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As the United States gears up for anothersignificant presidential election, the intersection of politics andcryptocurrency has emerged as a critical area of focus. The candidates, former PresidentDonald Trump and Vice President Kamala Harris, offer contrasting visions forthe future of digital currencies and blockchain technology. This divergence isnot only shaping the political landscape but also influencing financialmarkets, particularly the rapidly growing cryptocurrency sector.The Crypto Landscape Amidst PoliticalUncertaintyCryptocurrency, once a niche interest, hasevolved into a major financial force. Its decentralised nature and potentialfor high returns have attracted a wide range of investors, from tech-savvymillennials to institutional giants. However, the regulatory environmentremains uncertain, with policymakers grappling with how to integrate thesedigital assets into the existing financial system.In this context, the upcoming U.S.presidential election could be a turning point. The candidates' differingapproaches to cryptocurrency regulation and adoption could have profoundimplications for the industry. As such, the election is not just a politicalcontest but a referendum on the future of digital finance.Wall Street's Bet on TrumpWall Street's apparent preference for aTrump victory is rooted in his administration's historical approach toregulation and taxation. Trump's presidency was marked by a deregulatoryagenda, which many investors believe could benefit the cryptocurrency industry.Lower taxes and fewer regulations could create a more favourable environmentfor crypto businesses, potentially spurring innovation and growth.This sentiment is reflected in the behaviourof prediction markets, where Trump's odds of winning have surged. Platformslike Polymarket and PredictIt have seen significant bets placed on a Trumpvictory, with some investors wagering millions of dollars. These markets, whichallow users to bet on the outcome of events using cryptocurrency, have become abarometer of investor sentiment.One week until the election.🟥 Trump • 66% chance🟦 Harris • 34% chanceGet accurate, real-time election odds on the world's largest prediction market #Polymarket— Polymarket (@Polymarket) October 29, 2024The enthusiasm for Trump among cryptoinvestors is not surprising. During his previous term, Trump expressed scepticismabout cryptocurrencies but refrained from implementing harsh regulations. Hisadministration's focus on economic growth and deregulation aligns with theinterests of many in the crypto community, who view excessive regulation as abarrier to innovation.Harris and the Promise of InnovationIn contrast, Vice President Kamala Harrisrepresents a more cautious approach to cryptocurrency. While she has not beenas vocal about her stance on digital currencies, her campaign has emphasisedthe importance of innovation and technology. Harris has promised to encouragethe development of emerging technologies, including artificial intelligence anddigital assets, while ensuring consumer protection and financial stability.Harris's approach reflects a broaderDemocratic strategy of balancing innovation with regulation. Her administrationwould likely prioritise consumer protection and financial stability,potentially leading to stricter regulations on cryptocurrencies. This couldinclude measures to prevent fraud, protect investors, and ensure the stabilityof the financial system.Despite these potential challenges,Harris's focus on innovation could also benefit the crypto industry. Byfostering a supportive environment for technological development, heradministration could encourage the growth of blockchain technology and digitalassets. This could lead to new opportunities for entrepreneurs and investors,even if it means navigating a more complex regulatory landscape.The Role of Prediction MarketsThe divergence between traditional pollsand prediction markets highlights the unique dynamics of this election. Whilemany polls show a close race between Trump and Harris, prediction markets…
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Africa'scryptocurrency adoption is surging, with Telegram-based crypto communitiesgrowing by an unprecedented 189% since early 2023, according to new researchfrom cryptocurrency exchange Bitget. The findings highlight a significant shiftin global digital asset adoption from traditional Western markets to emergingeconomies.Young Demographics DriveCrypto Adoption via Telegram The study,which analyzed crypto-related Telegram activity across multiple regions betweenJanuary 2023 and August 2024, reveals that Africa's crypto-focused Telegramgroups have expanded to include over 3 million users, driven by a predominantlyyoung population where more than 56% are under 25 years old.“Theleading factors for crypto adoption are economic instability, limited access tobanking services, the large number of tech-savvy youth, and the activeadvancement of innovation in digital finance,” the report states.EasternEurope has emerged as another significant growth hub, particularly in Ukraine,where users increasingly turn to cryptocurrencies amid economic uncertainty andcurrency volatility. The region's cryptocurrency market is projected to reach almost34 million users by 2025, with a current user penetration rate of 14%.In Asia,young investors dominate the crypto landscape, with users aged 18-39 accountingfor approximately 90% of cryptocurrency investors. This trend is particularlypronounced in Southeast Asia, where Bitget reported a 216%increase in users during 2024.WesternEurope, by contrast, shows more modest growth, with regulatory constraints andmarket maturity leading to slower adoption rates. The region's crypto-themedTelegram groups grew by only 11% during the study period.Future OutlookTheresearch identifiesmillennials (aged 28-43) as the largest cryptocurrency user group,representing 44.3% of global users. This demographic alignment extends toTelegram usage, where the 25-34 age group comprises 29.4% of users.Lookingahead, the cryptocurrency market in Africa is projected to reach 54 millionusers by 2025, with Nigeria and South Africa leading the charge. Theresearch emphasizes thecrucial role of mobile technology in driving adoption. Telegram, with its900 million monthly active users, has become the primary platform forcryptocurrency communities in emerging markets. India alone generates 84million new downloads monthly, compared to just 6 million in the UK.Thecombination of young populations, increasing mobile connectivity, and limitedaccess to traditional banking services positions these emerging markets tomaintain their leadership in cryptocurrency adoption for the foreseeable future.Telegram, WhatsApp Lead Onthe Number of Traders Who Lose Money to ScamsTelegram’spopularity among investors is reflected in another, less favorable statistic:it leadsin the number of investment scams and hacks. A joint survey by FinanceMagnates and FXStreet found that 60% of traders scammed on Telegramsuffered financial losses. Known for hosting active trading communities,Telegram offers privacy, anonymity, and tools for creating channels and groups,making it a preferred platform for traders. However, these same features alsomake it easier for scammers to target active traders precisely.Telegramhas become a favored platform among traders, hosting numerous activecommunities—a contrast to more public platforms like Facebook. Traders aredrawn to Telegram's privacy features, anonymity, and its flexibility to creatededicated channels and groups. However, these same attributes make it easierfor scammers to target active traders with precision.WhatsApp,with around 2.78 billion users, also provides end-to-end encryption andfrequent feature updates, drawing traders to its platform. Yet, its anonymityand private messaging make it easier for scammers to operate undetected,presenting challenges for external monitoring and reporting of scams.This article was written by Damian Chmiel at www.financemagnates.com.
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Marketing is a major effort for any retail customer-centric firm. It becomes even more crucial for the three London-listed FX and contracts for differences (CFDs) brokers—IG Group, CMC Markets, and Plus500. All three need to convince new traders to deposit money and trade on their platforms while strengthening their brands.So, how much are these retail brokerages spending on marketing? Has it gone up or down over the years? And most importantly, where are those marketing expenses going?Deep-Pocketed BrokersWhen it comes to marketing spending, Plus500 (LON: PLUS) is ahead of its other two London-listed competitors. The Israeli broker spent $54.2 million on advertisements, marketing, and commissions on media buying in the first six months of 2024. In the same comparative period, IG spent £39.3 million (about $51 million) on ads and marketing, while CMC kept its marketing costs as low as £16 million (about $21 million).Notably, all three UK-listed FX and CFD brokers follow different fiscal rules for their accounting. While Plus500 follows the calendar year, CMC Markets follows April to March, and IG follows June to May.Interestingly, CMC's half-yearly marketing budget peaked in H2 FY23, when it spent £17.2 million. In the last fiscal year, it cut its marketing costs by 4 percent. The broker also highlighted that it had taken a “more cautious approach” to marketing spending and is focusing on “product development and expansions across [its] platforms.”Regarding brand-building campaigns through marketing, CMC is going very niche. Unlike many brokers that sign big-ticket sponsorship deals in football and motor racing, CMC continued to sponsor New Zealand’s professional rugby team, the Blues. While promoting its cash-equities investment platform, the broker onboarded Singaporean athlete Shanti Pereira as an ambassador. It also sponsored an Australian domestic cricket team.Big Deals and Big BangsHowever, things are different at Plus500. The Israeli broker garnered its reputation by becoming the shirt sponsor of Atlético Madrid during the club's peak, which came with an estimated price tag of €17 million a year.Although Plus500 ended its deal with the Spanish football club in 2022, it maintained its sports spending by sponsoring the American basketball team, the Chicago Bulls. The broker's sponsorships are very strategic, as it inked its American deal when it was trying to capture the local futures trading market.The Israeli broker also developed a “sophisticated proprietary marketing technology” that helps with its marketing efforts and offline deals. In the first half of 2024, its investment in marketing technology was $84.5 million, compared to $75.2 million in the first half of the previous year.Out of the total, its advertising and technology costs were $79.3 million, while it spent $5.2 million on commissions for media buying. “Plus500 has an established track record of delivering high ROI on marketing spend owing to its unique technological capabilities and global reach,” the broker highlighted in its latest results.Keeping Expenses EfficientIG Group, the largest of the three London-listed brokers, also spent heavily on marketing. However, it must be noted that IG generated £514.7 million in the second half of fiscal 2024, compared to $398.2 million by Plus500 in H1 2024 and £210.2 million by CMC in H2 FY24.IG’s six-month marketing expense touched its lowest between December 2023 and May 2024, since the second half of FY22, when it spent £49.1 million. The broker also reduced its annual marketing spending by 11 percent last fiscal year, as “acquisition spend was scaled back in line with lower market demand.”“Organisational changes during FY24 included allocating technology and marketing resources from central teams into divisional teams,” the broker added.But where is IG's marketing spending going? Although the broker did not elaborate on the spending of its different marketing streams, it does believe in putting its name on offline real estate. It bought the naming rights…
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Lars Holst’s GCEX announced today (Wednesday) its partnership with Switzerland-based spot crypto exchange RULEMATCH, which enhances ultra-low latency trading and integrated post-trade clearing and settlement with netting, offering crypto trading access for its institutional clients.Bringing Crypto Trading to InstitutionsThe partnership is strategic, as it enables GCEX’s client base, including hedge funds, algorithmic trading firms, brokers, and ETF/ETP providers, to benefit from binding quotes in an anonymous Central-Limit Order Book (CLOB) with execution times of 25 microseconds, the announcement highlighted.“We are continually looking to push boundaries and expand our offering,” said Holst, CEO of GCEX. “Our partnership with RULEMATCH presents a great opportunity for our clients... Their offering is impressive, and we share the same commitment to market integrity and professionalism.”No Conflict of InterestGCEX also stressed that RULEMATCH only acts as a market operator and provides clearing and settlement services for its clients. It does not operate as a market maker, broker, or counterparty in trading or settlement.In addition, GCEX will act as a Prime Broker Sponsor, ensuring capital efficiency and minimising settlement risks through multilateral clearing and settlement.“Looking at the market today, it’s clear that many of the most active trading firms in the FX market are seeing significant opportunities in cryptocurrencies as well – which is understandable given the similarities in market structure,” said David Riegelnig, CEO of RULEMATCH.“Our partnership with GCEX as a digital prime broker and sponsor means they now have access to RULEMATCH’s ultra-fast trading venue and can leverage its multilateral clearing and settlement capabilities. This powerful combination allows them to apply many of the same strategies from FX markets to trading crypto assets, including stablecoins.”Meanwhile, GCEX has been strengthening its other offerings. Recently, the company introduced two new price feeds for brokers using aggregation, designed to improve spreads and performance for FX and precious metal markets. Earlier this month, it also introduced a market data feed covering equity index CFDs, energy CFDs, commodity CFDs, crypto CFDs, spot FX, and bullion.This article was written by Arnab Shome at www.financemagnates.com.
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CME Group received approval to establish a futurescommission merchant (FCM). While the group welcomed this step as a strategicmove to adapt to client needs, the approval has drawn concerns from industryleaders over potential regulatory risks. The Financial Industry Association (FIA) warned thatthe license could heighten systemic risks by concentrating multiple marketfunctions under one organization.The approval from the National Futures Association(NFA) allows CME Group to strengthen its position in the derivativesmarketplace. However, FIA President and CEO Walt Lukken has raised concernsabout conflicts of interest, especially given the growing trend of firms likeCME consolidating multiple market roles.FIA Raises Concerns "The approval of CME's FCM application is thelatest and most significant example of a trend that raises serious concernsabout market regulation and systemic risk," Lukken said. "The approval comes at a time when the CFTC hasyet to propose a strong rule to address conflicts among affiliatedCFTC-regulated entities."FIA's reaction is based on concerns about the risksposed by vertically integrated business models in the financial sector. Heemphasized the need for the Commodity Futures Trading Commission (CFTC) toestablish rules that address conflicts of interest within CFTC-regulatedentities.Lukken pointed out that nearly three years ago, theFIA raised similar concerns when FTX sought CFTC approval for a similar business structure. According to Lukken, the risks from blending trading, clearing, and market regulation under one roof have not been fully addressed. "We strongly believe inherent conflicts ofinterest exist when one organization controls multiple market functions –trading, clearing, intermediation, and market regulation. FIA urges the CFTC tomove forward immediately on a rulemaking to address this matter," Headded. Multiple Market Activities The growing influence of organizations like CME Groupover multiple aspects of market activity, trading, clearing, and intermediationraises questions about the potential for conflicts of interest, as well as thebroader impact on financial markets. Lukken pointed out that nearly three years ago, theFIA had raised similar concerns when FTX sought CFTC approval for a similarbusiness structure. "Nearly three years ago, FTX sought CFTC approvalfor a vertically integrated business model. FIA warned the CFTC at that timethat such a novel structure would raise concerns about conflicts of interestfrom combining multiple market functions under one roof. Three years later,these risks remain unaddressed," he said. This article was written by Jared Kirui at www.financemagnates.com.
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Alameda Research, a subsidiary of the collapsed cryptoexchange FTX, has initiated legal action against KuCoin to reclaim over $50million in assets. The lawsuit was filed yesterday (Monday) in the USBankruptcy Court for the District of Delaware.Alameda Seeks Frozen FundsAccording to court documents, KuCoin froze these assetsafter FTX's collapse in November 2022. At the time, the assets were worthapproximately $28 million, but market changes have since increased their value.The assets are considered part of the FTX estate and, as such, are intended forcreditor repayments. KuCoin has not yet issued a response regarding thelawsuit.In the lawsuit, FTX claims: “KuCoin has withoutjustification refused to turn over the assets in the Account to the Debtors,despite numerous requests.” Alameda Research asserts that KuCoin's refusal to return theassets violates bankruptcy laws. They are requesting the return of the funds,along with additional compensation for the delays.🔴 FTX lance une action en justice contre KuCoin pour récupérer 50 millions de dollars d'actifs pic.twitter.com/3zVzfYHhCf— Le Crypto Daily 🧡 (@LeCryptoDaily) October 29, 2024Judge Approves FTX RepaymentThis lawsuit follows a recent settlement by FTX with Bybit,where FTX recovered $228 million in assets to support its repayment efforts.Earlier in October, a US judge approved FTX’s plan to cease operations andbegin creditor payments. This plan reportedly aims to repay 98% of creditors,promising up to 119% of the amounts initially claimed based on asset valuesduring FTX’s collapse.Earlier, FinanceMagnates reported that Prager Metis, the accounting firm that audited FTX, willpay $745,000 in civil penalties to resolve misconduct allegations from theSecurities and Exchange Commission (SEC) regarding its audits of the collapsedcrypto exchange. The firm will also pay $1.2 million related to a secondinvestigation into independence rule violations during audits of over 200companies from 2017 to 2020. The SEC noted negligence-based fraud in two auditreports for FTX and identified failures in compliance with auditing standardsand its own procedures.This article was written by Tareq Sikder at www.financemagnates.com.
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The 2008-2009 financial crisis ushered a new era for financial services, regulatory compliance and liquidity provision. Nothing was ever going to be the same. The Basel III rules set forth by the Basel Committee on Bank Supervision (BCBS) laid the groundwork for a fairer and more transparent financial services ecosystem fueled by regulated liquidity provision.Promoting a capital conservation approach aimed at increasing the financial sector’s resilience during periods of economic downturn, the rules raise the standards for liquidity provision. To meet these standards, both bank and non-bank liquidity providers must adhere to strict regulatory norms drawn up by the regulators in their countries. How does regulated liquidity provision benefit brokers?The importance of regulation in liquidity provision is immense. Although its benefits are not immediately obvious to traders, as the end-beneficiaries of liquidity, regulatory oversight provides stability and transparency in terms of pricing and distribution. But liquidity provision is a three-way road. On the institutional side, enhanced transparency on liquidity distribution and pricing equates with trustworthiness and better brand positioning. A regulated liquidity provider implicitly lends credibility to FX and CFD brokerage firms, giving them a competitive edge.The key benefits of regulated liquidity provision go a long way. Not only do regulated liquidity providers such as X Open Hub provide market participants with sufficient resources to execute orders, they also ensure market integrity and efficiency.By sourcing liquidity from a regulated liquidity provider, brokers gain access to more markets, can effectively broaden their order books, and offer better trading conditions (e.g., tighter spreads, depth of market, post-trade transparency, and lower transaction costs).Empowering brokers with regulated liquidity provisionEntering the liquidity space in 2012, X Open Hub has earned a reputation for providing enterprise-grade liquidity solutions to the FX and OTC financial services industry. With an impressive track record of offering liquidity and cutting-edge liquidity solutions to brokers, banks, and hedge funds worldwide, X Open Hub empowers financial industry players through regulated liquidity.Listed by the Warsaw Stock Exchange (WSE), the company is subject to stringent regulatory oversight across multiple jurisdictions, within and outside the EU area. In line with these requirements, X Open Hub abides by rigorous reporting and governance rules, strengthening its commitment to transparency and stability in the financial industry.Brokers partnering up with X Open Hub gain access to a trusted multi-asset regulated liquidity source, vetted by several top-tier regulators, including:● The Cyprus Securities and Exchange Commission (CySEC): CySEC is one of the most prominent regulatory authorities in Europe. Its duty is to oversee the activities of financial institutions operating in Cyprus as well as Europe-wide, ensuring their risk portfolios and operations comply with its norms which reflect the ESMA’s MiFID II and MiCA directives. With its CySEC licence no. 169/12, X Open Hub is one of the most respected liquidity providers in Europe.● The Financial Conduct Authority (FCA): The UK’s FCA is yet another top-ranked financial oversight body for operators in the financial services sector in the UK and Europe. Placing investors first, the FCA is committed to safeguarding the integrity and fund safety of market participants. The FCA regulates the activity of publicly listed financial firms, with a keen focus on consistency, transaction legality, and lending services. As an FCA-regulated liquidity provider, with licence no. FRN522157, X Open Hub is regarded as a highly reliable source of multi-asset liquidity.● Komisja Nadzoru Finansowego (KNF) [The Polish Financial Supervision Authority (PFSA)]:Poland’s financial regulator KNF supervises the activities of financial industry players, including banks, insurance companies, pension…
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B2BROKER, a provider of liquidity and technology for Forexand crypto markets, has introduced three updates to its CRM and back-officeplatform, B2CORE. These updates include the 16th release of B2CORE, a newAndroid app, and an upgrade to the iOS app version.B2CORE Updates Usability ToolsAccording to the firm, the 16th release of B2CORE includes featuresfocused on usability, security, and analytics. Clients on the cTrader platformnow have options to manage bonus programs directly within the B2CORE BackOffice.This feature enables businesses to customize bonusparameters like amount, duration, and applicable symbols. It allows fortransparent tracking of submissions and credit management.The update also introduces a fully adaptive Arabic interfaceto serve the MENA region, offering a localized experience for Arabic-speakingusers. Meanwhile, B2Brokerhas opened a new office in Dubai, UAE, marking its third location in thisglobal financial hub, as reported by FinanceMagnates. The company will host partners and clients at the EmiratesFinancial Towers, providing easy access to investors and potential customers,which may lead to new opportunities for growth and collaboration.Implementing TOTP AuthenticationB2CORE has adopted Time-Based One-Time Passwords (TOTP) asthe default two-factor authentication method, supported by apps like GoogleAuthenticator and 1Password. This TOTP feature aims to provide stronger protectionthan traditional email-based methods, adding security for both user accountsand administrative access.The new Exchange Request Settings feature allowsadministrators to tailor exchange requests to specific currency pairs. Thisfunction aims to improve risk management within the B2CORE Back Office byenabling customized handling of currency exchanges.Additional integrations with RudderStack and Amplitudeprovide user tracking and analytics. RudderStack allows businesses to send userdata to multiple locations, supporting real-time tracking of user acquisitionand marketing impact. Amplitude integration delivers insights into user behaviour,facilitating data-driven decision-making.The iOS app version 1.25.0 now includes a redesigned depositinterface to improve navigation and transaction efficiency for iOS users.Additionally, the new B2CORE Android app offers users a financial and tradingmanagement platform, delivering tools within a mobile-friendly experience.This article was written by Tareq Sikder at www.financemagnates.com.
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FOREX.com has partnered with Kalshi, a regulatedplatform allowing traders to bet on the outcome of political events like the USPresidential Election. This collaboration focuses on event-driven trading byoffering traders a way to blend currency markets with political predictions.Event-Based MarketsThe partnership between FOREX.com and Kalshi, apioneer in event-based contracts, enables traders to trade based on the outcomeof the upcoming US Presidential Election. According to the officialannouncement, FOREX.com clients express their political views through marketpositions by accessing Kalshi's platform. Commenting about the partnership, Sixto Alonso,Regional Director of FOREX.com Americas, said: “At FOREX.com, we remainsteadfast in our commitment to providing our clients with tools and productsthat enhance their trading experience and broaden their ability to accesspolitical and market events.”“We consider this partnership to be just the start and plan to develop it further with other event-based promotions for ourclients.”Kalshi Election Market Through this partnership, FOREX.com clients reportedlyoffer a $20 bonus when accessing Kalshi’s election market, subject to certainconditions. Kalshi has reportedly witnessed over $100 million intrading volume in under a month since legalizing election-based event contracts.FOREX.com plans to roll out additional event-based promotions for its clientsin the future. “As the first and largest regulated prediction market,Kalshi's vision is to bring this asset class mainstream. We are excited topartner with FOREX.com to offer election markets to their hundreds of thousandsof customers,” Tarek Mansour, the founder of Kalshi, added.Notably, Kalshi challenged the US Commodity FuturesTrading Commission (CFTC) in court last year after the regulator blocked itsattempt to offer contracts that allow users to bet on the political control ofCongress, Reuters reported.This legal battle raised concerns about whether election outcomes should be treated as market events and whether average investorsshould have the same tools as institutional players to hedge political risks.Kalshi planned to launch a new product that allowsusers to bet on which political party would control the US House of Representatives and the Senate. The company positioned these contracts as avaluable tool for managing risks tied to political change. However, the CFTC rejected this proposal in September,claiming that approving such contracts would effectively turn the regulatorinto an "election cop." This article was written by Jared Kirui at www.financemagnates.com.
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Orbs is looking to bring DeFi into the mainstream with its Layer-3 blockchain network that’s designed to enable sophisticated on-chain trading features, such as advanced order types like futures, decentralized derivative markets and aggregated liquidity. Its goal is to deliver a decentralized trading experience that can match the one found on centralized exchange platforms. The protocol does this by enhancing the capabilities of smart contracts and expanding blockchain interoperability, and it does it without bridging that liquidity across chains, minimizing the risk to users. It can be thought of as a decentralized backend that mirrors the kind of infrastructure that underpins CeFi platforms. Why do we need decentralized trading?Decentralized trading has emerged as a key demand for crypto users due to the lack of security and privacy found on CeFi venues. This is perhaps best highlighted by the spectacular collapse of the FTX cryptocurrency exchange, which was once the world’s second-largest crypto trading platform in terms of trade volume. Despite being the favored platform of millions of users worldwide, facilitating billions of dollars’ worth of trades every day, it collapsed in a matter of hours once its under the table dealings came to light. As it turned out, FTX was taking user’s deposits to prop up its sister platform Alameda, which was engaged in numerous speculative investments and lost millions of dollars. With CeFi exchanges like FTX, users are required to entrust their funds with the exchange platform, which creates a counterparty risk that’s unacceptable to the majority of crypto users. Decentralized money is not meant to be that way – users are supposed to remain in control of their funds, but CeFi platforms don’t work that way. Decentralized trading also means greater privacy, enabling users to retain full anonymity around their finances. Things such as the assets they own, the value of those assets, their trading and transaction histories – these are all meant to be entirely anonymous. Yet with CeFi platforms ran by profit-making corporations that control everything, none of this is possible. The other thing that decentralization provides is resistance to manipulation and censorship. When using a CeFi platform, there’s a distinct lack of transparency that makes it impossible to know if your transactions are being processed fairly. CeFi platforms are also free to block any user they wish, and they restrict access to those who are willing and able to pass KYC checks. Limitations of decentralized tradingDecentralized trading provides all of the above benefits, but they come at a cost in terms of a lack of advanced functionality, issues in terms of interoperability, fragmented liquidity, higher costs and an inferior user experience. That’s the reason why CeFi continues to dominate the crypto world, despite its failure to give users the freedoms promised by Satoshi Nakamoto. Perhaps the biggest challenge for decentralized trading is the liquidity fragmentation. DEX platforms facilitate trades by way of user deposits. They incentivize users to deposit funds into liquidity pools, offering them a portion of the trading fees in return for their capital, which is used to complete customer’s orders. The problem is that there isn’t enough liquidity to go around, particularly in the case of large volume orders. That’s because the available liquidity is fragmented, deposited into separate pools on various DEX platforms spread across numerous different blockchains that cannot communicate with each other. The low liquidity is the reason why DEX trades take so long to complete, and why they rarely go through at the user’s desired exchange rateAnother problem for DEX platforms is their inability to support advanced order types, such as futures and limit orders. This stems from the smart contracts used to facilitate orders, which cannot see off-chain data and therefore lack the logic necessary to process them. How does Orbs enhance decentralized trading? Orbs’ Layer-3 blockchain…
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Direct Trading Technologies UK LTD (DTT) will showcase its market-leading Broker White Label and Prop Trading solutions at booth 72 at the upcoming Finance Magnates London Summit (FMLS:24), taking place 18-20 November at Old Billingsgate in London. The innovative solutions are designed to empower aspiring financial markets brokerage owners to launch their brokerage and prop trading business with minimal investment, accelerated time to market, and unparalleled operational efficiency.As the financial services industry is projected to reach a staggering $2.8 trillion by 2028, the opportunities for entrepreneurs are vast. However, traditional barriers such as high startup costs, complex regulatory requirements, and significant technological demands can be daunting. DTT's solutions are transforming the landscape, providing a comprehensive, scalable, and secure platform for new brokerages to thrive."At DTT, we are dedicated to lowering the barriers to entry in the financial services industry. Our Broker White Label and Prop Trading solutions designed to provide aspiring brokerage owners with the tools and support they need to succeed without the traditional high costs and complexities. We look forward to demonstrating the potential of our platform at FMLS:24 and helping new brokers thrive in this dynamic market," said William Prinsloo, Institutional Sales Director at DTT.Learn About DTT's White Label SolutionWhat Sets DTT Apart1. Cost EfficiencyDTT’s solution eliminates the need for substantial investments in technology development, infrastructure, and IT staff. It provides a robust suite of applications based on cutting-edge technology, at a competitive rate, that can be customized to meet specific branding and operational needs.2. Speed to MarketLaunching a brokerage from scratch can take months or even years. As an authorized FCA institution, DTT expedites this process with an award-winning platform that is already compliant with industry regulations and equipped with tried-and-tested technology. This allows brokers to focus on building their business and attracting clients without dealing with technicalities.3. Enhanced EfficiencyDTT offers a suite of tools designed to enhance operational efficiency, including an advanced multi-asset trading platform (forex, stocks, CFDs, indices, commodities) with institutional-grade execution, bespoke CRM application, smart client and IB portals, and a built-in robust risk management tool. These applications ensure a seamless trading experience for clients and smooth internal operations.4. Customization and BrandingDespite being a ready-made solution, DTT’s Broker White Label offers extensive customization options. Brokers can tailor the platform to reflect their brand identity, creating a unique experience for their clients and differentiating their brokerage in a competitive market.5. Unparalleled SupportDTT provides exceptional support from strategy to launch and beyond, ensuring that brokerages operate seamlessly. This support extends to 24/7 technical assistance, guaranteeing that the platform runs smoothly at all times.6. Access to Tier-1 Liquidity ProvidersBy choosing DTT, brokers gain access to tier-1 liquidity providers, ensuring competitive pricing and execution for their clients. This access enhances the brokerage's credibility and attracts more sophisticated traders.We are thrilled to invite you to visit us at Booth 72 during FMLS:24 to explore how DTT's brokerage solutions can help you successfully launch and grow your business. Our team is eager to discuss how our cost-efficient, fast-to-market, and highly customizable platform can provide the edge you need in this dynamic industry. Don't miss the chance to see firsthand how DTT can empower your entrepreneurial journey and transform your brokerage ambitions into a thriving reality. About Direct Trading Technologies UK LTDDirect Trading Technologies UK LTD stands as a distinguished global powerhouse within the financial markets and fintech sector, recognized for its unwavering…
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OKX, a cryptocurrency exchange and onchain technologycompany, announced today that it has selected Standard Chartered as athird-party crypto custodian for its global institutional business. StandardChartered provides cross-border financial services connecting various marketsworldwide.Standard Chartered Joins OKX CustodyThe agreement adds to OKX's services for institutionalclients, which include advanced trading tools, risk management resources, andsecure custody options. OKX plans to leverage Standard Chartered's globalbanking experience and risk management practices to expand itscustody offerings for institutional investors."We are committed to offering custodial services thatmeet the highest standards of safety and compliance,” Standard Chartered GlobalHead of Financing & Securities Services Margaret Harwood-Jones said. “Serving as OKX's third-party custodian allows us to extendour expertise into the evolving cryptocurrency sector, providing institutionalinvestors with the assurance they require."⚡️ BREAKING: #OKX has partnered with Standard Chartered as a third-party custodian to strengthen its services for institutional clients.#StandardChartered #Blockchain #CryptoNews pic.twitter.com/iBUTf6CckV— Coin Edition: Your Crypto News Edge ️ (@CoinEdition) October 29, 2024Meanwhile, OKX has introduced its tradingplatform for retail and institutional investors in the United Arab Emiratesafter obtaining a full operating license from the UAE’s Virtual AssetsRegulatory Authority, as reported by FinanceMagnates.Study Highlights Institutional DemandThis partnership aims to enhance institutional involvementin digital assets. It also aligns with findings in an OKX-commissioned reportby Economist Impact, titled "Digital Assets as the New Alternative forInstitutional Investors: Market Dynamics, Opportunities and Challenges." The report highlights the growing appeal of digital assetsfor institutions and notes that 80% of hedge funds engaging in digital assetsuse third-party custodians, underscoring a demand for separate trade executionand asset custody.OKX Global Chief Commercial Officer Lennix Lai said: "StandardChartered's extensive global banking expertise and unwavering commitment tosecurity aligns with our objective to provide exceptional crypto services andreinforces the confidence of our institutional clients in managing theirdigital assets."This article was written by Tareq Sikder at www.financemagnates.com.
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The UK’slargest retail investment platform Hargreaves Lansdown (LSE: HL) reported a6.9% increase in first-quarter revenue of fiscal year 2025 and solid clientgrowth as it awaits completion of its proposed acquisition.Hargreaves Assets Hits£157.3B as Retail Trading Momentum BuildsThe companyposted revenue of £196.5 million for the three months ended September 30, upfrom £183.8 million in the same period last year. The growth was driven byincreased trading volumes and higher platform revenue, which offset lowerinterest income from client cash balances.Assetsunder administration (AUA) reached £157.3 billion, boosted by £1.5 billion inpositive market movements and £0.5 billion in net new business. The firm added18,000 net new clients during the quarter, more than double the 8,000 acquiredin the same period last year. As a result, the total number of active clients increased to 1.9 million."Withmillions of households without enough saved to enjoy a comfortable lifestyle inlater life, it has never been more important for the UK to save and invest fortheir financial futures," said CEO Dan Olley. Sharedealing volumes averaged 738,000 per month, up from 634,000 in the previousyear, with overseas trading accounting for 20.2% of total deals. Client cashbalances increased to £12.7 billion, driven by net selling of investments inSeptember.The companymaintained strong retention metrics, with client retention at 92.0% and assetretention at 88.6%, though both figures remained below the firm's longer-termtargets.Hargreaves Lansdown’s AcquisitionThe £5.44billion acquisition of Hargreaves Lansdown by a private equity consortium has alsogained significant regulatory momentum. The buyout group, which includes CVCPrivate Equity Funds, Nordic Capital XI Delta, and Abu Dhabi InvestmentAuthority's subsidiary Platinum Ivy B 2018 RSC Ltd, has secured key approvalsfrom regulators in the UK, EU, and China.Theconsortium's offer of 1,140 pence per share, which includes a 30-pencedividend, has already received shareholder approval. While the deal awaitsfinal clearances from Swiss and Turkish authorities, completion is expected inthe first quarter of 2025. "Theproposed acquisition of Hargreaves Lansdown has been approved by shareholdersand is now subject to certain outstanding regulatory approvals, with completionexpected in Q1 2025,” Olley added. “In the meantime, we remain as committed asever to supporting our clients with the very best service.”CEO emphasizedthat during this transition period, the company remains focused on deliveringpremium service to clients and executing its strategic initiatives.This article was written by Damian Chmiel at www.financemagnates.com.
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Federalregulators have filed charges against two Louisiana companies and their founderfor allegedly orchestrating a multi-million dollar Forex (FX) trading fraudthat targeted dozens of investors.CFTC Alleges $7.6 MillionForex Trading SchemeTheCommodity Futures Trading Commission (CFTC) filed a civilenforcement action against NOLA FX Capital Management, LLC, Meteor, LLC, andtheir founder Michael B. DePetrillo in the US District Court for the EasternDistrict of Louisiana. The regulator alleges the defendants reportedly operatedan elaborate scheme that defrauded at least 40 individuals out of approximately$7.6 million.Accordingto the CFTC's complaint, DePetrillo and his companies allegedly ran anunregistered commodity pool operation from July 2017 until present, promisinginvestors their money would be used for foreign currency trading through anentity called NOLA FX Fund, LLC.“Thedefendants allegedly sent false account statements to pool participants showingpurported profits and trading activity, when in fact none existed,” CFTCcommented. “Instead of trading as promised, the defendants misappropriated poolfunds. The defendants used these misappropriated funds to make payments toexisting pool participants in a manner akin to a Ponzi scheme, pay DePetrillo’spersonal expenses and to conduct personal trading in DePetrillo’s personaltrading accounts.”.@CFTC Charges two Louisiana-Based Companies and Cofounder with Multi-Million Dollar Forex Fraud, Failing to Register: https://t.co/4BekMWnh8B— CFTC (@CFTC) October 28, 2024The casehas also caught the attention of criminal authorities, with the US Attorney'sOffice for the Eastern District of Louisiana filing parallel criminal chargesagainst DePetrillo.Recent CFTC ActionsIn August,the CFTC fined NinjaTrader Clearing, LLC (NTC) $983,425 for inadequateoversight of employee conduct in handling accounts linked to a fraud case. TheIllinois-based firm, a futures commission merchant, failed to act promptly on astatutory restraining order that mandated freezing or restricting the affectedaccounts. Additionally,two months ago, the CFTC imposed a $22 million fine on Nasdaq Futures, Inc. forregulatory violations related to its Designated Market Maker (DMM) program,which ran from July 2015 to July 2018 and incentivized energy futures contracttrades.In the meantime,the conflict between US regulators and cryptocurrency firms has intensified,with nearly $32 billion collected in settlements since 2019, according toCoinGecko. The CFTC has spearheaded many of these efforts, with its mostnotable action targeting the defunct crypto exchange FTX and its affiliate,Alameda. In August 2024, nearly two years after FTX's collapse, the CFTCannounced a $12.7 billion penalty settlement against these companies.This article was written by Damian Chmiel at www.financemagnates.com.
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The US Department of Justice has charged Maximiliano Pilipis with alleged offences related to operating an unlicensed cryptocurrency exchange and laundering proceeds from Silk Road, a now-closed anonymous dark web marketplace.Charged with Money Laundering and Tax EvasionAnnounced yesterday (Monday), the 53-year-old faces five counts of money laundering and two counts of willfully failing to file a tax return. If convicted, he could face up to 10 years in prison and a fine of up to $250,000.Pilipis operated AurumXchange between 2009 and 2013 without a licence, allowing individuals to exchange Bitcoin and other cryptocurrencies for US dollars. The platform conducted over 100,000 transactions, leading to the transfer of $30 million in funds. According to court documents, a portion of these funds originated from Silk Road, which was known for illegal activities, including drug sales.In November 2021, US law enforcement seized over 50,676 Bitcoins linked to Silk Road, valued at around $3.4 billion at the time. US authorities shut down Silk Road in 2013, and its creator, Ross Ulbricht, was convicted in 2015. Ulbricht received a life sentence for facilitating illegal drug sales, and his appeal was rejected in 2017.Collected Significant FeesWhile Silk Road was forcibly closed, Pilipis ceased operating his Bitcoin exchange the same year. Prosecutors claim AurumXchange and Pilipis collected over 10,000 Bitcoin, worth approximately $1.2 million at the time, in transaction fees. The current market value of 10,000 Bitcoins exceeds $709.2 million.The allegations state that Pilipis attempted to hide his gains by splitting the Bitcoins, transferring them, and laundering them, though he began converting them into US dollars around 2018. He also used the crypto proceeds to purchase multiple real estate properties.Although he allegedly realised “hundreds of thousands of dollars” in income from his cryptocurrency holdings in 2019 and 2020, he did not file any income tax returns, which is required by law.“Together with our partners in federal law enforcement,” said Zachary Myers, US Attorney for the Southern District of Indiana, “we will continue to work to investigate and prosecute offenders who exploit digital assets to fuel drug trafficking and other offences, and those who unlawfully facilitate the transfer and laundering of crime proceeds.”This article was written by Arnab Shome at www.financemagnates.com.
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IG Group Holdings plc has appointed Clifford Abrahams asChief Financial Officer (CFO) and as an Executive Director, effective December16, 2024. Abrahams will join the Board in his new role.IG Group Names CFOAbrahams brings experience as a CFO across major financialinstitutions. Most recently, he served as Group CFO for Virgin Money UK plc, aposition he held since 2021. Before Virgin Money, he was Group CFO at ABN AMROBank for nearly four years. Earlier, he held the same role at Dutch insurerDelta Lloyd Group.Commenting on his appointment, Abrahams said: “I amdelighted to be joining IG at such an exciting time. IG has a significantopportunity to take share in large, fragmented markets and I look forward toworking with Breon and the team to accelerate the delivery of the growthstrategy.”Finance Veteran Joins BoardAbrahams began his career at Morgan Stanley, where he wasManaging Director in the Financial Institutions Group. He then spent a decadeat Aviva, working in senior finance roles. He holds an MBA from WhartonBusiness School and an MA in Economics from Cambridge University.Breon Corcoran, Chief Executive Officer, commented: “I lookforward to welcoming Abrahams to IG at this important stage in our development.His experience will be invaluable as we enter the next phase of growth.”This article was written by Tareq Sikder at www.financemagnates.com.
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Tools forBrokers (TFB) has launched an upgrade to its PAMM money management solution,introducing unified login credentials and enhanced privacy features for tradersand investors.Tools for Brokers UnveilsEnhanced PAMM PlatformThe latestversion introduces a simplified authentication system that allows investors toaccess the platform using either their TFB PAMM or MetaTrader credentials,eliminating the need for multiple login details. The updatealso introduces new visibility controls, allowing money managers to customizethe information displayed to investors. Users can now choose to show onlyprofit data while concealing sensitive details such as commissions, swap fees,and order symbols. In additionto enhanced privacy controls, the platform now enables money managers to createand edit detailed biographical profiles, helping them showcase their expertiseand trading achievements to potential investors.This updatecomes few weeks after the technology provider for the financial servicesindustry has opened a newoffice in Dubai, to build its presence in the MENA region. “We've seencontinuous growth in the market over the past few years,” AlbinaZhdanova, Chief Commercial Officer at TFB, commented. “As the number oflocal clients and partners has grown year to year, it made sense to set up arepresentative office there.”Offeringfor Prop Trading FirmsTools forBrokers recently expanded its offerings to proprietary trading firms, launchinga tailored cTrader package designed to support the needs of this sector.Announced on Tuesday, the new package provides prop trading firms with acomprehensive solution to start or enhance their trading operations.The cTraderProp Trading package includes a suite of products like the cTrader TerminalPack, cTrader Copy, and the cTrader Invite Affiliate Program. Additionally,Tools for Brokers integrates its own products, such as the Trade Processorliquidity bridge and risk management tools. The technology provider, known forits turnkey solutions, serves a client base that includes retail brokers, hedgefunds, and proprietary trading firms. Recently, Tools for Brokers has partneredwith firms like SALVUS Funds, Devexperts, and Broctagon to further enhance itsofferings.This article was written by Damian Chmiel at www.financemagnates.com.
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Alphabet, Google’s parent company, has rocketed to the top of thestock charts after delivering a stellar Q3 earnings report. The tech giant notonly smashed revenue forecasts but did so with an air of dominance thatinvestors love. Cloud growth was the real star here, overshadowing Alphabet'shistorical reliance on ad revenue and solidifying its role in the ongoingdigital transformation.Google parent Alphabet said its AI investments were ‘paying off’ as it reported a 35% surge in its cloud business. Read more: https://t.co/ca4v5iQqgq pic.twitter.com/AKHF0hazMf— Reuters Business (@ReutersBiz) October 30, 2024Alphabet reported total revenue of $88.27 billion, surpassing WallStreet’s expectations and up from last year’s $76.69 billion. Google Cloud didn’tso much grow, it’s powered Alphabet’s recent growth to new highs. Cloud broughtin a jaw-dropping $11.35 billion. Sure, the Google search engine is still thecompany’s bread and butter, but cloud computing—where companies increasinglyrely on digital infrastructure and artificial intelligence (AI)—has turned into Alphabet’s ace card,adding huge value to the company.Google’s Ad Revenue Bump: Still the BreadwinnerWhile Google Cloud was the clear standout, ad revenue also showeda nice bump. Google Search and otherservices contributed $49.39 billion, while YouTube ads generated $8.92 billionin revenue. It’s a reminder that Alphabet has mastered the art ofkeeping multiple income streams open. Ads may be old school in tech terms, butthey still pay the bills—and plenty more.Investors are now eyeing Google stock (ticker symbol: GOOGL) withnewfound appreciation. After a somewhat turbulent year with increasingcompetition in the AI space, this earnings call has restored confidence inAlphabet’s long-term strategies. The company’s commitment to AI has led toinnovations in Google Search, as well as advancements in YouTube and AndroidOS, that keep the company’s ecosystem interconnected and resilient. As of now, Googlestock price sits near $171, with analysts predicting upward momentum as cloudcomputing keeps swelling.AI and Cloud Drive Market Momentum in TechAlphabet’s success underlines the impact AI and cloud computingare having on the tech stock landscape. These areas represent some of the mostaggressive growth segments across the industry. As Alphabet focuses on buildinga robust cloud infrastructure—one that integrates AI into almost every Googleproduct—the company is setting the bar for what’s next. This isn’t aboutsoftware or hardware anymore; it’s about the future of computing power, dataprocessing, and the very fabric of how we interact with technology. Increasingly,AI innovation will drive Google and Alphabet’s stock price.Alphabet’s earnings announcement gave a significant push to othertech stocks as well. Analysts believe that as long as Alphabet and other techleaders keep pushing AI innovations and expand cloud capabilities, the techmarket will continue to outperform traditional industries. Alphabet stock pricetrends could, therefore, be a good indicator of broader tech stock healthmoving forward.The AMD LetdownWhile Alphabet was breaking records, Advanced Micro Devices (AMD)found itself in the hot seat, as its Q3 earnings didn’t satisfy the bullishexpectations Wall Street had set. AMD reported revenues of $6.82 billion, aheadof the expected $6.71 billion. Even so, the company’s stock took a hit,reminding us that even the biggest names in tech aren’t immune todisappointment."I think it was really an in-line print," Northwestern Mutual's Matt Stucky says on $AMD Q3 earnings, adding: "The most excitement around the stock is clearly around the accelerator business." pic.twitter.com/qafFpMXJTV— Yahoo Finance (@YahooFinance) October 29, 2024The semiconductor space has been volatile, and while AMD hascontinued to release new and advanced chips, but it appears that investorsstill aren’t happy. Though, that said, as I wrote just recently, thecompany’s competitors are doing well, and AMD’s stock fall is something ofa surprise. As cloud and AI…
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Exness, a major forex and contracts for differences (CFDs) broker by trading volume, is now expanding its B2B liquidity offerings by selecting Centroid Solutions’ Centroid Bridge to extend its prime liquidity to brokerages worldwide.Exness Integrates Centroid BridgeAnnounced today (Wednesday), Exness’ integration of Centroid Bridge will enable the broker to reach a wider range of brokers globally who already use Centroid’s services.“Centroid’s technology will allow us to extend our reach to a wider audience of brokers while ensuring the highest standards of execution speed, stability, and reliability for our clients, the very advantages that have made Exness one of the biggest and most reputable brokers in the world,” said Exness’ Head of B2B Sales, Pete Plester.“This collaboration is a key step in Exness’ ongoing commitment to delivering unparalleled trading solutions globally.”Rising Demand for Trading Tech InfrastructureCentroid provides technology and infrastructure solutions for the trading industry, including tools for risk management, execution engines, bridging engines, and hosting services.Headquartered in Dubai, Centroid operates additional offices in Cyprus, the Philippines, Hong Kong, Thailand, and Malaysia. The company has also recently entered several partnerships to enhance its offerings and distribution network.“By integrating Centroid Bridge, Exness can now distribute their liquidity offering through our innovative connectivity solutions, known for reliability and performance, ensuring their clients benefit from the highest levels of connectivity and execution speed,” said Cristian Vlasceanu, CEO of Centroid Solutions.Meanwhile, demand for Exness’ trading services surged post-COVID-19 in the retail trading markets. Trading volume on the platform peaked in October 2023, reaching $4.8 trillion. Although trading volume has since corrected, Exness has now ceased publishing its monthly figures.This article was written by Arnab Shome at www.financemagnates.com.
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Binance launched Binance Wealth, a solution designedspecifically for wealth managers. This initiative enables wealth advisors tointegrate cryptocurrency into their services, offering high-net-worth clients atailored approach to exploring this rapidly evolving asset class. By providing the necessary infrastructure, BinanceWealth empowers wealth managers to navigate the complexities of cryptoinvestment while maintaining their clients’ autonomy.Client Onboarding ProcessWith Binance Wealth, wealth managers can reportedly oversee their clients' onboarding process, including submitting essential Know Your Customer (KYC) and Know Your Business (KYB) documentation to facilitate their transition into the cryptocurrency space.Once onboarded, clients gain full control over theirinvestments, allowing them to directly manage their portfolios while receivingpersonalized investment recommendations from their advisors.Binance Wealth’s user interface features a dashboardthat allows wealth managers to monitor their clients’ portfolios effectively.This design reportedly reduces the learning curve for wealth managerstransitioning into the crypto space.Wealth managers using Binance Wealth can expose their clients to a range of cryptocurrencies besides Bitcoin and Ethereum. The available options reportedly allow clients to explore varioustrading and earning options to cater to different investment strategies,whether active or passive.Addressing Crypto AdoptionBy addressing the traditional barriers that havehindered the adoption of digital assets among high-net-worth individuals,Binance is not only enhancing the services available to wealth managers butalso facilitating a broader acceptance of cryptocurrencies in the financialecosystem.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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Foresight Ventures, the leading investment firm specializing in Web3 projects, today announced a strategic partnership with Deep Blue, a newly launched Jersey-based stablecoin issuer and Arta TechFin Corporation Limited (Arta TechFin, HKSE: 0279), a Hong Kong listed company via its subsidiaries operating regulated financial institutions and leading blockchain developments. The alliance aims to drive innovation and growth of the Stablecoin and Real-World Asset (RWA) ecosystem.Deep Blue is an issuance platform for Stablecoins bringing best-in-class practices and best partners in both digital assets and traditional finance, enabling users to operate across multiple use cases.Arta TechFin will bring in its capabilities as a regulated blockchain financial services provider, collaborating with Foresight Ventures and Deep Blue on Stablecoin and RWA businesses including but not limited to origination, tokenization, market making, and providing liquidity. Julien Bahurel, co-founder of Deep Blue, commented on the partnership: "We are excited to join forces with Foresight Ventures to accelerate our efforts in the Stablecoin and RWA sectors. This partnership represents a significant step forward in our mission to bridge the gap between traditional finance and the emerging blockchain economy; leveraging on key crypto partners, large Asia-based conglomerates and financial institutions.Foresight Ventures, known for its commitment to fostering Web3 projects that promote decentralization and mainstream adoption of cryptocurrency, will provide Deep Blue with strategic collaborations that include media and network resources. This partnership is expected to elevate Deep Blue’s initiatives, bringing them to a wider audience and enhancing their impact on the global financial landscape. Both parties look to leverage off each other’s access to the blockchain and traditional finance ecosystems. Forest Bai, Representative at Foresight Ventures, expressed his enthusiasm for the partnership: "We are thrilled to collaborate with Deep Blue and ArtaTechFin, companies that share our vision of a decentralized future where blockchain and traditional finance coexist seamlessly. Our strategic resources and industry expertise will help Deep Blue scale its ecosystem and make a lasting impact in the stablecoin and RWA domains."This strategic partnership marks a new chapter for all companies as they work together to pioneer cutting-edge financial solutions that will shape the future of the global economy.About Foresight VenturesForesight Ventures (https://ift.tt/79QCjoV) is the leading global crypto venture capital firm, managing over $400 million in assets across 100+ investments. With a research-driven approach, Foresight Ventures bridges Eastern and Western markets, focusing on early-stage opportunities in Web3. Its diverse portfolio spans blockchain infrastructure, AI and consumer applications with investments in top companies like Bitget, Aptos Labs, and TON. Through its premier owned media network, including The Block, Coinness and BlockTempo, the firm provides exposure to transformative technologies that shape the future of financial ecosystems.Foresight Ventures backs the boldest upcoming innovations, encouraging concepts that challenge conventional platforms with real-life use cases built on emerging technologies. Dedicated to accelerating crypto adoption for billions of people worldwide, Foresight Ventures breaks down barriers empowering global financial freedom and inclusion to all.This article was written by FM Contributors at www.financemagnates.com.
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Cyprus Securities and Exchange Commission (CySEC)suspended the voting rights of FXOpen's sole shareholder, Aliaksandr Klimenka, overconcerns about his influence on the company's management.Voting Rights SuspendedCySEC highlighted that the matter is a governanceissue that FXOpen EU Ltd must resolve within the next six months. In July, theregulator reportedly determined that Klimenka's influence as the sole indirectshareholder of FXOpen EU Ltd could potentially harm the company's ability tomanage itself in a sound and prudent manner. "CySEC decided the suspension of the exercise ofthe voting rights attached to the shares of the CIF, held by Mr. AliaksandrKlimenka, through the company FXOpen Ltd (the sole direct shareholder of theCIF), which shall come into force after six months, in order to end thatsituation," the regulator mentioned. CySEC's ruling will reportedly suspend Klimenka's voting rights, which are held indirectly through FXOpen Ltd. However, thesuspension will take effect after a six-month grace period, giving FXOpen EULtd time to find a solution.Restructuring GovernanceCySEC's intention behind this timeframe is to provideFXOpen EU Ltd with adequate time to restructure its governance. Whether throughchanges in ownership or internal management adjustments, the regulatormentioned that the company must find a way to ensure that its management isfree from undue shareholder influence.Early this year, Klimenka was charged with moneylaundering conspiracy and operating an unlicensed money services business,allegedly behind the notorious digital currency exchange BTC-e.According to information from the Office of Public Affairs at the US Department of Justice, the indictment spans from 2011 to 2017 and involved cybercrime, online money laundering, and a range of illicit transactions.The indictment suggested that the Belarusian Cypriot, among others, controlled BTC-e. The platform reportedly enabled users to trade Bitcoin anonymously. According to the report, BTC-e allegedly operatedwithout proper registration as a money services business and lacked essentialanti-money laundering processes despite conducting substantial business in theUS.This article was written by Jared Kirui at www.financemagnates.com.
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The upcoming Finance Magnates London Summit (FMLS) continues to attract some of the biggest names and leaders in the industry. This includes the most recent addition to the landmark summit, with Visa slated to participate as a Key Partner. Prospective attendees can meet, engage, and network with Visa and other brand authorities next month on November 18-20 at Old Billingsgate. This is one event you cannot afford to miss!Every FMLS has unique elements, exhibitors, content, and attendees that makes this annual event memorable. Now in its thirteenth year, the summit returns to London with an eye on going bigger and bolder than ever before. London Summit has gained a reputation in the events circuit as one the biggest hubs for the finance, fintech, and payments industries. Visa’s involvement signifies a growing integration of payments technology within financial ecosystems. As Visa takes on this pivotal role, its expertise in secure, scalable, and innovative payment solutions is expected to be a major highlight of the event.Only a few weeks remain until the doors of London Summit swing open for a global attendance. Have you reserved your seat to FMLS:24? Registering online in advance ensures that prospective attendees can skip the queues on-site and spend more time networking and engaging with other participants.Visa to Headline Decorated List of Sponsors at London SummitFMLS will be showcasing some true brand leaders this November, boasting an impressive list of exhibitors and sponsors over the two-day event. Visa’s partnership with London Summit is more than just a sponsorship. This inclusion represents the payment giant’s commitment to advancing financial innovation on London’s biggest stage. The summit offers Visa a platform to showcase its latest developments in digital payments and cross-border transactions, as well as a unique opportunity to engage with marquee decision-makers from around the financial services industry.Visa’s participation also underscores the increasing relevance of both seamless and secure payment solutions in financial markets. With a rich history of serving as a global payments leader, Visa brings a wealth of knowledge and innovation to the table for other attendees.London Summit participants will have the opportunity to network and meet face-to-face with Visa on the exhibition floor and also during the Networking Blitz Opening party.A Gateway to Networking and Knowledge SharingBeyond Visa’s presentations and engagements, FMLS:24 provides an invaluable space for networking and knowledge sharing among industry leaders. Visa’s status as a Key Partner allows it to shape these discussions, highlighting the ways payment technology can further propel itself forward in the financial services industry. Attendees can explore a dedicated payments content track as well during the event, with plenty of panels, workshops, and sessions devoted to this space.Prospective participants can take a look at the live agenda for FMLS:24. November 18 will be here before you know it. Visa’s partnership at the London Summit not only reaffirms its role as a leader in payment solutions but also signals the exciting potential of what’s to come in the payments and fintech sectors. Join Visa, other brand leaders, and thousands of attendees next month for London’s biggest summit!This article was written by Jeff Patterson at www.financemagnates.com.
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One-of-a-kind anniversary has to be celebrated with a special event. That's why SimpleFX would like to invite you to compete in a trading contest with a 100,000 USD prize pool. Sounds tempting, doesn't it?What will the contest look like?SimpleFX trading competition will last four weeks. The goal for traders is to acquire as high ROI as possible. Keep in mind that the platform wants to encourage as many traders as possible with multiple rewards. The 100 000 USD and 10 000 SFX Coins prize pool consists of various prizes. The highest goes to the winner of the whole competition, but does it mean that some false start automatically eliminates you from winning the contest? Absolutely not! SimpleFX prepared weekly and final rewards for many traders and affiliates, not only the winners. You have a chance to win prizes every week!The platform has experience in providing this type of trading competition for its affiliate partners. Now, SimpleFX crosses another border and reaches even higher. Even though the preparation and effort are significant, the foundation in terms of technology and flow has been developed before. What does it mean to you? You will get features explicitly tailored to users, live data, a landing page dedicated to the competition, together with a brand-new SimpleFX homepage. Traders may expand their knowledge about traded assets and about the platform itself.Trading on your termsThere are several brokers that focus directly on a narrow set of assets or categories of financial instruments. When it comes to the offer, SimpleFX makes it convenient for every type of trader. Even though this online broker uses state-of-the-art solutions, starting with blockchain technology, everyone can find their favourite trading category during the trading contest.Cutting-edge technology comes together with cryptocurrencies. SimpleFX gives access to multiple cryptos, from Bitcoin and Ethereum to various altcoins, giving unique investment opportunities. Does it mean that a more traditional approach is not welcomed? Absolutely not! Traders eager to discover the world of forex can choose between major and exotic currency pairs. Commodities and metals can also play a vital role in an investor's portfolio, with the examples of oil or gold in the very first place.Moreover, SimpleFX provides alternatives for traders willing to engage in the stock market, whether they want to choose equities or indices. Multiple American, European, and Asian assets are available to trade on the SimpleFX platform. You have a chance to invest in the most popular indexes, such as S&P500, NASDAQ, or recently emerging DAX40. When it comes to the direct stock market, SimpleFX offers NVIDIA and Tesla, which are closely related to BTC Microstrategy, and over a hundred other equities available for trading.Ten years of developmentSimpleFX has been expanding borders from day one. As a pioneer in developing blockchain in the online brokers' market, the platform focused on making trading simple, secure, and fast at the same time. This mission hasn't changed for the last ten years. And it will never change.With blockchain technology, SimpleFX entered into a world of unlimited possibilities regarding payment methods. The platform constantly expands its possibilities to extend its offer. For a very long time, traders could make a deposit with numerous cryptocurrencies. This possibility shows how adaptable SimpleFX is to emerging technologies. Traders can make their deposits in over 50 cryptocurrencies. For some of them, such as Ethereum, Tron, BNB, and Tether, SFX prepared a unique Stake & Earn the opportunity to earn in a passive way.During the trading contest, you have a chance to pick various payment methods. In 2024, SimpleFX opened up for another way of making deposits on the platform. The Mauritius license, which was acquired by the SFX earlier this year, allows the use of more traditional payment methods. Traders can choose whether to use their cryptocurrencies or pick methods such as credit cards or standard bank…
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Gemini has received In-Principle Approval (IPA) from theMonetary Authority of Singapore (MAS) for a Major Payment Institution (MPI)license. This approval allows Gemini to provide cross-border money transfer anddigital payment token services in Singapore.Gemini Prioritizes Localized ServicesGemini established its regional headquarters in Singapore,positioning the country as a core part of its Asia-Pacific operations. Thecompany has prioritized localizing its services to deliver a compliant andsecure trading platform for users in the region.Gemini has also expanded its leadership team to strengthenits operations across APAC. Recent appointments include Saad Ahmed as Head ofAPAC, who has focused on Gemini's regional strategy and regulatory compliance.NEW: Gemini receives In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for its Major Payment Institution (MPI) license Application.This marks a significant step forward in our licensing journey, in line with our commitment to operating with the highest… pic.twitter.com/A0Z39PloDD— Gemini (@Gemini) October 29, 2024Earlier this year, Geminireceived approval from the French regulator to begin its services in France,as reported by Finance Magnates.This development enables Gemini to expand its offerings to both retail andinstitutional clients in the European market. Gillian Lynch, Head of EU atGemini, noted the significance of this approval for the company’s expansion inEurope. This expansion occured amid increasing scrutiny of thecrypto industry by US regulators, including the Securities and ExchangeCommission (SEC), prompting Gemini to seek opportunities in the EU’s clearerregulatory environment.Expanding Singapore TeamThe company’s approach aligns with the Monetary Authority ofSingapore’s regulatory standards, aiming to balance innovation with consumerprotection. Gemini plans to continue working toward full MPI licensing tosupport its growth in the region.“We continue to grow our team in Singapore, with a focus onhiring top talent to support our continued growth and ensure compliance withlocal regulations,” Gemini stated.This article was written by Tareq Sikder at www.financemagnates.com.
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IUX, a leading online CFD trading platform, has solidified its position as a major player in the financial markets by receiving two prestigious accolades: "Best Low Spread Broker" and "Best Innovative Platform" of Asia from 2024 Global Forex Awards Retail. These awards, presented by renowned financial industry evaluators, recognize that IUX has its groundbreaking functionality, technological advancements, a deep-seated commitment to providing the most competitive and transparent trading conditions to traders across the region.Best Low Spread Broker of Asia AwardAchieving the title of Best Low Spread Broker in Asia is no small feat. Low spreads are crucial for traders, particularly those engaging in high-frequency or day trading, as they directly impact the profitability of trades. It requires continuous innovation or rigorous attention to market dynamics and by consistently offering some of the tightest spreads in the industry, IUX has attracted a wide range of traders seeking cost-effective trading solutions.The company's success in securing this award reflects its focus on customer satisfaction, ensuring that traders can maximize their returns by minimizing transaction costs.Best Innovative Platform of Asia AwardIUX's second accolade, the Best Innovative Platform of Asia, acknowledges the platform's must stand out from its competitors for its creativity, effectiveness, and ability to meet the ever-changing needs of its clients. Since the project was started in 2016, IUX has continuously introduced new features to enhance the trading experience for clients by providing cutting-edge tools and a superior experience.For achieving these awards, Mr. Nabil Hussien, our Head of Key Account Management in Malaysia, delivered an inspiring speech:“We are deeply honored to receive these prestigious awards, which reflect the hard work and commitment of the entire IUX team. At IUX, our mission has always been clear: to provide our clients with the most competitive and innovative trading experience available. Receiving the 'Best Low Spread Broker' and 'Best Innovative Platform’ of Asia awards is not just a recognition of what we have achieved but a motivation to continue raising the bar in the industry.These awards are a testament to the trust our clients place in us, and we are committed to maintaining that trust by continuously improving and evolving our services. As we expand our footprint across Asia and beyond, we remain dedicated to ensuring that every trader, regardless of their experience level, can access the tools and resources they need to succeed.”As IUX looks to the future, these accolades are a testament to the company's dedication to relentless pursuit of excellence and a deep-seated commitment to providing our clients with the most competitive and transparent trading conditions in the industry. Beyond expertise and technology, what truly sets it apart is IUX’s believe that success in trading should not be hindered by excessive costs, and our mission has always been to empower traders with the best possible tools and conditions to achieve their financial goals.With customer-centric services, IUX is well-positioned to continue its growth and leadership in the global trading arena.This article was written by FM Contributors at www.financemagnates.com.
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Aquis Exchange and Cboe Europe today (Tuesday) announced their intentions to form a joint venture to explore a bid to become the EU’s equity consolidated tape provider. The new company, SimpliCT, is planned to be based in the Netherlands.An equity consolidated tape (CT) is an electronic system that collects and distributes real-time market data on prices and volumes of exchange-listed stocks. Such a system aims to provide a comprehensive overview of transactions for specific assets on both over-the-counter and trading venues.A Timely MoveThe plans of the two companies come ahead of the EU’s selection process for the equity CT provider, expected to begin in June 2025, with a successful applicant to be chosen by the end of next year.The goal of the new company would be to offer a comprehensive and cost-effective view of market activity, supported by a commercial and governance framework to ensure fair treatment of both data contributors and consumers.This proposal follows a mandate from the European Commission requiring the establishment of a single entity to operate a real-time pre- and post-trade CT for equities for five years. The rule changes came under the MiFIR Review, which took effect in April 2024.Bringing Expertise to the Table“As one of the most important market infrastructure developments introduced by the EU in recent years, this requires a provider with the necessary technical, operational, and commercial expertise, aligned with policymakers' vision and objectives for the tape,” said Natan Tiefenbrun, President of North American and European Equities at Cboe Global Markets, of which Cboe Europe is a division.“SimpliCT has been created to meet this ambitious goal by seeking to leverage the leading capabilities of its founder firms and their unwavering commitment to success.”According to the announcement, Aquis and Cboe will be equal shareholders in the venture, contributing “expertise, technology, and capabilities.” They will also establish a management and advisory committee in due course.“This proposed joint venture would not only represent a cost-effective, robust business model that integrates advanced, complementary, proprietary technologies,” added Alasdair Haynes, Aquis’s CEO, “but would also be designed to deliver fair compensation for data contributions, aligning the interests of contributors and consumers.”This article was written by Arnab Shome at www.financemagnates.com.
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Prop firmTraddoo announced a strategic pivot to futures trading through a newpartnership with TradersLaunch, marking a shift from its previous forex-focusedbusiness model.Traddoo Pivots to FuturesTrading Following FunderPro SplitThetransition comes aftera two-month operational pause and the termination of Traddoo's partnershipwith FunderPro, which resulted in a contractual restriction preventing the firmfrom offering forex trading services for one year.“It wastime to future-proof our operations,” the company commented. “The same livecapital allocations we brought to FX - now available for Futures Traders.”It was time to future-proof our operationsIntroducing Traddoo FuturesThe same live capital allocations we brought to FX - now available for Futures Traders #TeamTraddoo pic.twitter.com/ZmVfirwfC4— Traddoo (@Traddoo) October 28, 2024The US-basedprop firm has already completed several integration milestones, including theimplementation of Volumetrica and NinjaTrader platforms, which are widely usedin futures trading. The company has also established its core tradinginfrastructure through TradersLaunch.Trying to build out new ways forward with partners we can trust!— Traders Launch (@TradersLaunch) October 28, 2024Traddoo iscurrently finalizing essential operational components, including KYC protocols,payment processing systems, and communication infrastructure. The companyexpects these elements to be completed in the coming weeks, enabling afull-scale launch of its futures trading services.In recentmonths, several prop trading firms have entered the futures market, including TheFunded Trader, which launched The Futures Traders, and CryptoFund Trader, which introduced its Crypto Futures Platform. The proptrading sector is rapidly evolving, attracting increased interest fromtraditional FX and CFD brokers.More CFD Brokers Enteringthe Prop Trading MarketIn October,Axi Markets celebratedthe anniversary of its prop trading brand, Axi Select. Over the past year, the brand attracted 17,000 traders and offered funding up to $1 million.Want to know what makes Axi Select a game-changer for the trading industry? Check out our latest video!https://t.co/rX0ieokMnePromoted by AxiTrader Ltd. We act as a principal counterparty to all of your positions. Not available to AU, NZ, EU & UK residents.— Axi (@axi_official) October 17, 2024Additionally,ATFX has joined the list of brokers offering prop trading. According to an exclusive report fromFinance Magnates, the new prop trading venture will be directlyconnected to ATFX’s brokerage services.“Our visionfor this new trading company extends beyond a mere funding platform,” Joe Li,Chairman of ATFX, said regarding the upcoming launch of the prop tradingplatform. “We are committed to building a comprehensive system that not onlyprovides traders with the capital they require but also integrates them into atrusted and secure ecosystem. This level of support and reliability isunmatched in the industry.”This article was written by Damian Chmiel at www.financemagnates.com.
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Swissquote hasannounced the creation of a Chief People Officer (CPO) position, appointinglong-serving Head of Human Resources Tara Yip to the role effective January 1,2025.Swissquote Elevates HRHead Tara Yip to Newly Created Chief People Officer RoleTheappointment marks a significant strategic shift for Switzerland's leadingonline bank as it elevates human capital management to the executive level.Yip, who has led Swissquote's HR operations for over two decades, will join thecompany's Executive Management team in her new capacity.A Swissnative born in 1973, Yip brings extensive experience in talent management,diversity initiatives, and organizational development to the role. During her22-year tenure as Head of Human Resources, she has played a pivotal role inmanaging the company's workforce expansion and integrating personnel fromvarious acquisitions."Weare pleased to promote Tara as our new Chief People Officer from January2025", says Marc Bürki, CEO of Swissquote. "Tara, in her role as HeadHuman Resources, has been instrumental to the company’s growth story. In acompetitive environment where people are key to the success of a company,Tara’s expertise, experience, and leadership will be invaluable as we continueto grow."The CPO position was created as Swissquote continues to expand its digital banking operations. Yip, who holds a psychology degree from the University of Geneva, will strengthen the company'speople-centric culture.This is another significant C-level move following the appointment of a new Chief Operating Officer (COO) a year ago. In September 2023, Swissquote named Nestor Verrier as COO, succeeding Lino Finini, who retired at the end of last year.Swissquote Reports 19%Revenue GrowthSwissquotereported CHF 316.9 million in net revenues for the first half of 2024,reflecting a 19.3% increase compared to the same period last year. Thecompany's pre-tax profit rose to CHF 169.7 million, a significant 35.9% growth.Additionally, client assets grew to CHF 68 billion, up 19.6%, with net newmoney inflows totaling CHF 3.8 billion. In light of these results, Swissquotehas revised its 2024 pre-tax profit target to CHF 320 million.TheSwiss-based online broker has also increased its visibility in sportssponsorships, becoming the principal sponsor for two local ice hockey teams,Zurich’s ZSC Lions and Genève-Servette Hockey Club. Last week,Swissquote expanded its services to offer fractional share trading. By removing the need to purchase full shares, Swissquote aims to give clients more flexibility. Previously, trading strategies were often constrained by share prices instead of availablefunds.This article was written by Damian Chmiel at www.financemagnates.com.
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A week ahead of the US Presidential election, 26 Degrees, run from its Sydney headquarters by CEO Gavin White, has expanded its Pairs CFDs offering with the addition of several Gold Pairs against major indices, including the US 30, US 100, Japan 225, China A50, and US Crude Oil.Offering Gold Trading to TradersAccording to today’s announcement (Tuesday), the company’s Pair CFDs allow traders to trade gold in a more targeted way. Gold has been one of the most traded instruments globally, and the commodity remains extremely volatile as it continues to rally upwards.However, 26 Degrees does not offer services directly to traders. Therefore, it will be up to the brokers to assess demand for such Pair CFDs among their client base and offer these products accordingly.“The rising popularity of gold trading among retail traders has been remarkable, and with our new Gold Pairs CFDs, we’re excited to offer brokers the ability to cater to this demand while providing valuable diversification across multiple asset classes,” said James Alexander, 26 Degrees’ Group Chief Commercial Officer.“With recent interest rate changes from the Federal Reserve and a looming US election, it would not be surprising to see volatility surge in both US indices and Gold in the coming months, and these new Pairs bring both factors into play in a single instrument.”Creating FX-Like Pairs for Other Asset Classes26 Degrees launched its Pairs CFDs products last July, offering brokers 20 such instruments at the outset. The firm is now strategically expanding this product line.Pairs CFDs create forex-like markets for equities, indices, commodities, and other asset classes. According to 26 Degrees, these new products offer a simpler and more effective trading experience than traditional instruments, providing traders with a single ratio of the two instrument prices. This ratio changes based on price fluctuations of the two separate assets, allowing traders to manage risk with one trade instead of opening two separate positions.Additionally, these Pairs CFDs can be structured to enhance or reduce volatility, depending on the instruments' correlation. According to the company, they also offer greater margin efficiency than trading each asset separately with two positions.Meanwhile, 26 Degrees recently saw the departure of its top two executives from its Cyprus office, Riana Chaili and Lochlan White. Finance Magnates also exclusively reported that the company is now considering surrendering its regulatory licence in Cyprus.This article was written by Arnab Shome at www.financemagnates.com.
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