
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Have you ever considered transforming your passion for trading into a business? Trading can be more than just a personal endeavor—it can be the foundation of a thriving enterprise. If you’re looking to enter the Contract for Difference (CFD) industry, partnering with a reputable broker like Eightcap can provide the valuable support and resources you need to succeed. With the right guidance and tools, your trading expertise can potentially evolve into a sustainable and profitable business venture. Here's a comprehensive guide to help you start your own business in the CFD industry, leveraging Eightcap’s extensive experience and industry knowledge.Who should read this?This guide is for aspiring entrepreneurs and experienced traders who want to start their own business within the CFD industry. Whether you’re an experienced trader with a deep understanding of market dynamics and strategies or a newcomer eager to enter the market and learn the ropes, this article will provide the insights you need to get started.Understanding your needsStarting a business in the financial industry can be daunting. Concerns about costs, technical know-how, and client acquisition can feel overwhelming. However, the right partner can provide the necessary tools and support to help you overcome these challenges and build a sustainable business. Remember, "little by little, one travels far" – even the most successful ventures begin with small steps.Understanding What Your Clients WantKnowing your clients' needs and preferences is crucial to building a successful CFD business. Here are some key areas to focus on:1. Low Spreads and FeesClients are always looking for cost-effective trading opportunities. Offering low spreads and competitive fees can make your service more attractive to potential traders.2. Popular Trading PlatformsProviding access to popular and robust trading platforms such as MetaTrader 4, MetaTrader 5, and TradingView ensures that your clients have the best tools at their disposal. These platforms are well-known for their reliability, advanced features, and user-friendly interfaces.3. Educational ResourcesTraders, especially beginners, benefit greatly from educational resources. Offering webinars, tutorials, and market analysis can help your clients improve their trading skills and make more informed decisions.4. Customer SupportReliable and accessible customer support is essential. Ensuring your clients can get help when they need it builds trust and loyalty. Consider offering 24/5 support to assist clients during trading hours.5. Diverse Trading InstrumentsProviding a wide range of trading instruments allows clients to diversify their portfolios and find opportunities in different markets. Offering access to over 800 instruments, including Forex, commodities, indices, and cryptocurrencies, can meet varied trading preferences.Steps to starting your own CFD businessResearch and planning Understand the CFD market, its regulations, and the potential client base. Draft a business plan that outlines your goals, strategies, and financial projections.Choose a reliable broker Partnering with a reliable broker is crucial. But don’t worry, it’s not our first rodeo. With over two decades of experience, award-winning offerings, and extensive resources, Eightcap provides the support you need to grow your business. Eightcap has supported over 3,000 affiliates and Introducing Brokers (IBs), paying over $9 million in commissions and achieving notable conversion rates. Here’s what Eightcap offers:❖ Flexible partnerships and commission models, tailored to you.❖ 800+ instruments on MetaTrader 4 & 5 for diverse opportunities.❖ Expert guidance and training to help you reach your business goals.❖ Access to TradingView's precision tools for client trade optimization.❖ 24/5 reliable support for you and your referrals.❖ Customizable marketing funnels and assets to drive your referral success.❖ Award-winning broker with ultra-low spreads to optimize your referrals’ trading experience.❖ Exclusive event invites…
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Karma PropTraders announced its closure last week. Founder Eshan Balapatabendi claimed heencountered "roadblocks" that made his business"unsustainable." However, days later, an update suggested the firm isin an "advanced stage of negotiations" with a "leading propfirm" prepared to take over Karma's client base. The Acquisition Wasn't Supposed to Be the"Right Move," But Something Has ChangedKarmaentered the market just two months ago, initially garnering positive reviews.Shortly before its downfall, it partnered with Match-Trade Technologies,providing traders with Match-Trader integrated with TradingView.Unexpectedly,the firm lost liquidity, which Balapatabendi attributed to "cheaters"exploiting loopholes in the company's challenges system. In the same statement,he suggested he had received numerous takeover proposals but didn't considerthem "the right move." Instead, he promised to refund all honestclients.Another firm gone, @karmaproptrader...Website no longer operating, Discord chats are closed. Drop your thoughts in comments 👇 pic.twitter.com/MS4JViTegP— TheTrustedProp (@TheTrustedProp) August 11, 2024Mere daysafter this announcement, the narrative shifted dramatically. Karma's founderinformed that his firm is negotiating with another prop firm considering takingover the defunct entity's accounts."KARMAis currently in an advanced stage of negotiations with a leading Prop Firm inthe industry regarding a possible acquisition. The Company appreciates ourtransparency and sees huge benefits to the community we have built,"Balapatabendi commented on the firm's official Discord."Shouldthe negotiations finalize as planned, all active accounts with Karma would betransferred to the Acquiring Company," he added.Increasing Prop FirmClosuresKarma isn'tthe only prop firm facing recent troubles. Reportedly, 20 different smallerprop trading firms closed just last week due to Eightcap's decision to ceasesupport for MT4 and MT5, triggered by licensing issues with MetaQuotes.Last week, FinanceMagnates reported that Indigo Trader Funding, which filed for UKstrike-off, and Funds For Traders, left without trading platforms afterEightcap's exit, disappeared from the market.AstraCapital Group is attempting to capitalize on the situation, ready to acquireany "prop firm that shuts down," but expects a majority share inprofits generated by these entities' challenges.AnnouncementWe are ready to acquire any prop firm that shuts down or pauses operations, taking on all their traders and onboarding them to our platform. Additionally, the migration would take only 1-2 days, depending on the size of the prop firm and the time of the agreement,…— Astra Capital Group (@AstraFunding) August 15, 2024Accordingto a survey by PipFarm, another prop trading firm, this is a risky game wheremost investors lose, but substantial money is at stake. The average investorallocates over $4,200 to challenges, and a group of several hundred respondentsadmitted to collectively spending nearly $2 million on them.This article was written by Damian Chmiel at www.financemagnates.com.
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The Bank of Israel has assigned Revolut a uniqueidentification code, signaling the company's formal entry into the country'sregulated payment space. This integration is part of the bank's strategy tointegrate global fintech firms into the local payment space, the bank mentioned today (Tuesday). Global Fintech IntegrationThe Bank of Israel's initiative to issue a uniqueidentification code to Revolut aligns with its broader strategy to integrateglobal fintech companies into the local payment system. The identification code allows fintech firms like Revolut to allocatepayment account numbers and facilitates seamless identification within thesystem.Revolut's successful acquisition of an identificationcode, 78, reflects the Bank of Israel's commitment to opening the payment system tonon-bank entities. This move is part of the bank's "internationaloutline," which facilitates access for foreign-licensed companies meetingspecific conditions.Oded Salomy, the Director of the Bank of Israel’sPayment and Settlement Systems Department, said: “The steps that the Bank ofIsrael has led have created opportunities for global fintech firms and firmsfrom various fields to operate in the payments field in Israel, with regulatoryguidance throughout the access process.”“These steps will advance competition in the financial system and will contribute to the improvement of service and lowering of costs. The Bank of Israel will continuedeveloping the Israeli payments market and working toward opening access tothe controlled payment systems for nonbank participants.”Eying Diverse Financial SolutionsThe framework reportedly aims to enhance Israel'spayment system by introducing innovative players and diverse financialsolutions. As the second global fintech company to receive such an ID code,Revolut joins an exclusive group that is poised to benefit from the Bank ofIsrael's efforts to modernize and broaden the local financial market.Revolut is also forging significant partnerships withother companies. Just recently, the fintech firm integrated Ledger Live, apopular platform for managing digital assets. This collaboration promised toenhance crypto purchases to be easier, faster, and more secure.This partnership allows Revolut’s users to purchasecrypto directly through the Ledger Live app. It also aims to make digital assetmanagement accessible. The app reportedly enables users to convert their fiatcurrency into crypto, bypassing additional identity checks and multipleverifications.In Singapore, Revolut debuted its business-to-business(B2B) service, Revolut Business. The company also received a banking license inits home country, the United Kingdom. This article was written by Jared Kirui at www.financemagnates.com.
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Binance claims tohave thwarted potential losses of over $2.4 billion In the first seven months of 2024, safeguarding more than 1.2million users from scams and fraudulent activities. The exchange's risk management reportedlydetected and blocked fraudulent activities that could have affected more than1.2 million users.Using AI to Detect FraudThe leading exchange by trading volumes highlightedits internal risk management platform that utilizes artificial intelligence(AI) and manual review to monitor transactions in real time. This systemdynamically detects suspicious activities across its ecosystem.The most significant threat detected by Binance'ssystem occurred during the crypto withdrawal stage. In 2024 alone, the crypto asset exchange flagged suspicious withdrawals totaling over $1.1 billion, representingapproximately 45% of the total potential losses prevented.In the first 7 months of 2024, #Binance prevented $2.4B in potential user losses. 🤯How? A hybrid approach of AI & manual reviews allows us to detect suspicious transactions and take quick action to protect users. Always user-focused! More details here. ⤵️…— Richard Teng (@_RichardTeng) August 20, 2024Binance's approach to security is multilayered. It integrates numerous controls across its ecosystem to minimize risk exposure. According to the firm, the system oversees various aspects of the platform, including peer-to-peer trading, payments, and crypto network withdrawals, ensuring that usersremain protected in every domain.Real-time MonitoringIn addition to real-time monitoring, Binance employs abroad array of tools to protect users from scams. These include customizedpop-up notifications, cooldown features, and wake-up calls. The platform alsooffers various channels for users to appeal and resolve issues if they areflagged as potentially at risk.As of July 31, 2024, Binance had secured over $73million in misplaced or lost funds for external parties. This achievementunderscores the platform's ongoing efforts to create a safer environment forall crypto users.Early this month, Binance disclosed that it hadrecovered a significant amount of lost funds and frozen ill-gotten gains thatfound their way onto the exchange. The exchange also mentioned that it iscollaborating with industry peers and the public sector to support the affectedusers.An estimated 80% of the recovered and frozen funds arelinked to hacks, exploits, and thefts that occurred outside the Binanceplatform. The rest involves scams that also originated externally. However, this increase does not indicate a rise incriminal activity within the cryptocurrency space.This article was written by Jared Kirui at www.financemagnates.com.
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TerraPay has formed a new initiative to enhance howwallets interact globally. Dubbed the "Wallet InteroperabilityCouncil," this collaboration brings together five digital wallet operatorsto make international money transfers more accessible globally.Global Wallet InteroperabilityThe Wallet Interoperability Council, spearheaded byTerraPay, includes key players like Airtel, bKash, MPESA, Nequi, and SamaMoney. These operators serve vast regions, including Bangladesh, Colombia,Kenya, Senegal, Tanzania, and Uganda. According to the London-headquartered firm, thecouncil's goal is to advance global wallet interoperability, enabling merchant payments, international remittances, and other cross-bordertransactions by connecting diverse platforms. Traditionally, digital wallets have operated primarilywithin local markets. However, the demand for global payment solutions has beengrowing rapidly.Speaking about the initiative, TerraPay’s CEO, AmbarSur, said: “TerraPay, connects today more than 100 digital wallets and we havebeen developing the technology to support interoperability since our inception,we recognize the immense potential of digital wallets in the global paymentecosystem.”“The formation of this council marks a significant milestone in our mission to provide innovative and inclusive financial solutions; collectively, we will empower millions of individuals to participate in the global economy.”By leveraging TerraPay's technology, the council aimsto break down these regional barriers and facilitate secure, efficient, andcost-effective cross-border transactions. Through the new partnership, the companies also aim to accelerate the adoption of digital wallets and financial platforms globally.The Future of Digital Wallets in a Global MarketThe global market for digital wallets is expected togrow exponentially, with projections indicating that by 2028, over 7 billionwallets will process around $16 trillion in volume. Thus, multi-rail wallets are increasingly gainingprominence in both e-commerce and face-to-face transactions, with cross-borderpayments playing a crucial role in this expansion.TerraPay teamed up with Worldwide Cash Express a few monthsago to enhance money transfer services. The two companies mentioned that thepartnership aims to expand customers' cross-border payments by making themfaster, more secure, and more cost-effective.Specifically, the agreement enables Worldwide Cash Expressto use TerraPay's technology to enrich its global payment network and offervarious cross-border payment services. Worldwide Cash Express is a subsidiaryof Al Ansari Financial Services PJSC, an international money transfer companywith a network of over 150,000 payout locations across 100 countries.This article was written by Jared Kirui at www.financemagnates.com.
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In Asia, liquidity is the lifeblood that keeps markets functioning smoothly. The Asia-Pacific (APAC) region is increasingly becoming the epicenter of global economic activity, with the liquidity space showcasing its resilience in the face of global uncertainties. The liquidity landscape in this region will be focused on extensively at the upcoming Finance Magnates Pacific Summit (FMPS), taking place on August 27-29 in Sydney, Australia.As the largest event in APAC this year, attendees can expect to engage, network, and meet plenty of companies, brokers, IBs, traders, and more from around the world. FMPS will be connecting global participants with local and regional players, part of a two-day immersive experience bridging these two sides.Beyond networking, FMPS will be focusing on four content verticals, including online trading, fintech, payments, and crypto. These will be featured throughout the event in the form of panels, workshops, keynotes, and more, all providing actionable insights and perspectives from experts.Prospective attendees can familiarize with the event’s full-length agenda ahead of next week, with one particular panel of importance in Asia, ‘By the Book: The Liquidity Landscape, Seen from Asia’.After months of anticipation, FMPS is nearly underway in less than one week. Online registration is still available for only a few more days so do not delay! If you have not already done so, make sure to head on over to the event website and register today. Skip the queues on-site and make sure to sign up in advance to save time!Deciphering the APAC Liquidity SpaceAsia's prominence in the global liquidity sphere has surged over the past few decades. The region's rapid economic growth, rising middle class, and increasing integration into global trade and investment flows have all contributed to deepening its financial markets. Major financial centers in Australia, China, Singapore, and elsewhere have established themselves as hubs for liquidity, attracting capital from around the world.However, while Asia’s liquidity landscape is robust, it is not without its challenges. One of the primary concerns is the region's exposure to global market volatility. As Asia’s financial markets become more integrated with the rest of the world, they are increasingly vulnerable to external shocks, such as sudden shifts in global risk appetite or changes in US monetary policy. These factors can lead to capital outflows and liquidity shortages, particularly in emerging markets.Join leading experts who can help touch on this topic and more in the upcoming panel, ‘By the Book: The Liquidity Landscape, Seen from Asia. This session will take place on August 29 at the Centre Stage at 12:30-13:10.The panel will include the following speakers:Mohammad Isbeer, Chief Institutional Officer at Equiti Andreas Kapsos, CEO at Match-Prime Liquidity John Murillo, Chief Dealing Officer at B2Broker Michal Copiuk, CEO, at X Open HubAs volatility stagnates, brokers can expect their providers for far more than mere access to the market. Join movers and shakers of this space for a heated discussion of the specifics. Panel attendees can expect to learn why so many Primes and Connects are popping up, and if the space big enough to handle these new entrants. Additionally, look for an emphasis on the current approach in banks and NBLPs towards retail flows, what brokers, PoPs, and LPs can consider in liquidity agreements, and whether the retail side is really mastering TCA tools, and how.This is one session you cannot afford to miss this August. See you next week in Sydney!This article was written by Jeff Patterson at www.financemagnates.com.
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PayPal Holdings, Inc. has announced an expanded globalstrategic partnership with Adyen, a financial technology platform. Under thisnew agreement, Adyen will integrate Fastlane by PayPal into its services forenterprise and marketplace customers in the US. There are plans to extend thisoffering to other regions in the future.Fastlane by PayPal is designed to streamline guest checkoutprocesses. It aims to improve the checkout experience by increasing conversionrates and reducing the time required to complete transactions. Fastlane Cuts Checkout TimeAccording to PayPal, Fastlane helps shoppers convert morethan 80% of the time and cuts checkout time by 32% compared to traditionalguest checkouts. The service allows users to save payment and shippinginformation during their first purchase, which can then be automatically filledin on subsequent transactions at any participating merchant."Adyen's customer base and relationshipswith enterprises makes them the ideal first Fastlane payment processingpartner. This strategic partnership aligns with our goal to make PayPalavailable everywhere customers shop globally," said Alex Chriss, Presidentand CEO, PayPal.We're excited to announce @Adyen as @PayPal's first Fastlane distribution partner! This expanded partnership combines PayPal’s brand, trust, and global scale with Adyen's customer base and relationships with enterprises to help make PayPal available everywhere customers shop.… pic.twitter.com/Hu3hbdVLcZ— Alex Chriss (@acce) August 20, 2024Expanded PartnershipAdyen and PayPal have collaborated for several years,allowing Adyen's clients to offer PayPal's payment options, including PayPal,Venmo, and PayPal's Buy Now, Pay Later solutions. The expandedpartnership aims to increase the availability of Fastlane by PayPal and explorefurther solutions to enhance consumer experiences and provide value toenterprise businesses."The expanded partnership with PayPal furtherstrengthens Adyen's ability to provide global enterprises with seamless paymentflows and top-quality guest shopping experiences," said Pieter van derDoes, Co-Founder and Co-CEO, Adyen. This article was written by Tareq Sikder at www.financemagnates.com.
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Financialsoftware developer Devexperts has announced Anthony Mervin's appointment as Vice President of Sales and Business Development for the Australia and APACregions. Financial technologyveteran Anthony Mervin joins DevexpertsMervinbrings over 25 years of experience in financial technology sales to his newrole at Devexperts. His expertise spans investment data, research products, andquantitative systems.Prior tojoining Devexperts, Mervin held several high-profile positions in the industry.He led sales teams and the investment management business unit at ThomsonReuters for five years across the Asia Pacific region. His career also includesstints as Sales Director at EPFR | Informa Financial Intelligence and AccountDirector at ITRS.Mostrecently, Mervin served as Senior Vice President for Business Development atMorningstar, where he worked closely with brokers and wealth managers in theAustralian and New Zealand markets.In his newrole, Mervin will focus on developing Devexperts' business in Australia andAPAC. He sees significant potential for the company's versatile technology tosupport both startup brokerages and established financial institutions lookingto update legacy systems.Thisrepresents another strategic move for the company, following the addition of twonew people to the Business Development department in May. Nick Mortimer, nowserving as the Senior Vice President of Business Development, brings a robust36 years of expertise in the FX and CFD sectors. His career includessignificant stints at MahiFX, CHF Markets, Marex, and ABN AMRO.Peter Moorehas also joined the team as Vice President of Sales and Business Development.Based in Helsinki, Moore is tasked with spearheading efforts in the Nordics andScandinavian regions. With a background that includes nearly two decades in thefinancial sector, he started his journey as an investment analyst and latertransitioned to a portfolio manager at UBS's London office.Latest Updates atDevexpertsIn a separate development earlier this July, the provider of the DXtrade trading platform for FX, CFD, and crypto brokers announced a partnership with Pelican, a leader in copytrading services. This collaboration introduces an integration enabling DXtradeusers to tap into Pelican’s extensive network of over 9,000 trading signalsdirectly through their platform. Additionally,in May, Devexperts disclosed plans for a significant upgrade to its premierproduct, DXtrade XT. The forthcoming version promises several important enhancements to bolster the platform’s trading capabilities. One notable feature is the capability to handle trades in multiple currencies, aiming to broaden brokers' trading prospects. Furthermore,Devexperts has recently forged a partnership with nuam exchange, an entityemerging from the amalgamation of the Lima, Santiago, and Colombia StockExchanges, to augment trading activities in equity and derivatives marketsacross Latin America.This article was written by Damian Chmiel at www.financemagnates.com.
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The crypto exchangeand Web3 company Bitget has announced the integration of Apple Pay and GooglePay into its platform, enabling users to convert fiat currency tocryptocurrency within 30 seconds. This move is part of Bitget's strategy toenhance accessibility and streamline the crypto purchasing process for more than650 million users.Bitget Expands PaymentOptions with Apple Pay and Google Pay IntegrationTheintegration allows Bitget users to buy cryptocurrencies using over 140 fiatcurrencies across 100+ digital assets. By incorporating these widely-usedpayment methods, Bitget aims to tap into a combined user base of Apple andGoogle payments services, potentially accelerating crypto adoption among newaudiences."We'reenabling broader masses and newer audiences to interact with crypto,” GracyChen, CEO of Bitget, stated. “By offering popular payment options, we aremaking crypto purchases instant and easy. This integration is another steptowards our vision of an equitable future world driven by crypto'sevolution."The newpayment options complement Bitget's existing payment gateway, which includesservices like Advcash, Banxa, and Mercuryo. This expansion follows thecompany's recent efforts to broaden fiat gateway support in the Middle East,Africa, and Southeast Asia.Apple Payand Google Pay offer enhanced security features and allow for quick purchasesvia smartphones. Over 500 million people worldwide use Apple Pay, while 150million use Google Pay.Bitget Gains Momentum inCrypto MarketFollowingthe appointment of Hon Ng as Chief Legal Officer, Bitget has continued to makestrides in the cryptocurrency industry. The exchange has seen significantgrowth and expansion in key markets.In Japan,Bitget Wallet experienced a notable surge in adoption during the second quarterof 2024. New user signups increased by 34%, propelling the wallet to become thesecond most downloaded Web3 wallet in the country, trailing only behindindustry leader MetaMask.Bitget'sperformance metrics have also been impressive. Despite not being the largestexchange by total volume, the platform showed strong results from April toJune. It ranked third in net capital inflow among competitors, with investorstransferring $700 million to Bitget during this period. Additionally, overallactivity on the exchange rose by nearly 50%, indicating growing user engagementand trust in the platform.Establishedin 2018, Bitget serves over 25 million users in more than 100 countries andregions. The company has gained recognition for its copy-trading feature andhas partnerships with notable figures such as footballer Lionel Messi andseveral Turkish national athletes.This article was written by Damian Chmiel at www.financemagnates.com.
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TradeNation, a spread betting and contracts for difference (CFD) provider,experienced lower turnover in its UK operations, resulting in a financial lossof £2.2 million.Trade Nation ReportsDecreased Revenue and Net Loss in 2023 for The UK OperationsTradeNation is a retail trading brand that offers services to clients worldwide,with registered and licensed entities in the UK, Australia, Bahamas,Seychelles, and South Africa. However,the company's main headquarters is in London, where it operates under TradeNation Financial UK Limited, licensed by the FCA. This entity recently publishedits 2023 results, which were worse than those of 2022, showing a 5% decrease inturnover and over 300% drop in operating profit.Thereported turnover was £13.4 million, down from £14 million the previous year.The operating profit of £1.2 million turned into a loss of £2.6 million. Thenet loss amounted to £2.2 million, compared to a £1.2 million profit reportedin 2022."TheUK retail market resulted in an increased turnover under its FCA license andcontinues to be a key operational jurisdiction for the business," thecompany commented inthe report. "While overall turnover including management charges fellin 2023, other related entities operating in different jurisdictions continuedto see growth in customer numbers."The companyfurther explains that the net loss was not due to lower turnover, whichdecreased modestly compared to 2022, but rather to an increase in staff numbersand marketing and advertising expenses.Administrativecosts indeed rose, increasing by 26% from £12.5 million to £15.7 million in2023. The number of employees grew from 66 to 83, and salary-related expensesincreased by £2 million to £7.3 million.Interestingly,analyzing the report reveals that the largest portion of the British company'sturnover does not come from UK activities, but from North America. Of thenearly £14 million in revenue, £10.1 million was generated in that market.In its latest move, Trade Nation announced its integration with the TradingView platform. This integration enables users to trade CFDs and spread bets on more than 1,000 markets, including forex pairs, indices, commodities, and global shares, using TradingView's advanced charting tools.This article was written by Damian Chmiel at www.financemagnates.com.
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HongKong-based online brokerage Futu Holdings Limited (Nasdaq: FUTU) announced its second-quarter results today (Tuesday), surpassing analyst expectations and promptingan increase to its full-year outlook.Futu Raises Guidance as Q2Revenue Jumps 26%, Beating EstimatesThe companyreported a 25.9% year-over-year (YoY) increase in total revenues to $400.7million), driven by strong growth across its key business segments. Net incomerose 8.0% to $154.9 million, while non-GAAP adjusted net income grew 8.6% to $166.0million.This alsomarks an increasecompared to the first quarter of the current year, when net profit stood at$132.3 million, and revenues amounted to $331.3 million.Futu'sclient base continued to expand rapidly, with paying clients increasing 28.8% YoYto 2.04 million. The company added 155,000 new paying clients in Q2,representing a 167.8% increase from the same period last year."Giventhe strong year-to-date momentum, we would like to raise our guidance again to550 thousand new paying clients in 2024," said Leaf Hua Li, Futu'sChairman and CEO. This marks the second upward revision to the company'sfull-year guidance.Despite thestrong top-line growth, Futu's operating margin declined to 47.3% from 50.6% inthe year-ago quarter, primarily due to increased operating expenses as thecompany invested in research and development and marketing to support itsgrowth initiatives.Other Metrics Also UpTotalclient assets reached a record HK$579.3 billion, up 24.3% YoY and 11.9%quarter-over-quarter, buoyed by robust net asset inflows and favorable marketconditions. The company's margin financing and securities lending balance hitan all-time high of HK$43.8 billion, reflecting increased client risk appetite.Tradingvolume surged 69.0% YoY to HK$1.62 trillion, with US stocks accounting for thelion's share at HK$1.24 trillion. The company benefited from heightened tradingactivity in AI-themed stocks and meme stocks.Futu'sexpansion into new markets showed promising results, with Hong Kong andSingapore both recording double-digit sequential growth in new paying clients.The company recently launchedcryptocurrency trading in these markets to diversify its offerings.The firmhas also invested in Gravitation Fintech HK Limited, the parent company of AirstarBank, a licensed virtual bank in Hong Kong. After a HK$440 million investment,the company holds an indirect 44.11% stake in Airstar Bank.This article was written by Damian Chmiel at www.financemagnates.com.
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Publiclylisted Bitcoin (BTC) mining companies from Wall Street are exploring new avenues forrevenue generation, with a focus on high-performance computing (HPC) and artificialintelligence (AI), according to recent analysis from investment management firmVanEck.Bitcoin Miners Eye AI andHigh-Performance Computing for Revenue BoostThe shiftcomes as miners seek to diversify their operations and capitalize on thegrowing demand for computational power in the AI sector. VanEck's head ofdigital assets research, Matthew Sigel, estimates that this strategic pivotcould unlock $38 billion in value for mining companies by 2027.“AIcompanies need energy, and bitcoin miners have it,” commentedSigel. “As the market values the growing AI/HPC data center market, accessto power—especially in the near term—is commanding a premium.”Thesynergy between Bitcoin mining and AI computing stems from the miners'access to abundant energy resources and existing data center infrastructure. AsAI development intensifies, the demand for energy-intensive computingfacilities has surged, creating a natural fit for mining operations looking todiversify.“Manyminers are leaning toward the complementary strategies presented by Bitcoin& AI/HPC,” added Sigel. “In its May 2024 update, Iris Energy noted thatcloud services help optimize capital costs and diversify revenue streams,smoothing returns through Bitcoin’s cycle.”Bitcoin Miners are Shifting to AI & HPC, Unlocking New Revenue Through Strategic ArbitrageWe Estimate a $38B Net Present Value Opportunity by Converting 20% of their Collective Capacity by 2027. (For context, the combined market cap of the stocks we looked at is $19B.)🧵 pic.twitter.com/hudE7PbXH2— matthew sigel, recovering CFA (@matthew_sigel) August 16, 2024Examples ofsuch moves have been evident since last year. For instance, HIVE Blockchain rebrandedto HIVE Digital to better reflect the evolving nature of its business,which now focuses not only on BTC mining but also on supporting the HPC and AIindustries. The company expects this new venture todouble its revenues, and to that end, it announced the construction of anew hydroelectric data center.Don't Miss the MarketOpportunity, Says VanEckDespite theoptimistic outlook, recent market trends have shown a divergence betweenBitcoin's performance and mining stocks. The MarketVector Digital Asset EquityIndex, which tracks major players in the digital asset space, hasunderperformed Bitcoin by a significant margin year-to-date. This disparitysuggests that investors may be overlooking the potential upside of miners'diversification strategies.After the recent correction however, the MarketVector Digital Asset Equity Index, tracking these stocks, is flat YTD, underperforming the bitcoin price by 3,800 bps. pic.twitter.com/0lBMH1IAad— matthew sigel, recovering CFA (@matthew_sigel) August 16, 2024VanEck notesthat while Bitcoin mining remains the core business for these companies, theability to pivot towards AI and HPC could provide a hedge againstcryptocurrency market volatility and create more stable revenue streams.“While theminer AI/HPC trend is nascent, it represents a significant merger of twohigh-growth tech sectors, creating a fascinating game theory dynamic,” Sigel concluded.“As some miners go offline to run GPUs, Bitcoin’s difficulty algorithm willautomatically adjust, allowing the remaining miners to gain a slightly largermarket share.”Althoughcryptocurrencies still account for the majority of revenues for the largestminer on Wall Street, Hive Digital, in the second quarter, HPC generated $2.6million, and these figures are expected to continue growing.This article was written by Damian Chmiel at www.financemagnates.com.
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A federal judge has extended the deadline for US merchantsto file claims in a $5.5 billion class-action settlement involving Visa andMastercard. The new deadline, set by Judge Margo Brodie, is February 4, 2025.This extension is the second this year.The previous deadline was August 30. The extension allowsmore time for claim forms to reach potential claimants, according to theplaintiffs' lawyers. Merchants can file claims online. Eligible businessescould receive amounts in the hundreds of thousands of dollars.Merchants Get Settlement ExtensionThe merchants in the class action are represented by RobinsKaplan, Robbins Geller Rudman & Dowd, and Berger Montague. Ryan Marth, apartner at Robins Kaplan and co-lead counsel, said the extension helps ensurethat as many eligible merchants as possible can claim their share of thesettlement.On August 13, Judge Joseph Marutollo, a Federal Magistrate,held a hearing to discuss the claims submission process. He urged lawyers toaddress any issues raised by merchants and their representatives efficientlyand properly.Earlier, a US federal judge paused the $30 billion settlement proposed by Visa andMastercard over claims of excessive swipe fees, which may lead to its rejection,as reported by Finance Magnates.The settlement, intended to reduce transaction fees, hasfaced resistance from major retailers. Previously, Visa and Mastercard hadsettled a related lawsuit in 2018 for $6.2 billion but unresolved issuesremained, leading to the current settlement under review.Visa, Mastercard Antitrust SettlementThe settlement partially resolves an antitrust case whereVisa and Mastercard were accused of overcharging merchants with excessiveinterchange fees, also known as swipe fees. The class action includes any USbusinesses that accepted Visa or Mastercard credit or debit cards from January1, 2004, to January 25, 2019. Visa and Mastercard did not admit to anywrongdoing in the case, which was solely a civil matter.This article was written by Tareq Sikder at www.financemagnates.com.
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The relationship between brokers and introducing brokers (IBs) is crucial to the retail trading industry, especially in the Asia-Pacific (APAC) space. A solid partnership is built on trust and mutual benefit – done well and it is capable of driving business growth, enhancing client experiences, and fostering long-term success. Conversely, a poor relationship needs no explanation on such consequences. Of course, maintaining a productive and harmonious broker-IB relationship requires careful management and a deep understanding of each other's roles and expectations. It is more important than ever to learn from lessons and experience, with useful tips to ensure a successful broker-IB relationship. This topic will be focused on at length at the upcoming Finance Magnates Pacific Summit (FMPS), taking place on August 27-29 in Sydney, Australia. FMPS will be underway in just one week. However, with only days left to the professional event, online registration is still available, if only for a limited time! If you have not already done so, make sure to head on over to the event website and register today! Skip the queues on-site and make sure to sign up in advance to save time!What to Expect at FMPS As the biggest event in APAC this year, attendees can expect to see companies, brokers, IBs, traders, and more from around the world. FMPS will be connecting global participants with local and regional players, part of a two-day immersive experience bridging these two spaces.In terms of content, FMPS will be focusing on upwards of four verticals, including fintech, online trading, payments, and crypto. These will be represented throughout the event in the form of informative panels, workshops, keynotes, and more. Prospective attendees can familiarize with the event’s full-length agenda ahead of next week, with one notable workshop to circle on their calendars: ‘Lessons Learned: Tips for the Broker-IB Relationship’.What Does it Take to Maintain a Broker-IB Relationship?The broker-IB relationship is a symbiotic one, where both parties rely on each other to succeed. By prioritizing clear communication, defining roles, aligning incentives, and maintaining a client-centric approach, brokers and IBs can build a strong and mutually beneficial partnership. Helping discuss this topic and more will be a hand-picked group of experts during the upcoming workshop, ‘Lessons Learned: Tips for the Broker-IB Relationship’. This session will take place on August 28 at the Exchange Stage at 15:30-16:00.The workshop will be conducted in Mandarin and will include the following speakers:Melody Gao, Senior Lawyer at Sophie Grace Jason Lau, Managing Director at KCM Trade Theo Shiuan, Director of Global Markets at WeTradeWorkshop participants can learn all about trust, respect, and a willingness to adapt to change. This ties in with how critical components can ensure healthy and productive relationships. Of course, no session would be complete without a list of what not to do, as well as some hard-earned lessons and cautionary tales.Join this session for a deep dive into the how IBs and brokers collaborate, establish trust, and avoid friction. See you in Sydney next week!This article was written by Jeff Patterson at www.financemagnates.com.
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IG Group’s recognition that it needs to do more to get closer to its customers is reflected in a set of financial results for 2024. Those were massively boosted by interest income, which rose by more than three quarters from the previous year and without which the near 4% fall in overall revenue would have more than doubled. Across the UK, APAC and emerging markets, the only jurisdiction to record higher revenue last year was Singapore - where increased trading activity by larger clients produced a 6% increase in income. US revenue was also up from £140.9 million to £143.2 million.In its financial results, IG pointed out that Singapore "delivered stronger trading revenue reflecting higher volumes from some of our largest traders."A Tough Year for IGIG delivers online trading platforms for retail and institutional clients. Headquartered in London, it provides clients with access to approximately 19,000 financial markets.Net trading revenue of £844.9 million for FY24 was down from £941.8 million in 2023, but higher interest rates saw net interest income rise from £80.8 million to £142.4 million.Something was bound to give after a period of several years where costs grew faster than revenues, so in October 2023 IG implemented an operational improvement programme which – in common with CMC – included sizeable layoffs.Headcount at the end of the financial year (31 May) was 8% lower than when the measures were announced at the end of October 2023 - at a cost of just over £19 million – and the company is committed to further headcount reductions in the current financial year.Total revenue of £987.3 million from 346,200 active clients equated to average revenue per customer of £2851 – approximately $3625 as of 31 May 2024 exchange rates. This figure was unchanged from 2023 and maintains the firm’s position towards the upper end of the scale of major brokers.One of the Largest OTC Derivatives ProvidersWithin specific market segments, OTC revenue was down 9% and the number of clients actively trading OTC products fell by 6%. IG might be the largest provider of OTC derivatives by revenue globally but its share of primary accounts has fallen significantly in keys markets such as the UK and Singapore in recent years.In an analyst briefing following the publication of the financial results, Breon Corcoran (who took over as CEO in January 2024) admitted that the company’s offering had become complex. “We have a very mature product that is well designed to target experienced users but in addressing the needs of these users we have obfuscated or complicated the product,” he said.In the exchange-traded derivatives space, Spectrum (the group’s European multilateral trading facility) suffered a 12% drop in trading revenue.In this context, one of the most significant recent developments is the expansion of Tastytrade into the UK in a bid to tap into demand for derivatives trading from retail investors.Corcoran confirmed that the company was applying for regulatory licences to launch the platform in a number of other markets without referring to any specific jurisdiction.It is easy to see why IG is so keen to expand the platform given that it was the stand-out performer during FY24 with a 23% increase in revenue from £170.3 million to £200.6 million. Even then, most of that increase came from interest income which was 53% higher than in 2023.Almost a third of new accounts are from outside the US, which suggests that international demand for US options and futures remains strong and is something the company can build on.Eyes on Cash EquitiesIG has been working on an upgrade to its cash equity product since the start of this year that it intended to roll out across all markets. However, Corcoran observed that momentum has stalled on that project and it was now taking a slightly different approach.“We were working with a third party but we probably will do more of the work internally,” he said. “Some 20% of our CFD customers in the UK also trade cash equities so it is important that we continue to…
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Bitwise Asset Management has announced its acquisition ofETC Group, a London-based issuer of cryptocurrency exchange-traded products(ETPs). The acquisition includes ETC Group’s portfolio of over $1 billion inassets under management. This move marks Bitwise’s entry into the Europeanmarket.Expanding to EuropeETC Group, established in 2019, offers a range of cryptoETPs. These include the largest and most actively traded physical Bitcoin ETP,Ethereum with staking, Solana, XRP, and the MSCI Digital Assets Select 20. Allproducts are physically backed, and the firm’s offerings will be rebrandedunder the Bitwise name in the near future. With the acquisition, Bitwise’s total assets undermanagement now exceed $4.5 billion. This transaction comes during a year ofsignificant expansion for Bitwise. In January, the firm launched its first spotBitcoin ETP, the Bitwise Bitcoin ETF (BITB), which has grown to over $2 billionin assets. In July, Bitwise introduced its first spot Ethereum ETP, the BitwiseEthereum ETF (ETHW), which has attracted more than $300 million in assetswithin weeks of its launch.Crypto exchange-traded fund provider Bitwise Asset Management is buying ETC Group, a digital-assets issuer based in London, adding to a spate of deals within the ETF industry https://t.co/zoowvNarLd— Bloomberg (@business) August 19, 2024Enhancing Crypto ReachBitwise currently offers 20 products in the US market,including the world’s largest crypto index fund, a thematic equity ETF, andvarious multi-strategy alpha solutions. The company plans to expand ETC Group’splatform in Europe through a strategic approach.Bitwise, founded in 2017, has a six-year history ofproviding professional investment products and educational resources. The firmserves a network of investment professionals and financial institutionsseeking access to bitcoin and other crypto assets.This article was written by Tareq Sikder at www.financemagnates.com.
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For Octa, a financial broker with globally recognised licenses, the 13th birthday is an incentive to collate the most valuable pieces of knowledge collected during its long and successful history in the financial markets. In a series of three articles, the experts at Octa offer you 13 recommendations: five general concepts, five practical tips, and three success stories. Below is the third and last instalment in the series: three real-life stories of Octa's clients who have achieved significant progress in their trading journey by successfully applying the theoretical approaches described in two previous articles.Story 1 – Onyinye33-year-old Onyinye Ogbonnaya has lived in the capital of Nigeria, Abuja, all her life. She has been working since she was 16, switching various odd jobs in her quest for financial independence after finishing secondary school. Despite learning how to provide for herself from a young age, Onyinye never felt inclined to pursue a 9-to-5 job, doing lots of projects on the side. After Nigeria, like the rest of the world, was hit by the COVID-19 pandemic, Onyinye followed the example of her friends and tried Forex trading. She started by practising on a demo account with a mentor to hone her skills and then switched to a real account. Before making her first deposit, she conducted extensive research and reviewed numerous brokers, opting for Octa. She never regretted her choice, as all the transactions were smooth and transparent.According to Onyinye, Forex trading is similar to any other kind of knowledge acquisition. It's a comprehensible system that can become a consistent source of supplementary income, provided you approach it with systematic thinking and high self-discipline. Keeping your emotions at bay is also instrumental in achieving consistent results.Story 2 – MuhamadA young Indonesian trader, Muhamad Revi, began his journey in the financial markets in early 2023. Despite his lack of experience, he has been very prolific in trading on his Octa account and achieved high performance in terms of trading volume. Besides, he already earns significant profits and argues that for him, Forex has become an important source of supplementary income, if not more.Muhamad attributes his speedy success to mutually beneficial cooperation with his friends and fellow traders. Together, they comprise a full-fledged trading team, sharing ideas, insights, and experience, supporting each other through tough times, and celebrating successful sessions. This cheerful and productive atmosphere helped Muhamad jump-start his Forex career, going from zero to significant gains in just several months. ‘Friendship and community play a critical role in my trading journey, providing a safety net of knowledge and support,’ — he says.Story 3 – IqbalIqbal Hafizi from Malaysia has been trading Forex since 2016. The start of his trading career could have been smoother sailing, and he had his share of losses. However, he grew from these failures and came back strong: he found a mentor and started afresh by learning the basics and methodically honing his skills. Now, he has managed to transform Forex trading into a consistent source of income that helps him cover his day-to-day expenses. Iqbal chose Forex instead of other investment options because of the low entry threshold and the reasonable timing of potential returns. The high liquidity of the Forex market allows traders to achieve their short-term financial goals in a limited time. Since Iqbal couldn't spare a large sum on investments and had medium to low risk tolerance, Forex was an optimal option for him.Iqbal trades with Octa because of the broker's low spreads for various assets and full transparency of financial transactions. Among the personal qualities required to be successful in trading, he highlights psychological resilience. According to Iqbal, in Forex, as in any other business, you have good days and bad. To achieve positive outcomes, you need to keep your eyes on the long-term goals and critically assess your performance…
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