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Commodity Futures Trading Commission (CFTC) has formedpartnerships with several organizations to raise awareness about cryptocurrencyrelationship investment scams dubbed "pigbutchering." The regulator's Office of Customer Outreach and Education(OCEO) is spearheading this initiative to educate and protect consumers fromfalling victim to these complex fraud schemes.Efforts to Fight FraudAccording to the official statement, the CFTC is teaming up with various organizations, including the American Bankers Association Foundation,federal agencies, and private regulators. The collaboration focuses ondistributing a comprehensive infographic that outlines the "pigbutchering" scam. This visual guide details the various stages of thescam, from initial contact to financial loss, and highlights key warning signsfor potential victims.Speaking about the initiative, CFTC’s Office ofCustomer Education and Outreach Director Melanie Devoe, mentioned: “Partneringwith federal and state regulators as well as consumer protection groups andother organizations helps spread the CFTC’s customer education message andhopefully reaches people before they can get scammed.” “These partnerships focus on a relationship confidencefraud the perpetrators commonly refer to as ‘pig butchering,’ that is estimatedto cost Americans billions each year.”In addition to the infographic, the CFTC is alsoworking with the U.S. Securities and Exchange Commission (SEC), the FinancialIndustry Regulatory Authority (FINRA), and the North American SecuritiesAdministrators Association (NASAA) to create an investor alert. This alert is designed to educate investorsabout the tactics scammers use to infiltrate even the most cautiousinvestors' minds and wallets.CFTC has urged investors to avoid responding to unsolicited messages from unknown sources,a common tactic used by scammers. With these new partnerships and educational efforts,the watchdog aims to significantly reduce the prevalence of "pigbutchering" scams and protect investors from financial harm.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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Eugene Danishkin has announced that he is starting a newrole as Head of B2B at NAGA, marking a career shift after three years atAdmirals.“I’m happy to share that I’m starting a new chapter in mycareer! After 3 years at Admirals, I’m embracing a new challenge at NAGA asHead of B2B,” Danishkin wrote on LinekdIn.Head of B2B SalesDuring his time at Admirals, Danishkin served as Head ofPartnership and Business Development. He was responsible for global B2B salesand acted as Product Owner for B2B operations, trading incentives, and copytrading/asset management products. His work involved managing cross-functionalteams and overseeing social media marketing initiatives.Before joining Admirals, Danishkin founded and continues torun MBC Ltd., a consulting firm based in Limassol, Cyprus. MBC offersconsulting services in sales, marketing, and IT for fintech companies,providing support from business plan creation to licensing and auditing.Earlier, SamChaney, Chief Commercial Officer at NAGA Group, announced his departurefrom the company, as reported by FinanceMagnates. Leadership Shift to NAGADanishkin’s previous roles also include COO and productowner for a fintech B2C company, where he was involved in developing thebusiness from its inception. Additionally, he held senior positions at variousFX brokers, including a five-year tenure at a CySEC-licensed FX broker where heworked in investment research, strategic planning, and global sales. His new position at NAGA marks the latest development in hiscareer, where he will focus on leading B2B operations.In his LinkedIn post, Danishkin expressed gratitude for hisjourney so far and shared his enthusiasm for the new role. “A huge thank you toeveryone who's been part of this journey so far. I’m also looking forward toworking with the truly inspiring team at NAGA, and I can’t wait to see whatwe’ll accomplish together,” he added. This article was written by Tareq Sikder at www.financemagnates.com.
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Ebury, a global financial technology firm, has announced anew partnership with French football team AS Monaco FC for the 2024-2025 Ligue1 season. This agreement will see Ebury provide its expertise in internationaltransactions to meet the club's global operational needs.Under the terms of the partnership, Ebury’s branding willappear on AS Monaco’s professional squad training kit throughout the season.Ebury's Global Financial SolutionsEbury offers a range of financial services designed tosupport international business activities. These include international paymentsand collections, business lending, FX risk management, and Mass Paymentssolutions.Thibaut Chatelard, Marketing & Revenue Director of ASMonaco, commented: “We are thrilled to welcome Ebury as a partner of AS Monaco!Ebury has made it their mission to transcend borders, and our Club has alwaysembraced international connections. This partnership is a natural fit, and weeagerly anticipate its launch.Ebury’s Sports Sector ExpertiseThe firm also has a dedicated unit focused on the sportssector, aiming to assist sports brands, agents, and athletes with tasks such asathlete signings, global merchandising, sponsorships, advertising, and largecapital expenditures.With a presence in 39 offices and over 1,700 employeesacross 25 countries, Ebury provides a comprehensive suite of financial servicestailored to simplify international trade for businesses.“We are thrilled to partner with AS Monaco. It’s anextraordinary opportunity to be involved with a club that boasts such a richhistory and has nurtured some of the greatest talents in the game,” PeterBrooks, Global Head of Sports at Ebury, stated.“Furthermore, this collaboration goes beyond just workingwith the club; it is a testament to our commitment to business within theMonaco principality and its growth on a global scale. We look forward toembarking on this journey with the club and fostering a strong, long-termrelationship with the region.”This article was written by Tareq Sikder at www.financemagnates.com.
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Cryptocurrencyexchange Bitget has ramped up its regulatory compliance efforts with the recentappointment of Hon Ng as its new Chief Legal Officer. Ng, who previously held asimilar role at industry giant Binance, brings a wealth of experience innavigating the complex regulatory landscape of digital assets.In anexclusive interview with Finance Magnates, Ng outlined his vision for enhancingcrypto compliance strategies while fostering innovation in the rapidly evolvingdigital asset space. He emphasized the importance of balancing regulatoryrequirements with technological advancement.Compliance Doesn't Have to Be the Enemy of CryptoInnovationHon Ng'scareer trajectory is nothing short of remarkable. As a seasoned legalprofessional with over two decades of experience, Ng has overseen high-profiletransactions, including a $500 million acquisition of a strategic stake in X(formerly Twitter) in consortium with Elon MuskHis resumealso boasts a three-year stint as General Counsel & Head of GovernmentAffairs at Binance, the world's largest cryptocurrency exchange. While Nghas since transitioned to Bitget, he continues to pursue another passion: football.Intriguingly, he serves on the Legal Committees of both the Asian and EastAsian Football Federations and represents the Hong Kong Football Association. It'sworth noting that one of Bitget's global ambassadors is none other than footballlegend Lionel Messi. Coincidence?Jokes aside, Finance Magnates' conversation with Ng focused not on his love for the ball but on his expertise in compliance, law, and cryptocurrencies. Heacknowledges that proponents of decentralization often view cryptocurrencymarket regulation as incompatible with maintaining the industry's innovativespirit."Strongcompliance doesn't have to stifle innovation—in fact, it can enable it,"Ng stated. "When a platform like Bitget builds a solid complianceframework, it creates a foundation of trust. This trust, in turn, gives us thefreedom to explore new ideas and develop cutting-edge solutions."Nghighlighted Bitget's proactive approach to compliance, including mandatory KnowYour Customer (KYC) procedures, sanctions compliance, and transactionmonitoring. He plans to build on these existing measures, drawing from hisexperience at Binance where he spearheaded global licensing efforts andregulatory dialogue.“I had developed the legal team and pushed forward an agenda that you can still see today, such as licensing. All of these things helped improve the industry andmade it safer for users,” added Ng. “I intend to build on that.”Lack of Regulatory ConsistencyThe cryptoindustry faces significant challenges in regulatory consistency acrossjurisdictions, according to Ng. “Eachcountry has its own set of rules. This is quite a big challenge for exchangesthat operate globally.”To addressthis, Bitget is adopting a unified approach that aims to meet the highestglobal standards."Weimplement mandatory KYC across all of our markets, comply with sanctionrequirements, and conduct thorough transaction monitoring," Ng explained."These efforts help us proactively meet legal requirements and ensurewe're already operating at the highest standards."Engagingwith regulators is also a key part of Bitget's strategy. Ng described theexchange's approach as constructive, involving face-to-face discussions tounderstand regulatory expectations in different markets. “We arethrilled that the conversations so far have been very positive about the waythose regulators wish to develop their crypto frameworks and how an exchangelike Bitget fits into that masterplan,” Ng explained.“US Could Benefit fromMore Clarity and Consistency”Ng’s appointmentcomes at a time when the cryptocurrency industry is experiencing increasedscrutiny and regulatory attention, especially in the US. Whileworking for Binance, the current Chief Legal Officer frequently dealt withvarious legal issues around the world. These situations demonstrated theinconsistency in regulations he mentioned: the exchange could operate fullylegally on one continent…
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Traddoo,operating in the retail proprietary trading industry, has announced that it istemporarily suspending challenge sales to new clients. For existing customers,it's business as usual, and the change is due to updates being implemented inthe current client platform.Traddoo Suspends ChallengeSales, but for Good ReasonAccordingto information shared on Discord by Dylan Worrall, CEO of prop firm Traddoo,the company is currently working on introducing a new client dashboard, whichwill take several weeks. As a result, it warns its customers of "briefinterruptions" and is suspending "new challenge purchasestemporarily."Nothing changes for existing traders, who still have access to theirchallenges, trading, and withdrawals. "We'recommitted to keeping things running smoothly for you while we make theseimprovements," Worrall commented.Whatchanges can be expected in the coming weeks at Traddoo? According to the CEO'sannouncements, the new dashboard will provide traders with more information, bemore user-friendly, and easier to use. Soon, options for paying with credit anddebit cards will also be added. Moreover, the company intends to change itscurrent trader evaluation model.Prop Firms SuspendChallenges and OperationsWhileTraddoo has suspended challenges due to work on improving the platform, similarinformation recently has mainly concerned solvency issues in the rapidlychanging prop industry.Justyesterday (Tuesday), Finance Magnates reported that Fundedlions isdisappearing from the prop firm's map, suggesting it was "attacked andblackmailed" by its technology provider. As a result, the company hastemporarily (for an unknown duration) suspended operations and begun the processof migrating to the MetaTrader 5 platform.A few weeksago, UK-based Indigo Trader Funding also decided to halt its operations, as it"failed in this business endeavor." The official announcement cameonly a day after the company's name was officially removed from the companyregistry. It applied for the strike-off on August 12.Last month,Karma Prop Traders, which had only started operations at the beginning of 2024,also disappeared from the market. In this case, however, everything ended wellfor investors, as their accounts and outstanding withdrawals were taken over bySway Funded.This article was written by Damian Chmiel at www.financemagnates.com.
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NymCard, a certified principal member of Mastercard'spayment network and a provider of Banking-as-a-Service (BaaS), has partneredwith Mastercard to facilitate faster global money transfers. This service willallow customers in the UAE to send money to 47 countries through a singlesecure connection.The collaboration will enhance NymCard’s BaaS platform. Itwill use Mastercard Cross-Border Services, part of the Mastercard Moveportfolio, to improve the efficiency of international remittance services.Countries benefiting from this service include Bangladesh, Egypt, India, Nepal,Pakistan, the Philippines, Sri Lanka, the United Kingdom, the United States,and others.Rising Demand for TransfersThe Borderless Payments Report 2023, published byMastercard, noted that 48% of UAE residents expect to send cross-borderpayments more often, while 36% anticipate receiving more payments from abroad.This trend has increased the demand for reliable international money transferoptions.As part of the agreement, NymCard will also enter theRemittance-as-a-Service space, aiming to provide faster and more seamlesscross-border payment services. The company will offer these services to banks,fintech companies, and retailers, ensuring near-real-time and securetransactions."Our collaboration will enable NymCard to speed up timeto market, scale sustainably and differentiate its service amid risingcompetition,” said Amnah Ajmal, Executive Vice President, Market Development,EEMEA, Mastercard..@NymCard Leverages Mastercard Move to Offer Fast and Efficient Cross-Border Payments Across 47 CountriesRead more: https://t.co/9bYqGajcZg#NymCard #FintechInnovation #GlobalPayments #PaymentSolutions #DigitalFinance #FinancialTechnology #finance #fintech #FinancialIT— Financial IT (@financialit_net) September 11, 2024Accessing Mastercard Payout NetworkThrough the partnership, NymCard will gain access toMastercard's payout network, which includes bank accounts, mobile wallets, cashpickup points, and cards. This will expand NymCard’s capabilities by allowingadditional payment options.Mastercard Move, including its Cross-Border Services andMastercard Send, supports the quick and secure transfer of funds bothdomestically and internationally. It operates in 180 countries and handles over150 currencies, providing access to 95% of the world’s banked population.“Our joint commitment to innovation and financial inclusionwill undoubtedly reshape the landscape of cross-border fund transfers in theregion,” said Omar Onsi, CEO, NymCard.This article was written by Tareq Sikder at www.financemagnates.com.
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Dupoin, One-Stop Trading Platform is a financial service providerin the area of brokerage for trading in spot Foreign Exchange, Precious Metalsand CFDs in Global Indices, Energy, Stock & Share and Cryptocurrencies.With the support of multiple first-tier banks and non-bank liquidity providers,we are able to accomplish and provide our customers with consistent liquiditythat brings good market visibility and transparency. Dupoin has rapidlyestablished itself as a trusted name among traders and financial professionalsworldwide.Dupoin also providessolutions and support services to both Professional and InstitutionalCustomers, most of which are proprietary trading companies, asset fund managersand other international brokers. Our core team of research and developmentprogrammers are experienced in their field. They are always challengingthemselves by constantly developing and upgrading our software, tradingplatforms, investment products and exchanges to provide our retail customerswith a wider range of investment opportunities in an ever changing environment.Serving and supporting our customers are our priority in all the decisions wemake.Legal Presence andRegulatory Compliance Across the GlobeDupoin is legally exposed in threedifferent countries through the following three regulated entities.Dupoin UK.This is incorporated in the United Kingdom (company number 08909079). It isauthorized and regulated by the UK Financial Conduct Authority (FRN 622574) toengage in trading in leveraged OTC derivatives and spot FX contracts.Dupoin Futures Indonesia. Incorporated in Indonesia and has been awardedIndonesia’s Best Broker with a Grade A+++. It is authorised and regulated bythe Badan Penawas Perdagangan Berjangka Komoditi (BAPPEBTI). We are members ofthe Jakarta Futures Exchange (JFX) and a clearing member of Kliring BerjangkaIndonesia (KBI). Dupoin Markets Ltd. This is incorporated in theAutonomous Island of Anjouan (Union of Comoros registration number 15624). Weare authorized and supervised by the Anjouan Offshore Financial Authority(L15624/DM) to engage in trading OTC derivatives and spot FX contracts.Westrived to provide the best trading experience for all our customers whereverthey are.InnovativeTrading Platforms: ActsTrade and Dupoin AppWith over two decades of industryexperience, Dupoin is proud to introduce two state-of-the-art tradingplatforms: ActsTrade and the Dupoin App. These platforms exemplifyDupoin’s commitment to simplicity, efficiency, and empowering traders at alllevels.ActsTrade: The Web Platform for SeamlessTradingActsTrade is a meticulously designedweb platform that provides traders with an exceptional experience. By combiningtransparency and efficiency, ActsTrade offers real-time data access, advancedanalytics, and customizable tools for a seamless trading environment.Dupoin App: Revolutionizing Mobile TradingDupoin App, the leading mobile tradingplatform, features advanced chart analysis, smooth order execution, andcomprehensive account and fund management tools. Dupoin App gives clientsinstant access to global markets, enabling easy trading from anywhere at any time.StreamlinedServices for an Enhanced Trading ExperienceDupoin’s focus on customerconvenience is evident in its streamlined account opening process and rapidtransaction capabilities. Opening a Dupoin trading account is a straightforwardprocess, supported by a 24-hour verification service that completes identityverification within minutes. Live chat support is available directly throughthe platform, eliminating the need for additional downloads and ensuring thathelp is always at hand.Dupoin also offers a rapid depositand withdrawal system, completing transactions within 10 minutes. This quickturnaround time ensures that traders have swift access to their funds, allowingthem to manage their trading activities with greater flexibility andconfidence.EmpoweringTraders with Advanced Tools and InsightsEmpowering traders is at the core ofDupoin's mission. The platform offers a comprehensive suite of trading andinvesting…
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Capital.com'sUK branch has published its financial results for 2023, reporting a significantdecrease in net profit compared to the previous year. Although revenue saw amodest increase, income shrank by over 60% to $1.5 million.Capital.com UK ReportsSubstantial Profit Decline in 2023Capital Com(UK) Limited is responsible for Capital.com's brokerage operations in the UK. Thecompany's net trading profit reached $29.7 million, compared to $29.1 millionreported in 2022. Thanks to much lower direct expenses, gross profit stood at$26.9 million, up from $22.8 million the previous year.However,Capital.com UK experienced a significant increase in administrative costs,which amounted to $23 million, up $7 million from $17 million in the previousperiod. As a result, net profit fell to $1.5 million, compared to $4.1 millionin 2022, shrinking by over 60%.It's worthnoting that the company paid a dividend of $5 million last year, whereas it didnot share profits with shareholders in the previous year. The report alsoindicates that the company "invested in IT and second-line infrastructureemployees to support" its ability to meet regulatory requirements.Consequently, staff costs rose from just under $11 million to over $16.5million.Thecompany's total assets remained virtually unchanged at just over $30 million,similar to 2022.In March, Finance Magnates reported that the UK arm of Capital.com suspended new account creations in the country. According to an emailed statement, the move was made to ensure the company will “continue to deliver anuncompromised level of service to existing clients in the UK.”Whenvisiting the Capital.com website in the UK and attempting to open an account,users are greeted with a message stating that the company has "made thedecision to pause onboarding new clients in the UK for nowHow Does Capital.comPerform OverallIt'simportant to remember that the results reported by Capital Com (UK) Limitedrepresent only a fraction of Capital.com's entire operation. The broker's mainheadquarters is in Cyprus, where it holds CySEC regulation, and it alsooperates several other entities worldwide.Recently,the company reported its global trading volumes, which exceeded $1.2 trillionin 2023. The group's latest results cover the first half of 2024, during whichrevenue hit "triple-digit millions."FromJanuary to June, revenue jumped by 35%, and the total number of registeredaccounts increased by 63%. Trading volume reached $725 billion.“These results underscore our strategic investments in talent, IT, and second-line systems, which are driving our global growth," said Ariel Segev, Group Chief Financial Officer at Capital.com.Meanwhile,the firm also appointed Jessica Bliesner as the new Group Chief OperatingOfficer. She has already assumed the role and is based in the broker's Londonoffices.A month ago, Capital.com started a new initiative with the crowdsourced security platform Integrity, offering its clients a bug bounty program. Thanks to this move, thebroker wants to commit more to the safeguarding of user data and the integrityof its platform.This article was written by Damian Chmiel at www.financemagnates.com.
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The UKbranch of LCG published its financial results for 2022, showing an increase inrevenue but a deepening net loss. The company managed to earn just under £2million, which is 25% more than the £1.6 million reported the previous year.LCG Increases Net Loss in2022LondonCapital Group Limited, which is directly owned by FlowBank, is responsible forLCG's operations in the UK. The parent company, however, has been inliquidation since June 2024 following a decision by the Swiss regulator.For a briefperiod, the British FCA imposed restrictions on LCG, preventing them fromonboarding new clients or accepting their funds. This restriction was lifted inmid-July. Nevertheless, the company is feeling the effects of the maincompany's bankruptcy. In the meantime, the Bahamas branch was closed, citingFlowBank's problems as the direct cause.Returningto LCG UK itself, while other companies are reporting results for 2023, thisentity is only now releasing figures for 2022. According to the latest reportpublished this week in Companies House, revenue increased by 25% to £2 million,up from £1.6 million.At theoperational level, however, LCG UK reported a loss of £3.7 million, shrinkingby almost £2 million from 2021 levels. As a result, the net loss for the entire2022 amounted to £2.4 million, deepening by 30% from the previously reported£1.7 million."Revenuesduring the accounting period were generated from a 'back-to-back' arrangementwith FlowBank which saw LCG's risk hedged one-for-one with FlowBank," thereport explains. "In turn, FlowBank paid LCG fees for trading volumegenerated."Accordingto the forecasts included in the report, the board plans to "put LCG backon the path to profitability" in the current year.LCG UK For SaleAt the end of last month, the liquidators of FlowBank issued a letter stating their intention to sell a 100% stake in LCG UK and to cease the operations of its affiliated entity in the Bahamas. “In respectof LCG UK, the liquidators are currently seeking a potential purchaser whowould be interested in acquiring all the shares in LCG,” the liquidators fromWalder Wyss Ltd stated, adding that “in respect of LCG Bahamas, the liquidatorswish to discontinue the operation of LCG Bahamas.”They also noted that they plan to terminate the activities of LCG Bahamas. According to the most recent update, FlowBank had around 9,000 accounts with secured deposits, amounting to roughly CHF 53.5 million. By last week, the liquidators had reimbursed about 5,800 accounts with nearly CHF 45 million, which constitutes approximately 84% of the total secured deposits. 4This article was written by Damian Chmiel at www.financemagnates.com.
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It seems that the founder of IronFX, Markos Kashiouris, has further expanded his presence in the retail trading industry with the launch of a new prop trading platform, Ultimate Traders, Finance Magnates has learned.IronFX Founder Has the Majority StakeThe prop trading platform is operated by the UK-registered company Ultimate Traders Evaluation Ltd, incorporated in 2023, with Kashiouris as the majority shareholder. According to Companies House, Kashiouris holds more than 75 percent ownership of the prop trading platform.IronFX, a forex and contracts for differences (CFDs) broker, is operated by Cyprus-registered and headquartered Notesco Financial Services Ltd, which was founded by Kashiouris. The broker brand also operates in the UK under a local entity regulated by the Financial Conduct Authority (FCA). Furthermore, it operates globally under an entity registered in the offshore jurisdiction of Bermuda.Interestingly, Ultimate Traders' sole Director is Andreas Pogiatzis, a resident of Cyprus, which brings the broker closer to the Mediterranean island’s broad retail trading industry.Finance Magnates reached out to IronFX and Kashiouris for confirmation but has not received a response as of press time.However, the customer service of IronFX told Finance Magnates that the broker still does not have a prop trading offering, but is "working on it... and once its done, we will post it on the website".Brokers Find Prop Trading LucrativeMeanwhile, many large and small FX and CFDs brokers have entered the prop trading industry in recent months. The trend was set by big names like OANDA and Axi, but now brokers such as IC Markets, ThinkMarkets, Trade.com, Blueberry Markets, and Traders Trust have also launched their own prop trading brands. Several other former brokerage executives have also launched prop trading platforms.However, FTMO took the opposite route, initially becoming a prop trading firm before expanding into the brokerage space. Earlier, Finance Magnates exclusively reported that FTMO generated $213 million in revenue in 2023.The prop trading industry remains unregulated for now, allowing anyone to quickly enter the industry by streamlining the technology and trading platforms. However, multiple regulators are now taking an interest in the fast-growing prop trading industry.This article was written by Arnab Shome at www.financemagnates.com.
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ENS Labs, the organization responsible for the Ethereum NameService (ENS), has announced integration with PayPal and Venmo. This moveallows users of these popular payment platforms to utilize their ENS names whentransferring cryptocurrency. The feature, available initially in the UnitedStates, simplifies the process of managing wallet addresses and helps reducethe likelihood of errors during transactions.PayPal, Venmo Integrate ENSPreviously, users had to manually enter or scan externalwallet addresses to transfer funds on PayPal and Venmo, which increased therisk of mistakes, especially for those unfamiliar with cryptocurrency. Theintegration of ENS names eliminates this step. Users can now enter therecipient’s ENS name in the search field, and the associated wallet address isautomatically recognized by the platform.“We are excited to bring ENS’ naming capabilities directlyinto the hands of millions of users, through Venmo, PayPal Mobile, and PayPalWeb,” said Khori Whittaker, Executive Director of ENS Labs.“As the world of digital assets becomes more mainstream, ourgoal is to ensure managing those assets is as intuitive and user-friendly aspossible. ENS, much like PayPal and Venmo, transforms complex wallet addressesto human-readable names for users to transact securely and confidently.” ENS Names Saved AutomaticallyAdditionally, PayPal and Venmo will save ENS names in theiraddress books, making future transactions easier to manage. This featureextends the platforms' existing ability to handle internal crypto transactions,adding the convenience of recalling saved external contacts for cryptocurrencytransfers.“Working with PayPal and Venmo allows us to reach those whoare new to the space and those who prefer the familiarity of Web2 paymentplatforms,” said Marta Cura, Director of Business Development at ENS Labs.“By bringing ENS to platforms they already know and trust,we’re making it easier for them to interact with decentralized finance within atraditional Web2 environment.” This article was written by Tareq Sikder at www.financemagnates.com.
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For many years, crypto has been fended off accusations of being a solution in search of a problem. Another way of putting it is that product-market fit is an issue, or that crypto needs a killer app. It’s worth distinguishing here also between bitcoin and the rest of crypto. Bitcoin can claim a category of its own as a digital store of value, but when it comes to the rest of the blockchain environment, a wide variety of potential use cases are on the table but still unproven. Stablecoins have perhaps the clearest case for immediate utility, and then there’s the tokenization of real world assets, the use of NFTs in gaming, entertainment and as a medium for digital art, and there’s also DeFi as an alternative financial environment (although then there are still questions as to what specific value DeFi tokens are actually tethered to). However, regarding practical utility, this year has been marked by the emergence into the mainstream of the decentralized prediction market Polymarket, which increasingly looks like it may be turning into crypto’s first potentially killer app, or is at least gaining recognition as a decentralized platform that makes clear sense to users outside of the crypto bubble.What Is Polymarket?Founded in 2020 and built on Polygon, Polymarket is a blockchain-based prediction market that utilizes the stablecoin USDC for trading. There’s no way you can use the product without crypto and it doesn’t require KYC, meaning it’s a legitimately crypto-native platform, and it is–by nature of the gambling on current affairs that it facilitates–closely in touch with real world events, appealing, and easily understood.Odds Republicans win back the Senate are up to 75%. pic.twitter.com/WQtrzzAZA7— Polymarket (@Polymarket) September 5, 2024It should be noted that political betting goes back centuries, while the first online prediction market was the still-in-operation Iowa Electronic Markets, which launched back in 1988. Also, Polymarket is not the first ever crypto-powered prediction market: Augur and Gnosis are both decentralized prediction market developments that were started before Polymarket launched. However, Polymarket is the first decentralized prediction market that has picked up a lot of mainstream attention while it gains in volume and users. As we’re in a US election year, there is a huge amount of interest in public opinion on the presidential candidates, and it’s become commonplace to see Polymarket’s latest political trading stats cited in order to get a handle on voting intentions.This also ties back in with the recent prominence of crypto as a political issue in America. Analysis shows that this year, the crypto industry has–by a substantial margin–been the leading corporate sector when it comes to political donations, funding pro-crypto candidates in primary races through non-partisan, crypto-dedicated super PACs. And at the same time, Donald Trump has grabbed headlines by making multiple strongly pro-crypto campaign pledges, while this week it was reported that the Kamala Harris campaign is able to receive crypto donations through a PAC called Future Forward (and the Trump campaign, meanwhile, directly accepts donations made in crypto). Against this crypto-tilted backdrop then, what better way to get a handle on public opinion than through Polymarket, a platform that is deeply embedded in the very crypto world now being openly supported by one candidate, and cautiously paid attention to by the other?Polymarket, Memecoins and Financial NihilismAnother crypto trend that has emerged over the past year or so is speculation on memecoins. These are tokens that have no utility, and which–through novel platforms such as Pump.fun and various copycats–can be rolled out very quickly for the purposes, essentially, of rapid-fire gambling. What the memecoin niche has in common with Polymarket is the tendency towards a betting mentality, but where they differ is that memecoins haven’t gained mainstream traction and aren't immediately intuitive, whereas Polymarket…
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After arecord-breaking 2021, one of Europe's oldest cryptocurrency exchangesexperienced two consecutive years of significant unprofitability. The Britishbranch of Luxembourg-based Bitstamp recently published its 2023 results,showing a revenue decline to just under €8 million and a net loss of €19.7million.Bitstamp EnduresChallenging Two Years of Crypto WinterBitstampLimited, registered in the UK, emphasized in its report published this week inCompanies House that the 70% year-over-year revenue drop from €29 million was"mainly driven by unfavorable market conditions and the reduction intrading volumes."In 2021,the exchange achieved a record profit of €37 million, responding to Bitcoin'shistoric highs. 2022 brought a decline from the peaks and a loss of around €7million, while the past year saw this loss triple to nearly €20 million.Nevertheless,Bitstamp remains among the top 10 largest cryptocurrency exchanges in terms ofspot volumes. According to Finance Magnates Intelligence data, in July2024, it ranked ninth with a result of almost $8 billion.It's worthnoting that the unfavorable impact on results was not only due to lower BTCprices throughout most of 2023 and reduced retail investor activity but alsointernal company movements. Part of Bitstamp Limited's business was transferredto three of its subsidiary companies, including Bitstamp UK Limited, BitstampGlobal Ltd (registered in the British Virgin Islands), and Bitstamp Europe SA(registered in Luxembourg).Although wedon't have insight into the latter two's results, Bitstamp UK Limited also published its 2023 report. The company's turnover was notsubstantial either, amounting to £1 million, with a net loss of £1.5 million.Returningto Bitstamp Limited, besides a significant decrease in revenue and deepeningnet loss, the company also reported more than a twofold reduction in volume. In2022, it amounted to €55 million, now falling to just over €25 million.Althoughthe company doesn't mention any forecasts for 2024 in the report, looking athow the BTC price has changed, it can be assumed that the current year willperform significantly better compared to recent ones. Especially consideringthat in 2023 the average Bitcoin price was $16,000, while currently, it'saround $44,000.MiCA and Acquisition byRobinhoodTheEuropean Union's Markets in Crypto-Assets Regulation (MiCA) came into effect onJune 30. Bitstamp was one of the first exchanges to implement appropriatemeasures before this deadline. The exchange delisted the EUR-denominatedstablecoin EURT and announced it would not list any new Electronic Money Tokens(EMTs).Moreimportantly, Robinhood announced in June its agreement to acquire Bitstamp. Theacquisition is expected to expedite Robinhood Crypto's global expansion.Bitstamp holds over 50 active licenses and registrations worldwide, attractingcustomers from the EU, UK, US, and Asia to Robinhood's platform.We’re accelerating Robinhood Crypto’s worldwide expansion. Robinhood has officially entered into an agreement to acquire @Bitstamp, a global cryptocurrency exchange with customers across the EU, UK, US and Asia. More details: https://t.co/wk3x02z0rU pic.twitter.com/aadKzhCxlx— Robinhood (@RobinhoodApp) June 6, 2024"BringingBitstamp's platform and expertise into Robinhood's ecosystem will give users anenhanced trading experience with a continuing commitment to compliance,security, and customer-centricity," said JB Graftieaux, CEO of Bitstamp.This article was written by Damian Chmiel at www.financemagnates.com.
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Ryan Salame, FTX's Former executive serving a 7.5-yearsentence, has retracted his legal motion to compel the government to honor hisplea deal. The decision comes as his long-time partner, Michelle Bond, nowfaces federal charges, prompting a strategic shift in their legal approach.Salame initially filed the motion last week, claimingthat prosecutors had coerced him into pleading guilty by suggesting they woulddrop their investigation into Bond, the mother of his child, according to apetition filed before the court last week. His plea was meant to shield Bond from legalrepercussions, but with Bond's recent indictment on campaign finance charges,Salame has reconsidered his strategy.A Sudden Change of CourseSalame's petition, submitted just before Bond'sindictment became public, alleged that prosecutors improperly secured hisguilty plea by implying they would cease their investigation into Bond.However, as Bond's legal situation took a turn for the worse, Salame's legalteam decided to withdraw the petition, Coindesk reported.Bond, the SEC's former lawyer and a prominent figure in the crypto advocacy community was charged in federal court on August 22 with multiple counts related to illegal campaign contributions. These charges stem from her unsuccessful 2022 Congressional campaign, during which she allegedly receivedunlawful contributions from Salame and other FTX employees.Despite Salame's withdrawal, Judge Lewis Kaplan hasreportedly ordered a hearing on the original petition, which will requireSalame's presence as part of his bail conditions. This hearing will stillexplore whether the government honored the terms of Salame's plea deal despitehis motion being retracted.The Broader ImplicationsBond's indictment and Salame's legal maneuvershighlight the intense scrutiny surrounding FTX's former executives. Bond nowfaces four serious charges, each carrying a potential five-year prison sentenceif convicted. The unfolding legal drama between Salame and Bondcould further expose the complexities of their involvement with FTX, a companyalready mired in scandal.Salame was the Co-Chief Executive at FTX’s Bahamassubsidiary. His decision to plead guilty followed the impending trial of SamBankman-Fried, who was jailed for orchestrating a multi-billion fraud scheme. At FTX, Salame was not only a key executive but also aprolific contributor to Republican political campaigns. He reportedly channeledUSD $24 million to political parties. Additionally, prosecutors mentioned thatBankman Fried used Salame and other FTX executives as "straw donors."This article was written by Jared Kirui at www.financemagnates.com.
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Netherlands-based payment service provider for onlinemerchants PayU has teamed up with Mastercard to introduce new cross-borderissuer authentication solutions. The new service promises to enhance globalpayments by offering merchants, issuers, and consumers a better paymentexperience across multiple markets.According to a report by Inc42, PayU introduced thesesolutions at the Global Fintech Festival 2024, highlighting a focus onsimplicity, convenience, and security for all stakeholders in the paymentsecosystem. Enhancing Cross-Border TransactionsThe newly launched cross-border issuer authenticationsolution is designed to allow issuers to instantly connect to an authenticationplatform. This enables them to identify and authorize non-3D secureinternational e-commerce payments. The system also enhances fraud detection, ensuringcompliance with global regulatory standards. PayU's solution promises toimprove the overall security and efficiency of international transactions,benefiting merchants by reducing the complexities and risks associated withcross-border payments.PayU's collaboration with Mastercard is part of abroader strategy to enhance its digital payment platform through strategicpartnerships. Earlier this week, PayU rolled out a push provisioning platformin partnership with major card networks, including Visa and Mastercard, tofacilitate seamless card tokenization between banks and merchants. This initiative aims to increase the security andconvenience of online card transactions, further solidifying PayU's position inthe global payments landscape.Amazon Pay LaterAdditionally, PayU has integrated Amazon Pay Laterinto its checkout infrastructure to enable online merchants to offer instant,flexible credit options to their customers. As PayU continues to expand itsglobal footprint, the company is reportedly exploring options for a publiclisting in India.Recently, Mastercard unveiled a new payment passkey service,promising to secure online shopping. According to the company, this offeringwill first be piloted in India in collaboration with major payment players,including Juspay, Razorpay, and PayU. Elsewhere, Ecommpay teamed up with Mastercard last month tointegrate the Click to Pay solution across the UK and Europe. This partnershipaims to offer merchants and consumers a better payment experience by mitigatingfraud and improving transaction approval rates.Click to Pay reportedly eliminates the need for passwordsand manual card entry by utilizing user recognition, network tokenization, andglobal interoperable standards. The partnership with Ecommpay seeks to improvethe guest checkout process by allowing customers to complete purchases withoutbeing redirected or manually entering card details.This article was written by Jared Kirui at www.financemagnates.com.
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TDMarkets has obtained a Crypto Asset Service Provider (CASP) license from SouthAfrica's Financial Sector Conduct Authority (FSCA), Finance Magnateslearned exclusively. The license authorizes TD Markets to offer regulatedcryptocurrency services, enhancing security and consumer protection in therapidly growing digital asset market.TDMarkets Secures Crypto License“As anFSCA-licensed broker, we are now authorized to offer you a regulated and secureenvironment for accessing cryptocurrencies and cryptocurrency related products,”TD Markets has informed its clients in an official message, seen by FinanceMagnates.TDMarkets, under the company TD Markets (Pty) Ltd, is a licensed investment firmoperating in South Africa with the license number FSP49128, now addingcryptocurrency authorization to its credentials.Themove comes as global regulators grapple with the challenge of overseeing theburgeoning cryptocurrency industry. South Africa's approach, implementedthrough the FSCA, aims to establish rigorous standards for brokers and create asafe, transparent ecosystem for traders.TDMarkets emphasized that the license will enable clients to diversify theirfinancial portfolios with cryptocurrency-related products while operatingwithin a regulated environment. The company plans to launch new products inline with this development, though specific details were not disclosed.“TheFSCA's licensing framework enhances the credibility of the cryptocurrencymarket, establishing rigorous standards for brokers and ensuring a safe andtransparent ecosystem for traders,” TD Markets added.For TDMarkets' existing clients, the company stated that no action is required, andthe trading experience will remain unchanged, albeit with enhanced regulatoryoversight.Severalmonths ago, Finance Magnates spoke with Amar Ramith, the CEO of TDMarkets. "We are an African-born broker with very strong global arms. Wehave an intrinsic alignment with the growth and potential of Africa. Without adoubt, such excitement is well warranted given the opportunity Africa offers onthe global market," Ramith commented at the time.SouthAfrica Navigates Crypto RegulationsLast year,the FSCA intensified its efforts to license the cryptocurrency industry byimposing regulatory requirements on cryptocurrency exchanges. This year, the regulatorhas further increased its activities in this area. As reportedby Finance Magnates in the first half of this year, South Africa plannedto license approximately 60 cryptocurrency platforms by the end of March. Anadditional 300 firms were in line, including TD Markets.This article was written by Damian Chmiel at www.financemagnates.com.
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Identity fraud is no longer confined to isolatedcriminal activities; it has evolved into a massive, coordinated effort driven bybots and deepfake technology, according to AU10TIX's latest report. The report, focussing on the second quarter, revealed a staggering rise in automatedattacks, particularly targeting social media platforms and the financialsector. APAC is emerging as a hotspot for fraudulent activities. The study also highlights cybercriminals' growing sophistication and the urgentneed for advanced defenses.Social Media and Financial PlatformsThe Q2 report highlighted a concerning shift inidentity fraud patterns, with social media platforms becoming a primary target.While only 3% of identity fraud attacks in Q1 2024 focused on social media, thenumber skyrocketed to 16% in Q2. This surge reflects a global trend in whichbots, automated programs designed to impersonate human behavior, are beingdeployed to create fake accounts, manipulate online discourse, and carry outfinancial fraud.One of the driving forces behind these attacks is therapid advancement in deepfake technology. Deepfakes enable cybercriminals tocreate highly realistic fake profiles, which can be used for disinformation,identity theft, and financial crimes like money laundering. These fakeidentities are particularly concerning when combined with bots, allowingattackers to scale their operations to unprecedented levels.The report points to the APAC region as a focal pointfor the global identity fraud crisis. A coordinated "mega-attack" inQ2 2024 involved over 5,000 fraudulent onboarding attempts in the paymentssector. This attack underscores how financial institutions in APAC areparticularly vulnerable to large-scale bot-driven fraud.Further compounding the issue, the region experienceda staggering 1,530% increase in deepfake-related incidents and saw its fraudrate jump by 24% between 2022 and 2023. With 3.27% of all transactions nowfraudulent, APAC holds the dubious distinction of having the highest identityfraud rate globally.Fraud-as-a-Service OperationsThe rise of AI-powered Fraud-as-a-Serviceoperations has reportedly fueled these attacks, making it easier for criminals tolaunch coordinated fraud campaigns. These developments have significantimplications for financial institutions, social media platforms, andgovernments across the region.Despite the escalating threats, there are signs ofprogress in the fight against cybercrime. AU10TIX noted that global operationsled by INTERPOL, such as the HAECHI IV and First Light campaigns, have madesignificant strides in disrupting fraud networks. As a result, AU10TIX recorded a 17% decline in attackson the payments sector during Q2, offering hope that coordinated efforts canturn the tide against fraudsters.This article was written by Jared Kirui at www.financemagnates.com.
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Centroid Solutions has integrated its Centroid Bridge platform with Bloomberg FixNet, a network service connecting more than 2,000 broker-dealers destinations. Thispartnership promises to offer brokers better access to Bloomberg's network ofbroker-dealers and improve trading capabilities across multiple asset classes.Broker Access with Global ReachAccording to Centroid Solutions' announcement, thelatest integration will optimize it offerings by providing brokers with theability to connect to other brokers globally through Bloomberg FixNet. Bloomberg FixNet is a connectivity service with morethan 2,500 connections. It offers brokers standardized FIX access for enhancedtransactions across various financial instruments.The integration simplifies broker onboarding for thosealready connected to Bloomberg's infrastructure. Brokers can now utilizeCentroid Bridge to tap into Bloomberg Trading Connectivity services withoutcomplicated technical setups by offering better access to other global brokers.Centroid Solutions' partnership with Bloomberg FixNetreportedly allows traders to execute trades with greater flexibility across arange of asset classes, including listed equities, futures, options, fixedincome, FX, and even index swaps.Centroid Solutions also aims to enable brokers toaccess better onboarding, enhanced flexibility, and wider market access withBloomberg FixNet integration. This is done by providing users with better services in a fast-paced trading environment.Expanded Trading CapabilitiesRecently, Centroid expanded its partnership withDXtrade to include support for the DXtrade CFD white-label trading platform onCentroid Risk, Centroid's risk management system. The collaboration between Centroid and DXtrade started in2021.DXtrade is a customizable trading platform withoptions for partial and complete customization. The platform includes a webtrader, mobile apps for Android and iOS, and tools for broker management andclient services.Meanwhile, Centroid Solutions integrated its serviceswith the London Stock Exchange Group's (LSEG) Autex Trade Route technology lastyear. The initiative aims to boost Centroid's bridging solutions and expand itsclients' access to diverse financial markets.Centroid Solutions also expanded its offerings tomulti-asset brokers in collaboration with TransactCloud. The service offers round-the-clock operational support and system interoperability. Centroidalso teamed up with Skale, a CRM provider pre-integrated with the FX market's tradingplatforms, payment service providers, and KYC tools. This article was written by Jared Kirui at www.financemagnates.com.
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Award-winning brokerage CentFx is set to play a key role at twoimportant upcoming events in the forex calendar, having announced itsparticipation as an official Bronze Sponsor at Forex Expo Dubai 2024 andconfirmed its attendance at iFX EXPO Dubai 2025.The company will be showcasing its fullrange of services and engaging directly with the online trading community, in aclear demonstration of its strong commitment to continued growth in MENA.VisitCentFx in DubaiAttendees will have multiple opportunitiesto meet and connect with the CentFxteam, who will be present at two of the world’s leading online trading expos,both taking place at the Dubai World Trade Centre, Dubai, UAE.From 7-8 October 2024, CentFxrepresentatives will be located at booth 181 during Forex Expo Dubai 2024,organised by HQMENA. Early next year, from 14-16 January 2025, the company willbe exhibiting at booth 25 at iFX EXPO Dubai 2025, organised by UltimateFintech.At each expo, the firm will be presentingits latest offerings, including its new social trading platform, multi-levelaffiliate program, and excellent range of account types and tradable assets.Visitors are cordially invited to meet theteam at both events, where they can engage with experts who will providepersonalised insights tailored to their trading journeys. They will also havethe exclusive opportunity to take advantage of special offers available only toexpo attendees.Aseamless forex experienceDriven by a team of industry expertswith decades of experience, CentFx provides access to more than 400 instrumentsacross various asset classes, including forex, CFDs, metals, and indices.There are also account options suitedto different trading strategies, which include Micro, Standard, and ECNaccounts, each with distinct features – including a swap-free option. Forseasoned traders, the company offers a customisable account option thatprovides greater flexibility to meet the demands of the most experienced marketparticipants.Traders have the ability to enhancetheir trading experience through the broker's new social trading feature, whichoffers additional tools to connect with other traders, share insights, andcompare strategies in a more collaborative way.CentFx places a strong emphasis oncomprehensive fund security, providing fast and reliable deposits andwithdrawals through various payment methods, including bank transfers anddigital wallets.It also maintains a zero-fee policy,with no hidden charges beyond network fees from payment providers, ensuringthat clients can benefit from full transparency and possess greater confidencein managing their funds.Atrusted international brokerBuilt on a foundation of trust,quality, and reliability since its establishment in 2022, CentFx is a fullyregulated online brokerage, licensed by the Financial Services Commission (FSC)in Mauritius. With over 18 industry awards, CentFxis recognised as a leader in the field, providing a broad array of accounttypes and tradable assets, along with competitive forex and CFD tradingconditions via the popular MetaTrader 5 (MT5) platform, which is available ondesktop, Android, and iOS.For those interested in scheduling ameeting with a CentFx representative, please click here.This article was written by FM Contributors at www.financemagnates.com.
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Despitevolatility in financial markets, the summer period brought lower engagementfrom individual investors in the US and a decrease in the value of theirdeposits. According to the latest results, they have reached their lowestlevels in nearly half a year.FX Deposits Shrink by $12Million in a MonthAccordingto the latest data from the Commodity Futures Trading Commission (CFTC) forJuly 2024, the total value of FX deposits in the US amounted to $545.5 million,falling 2.2% from the $557.5 million reported in June. In nominal terms, thistranslated to a decrease of $12 million and gave the worst result sinceFebruary 2024.As seen inthe chart below, this also breaks the upward trend observed since the end oflast year, which had provided a rebound from medium-term lows.The datadoesn't align with separate FX volume data reported by Cboe. In the case of theexchange, volumes grew to $1 trillion from the $950 billion reported in June.Everyone Down ExceptInteractive BrokersThedeclines were reflected in the results of individual firms, with the strongestpercentage drop seen in the case of Trading.com, amounting to 7.5%. However, itshould be noted that nominally it was also the most modest, translating to justunder $156 thousand.The largestnominal decline was recorded by OANDA, losing $8.5 million in FX deposits, or4.6%. Compared to June, the value slipped to $184 million.At the sametime, Gain Capital, which holds the largest market share, lost 0.8% to $206million, increasing its lead over OANDA.The onlybroker that increased the value of FX deposits in July 2024 turned out to beInteractive Brokers. In its case, they grew by 7.3% to almost $30 million, upfrom $27.7 million reported a month earlier.Regulatory FinancialReporting for Forex Brokers in the USCFTC playsa vital role in monitoring the financial stability and transparency of US-basedForex brokers. Retail Foreign Exchange Dealers (RFEDs) and Futures CommissionMerchants (FCMs) are required to submit comprehensive monthly financialstatements to the regulatory body.Thesereports must encompass key financial metrics, including:FinancialIndicatorsAdjustednet capitalClientassetsRetailforex obligations reflect the aggregate assets held on behalf of clients byFCMs or RFEDs, taking into account any realized profits or losses. This mandateapplies to all 62 registered RFEDs and FCMs operating in the United States.Notable entities such as Charles Schwab, Gain Capital, IG, Interactive Brokers,OANDA, and Trading.com are among those required to comply. These firms mustmake their financial commitments publicly available, fostering industry-widetransparency.Recenttrends indicate that FCMs are making significant investments in advancedfront-end technologies. This strategic initiative aims to boost operationalefficiency and enhance their competitive position in the ever-evolvingderivatives market.This article was written by Damian Chmiel at www.financemagnates.com.
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Bitcoin, the world's largestcryptocurrency by market capitalization, continues to garner attention frominvestors and market analysts alike. As 2024 progresses, Bitcoin isexperiencing market behavior that mirrors trends from 2023. Despite thetemporary turbulence, experts like Bill Watson, Senior Investment Specialist atInvestiva, believe that this cycle of volatility may pave the way forsubstantial gains in the near future.ComparingMarket TrendsBill Watson, who has spent over fouryears with Investiva guiding investors through the complex world ofcryptocurrencies, has highlighted the striking parallels between the currentBitcoin market and that of 2023.“Bitcoin’s behavior in 2023 serves as areference point for what we’re seeing now,” Watson explains. “There’s a clearcycle of investor sell-offs and market stagnation, which many see as a preludeto an upcoming breakout.”Insightsfrom Market AnalystsThis market behavior was underscored in adetailed post by a prominent crypto analyst, Dana Crypto Trades, who drewcomparisons between the price fluctuations of Bitcoin in 2023 and 2024. In bothyears, Bitcoin’s price remained range-bound for extended periods, leading tobearish sentiment among short-term investors. However, Watson is confidentthat, much like in 2023, this period of consolidation is likely a temporaryphase before a significant price surge.MissedOpportunities and Long-Term Potential“Many investors sold off their Bitcoinholdings last year around the $25,000 mark, waiting for a lower reentry point,”says Watson. “However, those who waited on the sidelines missed out onincredible returns as Bitcoin surged.” According to Watson, a similar scenariomay be unfolding now, with bearish investors hoping for a dip that may nevermaterialize.Looking ahead, Watson stresses thatBitcoin's long-term potential remains incredibly promising. “Bitcoin has showntime and again that it is resilient and can overcome periods of volatility. Formost investors, the key to success is long-term holding, as Bitcoin hasrepeatedly rewarded patience with significant price increases.”Predictionsfor Q4 2024Watson’s assessment echoes that of otherexperts, with price targets for Bitcoin reaching as high as $100,000 by the endof Q4 2024. Another respected crypto analyst, Stockmoney Lizards, has alsodrawn comparisons between Bitcoin’s current market setup and historical trends,including the price patterns seen in 2016. Both Watson and Stockmoney Lizardsbelieve that Bitcoin could see a substantial breakout as market conditionsstabilize.StrategicAdvice for Investors“We may be on the verge of Bitcoinreaching new highs,” Watson adds. “With increased institutional interest andthe approval of Bitcoin ETFs, the foundation is being laid for a strong upwardmove.”At Investiva, Watson and his teamcontinue to monitor these developments closely, advising clients to take astrategic, long-term view of Bitcoin investing. “There’s never been a bettertime to seriously consider adding Bitcoin to your portfolio,” Watson asserts.“With the right guidance, Bitcoin offers incredible potential for growth in2024 and beyond.”ConclusionInvestors are encouraged to stay informedand consult with experts like Bill Watson to make the most of thistransformative asset. Bitcoin’s potential remains vast, and while short-termfluctuations can be challenging, the long-term outlook continues to showpromise. Watson concludes, “The opportunities are here; it’s just a matter ofbeing patient and staying the course.This article was written by FM Contributors at www.financemagnates.com.
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BitgetWallet has reached a new milestone of 12 million monthly active users (MAUs), becomingthe most downloaded Web3 wallet in August 2024. The application was downloadednearly 2 million times last month, surpassing popular competitors such as TrustCrypto Wallet and MetaMask.Bitget Wallet Surges to 12Million Monthly Active UsersBitget allowsusers to create and manage wallets using familiar Web2 logins such as email, Google,or Telegram accounts, powered by Multi-Party Computation (MPC) keyless wallettechnology. This integration has led to a 2.7-fold increase in MPC walletcreation since becoming available to Telegram users."Withover 90% of tokens only available on decentralized exchanges (DEXs), we’rehelping users tap into new opportunities,” commented Alvin Kan, the COO atBitget Wallet. “Our goal is to bring Web2 users into the world of Web3, makingcrypto easy to access, especially for those in regions where traditionalfinance is limited."Theplatform's growth has been further fueled by the popularity of Tap-to-Earn(T2E) games within the TON ecosystem. Tomarket, a TON app backed by BitgetWallet, gained over 20 million users in just two months, highlighting themarket's potential.BitgetWallet's expansion efforts have resulted in visible user growth acrossvarious countries, with some regions experiencing a 1000% increase compared tothe previous year. The wallet now supports over 168 countries.Previously,Bitget reported on the performance of its portfolio in July, when it became thesecond most popular in the Japanese Web3 market. In June, Bitget Walletinvested in a decentralized trading platform in collaboration with Foresight X.650 Million Users and $5Million for InfluencersBitgetWallet is part of the Bitget cryptocurrency exchange ecosystem, which has beengaining increasing interest from investors recently. In the second quarter, itrecorded capital inflows of $700 million, ranking it third behind Binance andBitfinex. Earlierthis month, the platform introduced a new plan to reach more customers bylaunching a Task-to-Earn program aimed at financial influencers. As part ofthis program, it plans to pay up to $5 million to the most engaged affiliateswithin the first year.“Our Booster Platform marks the industry's first systematic and dynamic attempt at incentivizing KOLs' efforts,” said Gracy Chen, Chief Executive Officer (CEO) at Bitget. “By prioritizing our extensive network of influencers, we will provide efficient promotional features to ensure collaborative success within the crypto community.”Last month,it also added a new payment method by opening up to a market of 650 millionusers, involving the integration of payment systems with Apple Pay and GooglePay, which allows for quick fiat-to-crypto conversion. “We're enabling broader masses and newer audiences to interact with crypto,” added Chen.This article was written by Damian Chmiel at www.financemagnates.com.
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As Jamie Dimon plans his exit from JPMorgan Chase, he warns ofstagflation, leaving many wondering if the next CEO is prepared for the stormahead.When you’re Jamie Dimon, the CEO of JPMorgan Chase over a 17-yeartenure that has seen just about every twist and turn in the financial world,planning for your departure isn't about making a quiet exit through the backdoor. You might be looking to make a strategic masterstroke—or at least, that’swhat Dimon hopes to achieve before he finally retires. But as he makes it clearthat his most important job right now is figuring out who takes the reins next,there’s a lot more at stake than just picking a successor.Succession: Dimon's Biggest, Boldest Task YetJamie Dimon has steered the financial behemoth through the 2008financial crisis, a pandemic, and everything in between. Now, he has put hissuccession plan at the top of his agenda, describing it as his "mostimportant task"—and rightly so. According to Dimon, preparing forsuccession is not just about maintaining the bank’s stellar reputation but alsoabout safeguarding its stability and growth trajectory long after he's gone. JPMorgan’sboard has been keeping succession planning under lock and key for years, and nodoubt there are multiple internal candidates in the wings, waiting for theirshot at the big chair.JPMorgan CEO Jamie Dimon says succession is his most important task https://t.co/cv2562GPTG pic.twitter.com/38BRdMtPwG— Reuters Business (@ReutersBiz) September 10, 2024Among those in the spotlight are investment banking lead Marianne Lakeand consumer business boss Jennifer Piepszak to name just two. Both women arewell-versed in JPMorgan’s inner workings, with years of experience and therespect of their peers. The board is also eyeing JPMorgan Chase President Daniel Pinto. Buthere’s the rub: no one can really fill Dimon's shoes—especially since they’renot just any shoes. They're more like steel-toed boots fit for stomping throughfinancial meltdowns and crises.Dimon’s Departure: The Impact on JPMorgan and BeyondSo, what does Dimon’s departure mean for JPMorgan? For starters, itsignals a potential shift in the bank's culture, strategy, and perhaps even itspublic persona. Dimon has long been the voice of reason—and sometimes,controversy—on Wall Street, not afraid to speak his mind or ruffle a fewfeathers along the way. Without him, there’s a risk that JPMorgan could losesome of its boldness and candor.But there's also the impact on the stock market and investor sentiment.Dimon has been a pillar of stability; his departure could send ripples throughthe market, affecting not just JPMorgan but other financial institutions aswell. And that’s without factoring in the challenges the next CEO will face,from navigating regulatory hurdles to managing a global bank in a world whereeconomic uncertainty has become the new normal.Stagflation: Dimon's Parting (?) WarningSpeaking of uncertainty, Dimon isn't leaving quietly. Just yesterday,he issued astark warning about the possibility of stagflation—a situation whereinflation and unemployment rise simultaneously while economic growth slows.According to reports, Dimon is sounding the alarm bells that stagflation couldhit the U.S. economy like a freight train and he's claiming it would be worse than a recession. Given his track record, people arelistening.Jamie Dimon says 'the worst outcome is stagflation,' a scenario he's not taking off the table https://t.co/qZI88VeFMv— CNBC (@CNBC) September 10, 2024But let’s be honest—stagflation isn’t the kind of buzzword that getsthe heart racing. Yet, it’s precisely this kind of economic turbulence thatcould define the tenure of Dimon’s successor. The next CEO will need to beprepared not just to maintain JPMorgan's financial strength, but also tonavigate a potentially choppy economic landscape where traditional strategiesmight not apply.A Baptism of Fire?Dimon's legacy is a tough act to follow, no doubt. But add to that thegrowing concerns about economic conditions like stagflation, and you’ve got areal baptism…
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Naqdi Securities and Currencies Brokers LLC hassecured the coveted Securities and Commodities Authority (SCA) license. The company has welcomed this achievement as a step that will expand its market reach and boost its commitment totransparency and regulatory compliance.Broadening Trading ServicesWith the SCA license, Naqdi plans to offer a broaderrange of trading services, positioning itself as a trusted partner for bothretail and institutional clients. The company considers the license to be oneof the most stringent regulatory approvals in the UAE, and it plays a crucialrole in maintaining market stability.Speaking about the achievement, Naqdi's CEO, Zia UrRehman, said: "This milestone is a testament to our commitment toupholding the highest standards of regulatory compliance and clientsatisfaction. We believe that this license will further strengthen ourrelationship with our clients and partners, ensuring that Naqdi remains at theforefront of the industry."The UAE's financial sector has been experiencinggrowth driven by demand for reliable and well-regulated trading platforms. Byacquiring the SCA license, Naqdi is positioning itself to capitalize on thistrend. The company plans to enhance its offerings, which include trading tools and services designed to meet the needs of a diverse client base.Booming Financial LandscapeThe CAT-5 SCA license allows Naqdi to operate within one of the region's most tightly regulated environments. This development comes as traders in the UAE are seeking platformsthat prioritize security and transparency.With the SCA license in hand, Naqdi aims to instillgreater confidence among its clients. The company's roadmap includes broadeningits product lineup and expanding its client base, all while maintaining a focuson regulatory excellence and customer satisfaction.More companies are seeking operational licenses in theUAE. Early this year, Capital.com opened a new regional base in theMiddle-Eastern country. This initiative aligned with the firm's participationin the UAE's NextGenFDI initiative to attract digital businesses to the region.Elsewhere, ThinkMarkets, a multi-asset tradingprovider, also obtained a license in the region from the Dubai FinancialServices Authority. This approval allows the company to onboard clientsin the United Arab Emirates and offer its trading platform, ThinkTrader.This article was written by Jared Kirui at www.financemagnates.com.
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Virtu Financial has launched a direct connectionbetween its execution management system and the Tokyo Stock Exchange. Thisintegration aims to streamline large-scale ETF transactions and give traders abetter access to real-time liquidity and execution capabilities. Execution Management ExpansionAccording to the official announcement today(Tuesday), Virtu Financial has successfully integrated its Triton Valor EMSwith the Tokyo Stock Exchange’s CONNEQTOR platform. This development aims to utilizeCONNEQTOR’s advanced request-for-quote (RFQ) system. It is a response to increasingclient requests for better access to liquidity sources and efficient tradingmechanisms.CONNEQTOR, which was launched in February 2021, hasquickly become a key platform for ETF trading in Japan. Designed to facilitatelarge transactions that are challenging to execute in traditional auctionsessions, CONNEQTOR allows investors to request simultaneous quotes frommultiple market makers globally. As of July 2024, the platform has achieved a recordmonthly trading value of 295.5 billion JPY, highlighting its growing influencein the market. The connectivity between Triton Valor and CONNEQTOR allowsinstitutional investors to access real-time ETF liquidity, reducing transactioncosts and improving operational workflows. The Tokyo Stock Exchange, a subsidiary of JapanExchange Group (JPX), has recorded growth in trading volumes and liquidity. Theplatform’s average daily trading volume stands at more than 5 trillion JPY. Theaddition of Triton Valor’s connectivity is expected to further bolster theexchange’s role in the global financial markets.Virtu's Financial PerformanceIn July, Virtu Financial posted strong second-quarter results with substantial gains across key financial metrics. The firm reportedhighlighted earnings growth, debt refinancing, dividend payouts, and sharebuybacks during this period. Revenue jumped 36% to $693 million.Virtu's net trading income increased 39%year-over-year to $426.4 million from $306.2 million. The net income for theperiod reached $128.1 million, a substantial growth from $29.5 million in Q22023. The firm's basic and diluted earnings per share increased to $0.71, upfrom $0.16 in the previous year. On an adjusted basis, the EPS was $0.83,marking a 124% increase.Meanwhile, Virtu Financial disclosed in June that itwas seeking $500 million in debt financing to restructure an initial debt.According to the firm, the senior first lien notes aim to optimize VirtuFinancial's financial position by repaying existing debt. Additionally, Virtuannounced an initiative to significantly amend its existing credit arrangement.This article was written by Jared Kirui at www.financemagnates.com.
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Proprietary trading firm Prop Firm Match users arefacing uncertainty after affiliated MPFunds, a trading performance program, announced theclosure of its services. This step has left traders with no clear guidance fromthe latter on potential compensation for affected users. Prop Firm Match confirmed on X that it had no prior warning of MPFunds' decision, adding tothe unease within the trading community. MPFunds has blamed regulatory shiftsin Singapore, claiming they impacted the firm's ability to operate.Impact on TradersIn a letter addressed to clients, MPFunds' CEO DeanWong expressed regret over the closure, explaining that recent changes inregulatory enforcement had led to the firm's bank cutting off services withoutnotice. The closure reportedly came despite MPFunds submitting all necessary legaldocumentation and appealing to reinstate its banking services."Due to the local landscape's regulatorydecisions and strict enforcement, our bank has unanimously terminated allservices to us without sharing the reason, Wong mentioned on MPFund's website. "Despite the provision of all the necessary evidence and legal documentsrequested from the bank, appeals to reinstate the account were closed withoutany room for negotiations."Traders who had active accounts with MPFunds now facean uncertain future, with no confirmation from the firm about whethercompensation will be provided. Prop Firm Match has stepped in, offering some reliefto traders who uploaded proof of purchase to their platform, with freechallenge accounts available depending on the status of their MPFunds accounts.MPFunds announced today that they are ceasing operations following claims of regulatory changes and stricter enforcement in Singapore. Unfortunately, Prop Firm Match had not received any information about this before today's announcement. At this time, MPFunds have not stated if… pic.twitter.com/uJiGH8de8A— Prop Firm Match (@PropFirmMatch) September 10, 2024The Fall of MPFundsWong's open letter painted a picture of a company thathad once thrived on rewarding its traders but was ultimately undone by acombination of regulatory pressures and internal challenges. He also revealed that MPFunds had been grappling withincreasing suspicious activities on its platform, with a small minority oftraders undermining the firm's reward structure."In addition, an increase in prohibited andsuspicious activities amongst our users in recent months has also been found,where traders collectively take advantage of our platform. Investigations intothe matter were conducted, and although most traders were not affected, a verysmall minority threatened the integrity of our reward structure," Wongadded.Despite these operational challenges, Wong made itclear that the closure wasn't a failure of the company's vision but rather aconsequence of external forces. "I didn’t fail the system; the system failed me. This decision was not made lightly, and I am truly sorry for what happened. I sincerely seek your kind understanding during this difficult time."This article was written by Jared Kirui at www.financemagnates.com.
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IREN(NASDAQ: IREN) just became yet another publicly-listed Bitcoin (BTC) miner fromWall Street, which significantly increased its revenue over the last year,benefiting from higher cryptocurrency prices. According to the results for thefiscal year ended June 30, 2024, revenues grew by 145%, and the number of minedBTC increased by 30%.IREN Reduces Net Loss bySixfold in 2024The companyreported record Bitcoin mining revenue of $184.1 million, up from $75.5 millionin the previous fiscal year. This substantial increase was driven by growth inoperating hashrate and higher Bitcoin prices. IREN mined 4,191 Bitcoin duringthe year, compared to 3,259 in fiscal year 2023.AdjustedEBITDA also saw a strong improvement, reaching $54.7 million, up from $1.4million in the prior year. The company's EBITDA turned positive at $19.6million, compared to a loss of $123.2 million in fiscal year 2023.As aresult, the net loss of nearly $172 million from the previous year was reducedto $29 million.“We arepleased to report our full year FY24 results, which highlights continued growthacross revenue, earnings and cashflow,” said Daniel Roberts, Co-Founder andCo-CEO of IREN. “Our 2024 guidance remains unchanged. With 15 EH/s installed,we are well on track to achieve our 20 EH/s milestone next month and 30 EH/sthis year.”Amongthe companies that recently reported revenue growth is also Argo Blockchain. Itsfinancial results grew by 18% in H1 2024 despite a 50% drop in the number ofmined cryptocurrencies.AI MoveSimilarlyto a number of other companies in the sector recently, IREN also reportedprogress in its AI Cloud Services business, generating $3.1 million in revenuefrom multiple customers across reserved and on-demand markets.Thecompany's expansion plans remain on track, with data center capacity expectedto reach 510MW by the end of 2024. IREN has also secured 2,310MW ofgrid-connected power over the last 12 months, positioning it for future growth.Lookingahead, IREN is set to increase its Bitcoin mining capacity to 30 EH/s by theend of 2024, with 15 EH/s already installed. The company has also secured apathway to reach 50 EH/s through existing purchase options for Bitmain S21 Prominers.Goodresults are one thing, however, Bitcoin mining gigants from Wall Street still feel the halving hangover. Their mining revenues in July fell by another 12%. Thiscontinues the negative reaction to April's halving, which reduced blockrewards, coupled with low network fees and rising production costs. Accordingto the latest JPMorgan report, this is making it difficult for miners tomaintain profitability.This article was written by Damian Chmiel at www.financemagnates.com.
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Saxo Bank Reports 35% Profit Increase for H1 amid RestructuringTopping this week's headlines, Saxo Bank Group released its financial results for the first half of 2024. The bank reported an adjusted net profit of EUR 68 million, a 35% increase compared to EUR 50 million in the same period last year. In 2024, Saxo Bank introduced a new pricing structure aimed at reducing client costs and focused on improving the overall client experience. These changes contributed to a record number of clients and client assets. By the end of June 2024, Saxo Bank had over 1.2 million clients and EUR 109 billion in client assets. The Saxo Bank Group also initiated a restructuring of its distribution model in the Asia-Pacific region.Dukascopy Endures a Harsh H1 2024: Income and Profit NosediveDukascopy, Geneva-headquartered retail forex and contracts for differences (CFDs) broker released its financials for the first six months of 2024, revealing a significant drop in its consolidated income from trading activities. It fell to CHF 5.14 million, a 46.5 percent decline from CHF 9.61 million generated in the corresponding period in 2023. The broker's net profit also plummeted by 81.7 percent to CHF 80,815. The standalone trading income also dropped to CHF 4.88 million, compared to CHF 9.23 million in the corresponding period in 2023, marking a decline of 47.1 percent. These figures follow a 33 percent annual decline in trading income for the Swiss online broker in 2023. However, Dukascopy benefited from higher interest rates, generating CHF 1.34 million from interest income, almost double the amount year-over-year.TRADE.com UK Reports 60% Profit Growth in 2023Still on financial performance, last year, TRADE.com in the UK achieved higher revenue and profit and increased the value of its assets compared to the previous year. Trade Capital UK Ltd (TCUK), the operator of the FX/CFD broker, earned almost 60% more than in 2022. According to the 2023 report published in the UK Companies House, the FCA-licensed company TCUK achieved revenue of £892,377 in 2023, compared to £759,240 in 2022, representing an 18% increase. While maintaining nearly unchanged direct expenses and reducing administration expenses, this helped more than double the operating profit, which jumped from £154,569 to £306,411. This also translated into a nearly 60% higher net profit, growing from £140,694 to £218,325 in 2023. The company also reported information about its total assets, which increased to almost £700,000 compared to the previous year.Valutrades' Revenue Plummets Nearly 80% in a “Challenging Year”London-based broker Valutrades published its 2023 results for its FCA-regulated business. A turnover more than four times smaller than the previous year resulted in a significant operating loss and a net loss of nearly £4 million. According to Valutrades Limited's financial report filed with Companies House, the company's revenue in 2023 stood at £1.5 million, falling by almost 80% from the £6.5 million reported the previous year. The company's sales costs decreased by 34%, but not enough to maintain profitability. The operating profit of £552,000 from 2022 was wiped out, resulting in a loss of £3.7 million. The final net loss in 2023 amounted to £3.8 million.Advanced Markets’ UK Profits Slipped 69% despite Revenue SurgeAdvanced Markets (UK) Limited, the FCA-regulated subsidiary of the broader Advanced Markets Group, ended 2023 with a turnover of $2.26 million and a net profit of $114,635. Although the turnover for the year increased by about 6.8 percent from 2022’s $2.12 million, the net profit declined by 69.3 percent year-over-year.The company provides institutional foreign exchange liquidity and prime-of-prime services to the forex and contracts for differences (CFDs) trading industry. The Group is headquartered in the United States and operates globally with a presence in several jurisdictions.Tickmill Sets New Trading Volume Record in MENA, Surpassing $135 BillionThe first half of 2024 proved exceptionally strong for Tickmill…
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Good UX, good tokenomics, and good tech are all important. But these properties are worthless if there isn’t an even more precious attribute powering it all – liquidity. Exchanges, networks, and dapps live or die by liquidity. It is to traders what water is to humans. When liquidity runs dry, ecosystems start to wilt. No wonder that crypto builders devote so much resources to deepening liquidity.Whether it’s aping the latest memecoin on your favorite DEX or trading perps on a centralized orderbook, there needs to be sufficient liquidity to enter and exit positions at the desired price. Otherwise, you’re throwing money away with every trade you place.Of course, it’s one thing to appreciate the value of liquidity as the foundation for everything crypto is built on. It’s quite another to attain and maintain it, particularly on decentralized networks. Thanks to recent innovations, however, onchain liquidity has improved significantly, driven by hybrid solutions that combine CeFi and DeFi.The Constant Quest for Deeper LiquidityOptimizing liquidity isn’t just about reducing slippage, important as this is. Liquidity also contributes to price stability since in highly liquid markets assets will be less volatile because large trades can occur without drastically affecting the price. In illiquid markets, such as new tokens launched on DEXs, the price can yo-yo, with even moderate sized orders making an impact.This impacts everyone from the next trader waiting in line, whose order may be executed at a different price to that quoted a moment earlier, to liquidity providers who can be affected by impermanent loss. On centralized exchanges, such stability is also desirable for attracting institutional investors and building trust in the market, as professional trading firms are only drawn to liquid assets.CEXs typically use an order book system, with the exchange matching buy and sell orders to facilitate trades. Liquidity on centralized platforms is often managed by market makers who continuously offer to buy and sell assets at different prices. These market makers profit from the spread between buy and sell orders and play a vital role in ensuring there is always liquidity available.Market makers are also utilized in DeFi, but the majority of liquidity comes from retail users, especially whales (HNWIs). In return for pooling liquidity, users earn a portion of the trading fees generated by the platform, incentivizing a liquid market. Effective as this model is, the proliferation of DEXs, AMMs, L1s, and L2s has caused liquidity fragmentation. There might be billions of dollars in DeFi liquidity, but it’s scattered everywhere. To solve this problem, DeFi developers have had to get creative.Liquidity Layers and Hybrid SolutionsDeFi devs have tried a number of approaches to solving the liquidity challenge, leveraging variants of the following solutions:Liquidity aggregators: Services that combine liquidity from multiple DEXs, allowing traders on a particular network to obtain the best possible price. Aggregators are limited by available onchain liquidity however.Liquidity layers: These seek to draw liquidity from multiple chains and protocols and can be thought of as an enhanced DEX aggregator that can access more sources.Hybrid solutions: Can derive liquidity from both centralized and decentralized sources, allowing a greater spectrum of crypto liquidity to be provisioned onchain.To visualize how this works in practice, let’s consider a couple of working solutions. One of the best known liquidity protocols is Orbs, whose L3 aggregates liquidity and is capable of merging CeFi and DeFi sources. This allows DEXs to offer liquidity that can match that available on centralized order books. As a result, traders can enjoy the non-custodial benefits of an onchain environment coupled with the liquidity synonymous with a CEX.Orbs’ Liquidity Hub forms the optimization layer that allows DEXs to access external sources such as CEXs, and is complemented by a similar solution, known as Perpetual Hub, for…
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In the first half of 2024, Admirals Group AS reportedincreased trading revenues and positive EBITDA despite low market volatility.The Group’s net trading income rose by 4% to EUR 22.0 million, up from EUR 21.1million in the same period of 2023.EBITDA Turns PositiveOperating expenses for the Group decreased by 9%, totallingEUR 22.9 million compared to EUR 25.2 million in the previous year. EBITDAreached EUR 0.4 million, a turnaround from a loss of EUR 2.9 million in thefirst half of 2023. The Group’s net loss improved to EUR 1.2 million, comparedto EUR 4.8 million in the previous year.Earlier, Admirals launched an analytical research terminal for the MetaTrader 4 andMetaTrader 5 platforms, as reported by Finance Magnates. According toFinanceFeeds, this tool utilizes AI-driven analytics to deliver marketinsights, helping traders make informed decisions.The terminal includes various features such as a corporatecalendar, economic calendar, NewsIQ, and integration with Dow Jones. Itconsolidates news articles, data, and insights to provide a centralizedplatform for traders to stay informed about market developments.Regulatory Changes in ProgressIn April 2024, Admirals voluntarily suspended the onboardingof new customers for Admirals Europe Ltd. This decision is related to thecompany’s efforts to align with recommendations from the Cyprus Securities andExchange Commission (CySEC) and affects only its operations in EU countries.Admirals is working to implement the required changes tomeet regulatory standards. The company is collaborating with CySEC to resumeattracting new clients in the EU and to strengthen its market position as acompliant entity.Meanwhile, the UK's FinancialConduct Authority (FCA) has warned about a fraudulent firm impersonatingAdmiral Markets UK Ltd. The cloned entity, operating under the nameadmrlmrkts.co, uses the legitimate firm's details to deceive individuals. TheFCA notes that this clone scam involves using similar contact information toconfuse potential investors.This article was written by Tareq Sikder at www.financemagnates.com.
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