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FinTech360, known for leveraging technology to provide superior trading experiences, will now enhance its offerings with Acuity Trading’s professional market research and trade signals. This combination of AI technology and expert analysis delivers clear, actionable insights, empowering brokers and driving success in the financial market.“Our partnership with Acuity Trading aligns perfectly with our commitment to innovation and excellence,” said Aaron Bitter, CEO of FinTech360. “Integrating Acuity’s advanced analytical tools, like Signals and News, allows us to provide our clients with deeper insights and a comprehensive understanding of market dynamics.”FinTech360 offers a suite of products that integrate seamlessly, creating a unified ecosystem for brokers. Their platform includes advanced tools for customer lifecycle management, marketing, and compliance, tailored to the needs of regulated brokers. By simplifying complexities and providing continuous support, FinTech360 helps brokers at every stage, from startup to expansion, overcome challenges and achieve their goals.“Both FinTech360 and Acuity Trading share a vision of delivering cutting-edge solutions to enhance client success,” said Andrew Lane, CEO of Acuity Trading. “Our blend of AI-driven technology and expert human analysis provides clear, transparent, and actionable trade insights, making this partnership a natural fit.”Acuity Trading’s products, including Signals (AnalysisIQ) and News (Economic Calendar), are designed to integrate seamlessly across various platforms, offering unmatched trading insights. This partnership enables FinTech360 to expand its market reach, attract a broader client base, and cater to the diverse needs of brokers.“Through this partnership, we can enhance our reputation and credibility among our clients,” added Bitter. “The integration of Acuity Trading’s advanced tools strengthens our technological capabilities and client relationships by providing the best possible tools and insights for trading.”The partnership between FinTech360 and Acuity Trading is driven by a shared commitment to innovation, enhanced trading tools, and striving to improve the chances of client success. This collaboration seeks to provide significant benefits for both companies and their clients, positioning them strongly in the competitive financial technology landscape.About FinTech360FinTech360 is dedicated to revolutionising the financial industry with cutting-edge technology and innovative solutions tailored for regulated brokers. Its fully integrative system enhances broker efficiency through advanced customer lifecycle management, marketing, and compliance tools.FinTech360 offers a comprehensive suite of seamlessly integrated products designed to create a unified ecosystem for brokers, simplifying complexity and providing continuous support. Their mission is to empower brokers to thrive in an ever-evolving market, whether they are just starting or looking to optimise and expand their operations. For more information, visit FinTech360.This article was written by FM Contributors at www.financemagnates.com.
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Bitcoin is currently trading at an all-time high, with anticipation of further gains. However, the identity of its creator, Satoshi Nakamoto, remains a mystery. Despite recent claims, including one by the broadcaster HBO and another by a questionable figure, no one knows who Satoshi Nakamoto truly is.The search to reveal Nakamoto's identity has been ongoing for years.Last month, HBO released a documentary claiming that Canadian software engineer Peter Todd, who was involved in the early development of Bitcoin, is Satoshi Nakamoto. However, Todd quickly denied the claims, stating that he was not Nakamoto."I am Satoshi Nakamoto"In an intriguing turn, a man named Stephen Mollah recently held a press conference in London, also claiming to be Satoshi Nakamoto.A dozen journalists attended the event, more out of curiosity to test his claims than to resolve the Nakamoto mystery. According to a BBC report, the event organiser charged journalists £100 for front-row seats and another £50 for unlimited questions to Mollah. The organiser, Charles Anderson, even offered a BBC journalist an opportunity to interview Mollah on stage for £500, but the proposal was declined.“I am here to make a statement that, yes: I am Satoshi Nakamoto, and I created Bitcoin using Blockchain technology,” Mollah declared on stage. However, he failed to provide any convincing evidence.🚨Another day, another Satoshi Nakamoto claim.Today, Stephen Mollah, claimed to be Satoshi Nakamoto at a press conference in London.Is this the real deal, or just another hoax? 🧐 pic.twitter.com/hGp7AldKOz— Benzinga Crypto (@benzingacrypto) October 31, 2024A Questionable CharacterThe BBC report described the experience as ranging from amusement to irritation over the next hour. Representatives from the prestigious Frontline Club interrupted the event to clarify that they only provided the room and did not endorse any of the claims. The attendees soon became sceptical.Interestingly, both Mollah and Anderson are also embroiled in a legal dispute over fraud allegations connected to claims of being the creator of Bitcoin.Mollah is not the first, nor likely the last, to claim to be Satoshi.In 2014, Newsweek suggested that Dorian Nakamoto, a Japanese-American man, was the mastermind behind Bitcoin. However, he denied it.The most dramatic claim came from Australian computer scientist Craig Wright, who engaged in court battles for years to establish his claim. However, his claims were dismissed by the High Court in London.This article was written by Arnab Shome at www.financemagnates.com.
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“China is not an open market, but it is a great market,” Sophie Squillacioti, MultiBank’s Head of China Sales, told Finance Magnates when discussing the intricacies of the Chinese forex and contracts for differences (CFDs) market. She added: “The Chinese market is very developed in this industry.”“Many mistakenly believe that the Chinese market is new, but in reality, it’s very developed. The traders there are very sophisticated, the technology is very sophisticated,” Squillacioti said. She added that “the demand is relatively easy compared to other South Asian markets.”Squillacioti has spent the last two decades in the retail trading industry, with most of her roles remaining China-centric. She was also stationed in China for many years while working for multiple brokerage brands, but now manages MultiBank’s operations in China from Dubai. She confirmed that MultiBank has no physical presence in China at this point.“My role is basically to take MultiBank back into the Chinese market,” she explained when talking about her responsibilities. “They were in China for a long time but exited due to business strategies. Now they’re looking to go back in, and my role is to build up the channel functions.”Deposits in “Several Thousands of Dollars”However, the Chinese market remains lucrative. According to Squillacioti’s experience, the average deposits by Chinese traders are “quite high and can go up to several thousands of dollars,” which is “in line with European deposits.” However, she pointed out that “there are broad spectrums” and it “depends on the brokers too.”Regarding trading volume, Squillacioti noted that “it’s high, very high, which aligns with the Chinese thought process and interest in speculation.” However, these numbers vary from broker to broker, and none of them reveal market-specific volumes.Despite the attractive Chinese trader base, the FX and CFDs industry operates within a grey area in China. The Chinese government does not regulate the CFDs industry, but neither does it ban it.“If That Will Exist in the Future, We Do Not Know”“There’s no local regulation,” Squillacioti said. She added: “If that will exist in the future, we do not know. Until now, the decision has been not to open that market up. So, most brokers operating in that market and onboarding traders do so under foreign licenses, mostly offshore, such as Mauritius and Seychelles, which have been around for quite some time.”MultiBank, which holds more than a dozen regulatory licenses globally, “will be looking to onboard Chinese traders under its Cayman Islands license.”“China Is More Open than Some Other Markets in Asia”Similar to most of Asia, China is also a “very localized” market for retail trading. Squillacioti noted that businesses “certainly do need Chinese speakers for sales and service.” However, she added: “It is more open than some other markets in Asia, and there are some acceptors of the English language.”“Chinese traders will open a platform or website that is translated into the local language, but there is a need for Chinese-speaking customer service operations,” she said.However, marketing can be challenging for foreign brokers entering a localized market, such as China. According to Squillacioti, “There are quite a few online platforms and companies out there where you can place banner ads” to promote brokers. She added that “there’s obviously the traditional introducing broker routes, which is still very popular in these Asian markets. So, the most sought-after route is developing relationships with IB businesses.”It is worth noting that the services of Introducing Brokers, or IBs, remain very popular in developing markets like Asia, Africa, and Latin America. Although IBs need licenses to operate in markets like the UK, there are no concrete regulations for them in the Chinese and other emerging markets.Squillacioti further acknowledged that operating in a market like China without any license or regulation can be “challenging.” Payments, which enable deposits and withdrawals,…
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Bybit, the world's second-largest crypto exchange by trading volume, is pleased to announce that Shunyet Jan, its current Head of Derivatives, will take on an expanded role as Head of Institutional. This move underscores Bybit’s commitment to serving institutional clients and enhancing its innovative derivatives offerings.Expanding Responsibilities for a Dynamic IndustryShunyet Jan joined Bybit with a wealth of experience in both traditional finance and high-frequency trading, bringing a fresh perspective to the crypto space. “Bybit has been an exciting place to work, with a strong focus on innovation and rapid execution,” Shunyet noted. “The culture here is remarkably collaborative, and it’s clear that agility and teamwork are at the heart of everything we do.” His positive first impressions of Bybit’s team and culture, shaped by his background across diverse financial environments, have only reinforced his enthusiasm for advancing Bybit’s role in the market.In his expanded role, Shunyet will leverage his insights from a distinguished career, which includes roles in program trading, ETFs, and index arbitrage on Wall Street, as well as algorithmic and high-frequency trading in Asia. His leadership will guide Bybit in crafting solutions that cater specifically to institutional needs, bridging traditional finance principles with the flexibility of digital assets.Championing Bybit’s Vision for Institutional GrowthWith deep experience in serving sovereign wealth funds, pension funds, hedge funds, and market makers, Shunyet understands the unique needs of institutional investors. “Institutional sales and derivatives share a common goal: providing seamless access to liquidity and effective support,” Shunyet explained. His dual background as both an institutional client advisor and a top global market maker allows him to anticipate and address the nuanced demands of these clients, helping Bybit solidify its reputation as a trusted partner for sophisticated trading solutions.In his new role, Shunyet’s focus is clear: “I’m focused on positioning Bybit as the top choice for institutional clients by enhancing our custody solutions, expanding loan products, and strengthening liquidity across the platform.” He envisions building a robust environment that not only attracts institutional clients but also elevates their experience through refined trading conditions and innovative tools. By refining custody options and liquidity enhancements, Bybit aims to further solidify its foundation in a rapidly growing sector.A Vision for Bybit’s Derivatives and Institutional FutureShunyet’s career trajectory highlights a commitment to adapting the best practices from traditional finance to the crypto industry. He sees significant potential in options trading for the crypto sector, especially in the APAC region, where demand is rapidly increasing. “While options are standard in traditional markets, they remain underutilized in crypto. My goal is to build a world-class options trading platform that offers the same level of sophistication and reliability that institutional investors expect.”“Bybit has a vision of creating a secure, innovative environment for traders, and I’m eager to contribute to the growth of our platform, enhancing institutional offerings while expanding sophisticated retail solutions,” Shunyet added.Helen Liu, Chief Operating Officer of Bybit, commented, “Shunyet’s dual expertise in traditional finance and crypto markets equips him to elevate our platform for institutional clients. His insights and leadership will be instrumental as we broaden our reach in institutional services and enrich our derivatives offerings.”About BybitBybit (https://www.bybit.com) is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula…
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When it comes to profitability, the three London-listed retail brokers generally perform well (with only a few exceptions). While IG Group (LON: IGG) and Plus500 (LON: PLUS) regularly lead in pre-tax profitability with three-digit gains, CMC Markets (LON: CMCX) often has lower figures.IG Remains the Most Profitable CFDs BrokerIG, with a market cap of £3.2 billion, is the largest of the three forex and contracts for difference (CFD) brokers. It achieved a pre-tax profit of £224.4 million on revenue of £514.7 million in the six months between December 2023 and May 2024, resulting in a profit-to-revenue ratio of 43.6 percent.During IG’s best-performing fiscal six months in the last five years, the first half of FY 2022, the broker achieved a pre-tax profit of £245.2 million, resulting in a profit-to-revenue ratio of over 51.6 percent. Although this ratio dropped to 37.3 percent in the first half of the previous fiscal year, it has since recovered over six consecutive months.It's Hard to Beat Plus500's EfficiencyPlus500 leads the trio in terms of profit-to-revenue ratio. In its most profitable six months, the first half of 2020, the Israeli broker earned $363 million (about £280 million) in pre-tax profits, achieving a profit-to-revenue ratio of more than 64 percent, the highest among the three brokers to date.However, Plus500’s efficiency dropped to 46.1 percent in the first half of the current year. The broker also generated $187.3 million in revenue in Q3 2024, though its profits for the quarter remain undisclosed. Public filings show its EBITDA margin for the quarter was 44 percent.In absolute terms, Plus500’s profits are much lower than IG’s. While the Israeli broker generated only $183.7 million (around £141 million) in pre-tax profits in its latest fiscal six months, IG brought in £224.4 million. Interestingly, Plus500 also spent the most on marketing compared to its other two competitors.CMC Markets’ figures remain low compared to its two larger competitors. In the most recent fiscal six months, from October 2023 to March 2024, the broker generated £65.3 million in pre-tax profits, recovering from a £2 million loss in the previous six months.CMC’s latest revenue-to-profit ratio was 31 percent, which is substantially lower than its other two London-listed competitors. CMC’s best six-month period was from April to September 2020, when its revenue peaked at £230.9 million, driven by the effects of the COVID-19 pandemic. The broker achieved a pre-tax profit of £141.1 million, and a revenue-to-profit ratio of over 61.1 percent, though performance efficiency has since declined.A key factor behind IG’s recent dominance over Plus500 and CMC has been interest income. In the second half of its last fiscal year, IG’s interest income peaked at £72.2 million. While Plus500 generated $29.1 million (around £22.3 million) over six months, CMC only brought in £18.9 million.Finance Magnates also analyzed the different geographical markets where these three brokers operate and found that the retail traders in Singapore are the most lucrative, as proved by IG. However, CMC is moving its focus away from its UK home turf and is expanding in Asia Pacific.This article was written by Arnab Shome at www.financemagnates.com.
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Changpeng Zhao, popularly known as CZ, who was released from custody in the US in late September after serving his four-month prison sentence, is now receiving offers to sell his controlling stake in the crypto exchange Binance, he told Bloomberg in a recent interview.However, Zhao did not reveal the names or identities of the parties interested in buying Binance shares.Possibility of New Binance Owners?“I’m not saying that I’m going to hold onto the equity forever or not,” he said in the first interview after his release from US prison. “I’m happy to review every offer, but so far I haven’t done anything. But, you know, I’m just a regular shareholder at this point.”Zhao’s net worth is estimated to be about $61 billion, and he holds a 90 percent stake in Binance, the cryptocurrency exchange behemoth he founded in 2017. He is the richest crypto billionaire and also the richest inmate in history to serve time in a US prison.Pushups, I can do 300 in about 30 min. Roughly 40, 30, 20, 15, 15, 15, … to 300.Or I can do 60-70 (fast) on the first set, but then drop off aggressively and struggle to get to 300. I do it only on a weekly basis. My muscles don’t recover fast enough.Positive takeaways… https://t.co/LHwtmabCqn— CZ 🔶 BNB (@cz_binance) October 31, 2024A FelonThe Canadian, now a resident and citizen of the UAE, headed Binance until last year, when he stepped down from the top executive role as part of his plea deal with US prosecutors. He also pleaded guilty to failing to implement adequate money laundering checks, which allowed bad actors to trade cryptocurrencies on the platform.Binance was also required to pay $4.3 billion to settle with US prosecutors and a separate $2.85 billion to settle with the US commodities regulator. The exchange also agreed to end its presence in the United States.CZ’s cooperation with US prosecutors resulted in a lenient sentence compared to the 25-year jail term of Sam Bankman-Fried, who is now serving time for his shady business practices involving the now-bankrupt FTX and Alameda Research. Interestingly, Zhao initially showed interest in buying out troubled FTX but later backed out, leading to a bank run on the now-collapsed platform and exposing its $8 billion shortfall.When comparing his time in prison with Bankman-Fried’s, Zhao said: “That’s like comparing somebody who’s stealing money versus somebody who failed to register a company.”This article was written by Arnab Shome at www.financemagnates.com.
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APM Capital Markets, formerly known as BUX Financial Services, released a strategic report accompanied by a financial report for the fiscal year ended 2023. The company reported declining revenue and profit, citing restricting plans amid the decision to sell the company and other EU-based CFD businesses.Revenue declined to £843,938 from 1,523,424 during the sameperiod of 2022, and losses widened to £2,993,957 from £2,259,242 in the same period last year. According to the firm, there was a limited focus ongrowing the business during this period and a shift to maintaining coreoperations and regulatory requirements. This also affected the client base.Cost-Cutting Measures“There has been planned attrition of the UK client baseduring the year and subsequently to the year-end, as the cost-cutting measuresinvolved migrating all customers off the existing trading platform to reach apause on trading activities before the sale of the company,” the company noted.APM Capital entered into an acquisition agreement with Asseta Holding Limited, a company incorporated in Abu Dhabi, United ArabEmirates. The company reportedly plans to launch a new trading platform andgrow its customer base in the UK, under APM Markets brand, supported by AssetaHolding Limited. Cost of sales increased from £2,239,965 to £3,085,522 duringthe period, while operating losses also jumped from £2,363,137 to £2,994,215.APM Capital’s financial position remains positive, although net assets declinedfrom £3,227,704 to £1,433,747. Total equity also dropped from £3,227,704 to£1,433,747. Name ChangeExplaining further about the transaction, the companymentioned that: “A share sale and purchase agreement was signed on May 17 2024,followed by change in control approved from the FCA and completion of theacquisition of the company in July 2024. Following the acquisition, thecompany’s name changed to APM Capital Markets Limited.”“The directors consider that the entity is a going concernon the basis that it has received a letter of support and injection of cashpost year-end from Asseta Holding Limited, the acquiring parent entity, andthey are satisfied through their enquiries as to the intention and ability ofthe parent to provide support.” This article was written by Jared Kirui at www.financemagnates.com.
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Polish financial regulators issued a public alertregarding the activities of Foris DAX MT, a Malta-based company operating underthe Crypto.com brand. The regulator cautioned investors about possibleunauthorized financial services offered by the firm. The warning highlighted that the Polish FinancialSupervision Authority (KNF) is monitoring DAX MT's financial operations withinthe country. Crypto.com has reportedly been added to a list of flaggedcompanies under KNF’s oversight, Cointelegraph reported. Regulatory ConcernsThe KNF reportedly directed its concerns toward ForisDAX MT, saying that the company maylack the necessary licenses to provide financial services in Poland. According to a representative from KNF, Polish lawmandates licenses for entities offering brokerage or investment services. Thecase has now been referred to the Warsaw Regional Prosecutor’s Office forfurther evaluation.Expect ongoing updates as this story evolves.This article was written by Jared Kirui at www.financemagnates.com.
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Cronos Labs, the blockchain startup accelerator focused on growing the Cronos blockchain ecosystem, today announced an expansion of its strategic partnership with Google Cloud.With this collaboration, Google Cloud will serve as the primary cloud provider for Cronos and its ecosystem. The alliance with Google Cloud will also focus on four complementary pillars:Onboarding of Google Cloud as a Cronos validator;Technical innovation with Google Cloud to enhance Cronos's performance;Increasing developer adoption of Cronos and Google Cloud at the intersection of AI and blockchain;Value creation package for startups of the Cronos Accelerator program.Ken Timsit, Managing Director at Cronos Labs, said: "The partnership with Google Cloud brings tangible value to end-users and developers in several ways. First, it enhances the security and reliability of the whole network. Second, it makes the Cronos Accelerator program even more appealing to startups. Finally, it opens the door to the creation of a new generation of innovative decentralized applications using Google Cloud's data processing, computing and AI capabilities."Rishi Ramchandani, Head of Web3 APAC, Google Cloud, announced, "Google Cloud is strengthening its commitment to Web3 by joining the Cronos ecosystem as a validator node operator. Google Cloud will also collaborate with Cronos to provide developers with the resources they need to build the next generation of decentralized applications, leveraging Google Cloud's secure infrastructure, advanced AI capabilities, and powerful data analytics tools."Onboarding of Google Cloud as a validatorGoogle Cloud is joining a pool of 32 validators on the open-source Cronos EVM protocol, contributing to the stability and security of the network. Nodes are crucial to the decentralized validation of transactions by producing or confirming new blocks every few seconds. The addition of Google Cloud aligns with Cronos’ strategy of partnering with open-source contributors and validators known for their robust technical expertise. Contributors to the Cronos ecosystem include Crypto.com, Blockdaemon, Ubisoft, Exaion and other top-tier validators.Technical innovation with Google Cloud to enhance Cronos's performanceCronos Labs has used Google Cloud to create the infrastructure underpinning Cronos zkEVM, the Layer-2 blockchain network powered by ZK Chain technology. Leveraging the strengths of the existing Cronos EVM and Cronos POS networks, Cronos zkEVM expands the Cronos universe into Ethereum’s vibrant Layer 2 galaxy.With Google Cloud's cutting-edge infrastructure and deep ZK expertise, Cronos zkEVM aims to achieve new levels of performance and accessibility, empowering users and developers in the Web3 space. The high-performance Cronos zkEVM infrastructure leverages: Google Kubernetes Engine (GKE) Autopilot and Gateway, to easily scale and manage the network infrastructure; AlloyDB, a fully managed PostgreSQL-compatible database with better performance and support for zkSync (zkEVM) technology; and Google Compute Engine to generate zero-knowledge proofs using NVIDIA L4 GPUs.These advanced technologies, combined with Google Cloud's expertise in AI and data analytics, position Cronos for accelerated growth and innovation within the Web3 landscape.Increasing developer adoption of Cronos and Google Cloud at the intersection of AI and blockchainCronos’ collaboration with Google Cloud will emphasize innovation opportunities at the intersection of blockchain and AI to drive developer adoption. For example, Cronos launched its full blockchain datasets on Google Cloud’s platform for both the Cronos EVM chain and the Cronos zkEVM chain. Google Cloud's Blockchain Analytics capability offers indexed blockchain data made available through BigQuery for easy analysis with SQL.These datasets open the door to innovative use cases such as enabling end-users to query the blockchain in natural language, allowing AI agents to use the blockchain for transactions with other AI agents, and allowing both end-users…
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Voting for the upcoming London Summit Awards 2024 has reached its final stage, with only a few days left to make your voice heard and decide this year’s winners. Registered attendees are invited to cast their vote from a short-list of hand-picked brands, as determined by the earlier Nominations Round. Voting ends November 11, so now is the time to cast your decision if you have not done so already!Each London Summit (FMLS) is concluded with the prestigious awards ceremony on November 20, where this year’s elite brands are recognized on London’s biggest stage. London Summit Awards are unique in that they are never bought and reflect the most sought-after titles across several different categories. This year’s awards will be bestowing praise and accolades in the institutional space across multiple notable key verticals. This includes the online trading, crypto, fintech, and payments space. Up for grabs this year are 23 different awards that can be viewed via the following link – does your brand have what it takes to win one of these titles? Ultimately, there is only one way to ensure you win, and that means voting!Only registered attendees can vote for this year’s awards. This makes signing up for FMLS more important than ever for prospective voting participants. Make sure to reserve your seat to the biggest show in London this year and skip the queues on-site. Clock Winding Down on This Year’s VotingAre you unsure of how to vote? This simplified process takes minutes and is now easier than ever. For any questions, participants can familiarize themselves with the full terms and conditions of the London Summit Awards.These awards are never bought or paid for, backed by the highest levels of transparency. Self-nominations are permissible, and any company is free to nominate itself. Additionally, anyone is also eligible to vote for any other company as a third party as well. Just choose from among any of the short-listed companies that were selected during the nominations round.Beyond voting, FMLS has also recently unveiled its full agenda. Plenty of notable speakers and leading brand authorities will be in attendance, including this year's sponsors for FMLS:24. These individuals and brands are all available for networking, meeting face-to-face, and engagement opportunities.This article was written by Jeff Patterson at www.financemagnates.com.
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E-brokerage is a rapidly growing sector worldwide, but does it positively impact society through dedicated social activity? What attitude do traders take to socially beneficial projects in general and the initiatives implemented by Forex brokers in particular? Octa, a global broker since 2011, surveyed traders' engagement in and opinion of various charity initiatives. All generations do their partThe Octa's research covered hundreds of traders in several countries, including Indonesia, Malaysia, Nigeria, and South Africa. Across all countries of the survey, the vast majority of participants (up to 95% depending on the country) belong to three age groups: 26–35, 36–45, and 46–65. Each group had roughly the same representation in the sample. Across all countries of the survey, 59% of traders engage in charity, with Nigeria leading the way with 74% of respondents actively and regularly taking part in various socially beneficial projects. The first noteworthy difference between the countries was established in various age groups' attitudes towards charity. While in most countries, the younger generation aged 26–35 are more engaged in charity, Malaysia boasts a more active social stance among those between 46 and 65. This result is quite intriguing and might suggest a higher involvement of middle-aged Malaysians in social issues compared to other surveyed countries.How do they participate?When it comes to ways respondents engage in charity, around 53% only donate money to charitable causes, with volunteer work being the second most popular choice. Donations are especially popular in Malaysia, where 63% of participants help society this way. There is a strong similarity among all countries regarding which charity causes deserve public attention and investments the most. Answering a multiple-choice question, around 68% of respondents chose healthcare and education as the most important causes. Emergency relief initiatives are the third most popular choice, being especially important for Malaysian and Indonesian traders. This fact can be explained by the numerous natural events that occurred in both countries in recent years. In Nigeria and South Africa, women's empowerment, emergency relief, and environmental causes got roughly the same number of answers, with education still being in the lead.It is worth noting that education is one of the leading charity causes worldwide in terms of investment value and the overall scale of initiatives. In turn, Octa, as a global broker that stays true to its social mission, has been actively involved in educational projects in various countries. The broker focuses on enhancing education opportunities and improving living standards by facilitating learning and personal growth.For example, this year, Octa implemented a charity project together with the KIR foundation to educate Nigerian women and provide them with work tools to help boost their small businesses. In Malaysia, the broker sponsored an on-site coding bootcamp for local youths to increase their learning potential and drive better career opportunities. Trust and information sourcesWhen learning about charity and corporate social responsibility projects in particular, traders use various sources, including social media (14% across all survey countries), printed newspapers, TV, and radio (20%), and word of mouth (11%).Last but not least, 56% of the survey participants put the most trust in domestic charity foundations operating within a city or part of the country. In contrast, large-scale international charity organisations are significantly less popular among the traders' community. Octa traders' survey showed that for most traders, charity initiatives are instrumental in establishing their active social role. Many participate in charitable ventures themselves, opting for donations and volunteer work. The high level of social responsibility among traders and their strong drive towards education emphasises the spirit of community and self-improvement embedded in the trading industry.About…
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NAGA Group AG has appointed boxing legend Mike Tyson as its brand ambassador, marking another entry of a sports personality into the retail trading industry, Finance Magnates has learned.A Rushed Yet Polished PartnershipThe partnership was officially announced by NAGA’s CEO, Octavian Pătrașcu, who posted about Tyson joining as brand ambassador.Describing “this latest project with Mike Tyson as next-level,” the CEO further revealed that his team managed to negotiate and sign contracts with Tyson, coordinate with production teams in Los Angeles and New York, and build the entire campaign content in just two weeks. They also filmed an advertisement video featuring Tyson promoting the trading app.Sports Personalities Entering CFDsInterestingly, celebrity partnerships, particularly with sports personalities, have become popular in the retail trading industry. Recently, Poland’s XTB signed Zlatan Ibrahimović as its brand ambassador. The Polish broker has a history of partnering with sports figures, including Spanish goalie Iker Casillas, football legend and now coach José Mourinho, and MMA fighter Conor McGregor.Several other brokers have also brought sports figures on board, but most deals still revolve around sponsorships with football clubs and motor racing teams. Earlier this year, NAGA itself signed a sponsorship agreement with German football club Borussia Dortmund, securing exclusive rights to the BVB Partner logo and enhancing its brand visibility among millions of football fans.NAGA’s partnership with Tyson follows its merger with Capex.com. Recently, NAGA reported a revenue of EUR 31.7 million for H1 2024 on a pro-forma basis, compared to EUR 36.0 million in H1 2023. According to the firm, the revenue shift reflects a strategic focus on improving profitability and operational efficiency, including the discontinuation of unprofitable business units.This article was written by Arnab Shome at www.financemagnates.com.
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HFM, a leading global provider of financial services and online trading solutions, is pleased to announce the appointment of Samer Alkhaldi as the new Regional Head of Middle East. In this pivotal role, Alkhaldi will be responsible for driving HFM’s strategic growth and market development across the Middle East, enhancing the company's presence and expanding its client base in the region.Samer Alkhaldi brings with him extensive experience in the financial and trading sectors, having held significant leadership roles over the past years. His deep expertise in market strategy, business development, and client relations has established him as a dynamic leader, well-suited to steer HFM’s initiatives in the Middle East."We are excited to welcome Samer Alkhaldi as our Regional Head of Middle East," an HFM spokesperson commented. "His impressive track record and deep understanding of the regional market will be instrumental in advancing our mission to provide top-tier trading services and solutions to clients across the Middle East."In his new role, Alkhaldi will focus on expanding HFM’s market share in the Middle East, fostering strong client relationships, and ensuring the company remains at the forefront of trading innovation in the region. His appointment is part of HFM’s broader strategy to strengthen its leadership and enhance its offerings in key markets."I am thrilled to join HFM and take on the role of Regional Head of Middle East," said Alkhaldi. "HFM has a strong reputation for innovation and client-focused services. I look forward to contributing to the company’s growth and delivering exceptional value to our clients and partners in the region."Samer Alkhaldi’s appointment underscores HFM’s commitment to expanding its leadership team and reinforcing its position as a leading financial services provider in the Middle East.About HFM: HFM is a global financial services provider that offers a comprehensive range of trading solutions, including forex, CFDs, commodities, indices, and more. Renowned for its advanced technology and client-centric approach, HFM serves both retail and institutional clients, delivering world-class trading platforms and educational resources.This article was written by FM Contributors at www.financemagnates.com.
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Dukascopy Bank proudly celebrates 20 years of empowering traders and banking clients worldwide.Since its founding in 2004, Dukascopy has grown into a trusted, innovative leader in the fintech and online trading space, providing clients with advanced tools and a stable platform for smart financial decisions.Over the past 20 years, Dukascopy has reached major milestones that reflect its core values of stability, innovation, and putting clients first. From its proprietary JForex platform to the popular MT4 and MT5, Dukascopy offers a variety of trading platforms along with modern neo-banking services for both individuals, businesses, and institutions. The bank has also led the way in technology upgrades with White Label and banking-as-a-platform solutions.As Dr.Andre Duka, Dukascopy’s founder, says, "Innovation has always been at the heart of what we do. We aim to continue delivering these high standards into the future. Thank you, our clients, for choosing us for these 20 years."Currently, Dukascopy (https://ift.tt/nXjSa6x) proudly serves over 400,000 clients across both trading and banking services. This commitment to delivering cutting-edge solutions, backed by Swiss-grade stability, has allowed the company to maintain long-term relationships with clients, many of whom have been trading and banking with Dukascopy for decades.As the company looks toward the future, Dukascopy remains focused on empowering traders and banking clients, expecting significant growth of its client base across all segments, from trading to neo-banking, corporate to white-label services.This article was written by FM Contributors at www.financemagnates.com.
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Crypto payments: an untapped opportunity for PSPsThe payment industry usually plays it safe. Rather than jumping on trends, PSP companies place a strong focus on compliance and security. That said, there are incentives for and signs of a growing openness to cryptocurrencies. · The global user base for cryptocurrencies has reached 617 million as of June 2024.· Cryptocurrency payments are projected to grow at a compound annual growth rate of nearly 17% between 2023 and 2030. · Major PSPs like Stripe, PayPal, and Braintree have already integrated crypto payment options. Our customer, Akurateco, a payment solutions provider, recognized the potential of crypto payments in the PSP sector and started looking for a reliable partner to make it happen.ClientAkurateco empowers payment providers, merchants, and financial institutions with payment infrastructure, software, and managed teams. The company currently operates on every continent except Australia, with a larger share of its customers located in the UK and EU. Since its launch in 2019, Akurateco has helped numerous businesses launch a straightforward payment process, bypassing the technical hurdles and expense of building their own system, through its white-label, turnkey payment platform.ObjectivesAkurateco, attuned to the needs of their customers, recognised a growing demand for cryptocurrency payment options. Without a second thought, the company set out to find a partner who could integrate a secure and compliant crypto payment gateway into their platform. Objective #1. Enhance customer experienceAkurateco wanted to provide a wider range of payment options to meet their customers' needs and improve their overall experience.Objective #2. Gain a strategic edge Akurateco saw the potential of crypto payments to optimise costs, improve efficiency, and expand market reach. Objective #3. Future-proof their businessWith the growing popularity of cryptocurrencies and increasing institutional adoption, Akurateco recognized the need to adapt and stay ahead of the curve. Partnering with a crypto payment gateway was seen as a way to future-proof their business and prepare for the new era of digital finance. Solution. Onboarding and integrationWe’ve designed our onboarding and integration process to be as smooth and straightforward as possible. Our dedicated account managers guided the customer every step of the way.1. We prepared a personalised offer to fit Akurateco's business model.2. We ensured full legal compliance and security for Akurateco's crypto payment integration.3. We integrated the crypto gateway into Akurateco's payment platform via API with minimal disruption to their operations.“The integration wasn’t done in a click, which is normal for projects like this. It was a process that required time and effort. But looking back after two years, I’m happy to say everything has been smooth. The gateway works nicely, and both we and our customers are very satisfied with the results.”—Volodymyr Kuiantsev, Co-Founder and CEOResults· 10% of Akurateco's revenue is now generated through crypto payments.“We've been partnering with CoinsPaid for two years now, and both we and our customers are happy with the crypto payment experience. I'm quite optimistic about the future of crypto payments. Currently, around 10% of our customers prefer to pay in crypto, but I believe that number will only grow over time.”— Volodymyr Kuiantsev, Co-Founder and CEOThis article was written by FM Contributors at www.financemagnates.com.
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Ebury, a global financial technology firm, has become thenew “Official FX Partner” of Spanish football club C.D. Leganés.C.D. Leganés and Blue Crow Sports Club will use Ebury'sservices as a strategic partner to support the club's growth. The agreement wassigned on Thursday, 7th November, at the Estadio Municipal Butarque, withrepresentatives from both organizations present.Ebury Supports Global Transactions“We are very pleased to welcome Ebury, an internationalcompany and a reference point in foreign exchange, to our family of sponsors,” EduardoCosín, Vice-President of C.D. Leganés, commented.“Their expertise in the field of international transactionsis exceptional and will greatly help us optimise our foreign currency paymentflows. We are confident that this journey we are embarking on will besuccessful for both entities.”Ebury offers services in international trade, includingpayments and collections, FX risk management, and strategies in over 130currencies. It also provides cash management strategies and business lending.The company focuses on making international trade accessible andstraightforward, aiming to enable businesses to conduct global transactionswith the same ease as local ones.Ebury Becomes Official FX Partner Of Spanish Football Club Leganés - Ebury has announced a sponsorship deal with C.D. Leganés, a football club based in Leganés, Community of Madrid, Spain, that competes in La Liga, the first tier of the Spanish league system. The club wa...— The Industry Spread (@industryspread) November 8, 2024Luis Merino, Managing Director of Ebury Spain, noted: “Wefirmly believe that collaborations like this are essential to enhance ourmarket presence and build meaningful relationships with communities acrossEurope.”Streamlining Treasury for SportsFounded in 2009 by Juan Lobato and Salvador García, Eburyhas expanded globally, with over 1,700 employees and more than 40 offices in 25countries. In FY 2023, it saw a 32% increase in global transaction volumes, totallingover £25.5 billion.Ebury is regulated by the Financial Conduct Authority in theUK and is majority-owned by Banco Santander.“This collaboration underscores Ebury’s commitment tosupporting the evolving financial needs of multi-club ownership structures,like Blue Crow Sports Group, that are increasingly shaping the future offootball,” Maurits Zwart, Global Head of Sports at Ebury, commented on the partnership.“By working with C.D. Leganés and the wider organisation,we’re eager to showcase the full value Ebury brings in optimising treasuryoperations and financial efficiency for leading sports groups around theworld."This article was written by Tareq Sikder at www.financemagnates.com.
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M4Markets has formed a strategic partnership with Swiset, adeveloper of AI analytics solutions. This agreement aims to enhance theacquisition and retention of Introducing Brokers (IBs) while improving theexperience for Academies and their students.Swiset AI Expands NetworkSwiset’s AI platform is already active in over 150 countriesand serves a community of over 70,000 registered traders. It offers M4Markets anew tool for engaging a larger, more data-driven IB audience.Swiset monitors over 30 million trades and connects 250,000accounts. Its ability to turn complex data into actionable insights will helpM4Markets' partners make informed decisions, driving engagement and revenuegrowth. According to the firms, this partnership strengthens M4Markets' valuefor current partners and creates opportunities to attract new talent from theIB and Academy sectors.This article was written by Tareq Sikder at www.financemagnates.com.
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The financial industry is at a crossroadswhere traditional governance and sustainability practices are no longersufficient. A new framework—G(EES), which stands for Governance of Economic,Environmental, and Social Impacts—is emerging as a comprehensive alternative tothe often fragmented ESG (Environmental, Social, Governance) model. This shiftcalls for a more holistic, governance-centric approach that prioritises ethicaldecision-making, transparency, and long-term value creation.Why G(EES) Matters for Fintech, Forex, and CFDsThe fintech, forex, and CFDs sectors operatein fast-paced environments with high regulatory scrutiny and evolving investorexpectations. G(EES) governance goes beyond compliance to embed sustainabilityinto the core of business strategy. For companies in these industries, adoptingthis framework is not just about keeping up with global standards—it is aboutreshaping their operations and building a foundation of trust and credibility.Forex and CFDs firms often face criticism foropaque trading practices, and investor trust is paramount in these sectors. AG(EES)-focused approach will push firms to enhance disclosure practices andensure ethical operations, resulting in improved market perception. By adoptingstronger oversight of trading algorithms, transparent risk managementpractices, and sustainable product offerings, these companies can positionthemselves as leaders in responsible finance.More importantly, implementing a robustgovernance framework aligned with G(EES) will help forex and CFDs firms managefinancial and non-financial risks more effectively. As regulatory bodies andinvestors increasingly favour businesses that demonstrate long-term value andethical conduct, embracing G(EES) could become a competitive advantage.Fintech: Moving from Disruption to ResponsibleInnovationThe fintech industry, known for its rapidinnovation and disruption, must now pivot to embrace responsibility andsustainability at its core. G(EES) provides a structured way for fintech firmsto balance technological advancement with social impact. Startups andestablished firms alike should consider how their products affect financialinclusion, data privacy, and cybersecurity.For instance, fintech companies can lead bycreating solutions that bridge the financial inclusion gap while maintaininghigh data security and customer protection standards. This enhances thesector's reputation and aligns fintech's rapid growth trajectory with broadersocietal goals.Building a Culture of Accountability andLong-Term VisionOne of the most profound changes that G(EES)governance demands is a shift in leadership mindset. It is not just aboutreporting on sustainability metrics—it is about embedding governance into everylayer of decision-making. For fintech, forex, and CFDs firms, this meanscreating internal structures that prioritise ethics and compliance withoutstifling innovation.This shift will likely involve appointingdedicated governance officers, establishing sustainability committees, andintegrating sustainability into compensation frameworks. While thistransformation may seem daunting, the long-term reputational and financialbenefits outweigh the costs.The Road Ahead: Transform or Be Left BehindBeing involved in the forex and CFDs industry,I see firsthand the growing demand from regulators, investors, and clients forcompanies to adopt a more integrated and transparent governance approach.G(EES) is not just a trend; it is the new standard that will define responsibleand sustainable business practices for years to come.Companies embracing this model will be betterequipped to navigate regulatory changes, build stronger stakeholderrelationships, and create long-term value beyond profits. Those who resist willnot only risk falling behind but may also find themselves unable to meet therapidly evolving market expectations.For the fintech, forex, and CFDs sectors,adopting G(EES) is an opportunity to redefine responsible business. Byintegrating economic, environmental, and social impacts into a comprehensivegovernance…
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ATFX Connect is excited to announce its partnership with Your Bourse, a leading provider of Platform-as-a-Service solutions for FX and CFD liquidity management. This collaboration aims to enhance liquidity options for brokers by combining ATFX's extensive service portfolio with Your Bourse's capabilities. Together, we are committed to improving operational efficiency and supporting sustainable growth for a diverse range of clients by delivering effective solutions to optimize trading operations.A Match to Be MadeThis collaboration allows us to enhance our service offerings by integrating Your Bourse’s innovative technology with our custom liquidity solutions. By combining our strengths, we can provide brokers with a seamless trading experience that includes the below: · Enhanced Trading Technology with a Seamless ExperienceThe partnership integrates Your Bourse's ultra-fast trade execution capabilities with ATFX's Prime of Prime services, creating a powerful infrastructure for brokers. This collaboration minimizes latency, enabling quick and efficient trade execution. Brokers can seamlessly integrate their platforms for real-time execution, reducing operational friction and allowing them to focus on strategic growth while optimizing their trading strategies to boost profitability.· Tailored Liquidity SolutionsBy leveraging Your Bourse’s advanced platform features alongside ATFX’s global market access, brokers can fully customize their trading environments to meet the diverse needs of their clients. This flexibility allows brokers to adjust liquidity settings, spreads, and execution parameters, delivering personalized trading experiences that enhance client satisfaction and loyalty.· Comprehensive Risk Management with Diverse Liquidity OptionsTogether, Your Bourse and ATFX offer a suite of risk management tools that help brokers navigate market fluctuations effectively. Access to a broad spectrum of Tier 1 liquidity from both bank and non-bank sources further enhances trading options, improving pricing and execution quality. With these resources, brokers can set risk thresholds, monitor exposure in real-time, and implement strategies to mitigate potential losses, ensuring reliability in their trading operations.Innovative Solutions for a Better Trading ExperienceThe collaboration between Your Bourse and ATFX Connect introduces a suite of innovative solutions designed to empower brokers in today’s dynamic market. By integrating cutting-edge technologies and tailored services, this partnership equips brokers with powerful tools for improved trade execution and risk management. Brokers can leverage Your Bourse’s advanced Liquidity Aggregation capabilities alongside ATFX’s diverse liquidity pools, allowing for optimal pricing and faster order execution. Additionally, features like customizable MT4/MT5 Bridge integrations streamline trading operations, while real-time analytics and alerts help brokers monitor their positions effectively. This comprehensive approach not only enhances operational efficiency but also supports brokers in delivering exceptional trading experiences that meet the evolving needs of their clients.Premium Liquidity Program by Your Bourse with ATFX Connect At ATFX, we are proud to support brokers in their participation in the Premium Liquidity Program offered by Your Bourse. By selecting ATFX as their liquidity provider, brokers can access a suite of enhanced services, including custom price and volume multipliers, advanced order routing, and real-time reporting capabilities. These tools enable brokers to manage their operations efficiently and profitably. Additionally, brokers can utilize Your Bourse's services at no cost when they sign up with ATFX, making this a valuable opportunity to leverage high-quality solutions without any extra expense. This collaboration is designed to help brokers optimize their trading strategies and improve their service delivery to clients.ConclusionIn summary, the partnership between ATFX Connect and Your Bourse significantly…
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Explore how Trump's election rally boosted markets, enrichedbillionaires, and sent crypto soaring, revealing his larger-than-life impact onthe economy.Wall Street must have cracked open the champagne early. With Trumpgearing up for his latest turn in the White House, investors seem to have founda newfound zest, breathing life into a market rally that even the mostoptimistic brokers probably didn’t pencil in. The Dow closed 1,500 pointshigher on Wednesday following Trump’s win. It’s as if the mere thought of Trumpin the White House again has money people digging out their "Make WallStreet Great Again" hats.US stocks rallied sharply to close at record highs on Wednesday after Republican Donald Trump won the 2024 US presidential election in a stunning comeback https://t.co/mPyGAgzYTm pic.twitter.com/kdKJOwnmND— Reuters (@Reuters) November 7, 2024Goldman Sachs isn’t just cheering from the sidelines; it’s calling it.According to a report, as U.S. Treasury yields climbed, so did investorsentiment, triggering a market rally that defied traditional expectations.Maybe it’s the promise of deregulation, the scent of tax cuts in the air, orjust the wild ride Trump promises that has traders all in a tizzy. Either way,Trump’s effect on markets is a rollercoaster that Wall Street’s thrill-seekerswouldn’t miss for the world.However, analystDavid Kostin warned that a substantial rise in 10-year Treasury yieldscould put a damper on any prolonged stock market rally. “A further sharpincrease in 10-year Treasury yields would likely limit the magnitude of anypotential rally in stock prices,” Kostin noted.Richer Than Ever: The Billionaire BonanzaElon Musk and Jeff Bezos can thank Trump for some extra zeroes in theirnet worths. As his election prospects drew clearer, their collective walletsseemed to magically thicken. It’s like they could smell opportunity in the wind.According to data, billionaires saw their fortunes balloon as stocks rallied.It wasn’t just about faith in the economy—it was about faith in a Trumpeconomy, with all its promises of pro-business policies, less oversight, and agovernment that looks out for its wealthiest sons.It’s not just Musk and Bezos, though. The top tier of Americanbillionaires collectively relished a market surge that brought gainsreminiscent of the pandemic-era boom. The rationale behind this surge? Simple.A potential Trump administration could mean slashed corporate tax rates andpolicies designed to keep the wheels greased for big business operations. Teslastock surged by almost 15% in the aftermath of the election and Musk’s valuehas risen by $61 billion this year, with Bezos lagging behind with a paltry $51billion rise. And, of course, we know all about Musk’sconnections to Trump.Government Efficiency 🙌 https://t.co/zMtNsVU4Tm— Elon Musk (@elonmusk) November 8, 2024Critics might wag their fingers and shout about wealth gaps andfairness, but in the billionaire playground, Trump’s potential return was akinto a late birthday gift. The stock rally that followed was proof that whenTrump talks, the wealthy listen—and laugh all the way to the bank.Crypto’s Wild Ride: Bitcoin, Ether, and the Trump BumpNot to be left out of the party, the crypto market hitched a ride onTrump’s hype train. Bitcoin, Ether, and even meme coins like Dogecoin sawsubstantial bumps. Solana, an altcoin darling, didn’t sit this one out either;it joined the rally, buoyed by the broader sense of financial “let’s go big orgo home.” Alot of people got even richer.🇺🇸AMERICA ELECTS ITS FIRST EVER CRYPTO PRESIDENTTrump has been elected as the first U.S. president openly supportive of Bitcoin and cryptocurrencies.Throughout his campaign, Trump pledged to bolster the crypto industry, including plans to establish a national Bitcoin reserve… pic.twitter.com/KIDJudWjx3— Mario Nawfal (@MarioNawfal) November 6, 2024The catalyst? It’s not just Trump’s economic brand but the uncertaintyhis political presence stirs. In times when conventional markets tip-toe oneggshells, crypto traders start to salivate. This…
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The California Department of Financial Protection and Innovation (DFPI) has now permanently revoked the license of bankrupt crypto lender BlockFi, two years after initially suspending it.An Array of ViolationsAnnounced yesterday (Friday), the state regulator disclosed that BlockFi has agreed to settle by accepting the license revocation. The bankrupt company further agreed to cease any practices that violated regulations or posed risks to consumers.According to the DFPI’s latest report, BlockFi breached license conditions by failing to evaluate borrowers’ repayment ability and by charging interest before loan proceeds were disbursed. Additionally, the platform did not provide credit counselling to consumers, failed to report payment histories to credit bureaus, and inaccurately disclosed annual percentage rates (APRs) in loan documents.“While we encourage innovation in our financial marketplace, companies must comply with laws and protect consumers to continue operating in California,” said DFPI Commissioner Clothilde V. Hewlett.Creditors Await SettlementsBlockFi’s troubles began after the collapse of Sam Bankman-Fried’s FTX, which led the crypto lender to file for bankruptcy in November 2022. BlockFi, which offered crypto lending services to retail clients, had significant exposure to the collapsed exchange, totalling up to $1.2 billion.Earlier this year, BlockFi reached a settlement with FTX, securing up to $874 million in potential repayments. This allowed BlockFi to sell its FTX claims and prepare for a final distribution to creditors. According to BlockFi’s bankruptcy estate, the goal is to return “100 percent” of distressed clients’ claims, though these will be valued based on the date of bankruptcy, not the current crypto market rates.While the collapse of FTX revealed vulnerabilities in BlockFi’s model, the California regulator had already been investigating similar platforms. The DFPI previously disclosed its scrutiny of crypto companies offering interest-bearing accounts, though it did not specifically name BlockFi at the time.This article was written by Arnab Shome at www.financemagnates.com.
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Caroline Ellison, the former CEO of Alameda Researchand a key figure in the FTX fraud case, reported to a low-security federalprison in Connecticut to begin serving her two-year sentence. Ellison's cooperation with prosecutors led to theconviction of FTX founder Sam Bankman-Fried, but she now faces the consequencesof her own involvement in the scheme that resulted in the collapse of theonce-thriving cryptocurrency exchange.Cooperation with ProsecutorsThe 30-year-old Alameda Research's former CEO, whohelped orchestrate the massive fraud that unraveled the $32 billioncryptocurrency exchange, reported to a federal prison in Connecticut onNovember 7, CNBC reported.Her sentence followed a 2022 plea deal in which sheadmitted to conspiracy and financial fraud charges. Ellison's cooperation withprosecutors played a crucial role in the conviction of FTX's founder, Sam Bankman-Fried. She agreed to testify against him, which wasinstrumental in securing his 25-year prison sentence for similar charges.Caroline Ellison sentenced to two years for role in FTX crypto fraud https://t.co/HMuntIYwon— BBC News (World) (@BBCWorld) September 24, 2024Ellison was intimately connected with both FTX and Alameda Research, a hedge fund affiliated with the cryptocurrency exchange. Shewas also in a relationship with Bankman-Fried while overseeing Alameda, a firm that received a significant portion of thefunds misappropriated by Bankman-Fried from FTX clients.Despite the extensive fraud, Ellison expressed remorseduring her sentencing, breaking down as she apologized for her actions andadmitted her failure to stand up to the corrupt practices of FTX and itsfounder.Caroline Ellison's ApologyJudge Kaplan, who oversaw Ellison's case, reportedthat while her extensive cooperation with prosecutors was commendable, it couldnot excuse the scale of the crime she was involved in. The case, which continues to reverberate across thecryptocurrency industry, has led to multiple legal repercussions for former FTXemployees.Ellison's sentencing also followed a pattern ofaccountability among former FTX executives. Earlier, Nishad Singh, anotherex-FTX executive, was sentenced to time served and three years of supervisedrelease.This article was written by Jared Kirui at www.financemagnates.com.
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Unregulated trading venueswill never disappear as long as there are traders willing to swap consumer protections for high leverage and lowerfees. The challenge for regulated platforms with significantcompliance costs is to convince these traders that the risks outweigh theperceived advantages.In September, the ForeignExchange Professionals Association (FXPA) published a white paper on tradingvenues operating in OTC FX derivatives markets. It cautioned that thebenefits of trading on unregulated FX derivatives venues may come at theexpense of reduced customer protections.Many traders opt forunregulated platforms due to perceived advantages around cost, legacyconnectivity, or flexibility. However, the risks associated with unregulated tradingvenues are far from theoretical.Traders Ignore Regulatory WarningsWarnings from regulatorsand industry bodies are often dismissed on the basis that they refer to eventsthat might happen rather than actual incidents. However, the likes ofYoutradeFX and IronFX serve as a warning to traders who think it couldn’thappen to them.“There have been numerouscases where traders suffered significant losses,” observed Patrick Bartle,managing director LMAX Exchange. “These venues often lack proper oversight andsafeguards, leading to situations where traders may find themselves withoutrecourse when issues arise.”Regulations are not justred tape—they are there to protect customers from fraud, shady practices, andoverly risky trades that could seriously impact their funds, said Gerard Melia,head of FX sales at StoneX.“In addition, regulationshelp keep the market steady, block financial crime, and make sure everyone hasfair options,” he continued. “Unregulated platforms don’t have any of thisoversight, so if something goes wrong, the customer is left without a safetynet.”In light of the above, Meliareckons choosing an unregulated FX derivatives trading platform is a bizarremove when regulated platforms already offer a wide selection of spreads,leverage options, and diverse products across multiple regulated jurisdictions.But Alexander Kuptsikevich,chief market analyst at FXPro acknowledges that regulation tends to come withsevere restrictions on leverage and initial capital. In addition, regulatorsoften prohibit the provision of exotic instruments to retail clients, limitingthe offering of regulated brokers to a narrow range of the most popularinstruments.The FXPA paper also warnedthat unregulated FX derivatives trading platforms introduce the possibility ofregulatory arbitrage for FX markets.“Brokers are looking toincrease the number of licenses, often going to relatively easy jurisdictionsto compete with other brokers in emerging markets,” he added. “In developedmarkets, strict compliance and regulatory rules prevent brokers from providingwhat active clients in much of the world—particularly in Asia—need.”Kate Leaman, Chief Market Analyst at AvaTrade refers to an increase in the number of unregulated FXderivatives platforms popping up to take advantage of gaps in regulatoryframeworks, particularly in jurisdictions with lax enforcement or where thereis limited cross-border oversight.The rise ofcryptocurrencies and decentralized finance has made it easier for theseplatforms to operate under the radar. They sometimes even offer anonymoustrading, which appeals to a certain type of customer but also magnifies therisks involved.“We have seen new entrantsproviding FX derivatives where their regulatory status is unclear,” saidNicolas Jegou, CEO of EuronextFX. “Most operate as a technology partner in their offering.”PlusToken Scam Pointed to the Massive RiskLeaman points to the riskposed by hybrid crypto-FX platforms such as PlusToken, whose organizers withdrewin excess of $3 billion in Bitcoin and other cryptocurrencies in June 2019 andinformed investors that they had ‘run.’“With crypto's growth, someunregulated FX platforms now mix crypto and FX products,” she said. “ThePlusToken Ponzi scheme caught out many unsuspecting investors who thought theywere trading…
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Marex Group posted a strong performance in the third quarter, with a 66% year-over-year increase in pre-tax profits, a surge in revenue and trading income. In the three months ending September, the group reported a 32% jump in revenue, reaching $391.2 million. This figure compares to $296.6 million in the same period last year.Profit and RevenueAccording to the financial reports, Marex's positive results were boosted by high customer activity, particularly in energy and securities. Net tradingincome rose 39%, reportedly due to high demand for hedging and investmentsolutions. Commenting about the performance, Ian Lowitt, Marex’s GroupChief Executive Officer, said: “In the last few months, we have invested tofurther diversify our global platform, expanding our capabilities andgeographic footprint, in line with our strategy to add new clients and increasethe services we can provide them.”“We have continued to grow our capital base anddiversify our funding sources with a successful senior debt issuance, and wewere pleased to see strong investor demand for the recent share placementlaunched by our shareholders, which increased liquidity in our stock.”The company acquired Cowen's prime servicesbusiness to strengthen its agency and execution division. This reportedlypushed net commission income up by 15% to $202.8 million.Besides that, net interest income doubled from $31.4million to $63.5 million, reportedly benefiting from reinvested assets at higher yields.Marex continues to strengthen its position through acquisitions aimed atgeographic and sectoral growth. The group expanded its presence in the Middle Eastwith the acquisition of Aarna Capital and enhanced its FX capabilities with the purchase of Hamilton Court Group. Additionally, Marex reported an increase in total assets to $19.5 billion as of September 30, 2024, a $1.9 billion jump from theend of 2023.Nine Months Ending SeptemberFollowing the positive results, the Board approved a dividend of $0.14 per share,payable on December 10, 2024, to shareholders of record as of November 25. For the nine months ending September 30, Marex registereda 39% increase in pre-tax profits, amounting to $218 million, compared to$157.1 million in the same period last year.Year-to-date revenue rose by 28% to $1.18 billion,with net commission and trading incomes showing substantial growth. WithAdjusted Operating Profit for Q3 2024 at $80.5 million, a 52% increase from Q32023, the company's operating margins also improved, rising from 18% to 21%. Following the strong performance, Marex upgraded itsfull-year profit guidance, now anticipating an Adjusted Operating Profit of$300 million to $305 million, up from the previous estimate of $280 million to$290 million. This article was written by Jared Kirui at www.financemagnates.com.
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Jetonbank, a growing name in the digital banking landscape, is preparing for this year’s Finance Magnates London Summit (FMLS24), ready to showcase its innovative financial solutions. With the summit serving as a central hub for industry leaders, decision-makers, and innovators, Jetonbank is set to highlight how its international banking technologies are enabling businesses worldwide to survive in the digital age.Globally Award-Winning Business Banking SolutionsAs businesses expand globally, the demand for seamless, secure, and scalable payment solutions continues to rise. Jetonbank has positioned itself as a trusted partner for companies looking to simplify cross-border transactions and manage complex international payments. Jetonbank supports businesses in over 100 countries, and 30 currencies, providing access to secure payment processing, digital currencies, and multi-currency accounts.With an infrastructure tailored to deliver a top-tier digital banking experience, Jetonbank has established itself as a remarkable player in the FinTech sector. The company has created a global banking network built on speed and security, serving a widespread international user base.How Can Jetonbank Support Your Business?At FMLS24, Jetonbank will introduce its solutions designed to meet the evolving needs of businesses, including:● Dedicated Bank Accounts: Simplify your banking with our dedicated accounts - seamless payments, additional IBANs on request, and instant transaction confirmation.● Multi-Currency Accounts: Enabling businesses to manage funds in multiple currencies, reducing the complexity and cost of cross-border transactions.● Cross Border Payments: Whether making payments to remote staff and enabling smooth transactions with key suppliers, Jetonbank ensures seamless international transfers and currency exchanges in a single pathway.● Supported Digital Assets: Expand your business capabilities with Jetonbank's digital asset payments account. Easily settle digital currencies to fiat in real-time.● Digital Currency Checkout (Payment Gateway): Accept digital currencies, and enjoy the convenience of settling in either fiat or digital currencies based on your client's needs. These solutions have been carefully designed to help businesses maximize efficiency, reduce costs, and enhance their global reach.Digital Currency-Friendly Business Banking One of the most transformative developments in the FinTech industry has been the rise of digital currency exchanges. Jetonbank embraces a digital asset-friendly banking experience, enabling account holders to manage their investments and conduct money transfers using digital currencies. This approach simplifies transactions across multiple digital currencies, empowering users to operate with greater flexibility.Jetonbank's digital asset-friendly banking model makes digital asset management more accessible for corporate clients. The platform offers enhanced features tailored to investors and businesses involved in digital currency, bridging the gap between traditional banking and the digital asset ecosystem. This integration allows digital currency enterprises to access a full suite of banking services while engaging in the growing world of digital finance.Looking Ahead to FMLS24FMLS24 promises to be a key event for Jetonbank as it continues to strengthen its presence in the global fintech space. The summit provides an opportunity to network with industry leaders, share insights on the future of financial services, and explore new avenues for collaboration.Jetonbank is committed to continuous innovation. The team looks forward to discussing how their next-generation business banking solutions can help businesses navigate the complexities of the modern financial ecosystem.Don’t miss the opportunity to visit Jetonbank at FMLS24 Booth #19 to learn more about Jetonbank’s payment solutions and discover how they can support your business in achieving its financial goals.Get in Touch with JetonbankTo explore Jetonbank's offerings or to schedule a…
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Swiset, a provider of trading analytics, has acquiredProprietary Firms Tech (PFT), a provider of solutions for proprietary tradingfirms. This acquisition combines Swiset’s data-driven analyticswith PFT’s expertise in prop trading infrastructure. The partnership aims toimprove efficiency, intelligence, and scalability for traders and prop firms.AI Integration for Prop Firms“The trading and investment landscape is increasinglyintegrating prop services into its core offerings. However, the currenttechnology within the CFD's sector has lagged behind advancements seen in otherassets, such as futures, crypto, and options,” Andres Jimenez, COO of Swiset.PFT’s platform supports all aspects of prop firm operations,from trader selection to risk management. With Swiset’s AI technology, PFT aimsto enhance its analytics, streamline processes, and improve operationalintelligence. The integration will allow prop firms to manage risk and analyseperformance more effectively.This acquisition enables us to extend Swiset’s sophisticatedAI capabilities into the prop trading, enhancing not only user analytics butalso empowering prop firms and brokers with more robust risk management tools.”added Jimenez.Unified Platform for TradingThe merger will create a unified trading experience thatincorporates AI-driven insights. Traders will benefit from transparency, whileprop firms gain access to a platform that combines PFT’s operational tools withSwiset’s analytics. This acquisition is part of Swiset’s focus on innovation anda tech-driven approach in the trading sector. The merger is expected to enhanceconnectivity and offer smarter solutions for both traders and prop firms.Meanwhile, DynamicWorks has introduced a new integrated feature for Brokeree Prop Pulse, asystem for managing accounts in proprietary trading firms. This feature allowsclients to browse and select various prop trading plans in the client area, asreported by Finance Magnates. After choosing a plan, clients can make a deposit, whichSyntellicore processes by deducting the prop trading fee and setting up therelevant trading account. The account is then linked to the chosen tradingchallenge, allowing clients to begin trading.This article was written by Tareq Sikder at www.financemagnates.com.
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The Financial Commission announced today that IUX Marketshas become its newest approved Member. This status took effect on November 6,2024, following approval of IUX's membership application.IUX Markets Joins Financial CommissionAs an Approved Broker Member, IUX Markets and its clientscan now access various services and benefits, including protection of up to€20,000 per submitted complaint, supported by the Financial Commission'sCompensation Fund.IUX Markets is a global financial services provider offeringa variety of trading instruments, such as forex, commodities, indices, andCFDs. The company focuses on technology, security, and transparency in itsservices.The Financial Commission offers an independent disputeresolution service for brokers and clients in markets like forex, CFDs, andcryptocurrency. This platform facilitates quicker resolutions than traditionallegal processes such as arbitration or courts. “The Financial Commission provides brokerages and their customers withan unbiased 3rd party mediationplatform that helps resolve complaints in instances when parties are unable todirectly come to an agreement over disputes,” the organization stated. IUX Markets joins a range of other brokerages and serviceproviders that use the Financial Commission's services to address customercomplaints and meet membership obligations.This article was written by Tareq Sikder at www.financemagnates.com.
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TraditionData,the market data division of Compagnie Financière Tradition, has appointed IanSams as Global Head of Product, elevating the company veteran from his previous,similar role for the EMEA region.TraditionData Names SamsGlobal Product HeadThepromotion marks a strategic move for TraditionData as it seeks to expand itsdata solutions across multiple asset classes. Sams, who brings more than 22years of experience within the Tradition Group, will work alongside recentlyappointed Chief Operating Officer Chris Dearie to strengthen the firm's productstrategy and market position."Weare accelerating our next phase of innovation and growth," said ChrisDearie, COO of TraditionData. "Ian's experience and expertise in buildingand growing our Interest Rates data product suite will be extremely importantas we look to both grow and diversify our client-focused, innovative datasolutions."During histenure as EMEA Product Head, Sams played a crucial role in developingTraditionData's global Interest Rate data strategy, establishing what hasbecome the company's most successful asset class offering. TraditionData'smarket data services currently cover Interest Rate Derivatives, Energy &Commodities, Credit & Fixed Income, FX, FX Options, and Money Markets. Inhis new role as Global Head of Product, Sams will be responsible for overseeingthese product lines and developing solutions for the company's institutionalclients.Sams has been associated with Compagnie Financière Tradition (CFT) since the beginning of his professional career in 1997. He initially served as Market Data Technical Manager for 13 years before briefly joining Thomson Reuters. In 2016, he returned to CFT as Account Manager for Data and Sales. In 2019, he was appointed Head of European Data Product Strategy, and in May 2023, he assumed the role of European Head of Data Product Strategy.TraditionData Taps Six Key HiresToday’s(Thursday) announcement marks one of several recent changes to TraditionData’slineup. Last month, Finance Magnates reported that Dearie was appointed as thenew COO, bringing with him 25 years of experience in finance.TraditionData has also made three strategic hires to further bolster its presence in the Asia-Pacific region. Danny Lee, who has over 25 years of experience, joins asHead of Sales for Asia Pacific, based in Hong Kong. Jackey Chong has beenappointed Regional Head of Sales for Southeast Asia and Australia, operatingout of Singapore, while Clarins Ng steps into the role of Regional Head ofAccount Management for North Asia, also stationed in Hong Kong.Theoperations team has seen notable additions as well, with Susana D'Elia Lagoappointed as Team Lead of Market Data Customer Support, bringing extensiveexperience in developing customer support teams. Additionally, Chris Leonard, aTradition veteran with a decade of experience, has taken on the role of Head ofData Quality, where he will focus on improving data quality across all assetclasses.Traditionlaunched TraditionData in 2019 to provide tailored solutions for diversecustomer needs. As for Tradition’s overall performance, the group published itsfinancial report on Thursday, announcing consolidated revenue of CHF 272.3million for Q3 2024: a year-over-year increase of 16.2% at constantexchange rates. Adjusted for current exchange rates, this growth stands at 12.9%.This article was written by Damian Chmiel at www.financemagnates.com.
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Fintech is a prime target for cyber attacks - malware attacks 40% of finance companies worldwide, and in successful cyber attacks, malware is the cause 73% of the time. And in terms of frequency, finance organizations each suffered over 50 attacks annually - that's more than any other industry.So, in case you didn't already know it and those statistics weren't enough, read on for all the critical cyber risks every fintech company should watch out for.Digital FootprintA digital footprint is specific data left behind after most online activity. In the case of fintech companies, for example, the footprint of this company includes relationships with customers, financial operations, presence on social networks, and operations in the cloud. Utilizing data removal tools to minimize that digital footprint and keep your privacy intact is essential.A company's increased cyberspace activities create multiple entry points for possible cyberattacks. A hacker can try to gain access using the information from the digital footprint - like consumer addresses, emails, etc - to start an attack.Data Breaches and Insider ThreatsThe biggest challenge is safeguarding data and consumer finance details - Americans lost $43 billion to identity fraud in 2023. And looking at the IBM 2023 Cost of Data Breach report, the average loss per data breach amounts to $5.85 million. Another study found that 3/4 of fintech services had at least one data breach in the last five years. Those are numbers you can't ignore. Causes of data breaches can be anything from weak software to weak account passwords - it isn't always the fintech company at fault.Internal threats are also massive. Employees or contractors with sensitive data can deliberately or accidentally leak that information. One study revealed human error is the cause of 52% of data breaches. And according to the 2022 Cybersecurity Insiders Insider Threat Report, 60% of organizations have reported insider attacks within the year. Proper employee training and monitoring is essential.Ransomware AttacksIn 2023, the cost of ransomware attacks reached an all-time high of $1 Billion with a reported 317.59 million ransomware attempts.Ransomware attacks are so sophisticated. Hackers use malicious code to access servers and accounts, block them, and demand money to release them.For the fintech companies, ransomware attacks can be massive. There's so much money and potentially sensitive data to take that ransomware attackers know they can set a high demand price, and these companies will pay, hence why it's costing billions. The worst is that there's not much companies can do about it. Once the account is hacked and locked, the only way to release it is with a payment, and even then, they still have all the sensitive information and will likely sell that to other parties to make even more money. Ransomware attacks usually come through suspicious emails, links, or software. Phishing emails are one of the things you should be looking out for and again, employee training is essential.Other Malware AttacksThere are other kinds of malware attacks to watch out for - ransomware is the most common, but there are other avenues. However it happens, it always includes malicious code that breaches and shuts down computer systems, capturing sensitive information.One study found that for every 13 web requests, 1 contains malware. And when you consider the sensitive nature of information fintech companies store on their servers, they are a high-risk concern. Again, employees can be the accidental internal human error here, clicking on emails or links they shouldn't.Malware comes in many varieties, like viruses, worms, spyware, adware, and Trojan horses, and each of them uses different strategies and techniques.Any fintech company has lots to watch out for - they're the most targeted industry. The amount of sensitive information these companies store and the financial reward is too much to pass for hackers. And the issue is, the methods they're using are only becoming more sophisticated.…
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Client trading volume on Capital.com skyrocketed to over $450 billion in Q3 2024, which is 20 percent higher than the previous quarter. The volume was $337 billion in Q1, meaning the nine-month trading volume on the platform has already surpassed last year’s total of $1.2 trillion.Index Trading Remains PopularThe increased trading demand last quarter was driven by strong interest in indices, commodities, and FX markets, the brokerage revealed. It further added that index trading accounted for about 53 percent of its total quarterly trading volume.“Our Q3 results highlight the sustained growth of our platform,” said Dana Massey, Chief Marketing, Product & Technology Officer, Capital.com.The London-headquartered broker further revealed that the number of executed trades on the platform between July and September increased by 19 percent quarter-over-quarter to 31 million.Additionally, the number of new user accounts rose by 9 percent, though it remains unclear how many of these new accounts are funded. Interestingly, traders from the Middle East generated most of the index trading demand on the platform, “followed closely” by those in Europe.“With anticipation for the US presidential elections building in Q3, we've seen increased interest in indices and FX pairs, specifically those involving the dollar,” said Daniela Sabin Hathorn, Senior Market Analyst, Capital.com. “The capital injection by China to revive its struggling economy was also a key driver of the momentum in equities throughout September as traders set aside concerns about growth in China.”Expanding Tech TeamEarlier, Capital.com revealed that its net group revenue between January and June jumped by 35 percent, while the total number of registered accounts grew by 63 percent. Although the broker did not provide exact figures for these two metrics, it told Finance Magnates that “revenue growth is in the triple-digit million range and registered accounts are in the millions range.”Now, the broker is also investing heavily in technology and has plans to double the headcount of its technology and engineering unit over the next 12 months. It also announced plans to hire 200 new professionals across its global offices.“As a tech-first company, expanding our engineering team is crucial to scaling our services and meeting the demands of our growing global client base,” added Massey.This article was written by Arnab Shome at www.financemagnates.com.
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