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The cryptocurrency landscape stands at a historiccrossroads as the battle between Ripple Labs and the Securities andExchange Commission (SEC) enters its most critical phase. Since December 2020,this legal confrontation has shaped the future of digital asset regulation,with implications reaching far beyond the immediate case. The potential impactof Donald Trump's election adds another layer of complexity to analready intricate situation.The Evolution ofSEC's Cryptocurrency StanceUnder SEC Chair Gary Gensler's leadership,the commission has maintained an aggressive enforcement approach toward digitalassets. The SEC's strategy of classifying various cryptocurrencies assecurities has led to numerous enforcement actions against industry players.This strict interpretation of securities laws has particularly affected therelationship between Ripple and Coinbase, with many exchanges temporarilydelisting XRP following the initial SEC lawsuit.The commission's approach has sparked intense debatewithin the crypto community. Chief Legal Officer Stuart Alderoty hasrepeatedly challenged the SEC's interpretation, arguing that XRP functions as adigital currency rather than a security. This position gained significantsupport when Judge Analisa Torres issued her landmark ruling in July2023.Landmark Rulingand Market ImpactThe July 2023 decision marked a turning point when thecourt ruled that XRP is not a security in retail transactions. Thispartial victory resulted in a $125 million civil penalty, significantlyless than the SEC's initial demands. The ruling's impact created wavesthroughout the crypto market:InstitutionalInterest and Market EvolutionThe institutional landscape for XRP has transformeddramatically since the initial SEC filing. Major financial institutions are nolonger sitting on the sidelines, with Fox Business journalist EleanorTerrett reporting unprecedented levels of interest from traditionalfinance. Investment firms are particularly drawn to XRP's potential incross-border payments, with transaction volumes reaching historic highs inAsian markets.The evolution of institutional involvement extendsbeyond simple trading activities. Banks are developing comprehensive blockchainstrategies, incorporating Ripple's technology into their existingframeworks. This integration represents a fundamental shift in how traditionalfinance views digital assets, with XRP at the forefront of this transformation.The Trump Factorand Regulatory OutlookThe potential impact of Donald Trump'selection on crypto regulation represents a crucial variable in themarket's future. Industry experts suggest that Trump's SEC wouldlikely take a markedly different approach to cryptocurrency oversight. Under anew administration, the regulatory landscape could shift significantly,potentially leading to more crypto-friendly policies and reduced enforcementactions.Trump's victory could trigger several significant changes:RegulatoryFramework Overhaul - The appointment ofa new SEC Chair would likely lead to a comprehensive review ofexisting crypto regulations. Current enforcement strategies, heavily criticizedby Ripple CEO Brad Garlinghouse, could see substantial modification undernew leadership. This potential shift has already influenced market sentiment,with institutional investors positioning themselves for possible regulatorychanges.EnforcementPriority Shifts - A newadministration could fundamentally alter the SEC's approach to cryptoenforcement. The current focus on regulatory actions, which has led to numerouscases against crypto firms, might give way to a more collaborative approach.This shift could particularly benefit companies like Ripple, which have arguedfor clearer regulatory frameworks rather than enforcement-first policies.Crypto Bull RunPotential and Market AnalysisThe broader crypto market shows strong indicators ofentering a sustained crypto bull run. Bitcoin's performancecontinues to set the pace, with its price movements closely correlated to widermarket sentiment. Ethereum maintains its position as a…
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Scammers have shifted to public review websites likeTrustPilot and Google Business to impersonate representatives of the CyprusSecurities and Exchange Commission (CySEC), misleading investors into payingbogus fees, the regulator warned. The increase in these fraudulent activities has now promptedCySEC to issue a warning, urging the public to be vigilant and cautious whenapproached by supposed CySEC officials.Fake Representatives Demand Recovery FeesAccording to CySEC, recent reports reveal a surge inincidents involving individuals falsely claiming to be CySEC officers. Thesescammers contact investors, often via email or fake online accounts, and demandfees, promising to assist in recovering investment losses from CySEC-regulatedcompanies. The exploits the trust investors place in CySEC as aregulatory body, making it a particularly dangerous scam. CySEC warns that itdoes not contact individuals directly or request personal or financialinformation.“In these posts, users have reported incidents ofindividuals posing as CySEC officers or representatives have contactedinvestors, demanding fees in exchange for facilitating the recovery ofinvestment losses in companies regulated by CySEC,” the watchdog mentioned.IMPORTANT WARNINGCySEC have been made aware of cases of individuals fraudulently posing as CySEC officers or representatives.Read more: here#CySEC #Scammers #BeAware #Investorprotection #investoralert pic.twitter.com/Vqa8Vt9gwJ— CySEC - Cyprus Securities and Exchange Commission (@CySEC_official) November 8, 2024The agency maintains that it has no mandate to collect feesfrom investors or appoint third parties for such purposes. To combat thegrowing trend of misinformation and fraudulent activities, CySEC utilizesadvanced social media listening tools.Social Media Monitoring ToolsThese tools monitor posts across multiple languages inreal-time, alerting the regulator to false or misleading content posted byinvestment firms or so-called "finfluencers." This capability enablesCySEC to take swift action against harmful marketing activities, protectingpotential investors from scams.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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The Bank for International Settlements (BIS) announced itsdecision to exit the mBridge cross-border payments project, a CBDC initiativein which China has been a key technology contributor. China recently proposed open-sourcing the software, and theBank of China (Hong Kong) integrated mBridge to enable automated corporatepayments. BIS's exit from mBridge aligns with rising geopolitical tensions and discussionat the BRICS Summit on alternative payment systems.BIS Exits mBridge ProjectAgustín Carstens, BIS General Manager, disclosed thedecision at the Santander International Banking Conference, clarifying that themove reflects project progress rather than political issues or setbacks. Afteroverseeing mBridge for four years, BIS believes that participating centralbanks can continue developing the project independently.“I would say that the project has been so successful that wecan declare that we have graduated out,” Carstens said. He added the bank wasleaving “not because it was a failure and not because of politicalconsiderations” but rather because “it is at a level where the partners cancarry it on by themselves”. 'Sanctioned' BRICS: West Shut Down mBRIDGE But Failed to Stop the Global South🔷 Watch the full interview: https://t.co/buobW9jZbxThe BIS top executive, Augusten Carstens, announced that “the central bank for all central banks” can no longer work with sanctioned countries.… pic.twitter.com/qDePIg4sKc— Lena Petrova (@LenaPetrovaOnX) November 6, 2024mBridge, a blockchain platform, was designed to speed up andincrease transparency in cross-border payments using wholesale CBDCs (wCBDCs).Launched in 2021, it includes central banks from China, Hong Kong, Thailand,the United Arab Emirates, and more recently, Saudi Arabia, aiming to meet G20goals for enhanced payment systems. The platform reached its Minimum Viable Product stagein June 2023, though further development is required before it can be fullyoperational.Meanwhile, areport published by the BIS examines the potential impact of money tokenisationon central banks, as reported by FinanceMagnates. Prepared for the G20, the report highlights the benefits, such aslower costs and faster transactions, while stressing the need to addressassociated risks in the regulated payments sector.Geopolitical Tensions Impact mBridgeBIS’s departure from mBridge comes amid rising geopoliticaltensions around global payment systems. At the recent BRICS summit, theproposal for a BRICS Bridge payment platform hinted at an alternative to thecurrent financial system dominated by the US dollar. The platform’s discussion raised concerns due to theinvolvement of countries like Russia and Iran, both under internationalsanctions. During the summit in Kazan, Russia, PresidentVladimir Putin criticized the US for using the dollar “as a weapon” againstBRICS members. China and the UAE, both involved in mBridge, attended thissummit alongside Iran, the host nation.Carstens distanced mBridge from the BRICS Bridge proposal,stating, “mBridge is not the BRICS Bridge.” He emphasized BIS’s strict policyof non-collaboration with sanctioned entities.China’s Influence on mBridgeDespite this clarification, analysts question whetherChina’s influence over mBridge may increase as BIS steps back. Some suggestthis could bring mBridge closer to China’s other cross-border financialefforts, such as the Cross-Border Interbank Payment System. This shiftcould potentially reduce the oversight role of Western central banks, includingthe US Federal Reserve and the Bank of England, which previously served asobservers.Josh Lipsky from the Atlantic Council remarked that BIS’swithdrawal might signal a division in CBDC development, with payment networksincreasingly reflecting geopolitical divides. He suggested Western centralbanks might focus on alternative platforms, such as Project Agorá, supported bycentral banks in Europe, Japan, Korea, and the US.The BIS Steering Committee recognized BIS's contribution,while the participating central banks continue advancing mBridge toward fullproduction.…
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FinTech360, known for leveraging technology to provide superior trading experiences, will now enhance its offerings with Acuity Trading’s professional market research and trade signals. This combination of AI technology and expert analysis delivers clear, actionable insights, empowering brokers and driving success in the financial market.“Our partnership with Acuity Trading aligns perfectly with our commitment to innovation and excellence,” said Aaron Bitter, CEO of FinTech360. “Integrating Acuity’s advanced analytical tools, like Signals and News, allows us to provide our clients with deeper insights and a comprehensive understanding of market dynamics.”FinTech360 offers a suite of products that integrate seamlessly, creating a unified ecosystem for brokers. Their platform includes advanced tools for customer lifecycle management, marketing, and compliance, tailored to the needs of regulated brokers. By simplifying complexities and providing continuous support, FinTech360 helps brokers at every stage, from startup to expansion, overcome challenges and achieve their goals.“Both FinTech360 and Acuity Trading share a vision of delivering cutting-edge solutions to enhance client success,” said Andrew Lane, CEO of Acuity Trading. “Our blend of AI-driven technology and expert human analysis provides clear, transparent, and actionable trade insights, making this partnership a natural fit.”Acuity Trading’s products, including Signals (AnalysisIQ) and News (Economic Calendar), are designed to integrate seamlessly across various platforms, offering unmatched trading insights. This partnership enables FinTech360 to expand its market reach, attract a broader client base, and cater to the diverse needs of brokers.“Through this partnership, we can enhance our reputation and credibility among our clients,” added Bitter. “The integration of Acuity Trading’s advanced tools strengthens our technological capabilities and client relationships by providing the best possible tools and insights for trading.”The partnership between FinTech360 and Acuity Trading is driven by a shared commitment to innovation, enhanced trading tools, and striving to improve the chances of client success. This collaboration seeks to provide significant benefits for both companies and their clients, positioning them strongly in the competitive financial technology landscape.About FinTech360FinTech360 is dedicated to revolutionising the financial industry with cutting-edge technology and innovative solutions tailored for regulated brokers. Its fully integrative system enhances broker efficiency through advanced customer lifecycle management, marketing, and compliance tools.FinTech360 offers a comprehensive suite of seamlessly integrated products designed to create a unified ecosystem for brokers, simplifying complexity and providing continuous support. Their mission is to empower brokers to thrive in an ever-evolving market, whether they are just starting or looking to optimise and expand their operations. For more information, visit FinTech360.This article was written by FM Contributors at www.financemagnates.com.
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Bitcoin is currently trading at an all-time high, with anticipation of further gains. However, the identity of its creator, Satoshi Nakamoto, remains a mystery. Despite recent claims, including one by the broadcaster HBO and another by a questionable figure, no one knows who Satoshi Nakamoto truly is.The search to reveal Nakamoto's identity has been ongoing for years.Last month, HBO released a documentary claiming that Canadian software engineer Peter Todd, who was involved in the early development of Bitcoin, is Satoshi Nakamoto. However, Todd quickly denied the claims, stating that he was not Nakamoto."I am Satoshi Nakamoto"In an intriguing turn, a man named Stephen Mollah recently held a press conference in London, also claiming to be Satoshi Nakamoto.A dozen journalists attended the event, more out of curiosity to test his claims than to resolve the Nakamoto mystery. According to a BBC report, the event organiser charged journalists £100 for front-row seats and another £50 for unlimited questions to Mollah. The organiser, Charles Anderson, even offered a BBC journalist an opportunity to interview Mollah on stage for £500, but the proposal was declined.“I am here to make a statement that, yes: I am Satoshi Nakamoto, and I created Bitcoin using Blockchain technology,” Mollah declared on stage. However, he failed to provide any convincing evidence.🚨Another day, another Satoshi Nakamoto claim.Today, Stephen Mollah, claimed to be Satoshi Nakamoto at a press conference in London.Is this the real deal, or just another hoax? 🧐 pic.twitter.com/hGp7AldKOz— Benzinga Crypto (@benzingacrypto) October 31, 2024A Questionable CharacterThe BBC report described the experience as ranging from amusement to irritation over the next hour. Representatives from the prestigious Frontline Club interrupted the event to clarify that they only provided the room and did not endorse any of the claims. The attendees soon became sceptical.Interestingly, both Mollah and Anderson are also embroiled in a legal dispute over fraud allegations connected to claims of being the creator of Bitcoin.Mollah is not the first, nor likely the last, to claim to be Satoshi.In 2014, Newsweek suggested that Dorian Nakamoto, a Japanese-American man, was the mastermind behind Bitcoin. However, he denied it.The most dramatic claim came from Australian computer scientist Craig Wright, who engaged in court battles for years to establish his claim. However, his claims were dismissed by the High Court in London.This article was written by Arnab Shome at www.financemagnates.com.
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“China is not an open market, but it is a great market,” Sophie Squillacioti, MultiBank’s Head of China Sales, told Finance Magnates when discussing the intricacies of the Chinese forex and contracts for differences (CFDs) market. She added: “The Chinese market is very developed in this industry.”“Many mistakenly believe that the Chinese market is new, but in reality, it’s very developed. The traders there are very sophisticated, the technology is very sophisticated,” Squillacioti said. She added that “the demand is relatively easy compared to other South Asian markets.”Squillacioti has spent the last two decades in the retail trading industry, with most of her roles remaining China-centric. She was also stationed in China for many years while working for multiple brokerage brands, but now manages MultiBank’s operations in China from Dubai. She confirmed that MultiBank has no physical presence in China at this point.“My role is basically to take MultiBank back into the Chinese market,” she explained when talking about her responsibilities. “They were in China for a long time but exited due to business strategies. Now they’re looking to go back in, and my role is to build up the channel functions.”Deposits in “Several Thousands of Dollars”However, the Chinese market remains lucrative. According to Squillacioti’s experience, the average deposits by Chinese traders are “quite high and can go up to several thousands of dollars,” which is “in line with European deposits.” However, she pointed out that “there are broad spectrums” and it “depends on the brokers too.”Regarding trading volume, Squillacioti noted that “it’s high, very high, which aligns with the Chinese thought process and interest in speculation.” However, these numbers vary from broker to broker, and none of them reveal market-specific volumes.Despite the attractive Chinese trader base, the FX and CFDs industry operates within a grey area in China. The Chinese government does not regulate the CFDs industry, but neither does it ban it.“If That Will Exist in the Future, We Do Not Know”“There’s no local regulation,” Squillacioti said. She added: “If that will exist in the future, we do not know. Until now, the decision has been not to open that market up. So, most brokers operating in that market and onboarding traders do so under foreign licenses, mostly offshore, such as Mauritius and Seychelles, which have been around for quite some time.”MultiBank, which holds more than a dozen regulatory licenses globally, “will be looking to onboard Chinese traders under its Cayman Islands license.”“China Is More Open than Some Other Markets in Asia”Similar to most of Asia, China is also a “very localized” market for retail trading. Squillacioti noted that businesses “certainly do need Chinese speakers for sales and service.” However, she added: “It is more open than some other markets in Asia, and there are some acceptors of the English language.”“Chinese traders will open a platform or website that is translated into the local language, but there is a need for Chinese-speaking customer service operations,” she said.However, marketing can be challenging for foreign brokers entering a localized market, such as China. According to Squillacioti, “There are quite a few online platforms and companies out there where you can place banner ads” to promote brokers. She added that “there’s obviously the traditional introducing broker routes, which is still very popular in these Asian markets. So, the most sought-after route is developing relationships with IB businesses.”It is worth noting that the services of Introducing Brokers, or IBs, remain very popular in developing markets like Asia, Africa, and Latin America. Although IBs need licenses to operate in markets like the UK, there are no concrete regulations for them in the Chinese and other emerging markets.Squillacioti further acknowledged that operating in a market like China without any license or regulation can be “challenging.” Payments, which enable deposits and withdrawals,…
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Bybit, the world's second-largest crypto exchange by trading volume, is pleased to announce that Shunyet Jan, its current Head of Derivatives, will take on an expanded role as Head of Institutional. This move underscores Bybit’s commitment to serving institutional clients and enhancing its innovative derivatives offerings.Expanding Responsibilities for a Dynamic IndustryShunyet Jan joined Bybit with a wealth of experience in both traditional finance and high-frequency trading, bringing a fresh perspective to the crypto space. “Bybit has been an exciting place to work, with a strong focus on innovation and rapid execution,” Shunyet noted. “The culture here is remarkably collaborative, and it’s clear that agility and teamwork are at the heart of everything we do.” His positive first impressions of Bybit’s team and culture, shaped by his background across diverse financial environments, have only reinforced his enthusiasm for advancing Bybit’s role in the market.In his expanded role, Shunyet will leverage his insights from a distinguished career, which includes roles in program trading, ETFs, and index arbitrage on Wall Street, as well as algorithmic and high-frequency trading in Asia. His leadership will guide Bybit in crafting solutions that cater specifically to institutional needs, bridging traditional finance principles with the flexibility of digital assets.Championing Bybit’s Vision for Institutional GrowthWith deep experience in serving sovereign wealth funds, pension funds, hedge funds, and market makers, Shunyet understands the unique needs of institutional investors. “Institutional sales and derivatives share a common goal: providing seamless access to liquidity and effective support,” Shunyet explained. His dual background as both an institutional client advisor and a top global market maker allows him to anticipate and address the nuanced demands of these clients, helping Bybit solidify its reputation as a trusted partner for sophisticated trading solutions.In his new role, Shunyet’s focus is clear: “I’m focused on positioning Bybit as the top choice for institutional clients by enhancing our custody solutions, expanding loan products, and strengthening liquidity across the platform.” He envisions building a robust environment that not only attracts institutional clients but also elevates their experience through refined trading conditions and innovative tools. By refining custody options and liquidity enhancements, Bybit aims to further solidify its foundation in a rapidly growing sector.A Vision for Bybit’s Derivatives and Institutional FutureShunyet’s career trajectory highlights a commitment to adapting the best practices from traditional finance to the crypto industry. He sees significant potential in options trading for the crypto sector, especially in the APAC region, where demand is rapidly increasing. “While options are standard in traditional markets, they remain underutilized in crypto. My goal is to build a world-class options trading platform that offers the same level of sophistication and reliability that institutional investors expect.”“Bybit has a vision of creating a secure, innovative environment for traders, and I’m eager to contribute to the growth of our platform, enhancing institutional offerings while expanding sophisticated retail solutions,” Shunyet added.Helen Liu, Chief Operating Officer of Bybit, commented, “Shunyet’s dual expertise in traditional finance and crypto markets equips him to elevate our platform for institutional clients. His insights and leadership will be instrumental as we broaden our reach in institutional services and enrich our derivatives offerings.”About BybitBybit (https://www.bybit.com) is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula…
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When it comes to profitability, the three London-listed retail brokers generally perform well (with only a few exceptions). While IG Group (LON: IGG) and Plus500 (LON: PLUS) regularly lead in pre-tax profitability with three-digit gains, CMC Markets (LON: CMCX) often has lower figures.IG Remains the Most Profitable CFDs BrokerIG, with a market cap of £3.2 billion, is the largest of the three forex and contracts for difference (CFD) brokers. It achieved a pre-tax profit of £224.4 million on revenue of £514.7 million in the six months between December 2023 and May 2024, resulting in a profit-to-revenue ratio of 43.6 percent.During IG’s best-performing fiscal six months in the last five years, the first half of FY 2022, the broker achieved a pre-tax profit of £245.2 million, resulting in a profit-to-revenue ratio of over 51.6 percent. Although this ratio dropped to 37.3 percent in the first half of the previous fiscal year, it has since recovered over six consecutive months.It's Hard to Beat Plus500's EfficiencyPlus500 leads the trio in terms of profit-to-revenue ratio. In its most profitable six months, the first half of 2020, the Israeli broker earned $363 million (about £280 million) in pre-tax profits, achieving a profit-to-revenue ratio of more than 64 percent, the highest among the three brokers to date.However, Plus500’s efficiency dropped to 46.1 percent in the first half of the current year. The broker also generated $187.3 million in revenue in Q3 2024, though its profits for the quarter remain undisclosed. Public filings show its EBITDA margin for the quarter was 44 percent.In absolute terms, Plus500’s profits are much lower than IG’s. While the Israeli broker generated only $183.7 million (around £141 million) in pre-tax profits in its latest fiscal six months, IG brought in £224.4 million. Interestingly, Plus500 also spent the most on marketing compared to its other two competitors.CMC Markets’ figures remain low compared to its two larger competitors. In the most recent fiscal six months, from October 2023 to March 2024, the broker generated £65.3 million in pre-tax profits, recovering from a £2 million loss in the previous six months.CMC’s latest revenue-to-profit ratio was 31 percent, which is substantially lower than its other two London-listed competitors. CMC’s best six-month period was from April to September 2020, when its revenue peaked at £230.9 million, driven by the effects of the COVID-19 pandemic. The broker achieved a pre-tax profit of £141.1 million, and a revenue-to-profit ratio of over 61.1 percent, though performance efficiency has since declined.A key factor behind IG’s recent dominance over Plus500 and CMC has been interest income. In the second half of its last fiscal year, IG’s interest income peaked at £72.2 million. While Plus500 generated $29.1 million (around £22.3 million) over six months, CMC only brought in £18.9 million.Finance Magnates also analyzed the different geographical markets where these three brokers operate and found that the retail traders in Singapore are the most lucrative, as proved by IG. However, CMC is moving its focus away from its UK home turf and is expanding in Asia Pacific.This article was written by Arnab Shome at www.financemagnates.com.
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Changpeng Zhao, popularly known as CZ, who was released from custody in the US in late September after serving his four-month prison sentence, is now receiving offers to sell his controlling stake in the crypto exchange Binance, he told Bloomberg in a recent interview.However, Zhao did not reveal the names or identities of the parties interested in buying Binance shares.Possibility of New Binance Owners?“I’m not saying that I’m going to hold onto the equity forever or not,” he said in the first interview after his release from US prison. “I’m happy to review every offer, but so far I haven’t done anything. But, you know, I’m just a regular shareholder at this point.”Zhao’s net worth is estimated to be about $61 billion, and he holds a 90 percent stake in Binance, the cryptocurrency exchange behemoth he founded in 2017. He is the richest crypto billionaire and also the richest inmate in history to serve time in a US prison.Pushups, I can do 300 in about 30 min. Roughly 40, 30, 20, 15, 15, 15, … to 300.Or I can do 60-70 (fast) on the first set, but then drop off aggressively and struggle to get to 300. I do it only on a weekly basis. My muscles don’t recover fast enough.Positive takeaways… https://t.co/LHwtmabCqn— CZ 🔶 BNB (@cz_binance) October 31, 2024A FelonThe Canadian, now a resident and citizen of the UAE, headed Binance until last year, when he stepped down from the top executive role as part of his plea deal with US prosecutors. He also pleaded guilty to failing to implement adequate money laundering checks, which allowed bad actors to trade cryptocurrencies on the platform.Binance was also required to pay $4.3 billion to settle with US prosecutors and a separate $2.85 billion to settle with the US commodities regulator. The exchange also agreed to end its presence in the United States.CZ’s cooperation with US prosecutors resulted in a lenient sentence compared to the 25-year jail term of Sam Bankman-Fried, who is now serving time for his shady business practices involving the now-bankrupt FTX and Alameda Research. Interestingly, Zhao initially showed interest in buying out troubled FTX but later backed out, leading to a bank run on the now-collapsed platform and exposing its $8 billion shortfall.When comparing his time in prison with Bankman-Fried’s, Zhao said: “That’s like comparing somebody who’s stealing money versus somebody who failed to register a company.”This article was written by Arnab Shome at www.financemagnates.com.
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APM Capital Markets, formerly known as BUX Financial Services, released a strategic report accompanied by a financial report for the fiscal year ended 2023. The company reported declining revenue and profit, citing restricting plans amid the decision to sell the company and other EU-based CFD businesses.Revenue declined to £843,938 from 1,523,424 during the sameperiod of 2022, and losses widened to £2,993,957 from £2,259,242 in the same period last year. According to the firm, there was a limited focus ongrowing the business during this period and a shift to maintaining coreoperations and regulatory requirements. This also affected the client base.Cost-Cutting Measures“There has been planned attrition of the UK client baseduring the year and subsequently to the year-end, as the cost-cutting measuresinvolved migrating all customers off the existing trading platform to reach apause on trading activities before the sale of the company,” the company noted.APM Capital entered into an acquisition agreement with Asseta Holding Limited, a company incorporated in Abu Dhabi, United ArabEmirates. The company reportedly plans to launch a new trading platform andgrow its customer base in the UK, under APM Markets brand, supported by AssetaHolding Limited. Cost of sales increased from £2,239,965 to £3,085,522 duringthe period, while operating losses also jumped from £2,363,137 to £2,994,215.APM Capital’s financial position remains positive, although net assets declinedfrom £3,227,704 to £1,433,747. Total equity also dropped from £3,227,704 to£1,433,747. Name ChangeExplaining further about the transaction, the companymentioned that: “A share sale and purchase agreement was signed on May 17 2024,followed by change in control approved from the FCA and completion of theacquisition of the company in July 2024. Following the acquisition, thecompany’s name changed to APM Capital Markets Limited.”“The directors consider that the entity is a going concernon the basis that it has received a letter of support and injection of cashpost year-end from Asseta Holding Limited, the acquiring parent entity, andthey are satisfied through their enquiries as to the intention and ability ofthe parent to provide support.” This article was written by Jared Kirui at www.financemagnates.com.
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Polish financial regulators issued a public alertregarding the activities of Foris DAX MT, a Malta-based company operating underthe Crypto.com brand. The regulator cautioned investors about possibleunauthorized financial services offered by the firm. The warning highlighted that the Polish FinancialSupervision Authority (KNF) is monitoring DAX MT's financial operations withinthe country. Crypto.com has reportedly been added to a list of flaggedcompanies under KNF’s oversight, Cointelegraph reported. Regulatory ConcernsThe KNF reportedly directed its concerns toward ForisDAX MT, saying that the company maylack the necessary licenses to provide financial services in Poland. According to a representative from KNF, Polish lawmandates licenses for entities offering brokerage or investment services. Thecase has now been referred to the Warsaw Regional Prosecutor’s Office forfurther evaluation.Expect ongoing updates as this story evolves.This article was written by Jared Kirui at www.financemagnates.com.
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Cronos Labs, the blockchain startup accelerator focused on growing the Cronos blockchain ecosystem, today announced an expansion of its strategic partnership with Google Cloud.With this collaboration, Google Cloud will serve as the primary cloud provider for Cronos and its ecosystem. The alliance with Google Cloud will also focus on four complementary pillars:Onboarding of Google Cloud as a Cronos validator;Technical innovation with Google Cloud to enhance Cronos's performance;Increasing developer adoption of Cronos and Google Cloud at the intersection of AI and blockchain;Value creation package for startups of the Cronos Accelerator program.Ken Timsit, Managing Director at Cronos Labs, said: "The partnership with Google Cloud brings tangible value to end-users and developers in several ways. First, it enhances the security and reliability of the whole network. Second, it makes the Cronos Accelerator program even more appealing to startups. Finally, it opens the door to the creation of a new generation of innovative decentralized applications using Google Cloud's data processing, computing and AI capabilities."Rishi Ramchandani, Head of Web3 APAC, Google Cloud, announced, "Google Cloud is strengthening its commitment to Web3 by joining the Cronos ecosystem as a validator node operator. Google Cloud will also collaborate with Cronos to provide developers with the resources they need to build the next generation of decentralized applications, leveraging Google Cloud's secure infrastructure, advanced AI capabilities, and powerful data analytics tools."Onboarding of Google Cloud as a validatorGoogle Cloud is joining a pool of 32 validators on the open-source Cronos EVM protocol, contributing to the stability and security of the network. Nodes are crucial to the decentralized validation of transactions by producing or confirming new blocks every few seconds. The addition of Google Cloud aligns with Cronos’ strategy of partnering with open-source contributors and validators known for their robust technical expertise. Contributors to the Cronos ecosystem include Crypto.com, Blockdaemon, Ubisoft, Exaion and other top-tier validators.Technical innovation with Google Cloud to enhance Cronos's performanceCronos Labs has used Google Cloud to create the infrastructure underpinning Cronos zkEVM, the Layer-2 blockchain network powered by ZK Chain technology. Leveraging the strengths of the existing Cronos EVM and Cronos POS networks, Cronos zkEVM expands the Cronos universe into Ethereum’s vibrant Layer 2 galaxy.With Google Cloud's cutting-edge infrastructure and deep ZK expertise, Cronos zkEVM aims to achieve new levels of performance and accessibility, empowering users and developers in the Web3 space. The high-performance Cronos zkEVM infrastructure leverages: Google Kubernetes Engine (GKE) Autopilot and Gateway, to easily scale and manage the network infrastructure; AlloyDB, a fully managed PostgreSQL-compatible database with better performance and support for zkSync (zkEVM) technology; and Google Compute Engine to generate zero-knowledge proofs using NVIDIA L4 GPUs.These advanced technologies, combined with Google Cloud's expertise in AI and data analytics, position Cronos for accelerated growth and innovation within the Web3 landscape.Increasing developer adoption of Cronos and Google Cloud at the intersection of AI and blockchainCronos’ collaboration with Google Cloud will emphasize innovation opportunities at the intersection of blockchain and AI to drive developer adoption. For example, Cronos launched its full blockchain datasets on Google Cloud’s platform for both the Cronos EVM chain and the Cronos zkEVM chain. Google Cloud's Blockchain Analytics capability offers indexed blockchain data made available through BigQuery for easy analysis with SQL.These datasets open the door to innovative use cases such as enabling end-users to query the blockchain in natural language, allowing AI agents to use the blockchain for transactions with other AI agents, and allowing both end-users…
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Voting for the upcoming London Summit Awards 2024 has reached its final stage, with only a few days left to make your voice heard and decide this year’s winners. Registered attendees are invited to cast their vote from a short-list of hand-picked brands, as determined by the earlier Nominations Round. Voting ends November 11, so now is the time to cast your decision if you have not done so already!Each London Summit (FMLS) is concluded with the prestigious awards ceremony on November 20, where this year’s elite brands are recognized on London’s biggest stage. London Summit Awards are unique in that they are never bought and reflect the most sought-after titles across several different categories. This year’s awards will be bestowing praise and accolades in the institutional space across multiple notable key verticals. This includes the online trading, crypto, fintech, and payments space. Up for grabs this year are 23 different awards that can be viewed via the following link – does your brand have what it takes to win one of these titles? Ultimately, there is only one way to ensure you win, and that means voting!Only registered attendees can vote for this year’s awards. This makes signing up for FMLS more important than ever for prospective voting participants. Make sure to reserve your seat to the biggest show in London this year and skip the queues on-site. Clock Winding Down on This Year’s VotingAre you unsure of how to vote? This simplified process takes minutes and is now easier than ever. For any questions, participants can familiarize themselves with the full terms and conditions of the London Summit Awards.These awards are never bought or paid for, backed by the highest levels of transparency. Self-nominations are permissible, and any company is free to nominate itself. Additionally, anyone is also eligible to vote for any other company as a third party as well. Just choose from among any of the short-listed companies that were selected during the nominations round.Beyond voting, FMLS has also recently unveiled its full agenda. Plenty of notable speakers and leading brand authorities will be in attendance, including this year's sponsors for FMLS:24. These individuals and brands are all available for networking, meeting face-to-face, and engagement opportunities.This article was written by Jeff Patterson at www.financemagnates.com.
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E-brokerage is a rapidly growing sector worldwide, but does it positively impact society through dedicated social activity? What attitude do traders take to socially beneficial projects in general and the initiatives implemented by Forex brokers in particular? Octa, a global broker since 2011, surveyed traders' engagement in and opinion of various charity initiatives. All generations do their partThe Octa's research covered hundreds of traders in several countries, including Indonesia, Malaysia, Nigeria, and South Africa. Across all countries of the survey, the vast majority of participants (up to 95% depending on the country) belong to three age groups: 26–35, 36–45, and 46–65. Each group had roughly the same representation in the sample. Across all countries of the survey, 59% of traders engage in charity, with Nigeria leading the way with 74% of respondents actively and regularly taking part in various socially beneficial projects. The first noteworthy difference between the countries was established in various age groups' attitudes towards charity. While in most countries, the younger generation aged 26–35 are more engaged in charity, Malaysia boasts a more active social stance among those between 46 and 65. This result is quite intriguing and might suggest a higher involvement of middle-aged Malaysians in social issues compared to other surveyed countries.How do they participate?When it comes to ways respondents engage in charity, around 53% only donate money to charitable causes, with volunteer work being the second most popular choice. Donations are especially popular in Malaysia, where 63% of participants help society this way. There is a strong similarity among all countries regarding which charity causes deserve public attention and investments the most. Answering a multiple-choice question, around 68% of respondents chose healthcare and education as the most important causes. Emergency relief initiatives are the third most popular choice, being especially important for Malaysian and Indonesian traders. This fact can be explained by the numerous natural events that occurred in both countries in recent years. In Nigeria and South Africa, women's empowerment, emergency relief, and environmental causes got roughly the same number of answers, with education still being in the lead.It is worth noting that education is one of the leading charity causes worldwide in terms of investment value and the overall scale of initiatives. In turn, Octa, as a global broker that stays true to its social mission, has been actively involved in educational projects in various countries. The broker focuses on enhancing education opportunities and improving living standards by facilitating learning and personal growth.For example, this year, Octa implemented a charity project together with the KIR foundation to educate Nigerian women and provide them with work tools to help boost their small businesses. In Malaysia, the broker sponsored an on-site coding bootcamp for local youths to increase their learning potential and drive better career opportunities. Trust and information sourcesWhen learning about charity and corporate social responsibility projects in particular, traders use various sources, including social media (14% across all survey countries), printed newspapers, TV, and radio (20%), and word of mouth (11%).Last but not least, 56% of the survey participants put the most trust in domestic charity foundations operating within a city or part of the country. In contrast, large-scale international charity organisations are significantly less popular among the traders' community. Octa traders' survey showed that for most traders, charity initiatives are instrumental in establishing their active social role. Many participate in charitable ventures themselves, opting for donations and volunteer work. The high level of social responsibility among traders and their strong drive towards education emphasises the spirit of community and self-improvement embedded in the trading industry.About…
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NAGA Group AG has appointed boxing legend Mike Tyson as its brand ambassador, marking another entry of a sports personality into the retail trading industry, Finance Magnates has learned.A Rushed Yet Polished PartnershipThe partnership was officially announced by NAGA’s CEO, Octavian Pătrașcu, who posted about Tyson joining as brand ambassador.Describing “this latest project with Mike Tyson as next-level,” the CEO further revealed that his team managed to negotiate and sign contracts with Tyson, coordinate with production teams in Los Angeles and New York, and build the entire campaign content in just two weeks. They also filmed an advertisement video featuring Tyson promoting the trading app.Sports Personalities Entering CFDsInterestingly, celebrity partnerships, particularly with sports personalities, have become popular in the retail trading industry. Recently, Poland’s XTB signed Zlatan Ibrahimović as its brand ambassador. The Polish broker has a history of partnering with sports figures, including Spanish goalie Iker Casillas, football legend and now coach José Mourinho, and MMA fighter Conor McGregor.Several other brokers have also brought sports figures on board, but most deals still revolve around sponsorships with football clubs and motor racing teams. Earlier this year, NAGA itself signed a sponsorship agreement with German football club Borussia Dortmund, securing exclusive rights to the BVB Partner logo and enhancing its brand visibility among millions of football fans.NAGA’s partnership with Tyson follows its merger with Capex.com. Recently, NAGA reported a revenue of EUR 31.7 million for H1 2024 on a pro-forma basis, compared to EUR 36.0 million in H1 2023. According to the firm, the revenue shift reflects a strategic focus on improving profitability and operational efficiency, including the discontinuation of unprofitable business units.This article was written by Arnab Shome at www.financemagnates.com.
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Trump Victory Ushers In First Bitcoin-Friendly AdministrationIn a major development on the world stage this week, Donald Trump won the election, sweeping the Electoral College and the popular vote. There are a huge number of takeaways from this emphatic resolution to a dramatic and unorthodox presidential race, but let’s focus on Bitcoin and blockchains and consider the implications for the crypto industry from this point on.From the top, it’s important to note that there has never previously been a presidential campaign that featured crypto as prominently as that just run by Donald Trump. His push for the presidency received advice and backing from David Bailey, the CEO of Bitcoin Magazine. The campaign accepted donations in crypto, and in July, Trump was the headline speaker at the Bitcoin 2024 Conference in Nashville.Government Efficiency 🙌 https://t.co/zMtNsVU4Tm— Elon Musk (@elonmusk) November 8, 2024Markets Cheer, Rich Get RicherTrump's election rally boosted markets, enriched billionaires, and sent crypto soaring, revealing his larger-than-life impact on the economy. Wall Street must have cracked open the champagne early. With Trump gearing up for his latest turn in the White House, investors seem to have found a newfound zest, breathing life into a market rally that even the most optimistic brokers probably didn’t pencil in. The Dow closed 1,500 points higher on Wednesday following Trump’s win. It’s as if the mere thought of Trump in the White House again has money people digging out their "Make Wall Street Great Again" hats. According to a report, as U.S. Treasury yields climbed, so did investor sentiment, triggering a market rally that defied traditional expectations.Capital.com Gains from Index Trading DemandClient trading volume on Capital.com skyrocketed to over $450 billion in Q3 2024, which is 20 percent higher than the previous quarter. The volume was $337 billion in Q1, meaning the nine-month trading volume on the platform surpassed last year’s total of $1.2 trillion. The increased trading demand last quarter was driven by strong interest in indices, commodities, and FX markets, the brokerage firm revealed. It further added that index trading accounted for about 53 percent of its total quarterly trading volume.“With anticipation for the US presidential elections building in Q3, we've seen increased interest in indices and FX pairs, specifically those involving the dollar,” said Daniela Sabin Hathorn, Senior Market Analyst, Capital.com. “The capital injection by China to revive its struggling economy was also a key driver of the momentum in equities throughout September as traders set aside concerns about growth in China.”easyMarkets Registers Strong Q3 ResultseasyMarkets posted strong trading volumes for some of its key financial instruments in the third quarter. Among the standout performers were the USDJPY currency pair and NASDAQ's tech-heavy index. According to the forex trading broker, both indices posted a significant boost as the global market shifted, sparking strong demand from traders.Notably, easyMarkets highlighted the surge in trading volume for the USDJPY currency pair in Q3, with an impressive 98% increase compared to the previous quarter. This jump was reportedly driven by increased client interest in Yen pairs, particularly following the Bank of Japan's decision to raise interest rates for the first time in 17 years.55% of Gen Z Discuss Investments with FriendsA recent survey from eToro shows that Gen Z investors are far more likely than older groups to discuss investments with friends and family. The study, covering 10,000 retail investors across 12 countries, found that 55 percent of Gen Z respondents aged 18 to 27 spoke about their portfolios with friends, and 44 percent shared their investment activities with relatives. Among baby boomers aged 60 to 78, only 29 percent had such discussions with friends, and 22 percent with family. This trend extends beyond family circles. Gen Z respondents are more likely than boomers to compare investment…
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TradingView has expanded its integration with ThinkMarkets,making the broker’s services available on its mobile platform. According to thefirms, this addition aims to improve accessibility for traders who use mobiledevices. Previously, ThinkMarkets services were accessible only via desktop onTradingView, limiting mobile access.TradingView Integrates ThinkMarkets MobileWith this integration, ThinkMarkets clients can now trade onthe go using TradingView’s mobile app. Users can access CFDs on variousinstruments, including currency pairs, stocks, and commodities. The integrationallows traders to operate directly from mobile devices, providing flexibilityand ease of access to markets.In July, ThinkMarketspartnered with TradingView to improve desktop trading accessibility, asreported by Finance Magnates. Foundedin 2010, ThinkMarkets provides tools for global market navigation and offers arange of assets, including CFDs on currency pairs, stocks, and commodities. The brokerage focuses on fast order execution and convenientfunding methods. With clients in over 165 countries, the new integration allows users totrade directly on TradingView using their ThinkMarkets accounts.Trading with TradingView EnhancedTraders can connect to ThinkMarkets through the TradingViewmobile app by using their broker credentials. This update aims to streamlinetrading activities for ThinkMarkets users seeking to engage in markets withimproved access through TradingView’s mobile tools.ThinkMarkets Launches Prop TradingThinkMarketshas launched prop trading services under the brand ThinkCapital. TheAustralia-based brokerage has joined the group of forex and CFDs brokersoffering prop trading and technically funded trading services. This trend was initiated by Axi, OANDA, and Hantec Markets,followed by IC Markets, Traders Trust, and Trade.com. IC Markets provides proptrading services through TC Systems FZE, a UAE-registered entity.Similar to other prop trading offerings, ThinkCapitalfocuses on simulated trading and educational tools for traders. Notably, Axi isthe only provider offering live market trades to funded traders, while OANDAtreats them as signal generators, executing trades based on its risk managementstrategies.This article was written by Tareq Sikder at www.financemagnates.com.
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A Dutch court ordered Binance to disclose the identityof an account holder linked to a €186,000 scam. The ruling comes after a woman fell victim to asophisticated dating app scheme, losing a significant amount of money throughfraudulent cryptocurrency investments, local media outlet CuracaoChroniclereported.The victim, reportedly enticed by a person she metthrough a dating app, was persuaded to invest in cryptocurrencies. Over thesummer, she transferred a total of €186,000 across six transactions, believingshe was dealing with a legitimate platform. Dating Scam UnfoldedBy the time she realized she had been duped, thedamage was already done. The scam, known as "pig butchering,"involves building trust with victims before abruptly stealing their funds. After realizing the scam, the woman filed a policereport in August, citing investment fraud. She enlisted Dutch digital forensicsfirm DataExpert, which traced part of the stolen funds to an account onBinance. Acting on this information, the victim requestedBinance to freeze the account and disclose the user’s identity. Binancecomplied with the account suspension but declined to share personal detailswithout a court order.The court in The Hague has now ruled in the woman'sfavor, recognizing the severity of her financial loss. It ordered Binance toprovide the account holder's full name and address within 14 days and to offera complete asset statement.Legal ObligationsThe court acknowledged that the victim had no otherway to identify the person behind the scam, and her need to seek justiceoutweighed the account holder's privacy concerns. Binance argued itcould not share personal data without judicial oversight, stating its role as aneutral party.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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Ebury, a global financial technology firm, has become thenew “Official FX Partner” of Spanish football club C.D. Leganés.C.D. Leganés and Blue Crow Sports Club will use Ebury'sservices as a strategic partner to support the club's growth. The agreement wassigned on Thursday, 7th November, at the Estadio Municipal Butarque, withrepresentatives from both organizations present.Ebury Supports Global Transactions“We are very pleased to welcome Ebury, an internationalcompany and a reference point in foreign exchange, to our family of sponsors,” EduardoCosín, Vice-President of C.D. Leganés, commented.“Their expertise in the field of international transactionsis exceptional and will greatly help us optimise our foreign currency paymentflows. We are confident that this journey we are embarking on will besuccessful for both entities.”Ebury offers services in international trade, includingpayments and collections, FX risk management, and strategies in over 130currencies. It also provides cash management strategies and business lending.The company focuses on making international trade accessible andstraightforward, aiming to enable businesses to conduct global transactionswith the same ease as local ones.Ebury Becomes Official FX Partner Of Spanish Football Club Leganés - Ebury has announced a sponsorship deal with C.D. Leganés, a football club based in Leganés, Community of Madrid, Spain, that competes in La Liga, the first tier of the Spanish league system. The club wa...— The Industry Spread (@industryspread) November 8, 2024Luis Merino, Managing Director of Ebury Spain, noted: “Wefirmly believe that collaborations like this are essential to enhance ourmarket presence and build meaningful relationships with communities acrossEurope.”Streamlining Treasury for SportsFounded in 2009 by Juan Lobato and Salvador García, Eburyhas expanded globally, with over 1,700 employees and more than 40 offices in 25countries. In FY 2023, it saw a 32% increase in global transaction volumes, totallingover £25.5 billion.Ebury is regulated by the Financial Conduct Authority in theUK and is majority-owned by Banco Santander.“This collaboration underscores Ebury’s commitment tosupporting the evolving financial needs of multi-club ownership structures,like Blue Crow Sports Group, that are increasingly shaping the future offootball,” Maurits Zwart, Global Head of Sports at Ebury, commented on the partnership.“By working with C.D. Leganés and the wider organisation,we’re eager to showcase the full value Ebury brings in optimising treasuryoperations and financial efficiency for leading sports groups around theworld."This article was written by Tareq Sikder at www.financemagnates.com.
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M4Markets has formed a strategic partnership with Swiset, adeveloper of AI analytics solutions. This agreement aims to enhance theacquisition and retention of Introducing Brokers (IBs) while improving theexperience for Academies and their students.Swiset AI Expands NetworkSwiset’s AI platform is already active in over 150 countriesand serves a community of over 70,000 registered traders. It offers M4Markets anew tool for engaging a larger, more data-driven IB audience.Swiset monitors over 30 million trades and connects 250,000accounts. Its ability to turn complex data into actionable insights will helpM4Markets' partners make informed decisions, driving engagement and revenuegrowth. According to the firms, this partnership strengthens M4Markets' valuefor current partners and creates opportunities to attract new talent from theIB and Academy sectors.This article was written by Tareq Sikder at www.financemagnates.com.
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The financial industry is at a crossroadswhere traditional governance and sustainability practices are no longersufficient. A new framework—G(EES), which stands for Governance of Economic,Environmental, and Social Impacts—is emerging as a comprehensive alternative tothe often fragmented ESG (Environmental, Social, Governance) model. This shiftcalls for a more holistic, governance-centric approach that prioritises ethicaldecision-making, transparency, and long-term value creation.Why G(EES) Matters for Fintech, Forex, and CFDsThe fintech, forex, and CFDs sectors operatein fast-paced environments with high regulatory scrutiny and evolving investorexpectations. G(EES) governance goes beyond compliance to embed sustainabilityinto the core of business strategy. For companies in these industries, adoptingthis framework is not just about keeping up with global standards—it is aboutreshaping their operations and building a foundation of trust and credibility.Forex and CFDs firms often face criticism foropaque trading practices, and investor trust is paramount in these sectors. AG(EES)-focused approach will push firms to enhance disclosure practices andensure ethical operations, resulting in improved market perception. By adoptingstronger oversight of trading algorithms, transparent risk managementpractices, and sustainable product offerings, these companies can positionthemselves as leaders in responsible finance.More importantly, implementing a robustgovernance framework aligned with G(EES) will help forex and CFDs firms managefinancial and non-financial risks more effectively. As regulatory bodies andinvestors increasingly favour businesses that demonstrate long-term value andethical conduct, embracing G(EES) could become a competitive advantage.Fintech: Moving from Disruption to ResponsibleInnovationThe fintech industry, known for its rapidinnovation and disruption, must now pivot to embrace responsibility andsustainability at its core. G(EES) provides a structured way for fintech firmsto balance technological advancement with social impact. Startups andestablished firms alike should consider how their products affect financialinclusion, data privacy, and cybersecurity.For instance, fintech companies can lead bycreating solutions that bridge the financial inclusion gap while maintaininghigh data security and customer protection standards. This enhances thesector's reputation and aligns fintech's rapid growth trajectory with broadersocietal goals.Building a Culture of Accountability andLong-Term VisionOne of the most profound changes that G(EES)governance demands is a shift in leadership mindset. It is not just aboutreporting on sustainability metrics—it is about embedding governance into everylayer of decision-making. For fintech, forex, and CFDs firms, this meanscreating internal structures that prioritise ethics and compliance withoutstifling innovation.This shift will likely involve appointingdedicated governance officers, establishing sustainability committees, andintegrating sustainability into compensation frameworks. While thistransformation may seem daunting, the long-term reputational and financialbenefits outweigh the costs.The Road Ahead: Transform or Be Left BehindBeing involved in the forex and CFDs industry,I see firsthand the growing demand from regulators, investors, and clients forcompanies to adopt a more integrated and transparent governance approach.G(EES) is not just a trend; it is the new standard that will define responsibleand sustainable business practices for years to come.Companies embracing this model will be betterequipped to navigate regulatory changes, build stronger stakeholderrelationships, and create long-term value beyond profits. Those who resist willnot only risk falling behind but may also find themselves unable to meet therapidly evolving market expectations.For the fintech, forex, and CFDs sectors,adopting G(EES) is an opportunity to redefine responsible business. Byintegrating economic, environmental, and social impacts into a comprehensivegovernance…
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ATFX Connect is excited to announce its partnership with Your Bourse, a leading provider of Platform-as-a-Service solutions for FX and CFD liquidity management. This collaboration aims to enhance liquidity options for brokers by combining ATFX's extensive service portfolio with Your Bourse's capabilities. Together, we are committed to improving operational efficiency and supporting sustainable growth for a diverse range of clients by delivering effective solutions to optimize trading operations.A Match to Be MadeThis collaboration allows us to enhance our service offerings by integrating Your Bourse’s innovative technology with our custom liquidity solutions. By combining our strengths, we can provide brokers with a seamless trading experience that includes the below: · Enhanced Trading Technology with a Seamless ExperienceThe partnership integrates Your Bourse's ultra-fast trade execution capabilities with ATFX's Prime of Prime services, creating a powerful infrastructure for brokers. This collaboration minimizes latency, enabling quick and efficient trade execution. Brokers can seamlessly integrate their platforms for real-time execution, reducing operational friction and allowing them to focus on strategic growth while optimizing their trading strategies to boost profitability.· Tailored Liquidity SolutionsBy leveraging Your Bourse’s advanced platform features alongside ATFX’s global market access, brokers can fully customize their trading environments to meet the diverse needs of their clients. This flexibility allows brokers to adjust liquidity settings, spreads, and execution parameters, delivering personalized trading experiences that enhance client satisfaction and loyalty.· Comprehensive Risk Management with Diverse Liquidity OptionsTogether, Your Bourse and ATFX offer a suite of risk management tools that help brokers navigate market fluctuations effectively. Access to a broad spectrum of Tier 1 liquidity from both bank and non-bank sources further enhances trading options, improving pricing and execution quality. With these resources, brokers can set risk thresholds, monitor exposure in real-time, and implement strategies to mitigate potential losses, ensuring reliability in their trading operations.Innovative Solutions for a Better Trading ExperienceThe collaboration between Your Bourse and ATFX Connect introduces a suite of innovative solutions designed to empower brokers in today’s dynamic market. By integrating cutting-edge technologies and tailored services, this partnership equips brokers with powerful tools for improved trade execution and risk management. Brokers can leverage Your Bourse’s advanced Liquidity Aggregation capabilities alongside ATFX’s diverse liquidity pools, allowing for optimal pricing and faster order execution. Additionally, features like customizable MT4/MT5 Bridge integrations streamline trading operations, while real-time analytics and alerts help brokers monitor their positions effectively. This comprehensive approach not only enhances operational efficiency but also supports brokers in delivering exceptional trading experiences that meet the evolving needs of their clients.Premium Liquidity Program by Your Bourse with ATFX Connect At ATFX, we are proud to support brokers in their participation in the Premium Liquidity Program offered by Your Bourse. By selecting ATFX as their liquidity provider, brokers can access a suite of enhanced services, including custom price and volume multipliers, advanced order routing, and real-time reporting capabilities. These tools enable brokers to manage their operations efficiently and profitably. Additionally, brokers can utilize Your Bourse's services at no cost when they sign up with ATFX, making this a valuable opportunity to leverage high-quality solutions without any extra expense. This collaboration is designed to help brokers optimize their trading strategies and improve their service delivery to clients.ConclusionIn summary, the partnership between ATFX Connect and Your Bourse significantly…
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Explore how Trump's election rally boosted markets, enrichedbillionaires, and sent crypto soaring, revealing his larger-than-life impact onthe economy.Wall Street must have cracked open the champagne early. With Trumpgearing up for his latest turn in the White House, investors seem to have founda newfound zest, breathing life into a market rally that even the mostoptimistic brokers probably didn’t pencil in. The Dow closed 1,500 pointshigher on Wednesday following Trump’s win. It’s as if the mere thought of Trumpin the White House again has money people digging out their "Make WallStreet Great Again" hats.US stocks rallied sharply to close at record highs on Wednesday after Republican Donald Trump won the 2024 US presidential election in a stunning comeback https://t.co/mPyGAgzYTm pic.twitter.com/kdKJOwnmND— Reuters (@Reuters) November 7, 2024Goldman Sachs isn’t just cheering from the sidelines; it’s calling it.According to a report, as U.S. Treasury yields climbed, so did investorsentiment, triggering a market rally that defied traditional expectations.Maybe it’s the promise of deregulation, the scent of tax cuts in the air, orjust the wild ride Trump promises that has traders all in a tizzy. Either way,Trump’s effect on markets is a rollercoaster that Wall Street’s thrill-seekerswouldn’t miss for the world.However, analystDavid Kostin warned that a substantial rise in 10-year Treasury yieldscould put a damper on any prolonged stock market rally. “A further sharpincrease in 10-year Treasury yields would likely limit the magnitude of anypotential rally in stock prices,” Kostin noted.Richer Than Ever: The Billionaire BonanzaElon Musk and Jeff Bezos can thank Trump for some extra zeroes in theirnet worths. As his election prospects drew clearer, their collective walletsseemed to magically thicken. It’s like they could smell opportunity in the wind.According to data, billionaires saw their fortunes balloon as stocks rallied.It wasn’t just about faith in the economy—it was about faith in a Trumpeconomy, with all its promises of pro-business policies, less oversight, and agovernment that looks out for its wealthiest sons.It’s not just Musk and Bezos, though. The top tier of Americanbillionaires collectively relished a market surge that brought gainsreminiscent of the pandemic-era boom. The rationale behind this surge? Simple.A potential Trump administration could mean slashed corporate tax rates andpolicies designed to keep the wheels greased for big business operations. Teslastock surged by almost 15% in the aftermath of the election and Musk’s valuehas risen by $61 billion this year, with Bezos lagging behind with a paltry $51billion rise. And, of course, we know all about Musk’sconnections to Trump.Government Efficiency 🙌 https://t.co/zMtNsVU4Tm— Elon Musk (@elonmusk) November 8, 2024Critics might wag their fingers and shout about wealth gaps andfairness, but in the billionaire playground, Trump’s potential return was akinto a late birthday gift. The stock rally that followed was proof that whenTrump talks, the wealthy listen—and laugh all the way to the bank.Crypto’s Wild Ride: Bitcoin, Ether, and the Trump BumpNot to be left out of the party, the crypto market hitched a ride onTrump’s hype train. Bitcoin, Ether, and even meme coins like Dogecoin sawsubstantial bumps. Solana, an altcoin darling, didn’t sit this one out either;it joined the rally, buoyed by the broader sense of financial “let’s go big orgo home.” Alot of people got even richer.🇺🇸AMERICA ELECTS ITS FIRST EVER CRYPTO PRESIDENTTrump has been elected as the first U.S. president openly supportive of Bitcoin and cryptocurrencies.Throughout his campaign, Trump pledged to bolster the crypto industry, including plans to establish a national Bitcoin reserve… pic.twitter.com/KIDJudWjx3— Mario Nawfal (@MarioNawfal) November 6, 2024The catalyst? It’s not just Trump’s economic brand but the uncertaintyhis political presence stirs. In times when conventional markets tip-toe oneggshells, crypto traders start to salivate. This…
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The California Department of Financial Protection and Innovation (DFPI) has now permanently revoked the license of bankrupt crypto lender BlockFi, two years after initially suspending it.An Array of ViolationsAnnounced yesterday (Friday), the state regulator disclosed that BlockFi has agreed to settle by accepting the license revocation. The bankrupt company further agreed to cease any practices that violated regulations or posed risks to consumers.According to the DFPI’s latest report, BlockFi breached license conditions by failing to evaluate borrowers’ repayment ability and by charging interest before loan proceeds were disbursed. Additionally, the platform did not provide credit counselling to consumers, failed to report payment histories to credit bureaus, and inaccurately disclosed annual percentage rates (APRs) in loan documents.“While we encourage innovation in our financial marketplace, companies must comply with laws and protect consumers to continue operating in California,” said DFPI Commissioner Clothilde V. Hewlett.Creditors Await SettlementsBlockFi’s troubles began after the collapse of Sam Bankman-Fried’s FTX, which led the crypto lender to file for bankruptcy in November 2022. BlockFi, which offered crypto lending services to retail clients, had significant exposure to the collapsed exchange, totalling up to $1.2 billion.Earlier this year, BlockFi reached a settlement with FTX, securing up to $874 million in potential repayments. This allowed BlockFi to sell its FTX claims and prepare for a final distribution to creditors. According to BlockFi’s bankruptcy estate, the goal is to return “100 percent” of distressed clients’ claims, though these will be valued based on the date of bankruptcy, not the current crypto market rates.While the collapse of FTX revealed vulnerabilities in BlockFi’s model, the California regulator had already been investigating similar platforms. The DFPI previously disclosed its scrutiny of crypto companies offering interest-bearing accounts, though it did not specifically name BlockFi at the time.This article was written by Arnab Shome at www.financemagnates.com.
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Caroline Ellison, the former CEO of Alameda Researchand a key figure in the FTX fraud case, reported to a low-security federalprison in Connecticut to begin serving her two-year sentence. Ellison's cooperation with prosecutors led to theconviction of FTX founder Sam Bankman-Fried, but she now faces the consequencesof her own involvement in the scheme that resulted in the collapse of theonce-thriving cryptocurrency exchange.Cooperation with ProsecutorsThe 30-year-old Alameda Research's former CEO, whohelped orchestrate the massive fraud that unraveled the $32 billioncryptocurrency exchange, reported to a federal prison in Connecticut onNovember 7, CNBC reported.Her sentence followed a 2022 plea deal in which sheadmitted to conspiracy and financial fraud charges. Ellison's cooperation withprosecutors played a crucial role in the conviction of FTX's founder, Sam Bankman-Fried. She agreed to testify against him, which wasinstrumental in securing his 25-year prison sentence for similar charges.Caroline Ellison sentenced to two years for role in FTX crypto fraud https://t.co/HMuntIYwon— BBC News (World) (@BBCWorld) September 24, 2024Ellison was intimately connected with both FTX and Alameda Research, a hedge fund affiliated with the cryptocurrency exchange. Shewas also in a relationship with Bankman-Fried while overseeing Alameda, a firm that received a significant portion of thefunds misappropriated by Bankman-Fried from FTX clients.Despite the extensive fraud, Ellison expressed remorseduring her sentencing, breaking down as she apologized for her actions andadmitted her failure to stand up to the corrupt practices of FTX and itsfounder.Caroline Ellison's ApologyJudge Kaplan, who oversaw Ellison's case, reportedthat while her extensive cooperation with prosecutors was commendable, it couldnot excuse the scale of the crime she was involved in. The case, which continues to reverberate across thecryptocurrency industry, has led to multiple legal repercussions for former FTXemployees.Ellison's sentencing also followed a pattern ofaccountability among former FTX executives. Earlier, Nishad Singh, anotherex-FTX executive, was sentenced to time served and three years of supervisedrelease.This article was written by Jared Kirui at www.financemagnates.com.
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Unregulated trading venueswill never disappear as long as there are traders willing to swap consumer protections for high leverage and lowerfees. The challenge for regulated platforms with significantcompliance costs is to convince these traders that the risks outweigh theperceived advantages.In September, the ForeignExchange Professionals Association (FXPA) published a white paper on tradingvenues operating in OTC FX derivatives markets. It cautioned that thebenefits of trading on unregulated FX derivatives venues may come at theexpense of reduced customer protections.Many traders opt forunregulated platforms due to perceived advantages around cost, legacyconnectivity, or flexibility. However, the risks associated with unregulated tradingvenues are far from theoretical.Traders Ignore Regulatory WarningsWarnings from regulatorsand industry bodies are often dismissed on the basis that they refer to eventsthat might happen rather than actual incidents. However, the likes ofYoutradeFX and IronFX serve as a warning to traders who think it couldn’thappen to them.“There have been numerouscases where traders suffered significant losses,” observed Patrick Bartle,managing director LMAX Exchange. “These venues often lack proper oversight andsafeguards, leading to situations where traders may find themselves withoutrecourse when issues arise.”Regulations are not justred tape—they are there to protect customers from fraud, shady practices, andoverly risky trades that could seriously impact their funds, said Gerard Melia,head of FX sales at StoneX.“In addition, regulationshelp keep the market steady, block financial crime, and make sure everyone hasfair options,” he continued. “Unregulated platforms don’t have any of thisoversight, so if something goes wrong, the customer is left without a safetynet.”In light of the above, Meliareckons choosing an unregulated FX derivatives trading platform is a bizarremove when regulated platforms already offer a wide selection of spreads,leverage options, and diverse products across multiple regulated jurisdictions.But Alexander Kuptsikevich,chief market analyst at FXPro acknowledges that regulation tends to come withsevere restrictions on leverage and initial capital. In addition, regulatorsoften prohibit the provision of exotic instruments to retail clients, limitingthe offering of regulated brokers to a narrow range of the most popularinstruments.The FXPA paper also warnedthat unregulated FX derivatives trading platforms introduce the possibility ofregulatory arbitrage for FX markets.“Brokers are looking toincrease the number of licenses, often going to relatively easy jurisdictionsto compete with other brokers in emerging markets,” he added. “In developedmarkets, strict compliance and regulatory rules prevent brokers from providingwhat active clients in much of the world—particularly in Asia—need.”Kate Leaman, Chief Market Analyst at AvaTrade refers to an increase in the number of unregulated FXderivatives platforms popping up to take advantage of gaps in regulatoryframeworks, particularly in jurisdictions with lax enforcement or where thereis limited cross-border oversight.The rise ofcryptocurrencies and decentralized finance has made it easier for theseplatforms to operate under the radar. They sometimes even offer anonymoustrading, which appeals to a certain type of customer but also magnifies therisks involved.“We have seen new entrantsproviding FX derivatives where their regulatory status is unclear,” saidNicolas Jegou, CEO of EuronextFX. “Most operate as a technology partner in their offering.”PlusToken Scam Pointed to the Massive RiskLeaman points to the riskposed by hybrid crypto-FX platforms such as PlusToken, whose organizers withdrewin excess of $3 billion in Bitcoin and other cryptocurrencies in June 2019 andinformed investors that they had ‘run.’“With crypto's growth, someunregulated FX platforms now mix crypto and FX products,” she said. “ThePlusToken Ponzi scheme caught out many unsuspecting investors who thought theywere trading…
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Marex Group posted a strong performance in the third quarter, with a 66% year-over-year increase in pre-tax profits, a surge in revenue and trading income. In the three months ending September, the group reported a 32% jump in revenue, reaching $391.2 million. This figure compares to $296.6 million in the same period last year.Profit and RevenueAccording to the financial reports, Marex's positive results were boosted by high customer activity, particularly in energy and securities. Net tradingincome rose 39%, reportedly due to high demand for hedging and investmentsolutions. Commenting about the performance, Ian Lowitt, Marex’s GroupChief Executive Officer, said: “In the last few months, we have invested tofurther diversify our global platform, expanding our capabilities andgeographic footprint, in line with our strategy to add new clients and increasethe services we can provide them.”“We have continued to grow our capital base anddiversify our funding sources with a successful senior debt issuance, and wewere pleased to see strong investor demand for the recent share placementlaunched by our shareholders, which increased liquidity in our stock.”The company acquired Cowen's prime servicesbusiness to strengthen its agency and execution division. This reportedlypushed net commission income up by 15% to $202.8 million.Besides that, net interest income doubled from $31.4million to $63.5 million, reportedly benefiting from reinvested assets at higher yields.Marex continues to strengthen its position through acquisitions aimed atgeographic and sectoral growth. The group expanded its presence in the Middle Eastwith the acquisition of Aarna Capital and enhanced its FX capabilities with the purchase of Hamilton Court Group. Additionally, Marex reported an increase in total assets to $19.5 billion as of September 30, 2024, a $1.9 billion jump from theend of 2023.Nine Months Ending SeptemberFollowing the positive results, the Board approved a dividend of $0.14 per share,payable on December 10, 2024, to shareholders of record as of November 25. For the nine months ending September 30, Marex registereda 39% increase in pre-tax profits, amounting to $218 million, compared to$157.1 million in the same period last year.Year-to-date revenue rose by 28% to $1.18 billion,with net commission and trading incomes showing substantial growth. WithAdjusted Operating Profit for Q3 2024 at $80.5 million, a 52% increase from Q32023, the company's operating margins also improved, rising from 18% to 21%. Following the strong performance, Marex upgraded itsfull-year profit guidance, now anticipating an Adjusted Operating Profit of$300 million to $305 million, up from the previous estimate of $280 million to$290 million. This article was written by Jared Kirui at www.financemagnates.com.
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Jetonbank, a growing name in the digital banking landscape, is preparing for this year’s Finance Magnates London Summit (FMLS24), ready to showcase its innovative financial solutions. With the summit serving as a central hub for industry leaders, decision-makers, and innovators, Jetonbank is set to highlight how its international banking technologies are enabling businesses worldwide to survive in the digital age.Globally Award-Winning Business Banking SolutionsAs businesses expand globally, the demand for seamless, secure, and scalable payment solutions continues to rise. Jetonbank has positioned itself as a trusted partner for companies looking to simplify cross-border transactions and manage complex international payments. Jetonbank supports businesses in over 100 countries, and 30 currencies, providing access to secure payment processing, digital currencies, and multi-currency accounts.With an infrastructure tailored to deliver a top-tier digital banking experience, Jetonbank has established itself as a remarkable player in the FinTech sector. The company has created a global banking network built on speed and security, serving a widespread international user base.How Can Jetonbank Support Your Business?At FMLS24, Jetonbank will introduce its solutions designed to meet the evolving needs of businesses, including:● Dedicated Bank Accounts: Simplify your banking with our dedicated accounts - seamless payments, additional IBANs on request, and instant transaction confirmation.● Multi-Currency Accounts: Enabling businesses to manage funds in multiple currencies, reducing the complexity and cost of cross-border transactions.● Cross Border Payments: Whether making payments to remote staff and enabling smooth transactions with key suppliers, Jetonbank ensures seamless international transfers and currency exchanges in a single pathway.● Supported Digital Assets: Expand your business capabilities with Jetonbank's digital asset payments account. Easily settle digital currencies to fiat in real-time.● Digital Currency Checkout (Payment Gateway): Accept digital currencies, and enjoy the convenience of settling in either fiat or digital currencies based on your client's needs. These solutions have been carefully designed to help businesses maximize efficiency, reduce costs, and enhance their global reach.Digital Currency-Friendly Business Banking One of the most transformative developments in the FinTech industry has been the rise of digital currency exchanges. Jetonbank embraces a digital asset-friendly banking experience, enabling account holders to manage their investments and conduct money transfers using digital currencies. This approach simplifies transactions across multiple digital currencies, empowering users to operate with greater flexibility.Jetonbank's digital asset-friendly banking model makes digital asset management more accessible for corporate clients. The platform offers enhanced features tailored to investors and businesses involved in digital currency, bridging the gap between traditional banking and the digital asset ecosystem. This integration allows digital currency enterprises to access a full suite of banking services while engaging in the growing world of digital finance.Looking Ahead to FMLS24FMLS24 promises to be a key event for Jetonbank as it continues to strengthen its presence in the global fintech space. The summit provides an opportunity to network with industry leaders, share insights on the future of financial services, and explore new avenues for collaboration.Jetonbank is committed to continuous innovation. The team looks forward to discussing how their next-generation business banking solutions can help businesses navigate the complexities of the modern financial ecosystem.Don’t miss the opportunity to visit Jetonbank at FMLS24 Booth #19 to learn more about Jetonbank’s payment solutions and discover how they can support your business in achieving its financial goals.Get in Touch with JetonbankTo explore Jetonbank's offerings or to schedule a…
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Swiset, a provider of trading analytics, has acquiredProprietary Firms Tech (PFT), a provider of solutions for proprietary tradingfirms. This acquisition combines Swiset’s data-driven analyticswith PFT’s expertise in prop trading infrastructure. The partnership aims toimprove efficiency, intelligence, and scalability for traders and prop firms.AI Integration for Prop Firms“The trading and investment landscape is increasinglyintegrating prop services into its core offerings. However, the currenttechnology within the CFD's sector has lagged behind advancements seen in otherassets, such as futures, crypto, and options,” Andres Jimenez, COO of Swiset.PFT’s platform supports all aspects of prop firm operations,from trader selection to risk management. With Swiset’s AI technology, PFT aimsto enhance its analytics, streamline processes, and improve operationalintelligence. The integration will allow prop firms to manage risk and analyseperformance more effectively.This acquisition enables us to extend Swiset’s sophisticatedAI capabilities into the prop trading, enhancing not only user analytics butalso empowering prop firms and brokers with more robust risk management tools.”added Jimenez.Unified Platform for TradingThe merger will create a unified trading experience thatincorporates AI-driven insights. Traders will benefit from transparency, whileprop firms gain access to a platform that combines PFT’s operational tools withSwiset’s analytics. This acquisition is part of Swiset’s focus on innovation anda tech-driven approach in the trading sector. The merger is expected to enhanceconnectivity and offer smarter solutions for both traders and prop firms.Meanwhile, DynamicWorks has introduced a new integrated feature for Brokeree Prop Pulse, asystem for managing accounts in proprietary trading firms. This feature allowsclients to browse and select various prop trading plans in the client area, asreported by Finance Magnates. After choosing a plan, clients can make a deposit, whichSyntellicore processes by deducting the prop trading fee and setting up therelevant trading account. The account is then linked to the chosen tradingchallenge, allowing clients to begin trading.This article was written by Tareq Sikder at www.financemagnates.com.
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The Financial Commission announced today that IUX Marketshas become its newest approved Member. This status took effect on November 6,2024, following approval of IUX's membership application.IUX Markets Joins Financial CommissionAs an Approved Broker Member, IUX Markets and its clientscan now access various services and benefits, including protection of up to€20,000 per submitted complaint, supported by the Financial Commission'sCompensation Fund.IUX Markets is a global financial services provider offeringa variety of trading instruments, such as forex, commodities, indices, andCFDs. The company focuses on technology, security, and transparency in itsservices.The Financial Commission offers an independent disputeresolution service for brokers and clients in markets like forex, CFDs, andcryptocurrency. This platform facilitates quicker resolutions than traditionallegal processes such as arbitration or courts. “The Financial Commission provides brokerages and their customers withan unbiased 3rd party mediationplatform that helps resolve complaints in instances when parties are unable todirectly come to an agreement over disputes,” the organization stated. IUX Markets joins a range of other brokerages and serviceproviders that use the Financial Commission's services to address customercomplaints and meet membership obligations.This article was written by Tareq Sikder at www.financemagnates.com.
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