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Robinhood expanded its cryptocurrency offerings for UScustomers by introducing Solana (SOL), Pepe (PEPE), Cardano (ADA), and XRP(XRP). This addition followed a shift in the digital assetspace following Donald Trump's return to the White House. According to the company, this move seeks to provide more diverse investment options for fintech giant users amid demand for a wider range of cryptocurrencies.Robinhood's Crypto ExpansionRobinhood's latest update now brings the total numberof cryptocurrencies available on its platform to 19. The timing of the newcrypto listings with the latest crypto rally has seen Bitcoin soar to an all-time high of more than $90,000. Donald Trump's recent electoral win has stirredoptimism in the crypto community. The President-elect, set to take office inJanuary, has signaled a more favorable stance toward digital innovation.Commenting about the new additions, Johann Kerbrat,the VP and GM of Robinhood Crypto, said: "We've consistently heard fromour customers that they want access to more digital assets, and we're excitedto continue expanding our crypto offering. With lower barriers to entry, we believe cryptopresents an opportunity for those who have been historically left behind by thetraditional financial system."GM. Solana ($SOL), Pepe ($PEPE), XRP ($XRP), and Cardano ($ADA) are now available to trade on Robinhood.https://t.co/CBj6uKDkAZ pic.twitter.com/48wXE9zs8V— Robinhood (@RobinhoodApp) November 13, 2024Notably, Robinhood halted support for certain tokenslast year, including Solana (SOL) and Cardano (ADA), after the tokenswere named in an SEC lawsuit targeting Binance and Coinbase. The lawsuit classified some of these assets asunregistered securities, creating uncertainty around their legal status. Thecrypto industry is now hopeful for clearer guidelines from the SEC, especiallyunder new potential leadership.Market Reactions and Industry ImpactThese updates from major trading platforms indicate agrowing confidence in the digital asset market, boosted by the anticipation ofa better regulatory environment.At the time of writing, the four tokens, SOL, PEPE,ADA, and XRP, had posted a price jump of 16%, 127%, 65%, and 33%, respectively.The tokens also posted positive price increases in the daily chart of 1.66%,64%, 1.38%, and 3%, respectively. Meanwhile, Robinhood recently collaborated with major crypto companies to firms to introduce a Global Dollar Network. The firm laudedthis move as an important expansion of the retail trading platform. The project, which brings together Kraken, Paxos, andGalaxy Digital, aims to challenge the current stablecoin market dominated byTether and USD Coin.This article was written by Jared Kirui at www.financemagnates.com.
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The Financial Conduct Authority (FCA) softened its plansto publicly disclose the names of companies under investigation followingstrong objections from the financial industry. The regulator aims to address the concerns about maintaining a balance between transparency andfairness, the Financial Times reported. FCA Reviews "Name and Shame" PolicyIn a recent session with the House of Lords financialservices regulation committee, the FCA's Chief Executive Officer Nikhil Rathi acknowledgedthe backlash against the initial proposal introduced in February. The plan sought to increase transparency by namingfirms under investigation but received heavy criticism for its potential toharm company reputations before any wrongdoing was proven.Rathi mentioned that the regulator’s intent is to avoidunnecessary damage to businesses. He admitted that the FCA could havecommunicated the plans better and provided standard public notifications beforeunveiling the proposal.The FCA’s revised plan includes significant changes,such as giving companies at least 10 days’ notice before making any publicannouncement about an investigation. The initial proposal, which offered only a one-daynotice period, was reportedly perceived as too abrupt and potentially harmfulto businesses’ market standing.New GuidelinesAdditionally, Rathi mentioned that the revisedapproach would include a public interest test. This test will help the FCAdetermine when it is appropriate to disclose the name of a company underinvestigation.Despite the changes, Rathi emphasized that the overallimpact on the number of public disclosures would likely be limited. The regulator currently has the authority to namecompanies under exceptional circumstances but reportedly plans to use thispower sparingly. In some cases, the FCA also wants the flexibility topublicly state that a company is not under investigation for a specific issue. This measure could help prevent unnecessaryspeculation and market volatility, providing clearer communication to thepublic and the financial markets. The revised proposals are expected to be presentedwithin the next week, with a final decision anticipated early next year.Besides the financial industry, the name and shame policyalso attracted criticism from the ministerial circles. The authorities claimedthat the punitive regulation risks pushing companies away from London.For instance, Kemi Badenoch, the Business Secretary andEqualities Minister, accused the FCA of regulatory over-reach in March. Besidesthat, the legal industry cited that 65% of FCA investigations end without anyaction being taken.This article was written by Jared Kirui at www.financemagnates.com.
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Only a few short days remain until the Finance Magnates London Summit (FMLS), following plenty of hype and anticipation surrounding one of the biggest events of the Fall. Taking place next week on November 18-20, the industry’s top decision-makers, executives, and specialists will be converging on London. Plenty awaits all attendees, including the Networking Blitz party, two full days of exhibition, and of course a full content track.This year’s agenda will showcase four different industry verticals – online trading, crypto, payments, and fintech. Participants can immerse themselves in panels, workshops, and sessions, each designed to help educate, inform, and provide actionable advice headed into 2025.The next few days represent the final call to register online and reserve a seat to FMLS:24 at Old Billingsgate. With a wide range of entertainment and activities on tap, registering ahead of time ensures you can beat any queues and hit the summit floor immediately without any needless wait or inconvenience. London Summit is now in its thirteenth year, bringing one of its strongest content tracks to date for attendees. This includes the biggest names, leading brand authorities, and familiar faces.Each of these content sessions is a way to connect or engage face-to-face with C-suite executives and experts, with interactive Q&A sessions and more. This year’s event will feature panels and workshops across the Centre Stage, Innovate Stage, and the Inspire Stage.The full-length agenda is viewable via the following link and features some highly anticipated sessions:Day 2 Sessions of Note – November 20Talking to Watchdogs: Regulation Recap (10:40-11:20, Centre Stage)Our experts are here for the annual roundup of the big-picture and nitty-gritty details of regulatory aspects of the trading business. What exactly do brokers need to report to regulators to ensure compliance, and when? How do off- and mid-shore jurisdictions keep up with global developments?The Double-Edged Sword of AI and Fraud (11:00-11:40, Inspire Stage)The breakneck pace of AI proliferation has created a new class of rogue activities, from deepfakes to data abuses. However, LLMs can also offer solutions at unmatched speed and scale. Join some of the field's top experts for a review of the changing field of fraud prevention.Swimming Naked? Liquidity Amid Market Hiccups (11:30-12:10, Centre Stage)In 2024, capital markets experienced turmoil that translated into record volatility, with wars waged, elections held, and some anecdotal hiccups, too. Join experts across the liquidity chain as they make sense of the present, look into the future, and answer a host of burning questions. Getting Prop Trading Properly (11:30-12:10, Innovate Stage)The funded account craze is still upon us, with brokers wanting in, regulators silently watching, and funded shops popping up and busting. Join some of the most active participants in this turbulent space for a deep understanding of its risks and opportunities.Fintechs in Payments: Market Penetration and The Battle Against Fraud (14:00-14:40, Centre Stage)As fintechs innovate client experiences in every way consumers store and transfer value, the payments eco-system is changing. Join various industry players for their survey of the field, tackling near-future challenges and long-term opportunities.Power Plays: A New Economic Order? (14:50-15:30, Centre Stage)As global markets adjust to recent electoral outcomes, they brace for potential economic ripple effects. This session will unpack the implications of shifting political sector and intensifying global tensions on interest rates, market volatility, and overall economic stability.This event has something for everyone. See you next week in London!This article was written by Jeff Patterson at www.financemagnates.com.
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The Netherlands’ Authority for the Financial Markets (AFM) has opened an investigation against Vantage Markets, a contracts for differences (CFDs) broker, and has also issued a penalty order for non-cooperation. If the broker continues to fail in providing the required information to the regulator, it will be fined €10,000 per day up to a maximum of €100,000.Vantage Facing Scrutiny in the EUAccording to the regulatory announcement, Vantage Global Limited, which operates as Vantage Markets, illegally offered investment services in the Netherlands. The platform only offers CFDs on a range of asset classes, which are considered risky for retail traders and are subject to strict regulatory oversight.Vantage offered its services to retail investors in the Netherlands under its entity authorised in Vanuatu. Although the broker is also regulated in Australia and South Africa, none of its licences allow it to offer services in the European Union.To operate in the EU, financial services providers need to obtain a licence in any of the member states and then passport it to other countries in the bloc.“Vantage Markets does not have a licence to offer investment services in the Netherlands,” the Dutch regulator stated. “The AFM wants to determine whether Vantage Markets needs a licence from the AFM. In doing so, the AFM is also investigating the collaboration with Dutch intermediaries.”Not Complying with the RegulatorThe AFM further highlighted that it has repeatedly requested information from Vantage Markets, which the broker “has not (fully) provided despite repeated requests.” Thus, the agency issued a penalty payment order on 24 October 2024, requiring the broker to comply with its request for information.Finance Magnates contacted Vantage regarding the regulatory investigation and penalty but had not received any information as of press time.Earlier this year, the Italian regulator also added Vantage to its blacklist, but the broker then told Finance Magnates that it did not conduct business in this or any other jurisdiction where it does not possess the appropriate licences. It also called the Italian regulatory action a “misunderstanding.”This article was written by Arnab Shome at www.financemagnates.com.
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Banxso, a contracts for differences (CFDs) broker facing trouble in South Africa, is no longer onboarding clients under its Cyprus Investment Firm (CIF) licence, Finance Magnates has learned. The retail broker's EU website also appears non-operational, with most services disabled.CySEC Licence Remains Unused“We would like to inform you that Banxso Ltd, with Licence Number 413/22 operating under the name banxso.eu, is not accepting any clients at the moment,” a notice on Banxso EU’s website stated.Although the company's Cypriot licence remains active, archived pages from the Wayback Machine suggest it stopped onboarding clients in April this year. Interestingly, the broker had only onboarded Cyprus residents before the complete suspension of services, according to the archived pages.The mandatory risk disclosure on Banxso EU's website is also interesting as it did not include the exact percentage of clients loosing money on the platform. This also raises questions on the compliance of the Cypriot entity when it was operational."CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading with CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money," the disclosure on the website reads.Finance Magnates contacted Banxso but has not received a response as of press time.Troubles for Banxso in South AfricaWhile Banxso's Cyprus unit is not accepting new clients, its South African unit is also encountering serious issues with the local regulator. South Africa’s Financial Services Conduct Authority (FSCA) suspended the broker’s licence last month due to concerns about the firm’s operational practices and potential client risks. Another local agency also froze the brokerage's bank accounts.Although a local court recently unfroze the bank accounts, allowing the broker to claim victory against the regulators, the FSCA clarified that the order came with conditions. The regulator stated that the broker could not withdraw or allow the withdrawal of any funds from the bank accounts except to transfer clients to an alternative [locally authorised] financial services provider. Furthermore, its licence remains suspended.Interestingly, many South African clients of Banxso alleged that broker representatives misled them about the reinstatement of its licence and the resumption of trading services. A local media outlet confirmed that the CFDs trading platform was permitting trade execution while its licence remains suspended.Meanwhile, the South African regulator initiated an investigation into the brokerage representatives and interviewed witnesses who verified the allegations against the broker.This article was written by Arnab Shome at www.financemagnates.com.
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The Department of Government Efficiency, aka “DOGE,” has crypto markets howlingas Trump, Musk, and Ramaswamy aim to “streamline” D.C.In what could only be described aspeak 2024 political theater, former (and soon to be) President Donald Trump hasannounced a new federal initiative titled the “Department of GovernmentEfficiency”— abbreviated to “DOGE.” Crypto traders around the globe tookthis as a cosmic sign, driving up Dogecoin’s value by a jaw-dropping 20% withinhours of the announcement. The message? Washington may not change, but crypto’smeme culture is more alive than ever. In a headline-grabbing event thatbrings ElonMusk and 2024 presidential hopeful Vivek Ramaswamy onboard as heads of the new“efficiency department,” the move is meant to streamline, optimize, andpossibly meme-ify federal processes. But beyond the headline, Dogecoin’s rapidrally is a wild testament to cryptocurrency's continued appeal to an increasinglyironic public. DOGE – Federal, with Extra MemeTrump’s Department of GovernmentEfficiency is no ordinary proposal. This isn’t just about saving taxpayerdollars; it’s about bringing the corporate world’s most outlandish efficiencyexperts into Washington. And it appears that it’s also about breaking theinternet. Musk, with his ever-colorful Twitter feed and relentless quest for AIdominance, is poised to bring Silicon Valley swagger to Capitol Hill. Meanwhile,Ramaswamy’s own disruptive approach to American politics has made him afavorite among younger, more meme-attuned voters. Together, they’re overseeingDOGE—or as Trump prefers, a “deep state cleanse”—as a government entity meantto cut the fluff from bloated bureaucracy.We will not go gently, @elonmusk. 🇺🇸 https://t.co/sbVka2vTiW— Vivek Ramaswamy (@VivekGRamaswamy) November 13, 2024Of course, whether any actual“efficiency” comes out of this remains up in the air. Still, Trump’s fans arethrilled, his critics are bewildered, and crypto enthusiasts have seized on thechance to bring Dogecoin to the forefront. The internet’s most irreverentcurrency, Dogecoin, has found itself once again riding the coattails ofabsurdity, with traders thrilled at the prospect of a government department“coincidentally” sharing its name.Dogecoin and Elon MuskDogecoin’s 20% surge mightlook like overreaction at first, but let’s break it down. First, Dogecoin hasalways thrived on viral moments, and this was pure gold. With Trump referringto the Department of Government Efficiency as “DOGE,” the surge wasn’t just amarket anomaly; it was a meme-fueled celebration. It’s not every day that acryptocurrency named after a Shiba Inu finds itself in sync with a majorpolitical development, even if that development leans more toward the satirical.Elon Musk on D.O.G.E: We'll drain many swamps and be very transparent about it.“We're going to be very open and transparent and be very clear about this is what we're doing [with the Department of Government Efficiency], here are the issues, this is the math for what's being… pic.twitter.com/bmqqwrZkZX— ELON DOCS (@elon_docs) November 13, 2024Adding to the excitement, Elon Musk,someone we enjoy hereon Trending—and one of the loudest proponents of Dogecoin—now heads thedepartment, effectively making Doge (the coin) a perfect companion to DOGE (thedepartment). Traders must be seeing Musk’s involvement as more than a nod, it’spractically an endorsement … or is it? The 20% rise is more than just a blip,it’s a reflection of the market’s appetite for both meme-driven investments andMusk’s influence over crypto sentiment. In true internet style, Dogecoin’srally is a hilarious, if now predictable, response to the political spectacle. We're just waiting to see what Musk's appointment to some department of Artificial Intelligence (AI) would do to the internet...Why Meme Coins Matter – Crypto’sAllure Grows with the AbsurdThe rise of Dogecoin following thisannouncement is more than just a market quirk. It highlights a cultural shiftwhere meme coins aren’t just passing fads; they’re viable assets with massivefollowings…
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Three majorpublicly listed Bitcoin miners from Wall Street reported net losses in theirthird-quarter results, despite significant revenue growth and operationalexpansions amid volatile cryptocurrency market conditions.Wall Street Bitcoin MinersReport Net Losses in Q3 Despite Revenue GrowthMarathonDigital Holdings (NASDAQ: MARA), the largest public Bitcoin miner by marketcapitalization, posted a substantial net loss of $124.8 million in Q3 2024,despite generating revenue of $131.6 million. The company's operationalexpenses increased by $40 million during the quarter, overshadowing its 34.5%year-over-year revenue growth.In October2024, MARA secured a $200 million line of credit, collateralized by a portionof its cryptocurrency holdings. This move underscores the increasing adoptionof cryptocurrency-backed financing among corporations. TeraWulfInc. (NASDAQ: WULF) reported a net loss of $22.7 million, widening from $19.1million in the same period last year. While the company achieved a 42.8%revenue increase to $27.1 million, its Bitcoin production decreased by 43.4% to555 BTC, primarily due to increased network difficulty and the Bitcoin halvingevent in April.“Power costper bitcoin self-mined increased year-over-year, to $30,448 per bitcoin in Q32024 from $9,322 per bitcoin in Q3 2023, due to an approximate doubling innetwork difficulty and the bitcoin reward halving in April 2024,” TeraWulf commented in a statement.HIVEDigital Technologies (NASDAQ: HIVE) recorded a net loss before tax of $7.3million, though this marked an improvement from the $22.9 million loss in theprevious year. The company's revenue reached $22.6 million, with significantcontributions from its diversified high-performance computing services.“As Bitcoinreaches new all-time highs, HIVE is positioned to capitalize on the momentumfor green energy and digital assets worldwide,” commented Frank Holmes, HIVE’sExecutive Chairman. “With recent regulatory developments following the U.S.election, the environment for digital assets and Bitcoin mining is morefavorable than ever.”Hasrate Goes UpDespite thelosses, all three companies reported significant operational expansions.Marathon increased its hashrate to 40.2 EH/s, while TeraWulf doubled itscapacity to 10.0 EH/s, and HIVE reached 5.6 EH/s.“HIVE’sBitcoin mining hashrate grew by 14%, from 4.9 EH/s in June 2024 to 5.6 EH/s inSeptember 2024, supporting HIVE’s goal of reaching 12.5 EH/s by late 2025,”said HIVE.In the meantime,another publicly listed Bitcoin miner from Wall Street, Hut 8, announced itsplans to achieve 6& hashrate growth to 9.3 EH/s by 2025. To achieve this,it has purchased 31,145 BITMAIN Antminer S21+ units as part of its initial ASICfleet upgrade.“Cost ofrevenue (exclusive of depreciation) in the third quarter of 2024 increased77.3% to $14.7 million compared to $8.3 million in the third quarter of 2023,”TeraWulf commented. It was “2023, primarily due to an approximate doubling innetwork difficulty and the bitcoin reward halving in April 2024, partiallyoffset by an 62.0% increase in average operating hash rate and 117.3% increasein average value per bitcoin self-mined year-over-year.”Although thebiggest publicly listed miners reported higher production in Q3 and last month,the overall mining revenues were falling for fourth straight month. The dailyblock reward gross profit declined by 2%, reaching its lowest level in recentrecords. Miners earned an average of $41,800 per EH/s from daily block rewards,representing a 1% decrease compared to September.This article was written by Damian Chmiel at www.financemagnates.com.
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NuveiCorporation demonstrated solid growth in the third quarter of 2024, with totalpayment volume surging 27% to $61.3 billion, as the Canadian fintech companyapproaches the final stages of its pending $6.3 billion take-privatetransaction with Advent International.Nuvei Posts 17% RevenueJump as Advent Deal Nears CloseTheMontreal-based payment technology provider reported revenue of $357.6 millionfor the quarter ended September 30, representing a 17% increase from theprevious year. The company swung to a net income of $17.2 million, or $0.10 perdiluted share, compared to a net loss of $18.1 million in the same period lastyear.“Ourbusiness remains highly profitable, with third quarter margins reflectingopportunistic investments to expand our global footprint,” commented PhilipFayer, Nuvei Chairand CEO. “Total volume is increasing 27%, and revenue is higher by 17%year-over-year, setting us up well to achieve our targeted growth in thequarters.”Thecompany's adjusted EBITDA showed a slight decline of 2% to $108.8 million,reflecting investments in global expansion. Adjusted net income decreased 8% to$52.3 million, while adjusted net income per diluted share fell to $0.34 from$0.39 in the previous year.The companyrecently partnered with Mastercard, to launcha new off-ramping solution in Europe. It allows consumer to convert theircryptocurrencies into traditional fiats. Take-Private TransactionProgressThe pendingacquisitionby Advent International, valuing Nuvei at approximately $6.3 billion, isprogressing toward completion. The all-cash transaction, offering $34.00 pershare, represents a 56% premium to the company's closing price before the dealannouncement. Most regulatory approvals have been secured, with the remainingfew expected to be obtained in the fourth quarter of 2024.“As we lookto finalize our pending take-private, we are already executing on a highlycompelling value creation plan, and we have initiated the process of adding300-plus new roles across our product, technology, and commercial teams,” addedFayer.Nuvei'sBoard of Directors also declared a quarterly cash dividend of $0.10 per share,payable on December 12, 2024, to shareholders of record as of November 26,2024. The total dividend distribution is expected to reach approximately $14million.Back inJune, the Canadian fintech company receivedin-principle approval for a Retail Services Category II License from theCentral Bank of the United Arab Emirates (UAE), expanding its services into theMENA region.This article was written by Damian Chmiel at www.financemagnates.com.
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Proprietary trading platform Blueberry Funded introduced new updates to its forex andmetals trading symbols on the DX Trade platform, aimed at enhancing user efficiency. The updates will now replace the current symbols ending with a “/”suffix with a new standard: symbols featuring a “.i” suffix. New Symbol Structure According to the company’s statement, Blueberry Fundedseeks to modernize traders' interactions with the DX Trade platform. As part ofthese ongoing improvements, Blueberry is implementing changes to how symbolsare presented for forex and metals trades. The first significant change involves the currentsymbols ending in “/.” These symbols, which have been used for some time, willreportedly transition into a “close only” status. This means that while traders with open positions tiedto these symbols will still be able to close their trades, no new trades can beinitiated under these symbols. They will eventually become invisible on theplatform after November 12, 2024.To replace the retiring symbols, Blueberry Funded isintroducing a new format: symbols ending with the “.i” suffix. These newsymbols will become the default for all forex and metals trading going forward. The older “/” suffix symbols will no longer beavailable for new transactions, making the transition to the new systemessential.Changes for Future TradesBlueberry Funded aims to create a more transparent,efficient trading environment by introducing a new symbol structure. Recently, Blueberry Funded named Marcus Fetherston as its new General Manager. Before joining Blueberry Funded, Fetherston held severalpositions in the financial sector. Notably, he was the Director and Chief Product Officerat PropTradeTech, a position he held until this year. The firm, which is basedin Melbourne, Australia, focuses on trading technology.Blueberry Markets, the forex and contract for differencebroker backing Blueberry Funded, previously offered services to proprietarytrading companies. However, the trading firm announced the launch of theindependent prop firm in July. Blueberry Markets is based in Australia and is reportedly regulated by ASIC. The broker also holds licenses in Vanuatu and in St. Vincentand the Grenadines. Its services encompass margin forex and CFDs for shares,indices, crypto, and commodities.This article was written by Jared Kirui at www.financemagnates.com.
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UP Fintech Holding, the parent company of TigerBrokers, delivered an impressive third quarter, reporting record revenue of$101.1 million and a three-year high profit. The company's performance wasmarked by a substantial increase in client assets, which doubled year-over-year(YoY) to $40.8 billion. Increased Trading ActivityUP Fintech's Q3 revenue surged 44.1% YoY and 15.6%quarter-over-quarter (QoQ), reportedly driven by increased trading activity andclient engagement. The non-GAAP net income attributable to shareholdersreached $20.1 million, marking a significant 286.5% QoQ rise and a 25.6%increase YoY.During the period, UP Fintech added 60,000 newaccounts, boosting its total global accounts to 2.37 million. This represents a10.2% YoY increase. The number of funded accounts also rose significantly, with50,500 new additions, representing a 19.3% YoY growth. Strong net deposits played a key role in the recordsurge of client assets, which increased by 6.7% QoQ and an impressive 115.9%YoY to hit $40.8 billion.In Singapore, Tiger Brokers, a subsidiary of UPFintech, reported record trading volumes and commission income, with net assetinflows climbing 134% YoY. The integration of Cash Boost with the CentralDepository (CDP) accounts reportedly attracted investors, boosting tradingorders by 43% QoQ.The company experienced a strong increase in clientassets in Hong Kong, which rose by over 30% QoQ. Tiger Brokers has introducedweekly stock options to enhance user trading experience and offer cycle optionstrading.US PlatformTradeUP, UP Fintech's US platform, demonstrated stronggrowth, with user downloads rising 122% compared to Q2. The platform'sself-clearing capabilities boosted trade execution, with after-hours tradingvolume increasing by 240% QoQ. Additionally, the company posted strong clientacquisition, with newly funded accounts up 104% YoY in Australia. In NewZealand, trading activity surged, with deposits increasing 128% YoY and tradingvolume rising 249% YoY.On the wealth management side, the company's assets under management grew 101% YoY, supported by increased client engagementand the popularity of Tiger Vault's money market funds. In the IPO market, Tiger Brokers ranked among the topthree underwriters in Hong Kong, handling nine IPOs in Q3. The firm alsocontinued to expand its Employee Stock Ownership Plan services, adding newenterprise clients and boosting net profit by over 270% QoQ.This article was written by Jared Kirui at www.financemagnates.com.
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Although FXbrokers have only recently emerged in the prop trading space, two out of threeretail investors consider them more trustworthy than standard prop firms. The recent study also indicates that the profile of proprietary investors remainsrelatively stable, with a majority continuing to prefer CFDs over futures.Survey Shows TradersPrefer Broker-Backed Prop FirmsAccordingto a survey conducted by PipFarm, regulated brokers entering theproprietary trading market are changing the established rules of the game.Currently, almost 60% of prop firm users believe that those operated by FX/CFDcompanies can be trusted more. Only 14% disagreed with this statement, whileover 26% had no opinion.“Justbecause retail prop firms are not regulated does not make the business modelsimple,” commented James Glyde, the CEO of PipFarm. “Most (if not all) recentprop firm failures can be traced back to a lack of internal controls. Propfirms backed by brokers or experienced management teams should have the skills,infrastructure, resources and controls to manage the business properly, whichis why traders perceive such firms.”This iscertainly a positive signal for brokers entering the space, whose numbers aregrowing each month. One of the newest additions is ATFX, which announced itsexpansion into prop trading in late October.Axipioneered this market among FX/CFD brokers by being one of the first to launchits own prop brand, Axi Select. Other firms soon followed, including OANDA withLabs Prop Trader, Hantec Markets introducing Hantec Trader, and IC Marketslaunching IC Funded.Beyondgreater trust in broker-backed prop firms, respondents also indicated thatcompanies with in-house tech rather than external solutions are much morereliable. 61% of traders agreed with this opinion, 31% had no opinion, and only8% disagreed.The decisionto choose regulated, broker-backed proprietary trading firms is becomingincreasingly prudent as global regulators intensify their scrutiny of theindustry. In July, Italy's Consob likened proprietary trading to “videogames” rather than legitimate trading activities. Marco Martire,Fintokei's Italy Manager, noted that regulatory attention on the prop firmsector is currently very high.“The pricewar and easy challenge period is coming to an end, and traders appreciate amore transparent and institutional approach,” added GlydeSimilarly,India's Securities and Exchange Board (SEBI) recently referred to prop tradingas “fantasy games.” The European Securities and Markets Authority(ESMA) has also initiated discussions on regulating prop trading, and the Czechmarket watchdog confirmed that the activities of prop trading firms may besubject to MiFID regulations.In a recent interview with Finance Magnates at the iFX EXPO International 2024, the CEO of PipFarm, revealed that “the risk is incredibly hard to manage in the prop trading industry.” The full conversation is available in the video below:Stable Profile of PropTradersThe survey,which PipFarm exclusively shared with Finance Magnates, is the latest ina series of studies shedding light on the prop trading industry, allowing foranalysis and comparison of how it changes over time.Most proptrading investors are relatively new to the market, with 34% trading for 1–2years and 31% for 3–4 years. In total, 65% of investors entered the marketsince the 2020 pandemic.The averagenumber of challenges attempted by individual traders has remained consistentover the months. According to PipFarm's latest poll, 42% attempt 1–4challenges, while FPFX Tech's September data shows traders attempt 3 challengeson average.Profitabilityfigures are also similar, with PipFarm's August survey showing 41% of tradersbeing profitable. FPFX Tech reported 45% for traders who passed evaluation,though among all traders taking the test, only 7% ever achieved a payout.According to data from PipFarm, the average trader invests approximately $4,270 in proprietary firm challenges, aiming for substantial returns. However, FPPFX Tech reports a lower average expenditure, indicating…
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oneZero Financial Systems, a provider of trading technologysolutions, has announced an investment from Golden Gate Capital, a privateequity firm based in San Francisco. Lovell Minnick Partners (LMP), oneZero’sexisting financial partner, will continue to support the company alongside thenew investor.oneZero Supports Multi-Asset TradingoneZero, established in 2009 by Andrew Ralich and JesseJohnson, supplies technology to brokers, institutional banks, and liquidityproviders. The company’s platform consists of three key components: Hub,EcoSystem, and Data Source. Together, these tools manage over $250 billion in averagedaily volume, handle 12 million transactions, and process 150 billion quotesdaily. oneZero’s platform provides solutions for pricing, execution,distribution, and analytics across multiple asset classes."Golden Gate Capital’s investment is a seamlessextension of our beneficial relationship with LMP. This next stage investment,alongside LMP’s continued support, validates the clear opportunity we see toexpand our role as a leading technology partner in the global OTC asset tradingmarket,” said Ralich. Golden Gate Invests in oneZeroIn 2019, oneZeropartnered with LMP to drive growth, with LMP focusing on expandingfounder-led companies, as reported by FinanceMagnates. The recent investment from Golden Gate Capital aims to furtherstrengthen oneZero’s financial resources.Ralich and Johnson will continue in their roles as CEO andCTO, respectively, and will oversee daily operations and strategic initiatives.They will remain the largest individual shareholders following the transaction."oneZero’s recent momentum reinforces the strength ofits development roadmap and organic growth strategy as it continues to drivedifferentiated and intelligent performance for its clients,” said Dan Haspel, aManaging Director at Golden Gate Capital. “We are confident that oneZero has the right leadership teamand strategic plan in place to continue this impressive momentum and arethrilled to support the Company in the next chapter of its growth story.”Houlihan Lokey acted as oneZero’s exclusive financialadvisor, and Gunderson Dettmer provided legal advice to oneZero and LMP.Broadhaven Capital Partners served as financial advisor to Golden Gate Capital,with Paul, Weiss, Rifkand, Wharton & Garrison as its legal advisor.This article was written by Tareq Sikder at www.financemagnates.com.
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The cryptocurrency landscape stands at a historiccrossroads as the battle between Ripple Labs and the Securities andExchange Commission (SEC) enters its most critical phase. Since December 2020,this legal confrontation has shaped the future of digital asset regulation,with implications reaching far beyond the immediate case. The potential impactof Donald Trump's election adds another layer of complexity to analready intricate situation.The Evolution ofSEC's Cryptocurrency StanceUnder SEC Chair Gary Gensler's leadership,the commission has maintained an aggressive enforcement approach toward digitalassets. The SEC's strategy of classifying various cryptocurrencies assecurities has led to numerous enforcement actions against industry players.This strict interpretation of securities laws has particularly affected therelationship between Ripple and Coinbase, with many exchanges temporarilydelisting XRP following the initial SEC lawsuit.The commission's approach has sparked intense debatewithin the crypto community. Chief Legal Officer Stuart Alderoty hasrepeatedly challenged the SEC's interpretation, arguing that XRP functions as adigital currency rather than a security. This position gained significantsupport when Judge Analisa Torres issued her landmark ruling in July2023.Landmark Rulingand Market ImpactThe July 2023 decision marked a turning point when thecourt ruled that XRP is not a security in retail transactions. Thispartial victory resulted in a $125 million civil penalty, significantlyless than the SEC's initial demands. The ruling's impact created wavesthroughout the crypto market:InstitutionalInterest and Market EvolutionThe institutional landscape for XRP has transformeddramatically since the initial SEC filing. Major financial institutions are nolonger sitting on the sidelines, with Fox Business journalist EleanorTerrett reporting unprecedented levels of interest from traditionalfinance. Investment firms are particularly drawn to XRP's potential incross-border payments, with transaction volumes reaching historic highs inAsian markets.The evolution of institutional involvement extendsbeyond simple trading activities. Banks are developing comprehensive blockchainstrategies, incorporating Ripple's technology into their existingframeworks. This integration represents a fundamental shift in how traditionalfinance views digital assets, with XRP at the forefront of this transformation.The Trump Factorand Regulatory OutlookThe potential impact of Donald Trump'selection on crypto regulation represents a crucial variable in themarket's future. Industry experts suggest that Trump's SEC wouldlikely take a markedly different approach to cryptocurrency oversight. Under anew administration, the regulatory landscape could shift significantly,potentially leading to more crypto-friendly policies and reduced enforcementactions.Trump's victory could trigger several significant changes:RegulatoryFramework Overhaul - The appointment ofa new SEC Chair would likely lead to a comprehensive review ofexisting crypto regulations. Current enforcement strategies, heavily criticizedby Ripple CEO Brad Garlinghouse, could see substantial modification undernew leadership. This potential shift has already influenced market sentiment,with institutional investors positioning themselves for possible regulatorychanges.EnforcementPriority Shifts - A newadministration could fundamentally alter the SEC's approach to cryptoenforcement. The current focus on regulatory actions, which has led to numerouscases against crypto firms, might give way to a more collaborative approach.This shift could particularly benefit companies like Ripple, which have arguedfor clearer regulatory frameworks rather than enforcement-first policies.Crypto Bull RunPotential and Market AnalysisThe broader crypto market shows strong indicators ofentering a sustained crypto bull run. Bitcoin's performancecontinues to set the pace, with its price movements closely correlated to widermarket sentiment. Ethereum maintains its position as a…
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Scammers have shifted to public review websites likeTrustPilot and Google Business to impersonate representatives of the CyprusSecurities and Exchange Commission (CySEC), misleading investors into payingbogus fees, the regulator warned. The increase in these fraudulent activities has now promptedCySEC to issue a warning, urging the public to be vigilant and cautious whenapproached by supposed CySEC officials.Fake Representatives Demand Recovery FeesAccording to CySEC, recent reports reveal a surge inincidents involving individuals falsely claiming to be CySEC officers. Thesescammers contact investors, often via email or fake online accounts, and demandfees, promising to assist in recovering investment losses from CySEC-regulatedcompanies. The exploits the trust investors place in CySEC as aregulatory body, making it a particularly dangerous scam. CySEC warns that itdoes not contact individuals directly or request personal or financialinformation.“In these posts, users have reported incidents ofindividuals posing as CySEC officers or representatives have contactedinvestors, demanding fees in exchange for facilitating the recovery ofinvestment losses in companies regulated by CySEC,” the watchdog mentioned.IMPORTANT WARNINGCySEC have been made aware of cases of individuals fraudulently posing as CySEC officers or representatives.Read more: here#CySEC #Scammers #BeAware #Investorprotection #investoralert pic.twitter.com/Vqa8Vt9gwJ— CySEC - Cyprus Securities and Exchange Commission (@CySEC_official) November 8, 2024The agency maintains that it has no mandate to collect feesfrom investors or appoint third parties for such purposes. To combat thegrowing trend of misinformation and fraudulent activities, CySEC utilizesadvanced social media listening tools.Social Media Monitoring ToolsThese tools monitor posts across multiple languages inreal-time, alerting the regulator to false or misleading content posted byinvestment firms or so-called "finfluencers." This capability enablesCySEC to take swift action against harmful marketing activities, protectingpotential investors from scams.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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The Bank for International Settlements (BIS) announced itsdecision to exit the mBridge cross-border payments project, a CBDC initiativein which China has been a key technology contributor. China recently proposed open-sourcing the software, and theBank of China (Hong Kong) integrated mBridge to enable automated corporatepayments. BIS's exit from mBridge aligns with rising geopolitical tensions and discussionat the BRICS Summit on alternative payment systems.BIS Exits mBridge ProjectAgustín Carstens, BIS General Manager, disclosed thedecision at the Santander International Banking Conference, clarifying that themove reflects project progress rather than political issues or setbacks. Afteroverseeing mBridge for four years, BIS believes that participating centralbanks can continue developing the project independently.“I would say that the project has been so successful that wecan declare that we have graduated out,” Carstens said. He added the bank wasleaving “not because it was a failure and not because of politicalconsiderations” but rather because “it is at a level where the partners cancarry it on by themselves”. 'Sanctioned' BRICS: West Shut Down mBRIDGE But Failed to Stop the Global South🔷 Watch the full interview: https://t.co/buobW9jZbxThe BIS top executive, Augusten Carstens, announced that “the central bank for all central banks” can no longer work with sanctioned countries.… pic.twitter.com/qDePIg4sKc— Lena Petrova (@LenaPetrovaOnX) November 6, 2024mBridge, a blockchain platform, was designed to speed up andincrease transparency in cross-border payments using wholesale CBDCs (wCBDCs).Launched in 2021, it includes central banks from China, Hong Kong, Thailand,the United Arab Emirates, and more recently, Saudi Arabia, aiming to meet G20goals for enhanced payment systems. The platform reached its Minimum Viable Product stagein June 2023, though further development is required before it can be fullyoperational.Meanwhile, areport published by the BIS examines the potential impact of money tokenisationon central banks, as reported by FinanceMagnates. Prepared for the G20, the report highlights the benefits, such aslower costs and faster transactions, while stressing the need to addressassociated risks in the regulated payments sector.Geopolitical Tensions Impact mBridgeBIS’s departure from mBridge comes amid rising geopoliticaltensions around global payment systems. At the recent BRICS summit, theproposal for a BRICS Bridge payment platform hinted at an alternative to thecurrent financial system dominated by the US dollar. The platform’s discussion raised concerns due to theinvolvement of countries like Russia and Iran, both under internationalsanctions. During the summit in Kazan, Russia, PresidentVladimir Putin criticized the US for using the dollar “as a weapon” againstBRICS members. China and the UAE, both involved in mBridge, attended thissummit alongside Iran, the host nation.Carstens distanced mBridge from the BRICS Bridge proposal,stating, “mBridge is not the BRICS Bridge.” He emphasized BIS’s strict policyof non-collaboration with sanctioned entities.China’s Influence on mBridgeDespite this clarification, analysts question whetherChina’s influence over mBridge may increase as BIS steps back. Some suggestthis could bring mBridge closer to China’s other cross-border financialefforts, such as the Cross-Border Interbank Payment System. This shiftcould potentially reduce the oversight role of Western central banks, includingthe US Federal Reserve and the Bank of England, which previously served asobservers.Josh Lipsky from the Atlantic Council remarked that BIS’swithdrawal might signal a division in CBDC development, with payment networksincreasingly reflecting geopolitical divides. He suggested Western centralbanks might focus on alternative platforms, such as Project Agorá, supported bycentral banks in Europe, Japan, Korea, and the US.The BIS Steering Committee recognized BIS's contribution,while the participating central banks continue advancing mBridge toward fullproduction.…
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Coinbase is acquiring the team behind Utopia Labs, astablecoin and payments startup. Utopia Labs shifted focus last year fromserving small crypto businesses to concentrating on stablecoin-based payments.This transaction was exclusively reported to Axios.Utopia Team Joins Coinbase WalletFour Utopia Labs team members will join Coinbase: KaitoCunningham, Alexander Wu, Jason Chong, and Anthony Tat. Their work will centeron integrating stablecoin-based payments directly into Coinbase Wallet, withcross-border payments likely to be included.Utopia raised $23 million from investors, including Paradigmand Coinbase. The company and its product are expected to cease operationsafter the sale.Coinbase Eyes More Startup AcquisitionsCoinbase has a history of acquiring startups. SurojitAggarwal, Coinbase’s Chief Product Officer, noted further opportunities foracquisitions to support Coinbase’s Base network, including teams that enhancedeveloper tools. Coinbase aims to improve user experiences in areas such aspayments, creator tools, and social features."There's opportunities to acquire different developertools and teams and integrate them similarly into Base," Aggarwal said. "Theuser experiences that we're focused on are payments, creators, andsocial."Coinbase Reports Soft Market ConditionsCoinbasereported Q3 2024 revenue of $1.2 billion, falling short of Wall Street’sestimate of $1.26 billion. Earnings per share came in at $0.28, missing theexpected $0.45, as Finance Magnatesreported. EBITDA of $449 million also missed projections by $20.2 million.These results led to a nearly 5% drop in Coinbase’s share price after hours.The company attributed the slowdown to “softer market conditions,” with a 17%decline in revenue quarter-over-quarter and a 27% drop in transaction revenue.Despite a $121 million loss on its crypto asset portfolio, Coinbase posted anet income of $75 million. Additionally, the company committed $25 million toFairshake and authorized a $1 billion share buyback program.In a positive development, Coinbaseand Visa launched real-time crypto deposits via Visa debit cards for US andEU customers. This partnership enables eligible Visa cardholders to instantlydeposit funds into Coinbase accounts, eliminating delays. The feature allowsfor immediate buying, selling, and trading of cryptocurrencies, streamliningaccess for both new and experienced users.This article was written by Tareq Sikder at www.financemagnates.com.
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The crypto market shows renewed momentum in 2024 after a challenging period marked by a historic new all-time high for Bitcoin and steady ownership rates across major markets. According to CoinMarketCap, the top cryptocurrency recently jumped to an all-time high of above $89,828. Gemini’s latest Global State of Crypto reporthighlights key trends, including a promising rebound driven by spot bitcoinETFs and resilient long-term investors who view digital assets as a hedgeagainst inflation.Top 100 CryptocurrenciesDespite the volatility that slashed the combined valueof the top 100 cryptocurrencies from $2.7 trillion in 2021 to $830 billion bylate 2022, ownership rates in the US, UK, France, and Singapore have remainedconsistent. Around 21% of adults in the US and 18% in both the UKand France reported owning crypto. Notably, Singapore saw a slight dip inownership from 30% to 26%. 65% of current crypto ownersview their holdings as a long-term investment, while 38% use it as a hedgeagainst inflation. Gemini’s report suggests that a majority of past owners(over 70%) are likely to re-enter the market soon, indicating optimism despiteprevious losses.Meanwhile, the launch of spot Bitcoin ETFs in the US has been a key catalyst for the 2024 crypto market rally. This new investment vehicle hasattracted billions in inflows, with Bitcoin reaching a new peak of $73,737.94in March. Gemini’s survey revealed that 37% of US crypto ownersnow hold assets via ETFs, and 13% of these investors entered the marketexclusively through ETFs.The appeal of ETFs lies in their ability to provideexposure to Bitcoin’s price movements without the complexities of directlypurchasing digital assets. This has opened the market to a wider audience,including institutional investors who were previously hesitant. Regulatory UncertaintyDespite positive signs, regulatory clarity remains asignificant barrier to crypto adoption. The survey found that 38% of non-ownersin the US and UK cited concerns over unclear regulations as a key reason forstaying away from crypto investments. In Singapore, this figure was even higher, with nearlyhalf (49%) of respondents expressing regulatory concerns. In contrast, Frenchinvestors showed slightly less worry about regulatory issues compared toprevious years.For the first time, crypto has emerged as a key issuein the just concluded US presidential election. The vast majority (73%) ofcrypto owners in the US say they will factor in candidates’ stances on digitalassets when voting. More than a third (37%) of US respondents said acandidate’s position on crypto would significantly influence their vote,indicating that regulatory clarity and supportive policies could play a pivotalrole in shaping the future of the crypto industry.The report found that 75% of past crypto owners hadsold their holdings over six months ago, but now, a substantial portion expressrenewed interest in re-entering the market. In Singapore, bullish sentiment has rebounded sharply,with only 10% of investors selling in the past six months compared to 49% ayear earlier.This article was written by Jared Kirui at www.financemagnates.com.
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Nearly two years after FTX'scollapse impacted Solana's decentralized finance (DeFi) sector, Coinbase isattempting to reintroduce bitcoin-based trading to the Solana blockchain withits new token, cbBTC. Launched recently, cbBTC is abitcoin-backed token that users can transfer between their Coinbase accountsand Solana wallets, allowing easier bitcoin transactions within Solana's DeFiecosystem.Solana DeFiEyes cbBTC as Bitcoin SolutionSolana's DeFi sector has lacked areliable bitcoin token since FTX’s downfall in November 2022, which renderedsoBTC—widely used on Solana—unavailable. This absence created a disadvantagefor Solana compared to Ethereum, which offers multiple options forbitcoin-backed tokens in its DeFi landscape. Coinbase's cbBTC aims to fill thisgap, with contributors across Solana-based platforms expressing optimism thatthe token could become the go-to bitcoin substitute on Solana.Bitcoin 🤝 Solana@Coinbase has officially launched cbBTC on Solana — bringing more of Bitcoin’s value to Solana’s thriving DeFi ecosystem. pic.twitter.com/VKbPJc5s73— Solana (@solana) November 7, 2024One notable Solana contributorsaid there is "much higher hope" for cbBTC's success, especially asbitcoin prices surge. Coinbase’s move to issue cbBTC directly on Solana couldalso reduce risk, according to InfraRay, a contributor at Solana-baseddecentralized exchange Raydium. InfraRay explained that cbBTC might increaseBTC liquidity on Solana, benefiting multiple DeFi protocols if it gainstraction.BREAKING: @coinbase LAUNCHES $CBBTC, SPL TOKEN BACKED 1:1 BY $BTC, ON SOLANA pic.twitter.com/QoMuFW6fCP— DEGEN NEWS (@DegenerateNews) November 7, 2024CoinbaseExpands Bitcoin DeFi AccessThe cbBTC rollout includes $10million in tokens ready for Solana DeFi, with approximately $500,000 alreadycirculating in trading pools on platforms like Meteora, Orca, and Kamino.Marius Ciubotariu, co-founder of Kamino, expressed optimism, suggesting thatSolana could emerge as an alternative to Ethereum for bitcoin-backed DeFiactivities.Coinbase’s strategy aligns with abroader plan to offer cross-chain options for bitcoin-backed DeFi, enhancingaccess across various networks.This article was written by Tareq Sikder at www.financemagnates.com.
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Digitalbanking powerhouse Revolut has announced a significant expansion of itscryptocurrency exchange platform, Revolut X, to 30 new markets across theEuropean Economic Area (EEA).Revolut Expands CryptoExchange Across EuropeTheexpansion follows the successful launch of Revolut X in the United Kingdomearlier this year, where tens of thousands of traders have already embraced theplatform. The standalone crypto exchange offers users access to over 200digital tokens with competitive pricing, including zero fees for limit ordersand a mere 0.09% fee for market orders."Thefeedback from experienced traders has been very positive, with many alreadytaking advantage of our near-zero fees, wide range of available assets, andseamless integration with their Revolut accounts," said Leonid Bashlykov,Revolut's head of product for crypto exchange.JUST IN: Revolut officially launches Revolut X, their standalone crypto exchange 😳I have a feeling this will be a wild bull market… pic.twitter.com/IFxjyBcAFD— Linas Beliūnas (@linasbeliunas) November 13, 2024Thisexpansion positions Revolut as a formidable competitor in the Europeancryptocurrency trading landscape. The company's approach combines traditionalbanking services with innovative crypto offerings, setting it apart from bothconventional financial institutions and pure-play crypto exchanges.“With theexpansion of Revolut X, we’re aiming to make a real impact in the cryptotrading space and offer a strong alternative to some of the more establishedplatforms,” added Bashlykov.Revolut hasmaintained a compliance-first approach, having secured necessary regulatoryapprovals across its operating markets. The company recently received its UKbanking license in July 2024 and informed it wants to issue its own stablecoin.The UK Banking Licenseafter 3 Years of EffortsThePrudential Regulation Authority (PRA) granted Revolut a UK banking license withcertain restrictions, which is a standard approach for new entrants in the UK bankingsector. This provisional status enables Revolut to expand its banking operations before a full-scale launch incrementally.The licenseapproval follows Revolut’s efforts to address regulatory concerns, particularlyaround its financial reporting practices. Recently, the firm received anunqualified audit opinion from the UK accountancy advisory firm BDO, resolvingearlier issues related to revenue recognition and IT systems. With thisUK license, Revolut is now positioned to expand its product offerings in itslargest market, where it serves around 9 million customers, alongside a globalcustomer base of over 45 million. This step aligns with its European bankinglicense, which it secured through Lithuanian authorities in 2021.Two monthsago, the company revealed plans to launch its own stablecoin, aiming to expandits offerings in crypto-assets. By entering the stablecoin market, Revolutseeks to join established players like PayPal, Ripple, and BitGo. Sourcessuggest the firm is positioning itself as a significant player in the cryptospace, focusing on compliance and security for crypto users. Revolut’sstablecoin plans emerge amid a wave of new entrants into the market.Last month,Revolut also announced its application for a banking license in Colombia,reinforcing its commitment to growth in Latin America. This move builds on thecompany's entry into Brazil last year and its acquisition of a Mexican bankinglicense in April.This article was written by Damian Chmiel at www.financemagnates.com.
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The German-basedonline broker flatexDEGIRO announced today (Wednesday) it has surpassed 3million customer accounts, marking an expansion of its retail trading platformacross the continent. Company’s CEO also confirmed thy upcoming launch ofcryptocurrency offering.European BrokerflatexDEGIRO Hits 3 Million Customer MilestoneThe companyheadquartered in Frankfurt has more than tripled its customer base since 2020,adding 400,000 new accounts in the past 12 months alone. The growth cementsflatexDEGIRO's position as one of Europe's largest retail brokers.“Over thepast few years, we have experienced remarkable growth in our customer base andI would like to thank our customers for their trust and support," saidOliver Behrens, CEO offlatexDEGIRO.Additionally,the company has confirmed the forthcoming introduction of cryptocurrencytrading. Until now, the broker has focused on traditional investment products,primarily stocks and indices. However, increasing competition from firms likeRevolut and Robinhood, which offer digital assets in Europe, has promptedflatexDEGIRO to expand its offerings to include cryptocurrencies.“We willhave a very attractive offering for our customers to trade cryptocurrencies onour platforms,” Behrens added.The currentCEO joinedthe company in October, succeeding interim Co-CEOs Benon Janos and StephanSimmang, who had held the positions since May 1, 2024. Behrens brings extensiveexperience from his nine-year tenure as CEO of Morgan Stanley Europe. Janos andSimmang will continue in their respective roles as CFO and CTO. Geographic DistributionTheNetherlands leads with nearly 900,000 customers through the company's DEGIRObrand, while Germany, where flatex pioneered its flat-fee model in 2006, hostsover 500,000 accounts. Austria andSpain each maintain approximately 300,000 customers, with emerging markets likeFrance, Italy, Portugal, and Switzerland showing robust growth.Thebroker's customer assets have reached a record €66 billion, with monthly cashinflows averaging over €500 million. The platform processed approximately 60million securities transactions in 2023.This article was written by Damian Chmiel at www.financemagnates.com.
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Capital.com announced today (Wednesday) the stepping down of Kypros Zoumidou from the role of Global Group CEO after holding the position for about a year. However, the broker is not replacing Zoumidou with another individual but has decided to follow a regional leadership model and has promoted Christoforos Soutzis as the CEO of the Cyprus entity.Other regional heads of the broker include Rupert Osborne, CEO of the UK unit; Tarik Chebib, who leads the Dubai-based MENA subsidiary; and Campbell MacPherson, CEO of the Australian entity.Capital.com also clarified that Zoumidou will remain a part of the business and assist with strategic projects. Additionally, he will support the new management in settling into their roles, ensuring continued success in future initiatives.Following a Regional Leadership StrategySimilar to the other regional leaders, Soutzis’ appointment also came through an internal promotion. Before becoming the CEO of Capital.com Europe, he was the Head of Operations and Executive Director.He has spent nearly eight years with Capital.com, first joining the broker’s Cyprus office in late 2016 as the Head of Risk Management. He was later promoted to Group Chief Risk Officer. Before Capital.com, he worked for about three years at IronFX in multiple roles.In his new role, he will be responsible for the strategic direction of the broker's European business and will oversee day-to-day operations.Strengthening the Management TeamThe confirmation of Zoumidou’s departure and Soutzis’ promotion came only a day after Salim Sebbata joined the broker as the Head of M&A and Corporate Development. Sebbata was most recently the CEO and Managing Director of the UK unit of BUX, which was sold to APM Capital Markets.Meanwhile, client trading volume on Capital.com surged to over $450 billion in Q3 2024, a 20 per cent increase over the previous quarter. In Q1, trading volume on the platform reached $337 billion, bringing the nine-month total to over $1.2 trillion, surpassing last year’s full total.Furthermore, the broker recently revealed to Finance Magnates that “revenue growth is in the triple-digit million range and registered accounts are in the millions” for the first half of 2024. It now plans to double its engineering team.This article was written by Arnab Shome at www.financemagnates.com.
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The Cyprus Securities and Exchange Commission (CySEC) announced today (Wednesday) that it is now accepting Crypto Asset Service Provider (CASP) licence applications from prospective entities and individuals for preliminary assessment under the incoming Markets in Crypto-Assets Regulation (MiCA).The regulator's decision came ahead of the full implementation of MiCA for all European Economic Area members, which will become effective on 30 December 2024.No Guarantee of a Decision before the EU DeadlineHowever, the Cypriot regulator clarified that it does not guarantee approval of the CASP licence before the EU deadline. However, it may prioritise applications and notifications from the existing locally registered entities.“CySEC reserves the right to assess, consider, or respond to applications/notifications at its discretion, and under no circumstances does a submission during the preliminary examination phase ensure the commencement of the assessment before 30 December 2024 or an expedited procedure,” the Cypriot regulator stated.“However, CySEC may prioritise applications/notifications from entities already registered with CySEC for the provision of crypto-asset services under the National Rules.”Unified Crypto Rules in the EULast month, CySEC announced that it would stop accepting notifications from EEA firms for cross-border crypto services on 30 October 2024. It asked companies to submit a notification by 30 October and obtain a MiCAR authorisation by 1 July 2026 to continue operations.The regulator further clarified that despite the pan-European implementation of the MiCA regulations, there is yet to be a timeline for local regulators to approve applications.“Any applications/notifications submitted during the preliminary examination phase that are not assessed or reviewed up until 30 December 2024 will be assessed within the timeframes and requirements established by MiCAR,” the regulator added.“Any decision to grant or refuse authorisation or to conclude on the completeness of a notification will be made by CySEC following MiCAR’s application for CASPs on 30 December 2024.”The incoming MiCA framework will override all existing local crypto licensing rules in place by national regulators within the EU. One of the major advantages of MiCA is that it will allow the passporting of licences across the EEA, which will align with the existing financial services licence in the bloc.However, MiCA will also mandate the disclosure of the identities of crypto users, along with several other rules. Earlier this year, the EU already implemented MiCA rules for stablecoins, and the framework will also cover all crypto assets in the EU from the end of this year.This article was written by Arnab Shome at www.financemagnates.com.
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Nomura announced a significant leadership transition. John Tierney will take over as CEO of Nomura Europe Holdings andNomura International. The move marks the end of Jonathan Lewis's 10-year tenureas CEO.Lewis Steps DownJonathan Lewis, who has held the CEO position since December2014, reportedly played a pivotal role in steering Nomura through a turbulentfinancial landscape. His tenure spanned critical events such as Brexit, theCOVID-19 pandemic, and a wave of regulatory changes. Although stepping down as CEO, Lewis will remainactive within the organization, the company mentioned. He will take onnon-executive roles and chair several subsidiary boards, including NomuraFinancial Products Europe and Instinet Europe.Commenting about the changes, Kentaro Okuda, NomuraPresident and Group CEO, said: "Jonathan's leadership has beeninstrumental in navigating NEHS through significant market changes andregulatory developments. As CEO, he successfully steered the organizationthrough the complexities of Brexit, the challenges posed by the COVID-19pandemic, and the implementation of numerous regulatory reforms."The leadership role now passes to John Tierney, whohas reportedly been closely involved in Nomura's European operations as ChiefOperating Officer of NEHS.Seasoned Industry VeteranTierney is a seasoned veteran with a 26-year career atNomura. He has a strong track record in both EMEA and Asia ex-Japanregions. His previous roles include serving as CEO of Nomura Bank Internationaland EMEA Chief Financial Officer.Tierney's promotion comes at a strategic time for Nomura Europe. The region has faced increasing regulatorypressures and market volatility, requiring a steady hand and deep industryexpertise.With Tierney's extensive background in financialmanagement and his close involvement with NEHS's executive committee, hisappointment signals a continuation of Nomura's long-term strategic vision forEuropean growth."John has extensive knowledge of our operations, and his proven leadership makes him an ideal choice to lead NEHS and NIP into their next phase of growth," added Toshiyasu Iiyama, the Deputy President of Nomura Holdings.As the new CEO, Tierney faces the challenge ofnavigating the post-Brexit landscape and adapting to ongoing market dynamics inEurope. His leadership will be pivotal in guiding Nomura through its nextgrowth phase, building on the foundation laid by Lewis.This article was written by Jared Kirui at www.financemagnates.com.
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Capital.com has appointed Salim Sebbata as Head of M&Aand Corporate Development. Based in Capital.com’s London office, Sebbata willoversee the company’s M&A strategy and support its global expansioninitiatives, Finance Magnates has learned.New M&A Head Joins Capital.comSebbata joins Capital.com after holding several senior rolesin financial services. Most recently, he was CEO and Director at APM CapitalMarkets Limited, where he served for six months. Before that, he spent twoyears as Managing Director at Stryk by BUX and three years as Chief ExecutiveOfficer for BUX in the UK and Global Managing Director for Derivatives.Previously, Sebbata was Executive Director (SMF3) atLivemarkets Ltd. for just over a year and a half and worked as Group BusinessDevelopment Director at Trade Capital Holding in Cyprus for a similar duration.His earlier experience includes two years as Head of MiddleEast at CMC Markets, followed by nearly two years as Head of B2B at E*TRADEFinancial in the United Arab Emirates. Sebbata began his career in privatebanking, where he spent around six years as VP at Merrill Lynch in Germany.This article was written by Tareq Sikder at www.financemagnates.com.
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Webull introduced an overnight trading feature to giveretail traders 24/5 access to the US markets. According to the company, thisoffering enables users to trade beyond standard market hours and react tomarket-moving events outside regular trading time.More Trading Hours Webull’s new offering, supported through a collaboration with Blue Ocean Technologies, allows users to trade US stocks and ETFs from8:00 PM to 4:00 AM ET, Sunday through Thursday. It extends beyond the usual pre-market and post-markettrading windows, offering almost round-the-clock market access. Besides that,it enables users to respond to significant events like company earningsannouncements, breaking news, or international market fluctuations withouthaving to wait for US markets to reopen. “Overnight trading empowers our customers to makeinformed decisions and capture additional opportunity around the clock,” commentedAnthony Denier, Group President and US CEO of Webull. “Webull is focused on providing innovative tradingcapabilities to retail investors, and we believe that the new 24-hour tradingfeature will help fulfill this commitment.” Over 500 symbols are initially available for tradingduring the overnight session, and Webull plans to expand this list as thefeature gains traction. By integrating Blue Ocean ATS’s technology, Webull aimsto provide greater market transparency and access for its US-based users.Market Data and Trading AccessThe platform, known for its advanced charting toolsand real-time market data, continues to roll out features that enhance userexperience and provide a more comprehensive trading ecosystem.Webull’s expansion into 24/5 trading aligns with itsmission to cater to a global user base. The company, with its U.S. headquartersin St. Petersburg, Florida, serves 20 million users globally across 15 regions,offering access to a diverse range of assets, including stocks, ETFs, options,and futures.Founded in 2019, Blue Ocean ATS aims to extend U.S.market access globally through its Blue Ocean Session, which operates duringnon-traditional hours. By collaborating with Blue Ocean, Webull provides analternative trading avenue for users seeking to capitalize on market movementsduring the overnight window.Meanwhile, Webull Canada recently launched options trading for its digital investment platform. According to the firm, this offering enables users to hedge risk and diversify their investment options. The options trading product lets users access market price movements. This article was written by Jared Kirui at www.financemagnates.com.
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The meme-inspired cryptocurrency Dogecoin has captured headlinesagain as it experiences a remarkable price surge, reaching $0.3292 inNovember 2024. This impressive rally has sparked renewed interest in whetherDOGE can finally break the elusive $1 barrier. With a staggering 152% gainover the past month and an 86% increase in just seven days, Dogecoin's momentumhas crypto enthusiasts watching closely.Dogecoin News: Current Market PerformanceDogecoin's recent performance has been nothing short of extraordinary. Thecryptocurrency now boasts a market capitalization (market cap) of $55 billion,making it the sixth-largest cryptocurrency by market value. Daily tradingvolume has exploded to $21.7 billion, indicating strong market interest andparticipation.The formation of a golden cross pattern on the technical charts,combined with the completion of a rounding bottom pattern, suggests strongbullish momentum. The Fear and Greed Index currently stands at 69,indicating "Greed" in the market, while technical indicators show 19out of 30 green days with a 20.01% price volatility over the last month.Technical Analysis and Price Targets. DOGE Price to riseOn Tuesday, November 12, 2024, Dogecoin (DOGE) reached a new annual high of $0.43858 on Binance, marking a 40% increase. This is the highest value for DOGE since May 2021, approximately three and a half years ago.Dogecoin is breaking out .40 Where do we go now? pic.twitter.com/mrQpPjXjVE— TheÐogeGlory (@GloryDoge) November 12, 2024Just thismonth, the DOGE price jumped over 125%Recent market data reveals several critical price levels for Dogecoin:The price action shows a clear uptrend, with the formation ofhigher lows and higher highs. The cryptocurrency's ability to maintain pricesabove the 50-day and 200-day moving averages suggests strong bullishmomentum.ExpertDogecoin Price Prediction 2025Various cryptocurrency analysts and platforms have provided forecastsfor Dogecoin's future value. Interestingly,many of them still think Dogecoin will fall visibly from thecurrent highs.2024 Predictions:DigitalCoinPrice projects a peak of $0.17CoinMarketCap estimates a range of $0.1194 to $0.1443CryptoNewsZ forecastsbetween $0.085 and $0.26Coinjournal suggests a potential surge to $0.452025 Outlook: The long-term projections for 2025 paint an optimistic picture. CryptoNewsZanticipates Dogecoin reaching between $0.25 and $0.39,More bullish forecasts suggest the possibility of breaking past $1.95 andeven 2.2.$doge will hit $4.20 easily this cycleAnd I’m not even jokingResearch “Golden Bull”#dogecoin pic.twitter.com/l0CGK5GK4i— Coochie Fiend (@Coochie_Fiend_) November 6, 2024The completion of Dogecoin's new utility-focused tech stack by 2025 couldbe a significant catalyst for price growth.CatalystsDriving Potential $1 TargetSeveral key factors could propel Dogecoin toward the $1 milestone.Market Adoption:Increasing merchant adoptionGrowing institutional interestIntegration with payment systemsDevelopment of blockchain technology applicationsTechnical Developments:Implementation of new featuresNetwork scalability improvementsEnhanced transaction capabilitiesSmart contract functionalityThe current market sentiment remains strongly bullish, supportedby significant whale activity and increased retail investors participation.The recent surge in trading volume suggests growing market confidence inDogecoin's potential.RiskFactors and ChallengesWhile the path to $1 seems possible, several challenges remain:Supply Dynamics: Dogecoin's constantlyexpanding supply could impact price appreciationMarket Volatility: Cryptocurrencymarkets remain highly volatileTechnical Resistance: Multiple pricebarriers must be overcomeCompetition: Growing competitionfrom other meme coins and cryptocurrenciesDogecoinFuture OutlookThe journey to $1 for Dogecoin depends on sustained market momentum andcontinued development of its ecosystem. With the cryptocurrency market showingsigns of recovery and Bitcoin reaching new heights, Dogecoin'sposition as a leading meme coin could benefit from…
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The Cyprus Securities and Exchange Commission (CySEC) hasissued a reminder to Cyprus Investment Firms (CIFs) regarding the stance of thePolish Financial Supervision Authority (UKNF) on referral and affiliateprogrammes. UKNF Bans Individualized Client AcquisitionThe UKNF's position, dated October 2023, prohibits clientsof investment firms or unregulated intermediaries from engaging inindividualized client acquisition activities through such programmes. CySEC noted in its web release that “the UKNF Positionforbids clients of an investment firm or unregulated intermediaries fromundertaking, under referral programmes or affiliate programmes, individualizedactions to acquire clients or potential clients of investment services.” CySEC Urges Compliance with UKNFIt also restricts the sharing of information on the scope ofservices provided by investment firms. Only the firms or their tied agents arepermitted to carry out these actions. The regulator further added: “Moreover, it forbids suchpersons from providing information about the scope of the investment servicesprovided by the investment firm.”CySEC has urged CIFs to take appropriate measures to ensurecompliance with the UKNF's position.This article was written by Tareq Sikder at www.financemagnates.com.
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Trump Victory Ushers In First Bitcoin-Friendly AdministrationIn a major development on the world stage this week, Donald Trump won the election, sweeping the Electoral College and the popular vote. There are a huge number of takeaways from this emphatic resolution to a dramatic and unorthodox presidential race, but let’s focus on Bitcoin and blockchains and consider the implications for the crypto industry from this point on.From the top, it’s important to note that there has never previously been a presidential campaign that featured crypto as prominently as that just run by Donald Trump. His push for the presidency received advice and backing from David Bailey, the CEO of Bitcoin Magazine. The campaign accepted donations in crypto, and in July, Trump was the headline speaker at the Bitcoin 2024 Conference in Nashville.Government Efficiency 🙌 https://t.co/zMtNsVU4Tm— Elon Musk (@elonmusk) November 8, 2024Markets Cheer, Rich Get RicherTrump's election rally boosted markets, enriched billionaires, and sent crypto soaring, revealing his larger-than-life impact on the economy. Wall Street must have cracked open the champagne early. With Trump gearing up for his latest turn in the White House, investors seem to have found a newfound zest, breathing life into a market rally that even the most optimistic brokers probably didn’t pencil in. The Dow closed 1,500 points higher on Wednesday following Trump’s win. It’s as if the mere thought of Trump in the White House again has money people digging out their "Make Wall Street Great Again" hats. According to a report, as U.S. Treasury yields climbed, so did investor sentiment, triggering a market rally that defied traditional expectations.Capital.com Gains from Index Trading DemandClient trading volume on Capital.com skyrocketed to over $450 billion in Q3 2024, which is 20 percent higher than the previous quarter. The volume was $337 billion in Q1, meaning the nine-month trading volume on the platform surpassed last year’s total of $1.2 trillion. The increased trading demand last quarter was driven by strong interest in indices, commodities, and FX markets, the brokerage firm revealed. It further added that index trading accounted for about 53 percent of its total quarterly trading volume.“With anticipation for the US presidential elections building in Q3, we've seen increased interest in indices and FX pairs, specifically those involving the dollar,” said Daniela Sabin Hathorn, Senior Market Analyst, Capital.com. “The capital injection by China to revive its struggling economy was also a key driver of the momentum in equities throughout September as traders set aside concerns about growth in China.”easyMarkets Registers Strong Q3 ResultseasyMarkets posted strong trading volumes for some of its key financial instruments in the third quarter. Among the standout performers were the USDJPY currency pair and NASDAQ's tech-heavy index. According to the forex trading broker, both indices posted a significant boost as the global market shifted, sparking strong demand from traders.Notably, easyMarkets highlighted the surge in trading volume for the USDJPY currency pair in Q3, with an impressive 98% increase compared to the previous quarter. This jump was reportedly driven by increased client interest in Yen pairs, particularly following the Bank of Japan's decision to raise interest rates for the first time in 17 years.55% of Gen Z Discuss Investments with FriendsA recent survey from eToro shows that Gen Z investors are far more likely than older groups to discuss investments with friends and family. The study, covering 10,000 retail investors across 12 countries, found that 55 percent of Gen Z respondents aged 18 to 27 spoke about their portfolios with friends, and 44 percent shared their investment activities with relatives. Among baby boomers aged 60 to 78, only 29 percent had such discussions with friends, and 22 percent with family. This trend extends beyond family circles. Gen Z respondents are more likely than boomers to compare investment…
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TradingView has expanded its integration with ThinkMarkets,making the broker’s services available on its mobile platform. According to thefirms, this addition aims to improve accessibility for traders who use mobiledevices. Previously, ThinkMarkets services were accessible only via desktop onTradingView, limiting mobile access.TradingView Integrates ThinkMarkets MobileWith this integration, ThinkMarkets clients can now trade onthe go using TradingView’s mobile app. Users can access CFDs on variousinstruments, including currency pairs, stocks, and commodities. The integrationallows traders to operate directly from mobile devices, providing flexibilityand ease of access to markets.In July, ThinkMarketspartnered with TradingView to improve desktop trading accessibility, asreported by Finance Magnates. Foundedin 2010, ThinkMarkets provides tools for global market navigation and offers arange of assets, including CFDs on currency pairs, stocks, and commodities. The brokerage focuses on fast order execution and convenientfunding methods. With clients in over 165 countries, the new integration allows users totrade directly on TradingView using their ThinkMarkets accounts.Trading with TradingView EnhancedTraders can connect to ThinkMarkets through the TradingViewmobile app by using their broker credentials. This update aims to streamlinetrading activities for ThinkMarkets users seeking to engage in markets withimproved access through TradingView’s mobile tools.ThinkMarkets Launches Prop TradingThinkMarketshas launched prop trading services under the brand ThinkCapital. TheAustralia-based brokerage has joined the group of forex and CFDs brokersoffering prop trading and technically funded trading services. This trend was initiated by Axi, OANDA, and Hantec Markets,followed by IC Markets, Traders Trust, and Trade.com. IC Markets provides proptrading services through TC Systems FZE, a UAE-registered entity.Similar to other prop trading offerings, ThinkCapitalfocuses on simulated trading and educational tools for traders. Notably, Axi isthe only provider offering live market trades to funded traders, while OANDAtreats them as signal generators, executing trades based on its risk managementstrategies.This article was written by Tareq Sikder at www.financemagnates.com.
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A Dutch court ordered Binance to disclose the identityof an account holder linked to a €186,000 scam. The ruling comes after a woman fell victim to asophisticated dating app scheme, losing a significant amount of money throughfraudulent cryptocurrency investments, local media outlet CuracaoChroniclereported.The victim, reportedly enticed by a person she metthrough a dating app, was persuaded to invest in cryptocurrencies. Over thesummer, she transferred a total of €186,000 across six transactions, believingshe was dealing with a legitimate platform. Dating Scam UnfoldedBy the time she realized she had been duped, thedamage was already done. The scam, known as "pig butchering,"involves building trust with victims before abruptly stealing their funds. After realizing the scam, the woman filed a policereport in August, citing investment fraud. She enlisted Dutch digital forensicsfirm DataExpert, which traced part of the stolen funds to an account onBinance. Acting on this information, the victim requestedBinance to freeze the account and disclose the user’s identity. Binancecomplied with the account suspension but declined to share personal detailswithout a court order.The court in The Hague has now ruled in the woman'sfavor, recognizing the severity of her financial loss. It ordered Binance toprovide the account holder's full name and address within 14 days and to offera complete asset statement.Legal ObligationsThe court acknowledged that the victim had no otherway to identify the person behind the scam, and her need to seek justiceoutweighed the account holder's privacy concerns. Binance argued itcould not share personal data without judicial oversight, stating its role as aneutral party.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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