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After months of anticipation, London Summit 2024 kicks off next week, drawing the industry’s biggest brands and authorities, including B2BROKER. Finance Magnates had a chance to speak with the company, who outlined its participation in the event and strategy.Each London Summit offers something different for participating brands. What motivated your company to sponsor the event, and how do you see your presence aligning with your business goals?B2BROKER's decision to sponsor the London Summit is fully in line with our wider business objectives. As a leading provider of liquidity and technology solutions in the cryptocurrency and forex sectors, events like this give us a great opportunity to showcase our extensive product portfolio, including payment solutions, liquidity pools, white label solutions, and our robust technology stack.What drives us to sponsor this event is the opportunity to showcase our latest innovations to a global audience. Sponsoring the London Summit allows us to connect with a wide range of industry professionals, increase our brand awareness and build strategic partnerships that align with our long-term growth goals. It's not just about showcasing our solutions — it's about strengthening relationships and driving fintech innovation.The summit is expected to attract plenty of talent, exhibitors, and executives. How does your participation at FMLS:24 enhance your brand visibility and strengthen your relationships within the financial community?At B2BROKER, our participation in FMLS:24 is a strategic opportunity to enhance our brand visibility and reinforce our connections within the financial community. By showcasing our innovative liquidity and technology solutions, we position ourselves as a leading provider in the fintech space. The summit attracts a diverse audience of industry professionals, exhibitors, and executives, allowing us to engage directly with potential clients and partners.Networking at FMLS:24 enables us to build meaningful relationships with key players in the industry, fostering collaborations that can drive mutual growth. Through insightful discussions and presentations, we can share our expertise, learn from others, and identify emerging trends that shape the financial landscape.Moreover, our presence at the summit reinforces our commitment to delivering cutting-edge solutions tailored to the evolving needs of brokers and financial institutions. By actively engaging in this influential event, we not only increase our brand's visibility but also demonstrate our dedication to contributing to the advancement of the financial community. Ultimately, participating in FMLS:24 allows us to solidify our reputation as a trusted partner in the industry while exploring new avenues for growth and innovation.How do you measure the success of your involvement at events like FMLS, and what outcomes are you hoping to achieve from this summit?At B2BROKER, we measure the success of our involvement at events like FMLS by evaluating several key factors. First, we look at the quality and quantity of connections made — whether they be with potential clients, partners, or industry peers. Building meaningful relationships is a primary goal, and these events offer an invaluable opportunity to network with brokers and fintech professionals who can benefit from our liquidity, technology, and payment solutions.Additionally, we assess the exposure our brand gains and how effectively we can communicate our unique offerings to the audience. We aim to create lasting impressions that foster future collaborations and partnerships.From this summit, we hope to connect with more brokers seeking innovative solutions and to solidify our position as a leader in fintech services. Events like FMLS are critical for staying ahead of market trends, exchanging knowledge, and driving both our company’s growth and the broader industry’s progress.What are some noteworthy challenges you see in the financial services space today, and how is your company poised to address these issues?From…
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Trump snubs Jamie Dimon, big business anticipates an M&A boom underderegulation, and Tesla surges as Elon Musk's government ties spark intrigue.Jamie Dimon: Not the Treasury Material Trump WantsJamie Dimon might be the king of Wall Street, but Donald Trumpdoesn’t seem interested in crowning him a seat at the Treasury table. TheJPMorgan Chase CEO, often touted as a financial wizard, is nowhere near Trump’sshortlist. Why? Well, possibly because Dimon’s penchant for telling it like itis doesn’t jive with Trump’s preference for unwavering loyalty and flatterers.And perhaps also because he’s not a fan of Bitcoin.JPMorgan Chase Chair and CEO Jamie Dimon responds to President-elect Donald Trump ruling him out for a post in the second Trump administration. Dimon speaks at the APEC CEO Summit in Peru https://t.co/5x8nh7xPO1 pic.twitter.com/zJucggRDVX— Bloomberg TV (@BloombergTV) November 14, 2024Dimon has previously been vocal in his criticisms of Trump’spolicies and leadership style, which likely sealed his fate as a persona nongrata in Trump’s inner circle. While some might have expected Trump toprioritize experience and expertise for such a critical role, his pastappointments suggest otherwise.Dimon, for his part, doesn’t seem heartbroken. He recently toldreporters, "That’s not my thing," when asked about a government role.Still, the snub underscores a broader trend in Trump’s governance: personalgrudges and political alignment often outweigh qualifications and merit.Lina Khan in Trouble? Corporate America Dreams of M&A HeavenIf there’s one thing Wall Street loves about Trump, it’s thepromise of deregulation—and that promise is igniting dreams of a merger mania.Corporate titans are salivating at the thought of fewer regulatory hurdles,especially after years of grappling with Lina Khan’s aggressive antitrustenforcement at the Federal Trade Commission (FTC).The Biden administration’s antitrust warrior, FTC Chair Lina Khan, has some populist GOP support, but President-elect Donald Trump appears more focused on curbing regulations than corporate power. https://t.co/l450Rs0i1E— The Washington Post (@washingtonpost) November 12, 2024During Biden’s tenure, Khan made it her mission to scrutinizemergers and acquisitions (M&As), putting the brakes on corporateconsolidation and sending a clear message: monopolies are out. But Trump, knownfor his hands-off approach to corporate regulation, could flip the scriptentirely.Business leaders are already preparing for a landscape where theFTC and Department of Justice might be less interested in blocking mergers andmore focused on letting market forces run wild. When Trump takes the reinsagain, mega-mergers might well dominate headlines and boardrooms. Forconsumers, though, it could mean higher prices, fewer choices, and even greaterconsolidation of corporate power.Khan might want to get on a call with Securities and Exchange Commission (SEC) Chair Gary Gensler, whorecently hinted that he might well be leaving the Commission. Gensler hasbeen famously tough on bitcoin and has suffered Trump’s ire in the past.Elon Musk: Donald Trump's Golden Boy?Tesla’s stock isn’t just climbing—it’s soaring past rivals likeFord and General Motors, and many are crediting Elon Musk’s chummy relationshipwith government officials for the company’s unstoppable rise. While traditionalautomakers are struggling with supply chain bottlenecks, regulatory hurdles,and inflationary pressures, Tesla seems to be in a league of its own.Musk’s close ties to Washington have not gone unnoticed. Fromsecuring hefty government contracts to his frequent conversations withpolicymakers, the Tesla CEO has positioned himself—and his company—as a keyplayer in shaping the future of the American auto industry.Wedbush analyst Dan Ives said today he sees Tesla $TSLA hitting the $2 trillion mark under the 🇺🇸 Trump administration pic.twitter.com/NSkPj7Yg4U— Evan (@StockMKTNewz) November 14, 2024Some skeptics argue that Elon Musk’s perceived proximity to powergives Tesla an unfair advantage, creating…
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Ilya 'Dutch' Lichtenstein, the mastermind behind the 2016 Bitfinex hack that led to the theft of around 120,000 Bitcoins, has been sentenced to five years in prison. Alongside the theft, he was convicted of money laundering conspiracy and will serve three years of supervised release following his prison term.One of the Largest Crypto Exchange HacksThe sentencing followed guilty pleas by Lichtenstein and his wife and co-conspirator, Heather Morgan, to one count of conspiracy to commit money laundering. Morgan’s sentencing is scheduled for November 18.Morgan, who went by the pseudonym "Razzlekhan" even made surreal rap music videos and posted them on internet. However, she remains inactive after her arrest.US authorities recovered the stolen Bitcoins, which were worth $3.6 billion at the time of their recovery in a 2022 raid on the couple. Today, those Bitcoins are worth more than $10.5 billion.Bitcoin recently hit a record value above $93,000 amid the ongoing bullish rally. Interest in cryptocurrency surged following the US presidential election, which led to Donald Trump's victory. Trump is perceived as crypto-friendly and is expected to be lenient with cryptocurrency industry regulations.🚨 Ilya Lichtenstein, derrière le hack de 120 000 BTC de Bitfinex, est condamné à 5 ans de prison. pic.twitter.com/cElbwN7k6a— Coin Academy (@coinacademy_fr) November 14, 2024Laundering Crypto Is DifficultAccording to court documents, Lichtenstein accessed the Bitfinex network in 2016 and fraudulently authorised over 2,000 transactions, transferring 119,754 Bitcoins from the crypto exchange’s wallets to those he controlled. He even deleted the exchange’s access credentials and other log files to cover his tracks.After the hack, he and his wife laundered the stolen funds. They used advanced techniques, including fictitious identities to set up online accounts and computer programs to automate transactions. They deposited the stolen funds in several darknet markets and crypto exchanges, then withdrew them to obscure the origin of the cryptocurrencies.Additionally, the duo converted Bitcoins into other cryptocurrencies, a process known as “chain hopping,” and used crypto-mixing services for further anonymity. They also purchased gold coins with the stolen funds.This article was written by Arnab Shome at www.financemagnates.com.
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Coinbase listed Pepe, a meme token created from a frog internet meme that gained popularity in the early 2000s. The long-awaited listing followed the recent bull market that drove most cryptocurrencies to unprecedented levels. The crypto rally also pushed the valuation of PEPE to morethan $9 billion, making it the fifteenth largest digital asset. According to CoinMarketCap, the meme token was up 20% in the past day and 118% on the weekly chart at the time of writing. Currently, PEPE trades at$0.00002275.Coinbase Embraces Meme TokensOn Wednesday, Coinbase’s Chief Legal Officer Paul Grewal informedthe crypto community that the exchange was soon listing the token. “You have long wanted the frog. Well, soon you'll get thefrog. @coinbase is adding PEPE to our listing roadmap with the goal of listinglater today. Thanks for your patience,”he wrote. Interestingly, Pepe’s description on CoinMarketCap states that itaims to capitalize on the popularity of other meme tokens like Shiba Inu andDogecoin.You've long wanted the frog. Well, soon you'll get the frog. @coinbase is adding PEPE to our listing roadmap with the goal of listing later today. Thanks for your patience.— paulgrewal.eth (@iampaulgrewal) November 13, 2024Interestingly, Coinbase faced criticism from thecrypto community on Twitter after it published a newsletter article criticizingthe meme token. In the publication, the author described an Ethereum-based memecoin as a coin “that has been co-opted as a hate symbol by alt-right groups,”citing the Anti-Defamation League for the description.Past CriticismThe tussle came after PEPE reportedly became the fastest Ethereum token to hit $1 billion amid a rise in the popularity of meme tokens. “For a few, speculation on meme coins has led tomassive profits, but that doesn’t come without risks too, sometimes meme coinfrenzies even precede broad declines in Bitcoin and Ethereum,” the article added.Like most meme tokens, PEPE founders are anonymous. Thetoken is described as a deflationary meme coin based on Ethereum. The memeproject reportedly has three phases in its roadmap, including listing onCoinMarketCap and making the token trend on X. The project’s team also seeks tolist on centralized exchanges.This article was written by Jared Kirui at www.financemagnates.com.
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The Cyprus Securities and Exchange Commission (CySEC)informs investors that several websites are not linked to any entity authorizedto offer investment services or perform investment activities.It should be noted that some of these entities may befraudulent clones, attempting to impersonate licensed companies by using theirnames, logos, addresses, and other details. CySEC Alerts on Unauthorized WebsitesThese firms include WeonMarket, along with its associatedsite platform.dashboardweonmarket.live; Nortenway and its registration page,cfd.nortenway.com/register; PrimusCFD and its client portal,client.primuscfd.net; Axiagroup.co; OctaMarketFX; Apmetrade; Investous.pro;Varkuti.eu and QuoMarkets.com.Other sites in the warning list include Efgbtrdpltfrm.com; Profitwave.cc;MarketsAdvGroup.com; Platform-Oro.com; VTMarkets.com and VTMarkets.net;Bybit.com; Chiron-Group.limited; and GameChangersWW.com, which is also linkedto Bybit.com and VTMarkets.net.Deceptive operations by clone firms have no connection tothe legitimate firms they mimic, despite their apparent similarities.Investor Caution AdvisedFinance Magnates reached out to several firms on the warninglist. OctaFX responded, clarifying that the website"octamarketfx.com" is unrelated to their globally licensed operationsand is an impostor using their brand for fraudulent purposes. They emphasizedthat their official site is "octafx.com" and assured that steps arebeing taken to eliminate the deceptive site.“‘octamarketfx.com’ website added recently to the warninglist issued by the CySEC has nothing to do with the globally licensed brokerOcta (ex. OctaFX) operating on the market since 2011. ‘octafx.com’ is the mainofficial website of the company. Moreover, EU residents and citizens aren’table to register and be onboarded via octafx.com,” the firm noted in itsstatement.“As for ‘octamarketfx.com’ we consider the entity as animpostor using our brand for the purpose of profit. There have been numerousinstances where imposters have attempted to deceive people by using our brandname and/or logo to solicit money, which is ultimately stolen by thesecopycats. We passed the case to the relevant team, so we’re aiming to takeaction in this regard and eliminate ‘octamarketfx.com’ from the public access.”CySEC urges investors to exercise caution and consult itswebsite to verify the licensing status of any investment firm beforeproceeding.This article was written by Tareq Sikder at www.financemagnates.com.
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EBC Financial Group (EBC), in collaboration with the University of Oxford’s Department of Economics, will convene leading minds from academia and finance on 14 November 2024 for a special edition of the What Economists Really Do(WERD) Series. This event, themed “Macroeconomics and Climate”, will feature a keynote lecture by Associate Professor Andrea Chiavari, followed by a panel discussion on the topic “Sustaining Sustainability: Balancing Economic Growth and Climate Resilience.” As part of the 2024-2025 WERD series, this event offers a timely platform for industry experts and academic leaders to share insights on climate economics and sustainable finance.Prominent Voices in Climate and MacroeconomicsThe keynote lecture will be led by Associate Professor Andrea Chiavari, whose research focuses on the economic impacts of climate change and the practical applications of policy tools such as carbon taxation. Chiavari’s address will explore how economists calculate the social cost of carbon and the transformative potential of macroeconomic policy in advancing climate action. His presentation will provide a nuanced framework for balancing economic resilience with climate responsibility—providing insights into the real-world challenges of implementing strategies for sustainable growth.Associate Professor Banu Demir Pakel will moderate the subsequent panel discussion, steering a thought-provoking conversation on the economic mechanisms that drive sustainability. With a background in international trade and development economics, Demir Pakel will bring valuable expertise to the discussion, focusing the global financial adjustments needed to achieve sustainable outcomes.Panel Discussion: Sustaining SustainabilityThe panel will feature prominent figures in climate economics and finance, including Dr. Nicola Ranger, Director of the Resilient Planet Finance Lab at Oxford, and David Barrett, CEO of EBC Financial Group (UK) Ltd. Together, they’ll address pressing questions at the intersection of finance and sustainability, examining strategies that financial institutions are deploying to bolster climate resilience and sustainable economic growth. Dr. Ranger will discuss how economic tools can support vulnerable regions in adapting to climate impacts. Meanwhile, Barrett will discuss the emerging trends in climate-aware investment within the UK and globally, highlighting how the finance sector is evolving to meet environmental challenges.Topics to be explored include:· Associate Professor Andrea Chiavari: Addressing gaps between economic modelling and sustainable policy implementation, identifying barriers faced by policy makers, and discussing how economists can help bridge these divides to promote effective climate action.· Dr. Nicola Ranger: Exploring how financial tools can address climate resilience in vulnerable communities, sector priorities for sustainable finance, and promising innovations.· David Barrett: Examining trends in climate-aware investment, balancing profit with environmental goals, and the potential for private finance as a driver of sustainability.A Timely Dialogue on Climate Policy and Economic ResilienceThe WERD series aims to bridge the gap between academic research and practical application, making economics accessible to the public while addressing global challenges. This session, set against the backdrop of COP29 and urgent climate issues, reflects EBC’s broader mission of fostering sustainable growth and resilience.“Our ongoing collaboration with the University of Oxford’s Department of Economics underscores EBC’s commitment to driving meaningful, informed conversations on the global stage,” said David Barrett, CEO of EBC Financial Group (UK) Ltd. “Climate resilience and economic stability go hand-in-hand, and we are proud to support initiatives that address these issues head-on.”Attendees—joining either in-person at the Sir Michael Dummett Lecture Theatre, Christ Church, and online—will gain practical insights into how macroeconomic principles can support sustainable…
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The Cyprus Securities and Exchange Commission (CySEC) hasannounced the removal of AMP Global Ltd.'s membership from the InvestorsCompensation Fund (ICF). ICF Membership Removed, Compensation AvailableThis decision follows the company's withdrawal of its CyprusInvestment Firm (CIF) authorizations. Despite the removal from the ICF, clientswho were covered by the fund may still be eligible for compensation forinvestment activities conducted before the withdrawal, provided they meet theconditions outlined in CySEC's Directive DI87-07. The withdrawal does not prevent compensation procedures frombeing initiated for affected clients.AMP Global Suspends European OperationsEarlier, FinanceMagnates reported that AMP Global, a US-based FX/CFD broker, appears tohave suspended its European operations, previously conducted through AMP GlobalLtd. Thecompany announced it is relinquishing its license from the CySEC. CySECconfirmed the withdrawal of AMP Global’s Cyprus Investment Firm (CIF)authorization. AMP Global, regulated by CySEC since 2018, was authorized tooperate in Europe under this license. In the US, AMP Global Clearing LLC remains registered as aFutures Commission Merchant.“We would like to inform you that AMP Global Ltd herebynotifies you that it is in the process of voluntarily renouncing its CIFLicense with authorization number 360/18,” stated the official broker'swebsite. “Therefore, the Company will no longer accept any newclients and/or the opening of any new accounts while it has terminated all itsexisting clients and informed them about the procedure that should be followedfor their funds return and filing any complaints.”CySEC Highlights UKNF Stance on ReferralsThe CySEC has issued a reminder to CyprusInvestment Firms (CIFs) about the Polish Financial Supervision Authority's(UKNF) stance on referral and affiliate programmes. According to UKNF’sposition, dated October 2023, clients of investment firms or unregulatedintermediaries are prohibited from engaging in individualized clientacquisition activities through such programmes, as reported by FinanceMagnates.CySEC highlighted in its release that "the UKNFPosition forbids clients of an investment firm or unregulated intermediariesfrom undertaking, under referral programmes or affiliate programmes,individualized actions to acquire clients or potential clients of investmentservices."This article was written by Tareq Sikder at www.financemagnates.com.
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Bitcoin has repriced rapidly since the US election result, in a move that some observers are calling the Trump trade, while others assert that gains were overdue anyway. And there seems to be truth in both points of view: the bitcoin halving cycle and BTC’s previous months-long sideways movement both pointed to an incoming bullish period, while rate cuts and increased liquidity are always fuel for bitcoin. At the same time though, the resolving of the election in favor of Donald Trump, by a very clear margin, looks like the emphatic catalyst that has kicked off that anticipated bullishness in explosive fashion. This move has seen BTC rise to new all-time highs with a price currently around the $90,000 mark, and trading is occurring amid positive speculation around Trump’s many pro-crypto pledges, including the possibility of a strategic bitcoin reserve, and a change of leadership at the SEC that should end the Commission’s hostility towards the crypto industry. However, it’s not only BTC that has been making strong moves, with spot ETH ETFs and many smaller coins also reacting sharply to the political changes now taking place in America.Ethereum ETFs Wake UpETH may be the second largest crypto by market cap, but it has underperformed this year in comparison to BTC, and also when placed side by side with some other Layer-1 blockchains, most notably Solana. Additionally, the spot ETH ETFs that launched in July had a conspicuously slow start when compared with the spot BTC ETFs that launched earlier in the year. However, those Ethereum funds finally started to move after the election, and since Trump's win was confirmed, the ETH ETFs have seen a cumulative $796.2 million in net inflows during the period from November 6th to November 13th. That said though, the price of ETH has yet to catch up with BTC in terms of yearly gains so far.DOGE and Other Memecoins Make MovesSecond only to the positivity around BTC–the central mover from which the rest of the crypto market derives its energy–the next greatest levels of market exuberance are currently to be found further out along the risk curve, in the world of memecoins. From the outside, these tokens–much like NFTs a few years ago–are difficult to get a handle on. Memecoins have zero utility and yet they are currently delivering some enormous returns, and what’s more–as the lines blur between crypto, current affairs, and traditional finance, we can now–remarkable as it might sound–find memecoins being referenced at the very highest levels of political leadership.This is apparent in plans from the incoming Trump administration to establish an office purposed to streamline government bureaucracy, to be headed by Elon Musk and Vivek Ramaswamy, and which is to be named the Department of Government Efficiency, or D.O.G.E for short. Musk is famously a long-time fan of DOGE the memecoin, which is the oldest meme token around and has soared in market cap from around $22 billion pre-election to around $60 billion now.Over the last 2 years, the Supreme Court has ruled that the administrative state is behaving in wildly unlawful ways. But slapping the bureaucracy on the wrist won’t solve the problem, the only right answer is a massive downsizing. https://t.co/EfdJzd9XuT— Vivek Ramaswamy (@VivekGRamaswamy) November 13, 2024 What’s more, memecoins are increasingly making it onto major exchanges for spot trading, with Robinhood this week adding the Ethereum-based memecoin PEPE, and Coinbase listing PEPE and Solana-based token WIF, having previously only listed DOGE, SHIB, and BONK from the memecoin sector. For the moment then, we’re seeing a barbell of interest: bitcoin is rising as a form of legitimized digital gold with institutional demand, while at the other tip, memecoin gains indicate consumer demand for the kind of rapid-fire, decentralized casino that only crypto can provide.Robinhood Brings Back SOL, XRP and ADAAs well as listing PEPE, it’s notable that this week also saw Robinhood relisting alternative Layer-1 tokens SOL, XRP, and ADA…
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Not just content with dominating crypto, memecoins are taking over the world as they make their mark on everything from pop culture to US governmental departments. Determined not to be left behind amidst the memecoin mania, creators within the TON ecosystem have upped their game lately, culminating in new memecoin NIKO being listed on MEXC after a record-breaking 10-day run.$NIKO Meets MEXCMEXC has earned a rep during the current cycle for listing up-and-coming memecoins first. Its combination of shrewd picks and a willingness to look beyond the usual candidates to find outliers that have real momentum and cult appeal has resulted in NIKO making the grade. Set to go live on November 14, the TON memecoin will be available as a perpetual futures trading pair matched with USDT.NIKO has been on a remarkable run that’s demonstrated that anything Solana memecoins can do, TON candidates can match. While the world was simping over $PNUT in the last 10 days, shrewd TON traders were loading up on NIKO, whose ascent has been no less meteoric. After launching on TONPump, NikolAI went on a remarkable run that saw it surpass $100M market cap in 11 days. NikolAI, to give the project its full name, was developed by HOT Protocol and taps into the current craze for AI tokens that allow their autonomous operators to craft content, post it to X, and in some cases dictate project development and create original art. We’re in the midst of an AI takeover and trench traders can’t get enough of it.DWF Labs Backs NIKOPredictably, DWF Labs, the market maker and web3 investor extraordinaire, has its tentacles into NIKO. Popular wallet analysis service Lookonchain spotted a DWF wallet receiving 10M NIKO, around 1% of the coin’s total supply, for market making purposes. NIKO is also believed to be one of its portfolio projects. While it’s hard to find an ecosystem that DWF doesn’t have exposure to, its team appears to be particularly bullish on TON.On November 13, DWF’s Andrei Grachev all but confirmed his firm’s thesis, speculating on the start of a new memecoin season on TON. It’s safe to say that should this prediction come to pass, DWF Labs will be on the coal face helping to provide liquidity and other value adds for the TON runners that reach critical mass, allowing them to find new exchanges and users willing to keep the party going.TON Takeover Gathers PaceThe Open Network has already heated up a couple of times this year, most recently in summer when onchain activity picked up as millions of Telegram users onboarded and started playing around with mini dapps – web3 applications natively integrated into Telegram. It’s now undergoing another renaissance, buoyed by the tailwinds that are lifting all of crypto right now, especially those chains that are retail friendly and memecoin-rich.TON has the network effects, the users, and the delivery format all locked down. The only thing it’s been somewhat light on, until recently, was quality memecoins. NIKO has put paid to that, demonstrating that the intersection of AI and memecoins won’t be limited to Solana: TON’s just as capable of stepping up. With MEXC listing secured and almost certainly other CEXs on their way, NIKO has given hope to the next crop of TON creators. 10 days from now, who knows what new narratives will have been born and elevated into bona fide blue chips? This is crypto after all, where anything’s possible.This article was written by FM Contributors at www.financemagnates.com.
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London-headquartered Fortrade, a contracts for differences (CFDs) broker, ended 2023 with a turnover of £19.7 million and a net profit of £1.05 million, according to the latest Companies House filing. While turnover declined by 39 per cent, the company increased its profits by 27.4 per cent year-over-year.Another Profitable Year for FortradeNotably, Fortrade witnessed a revenue decline for the first time in three years. Its revenue peaked in 2022, reaching £32.3 million. The latest drop in revenue is also the second time the broker has faced a challenge in its growth trajectory—the only other time its revenue declined was in 2019, when it generated £15.5 million compared to the previous year’s £17.7 million.Despite the revenue decline, the group managed to reduce its administrative costs from £4.4 million to £3.5 million. It also benefited from £80,156 in interest income. Additionally, it received a tax credit last year, with pre-tax profits at £1 million compared to £857,103 in the previous year.Opportunities in Core Markets“The Group continued to look for opportunities overseas although the directors expect that the Group’s future profitability will be primarily from its existing core markets,” the filing stated.Further, the company also managed to strengthen its balance sheet, increasing its net assets to £12.5 million from £7.5 million.Established in 2013, Fortrade offers CFD trading services with forex, stocks, indices, commodities, and US treasuries. It targets both retail and institutional clients. Although headquartered in London, it operates globally with licences from regulators in countries including Canada, Australia, Cyprus, and Mauritius.However, earlier this year, its subsidiary in Belarus lost its authorisation in the country about five and a half years after receiving the licence. Apart from its trading operations, it also operates a back office in Israel.This article was written by Arnab Shome at www.financemagnates.com.
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Polishfintech company Cinkciarz.pl (Conotoxia) sparked controversy this week afterannouncing plans to transform into a joint-stock company and pursue a bankinglicense, drawing immediate pushback from Poland's financial regulator, KNF.Cinkciarz.pl’s BankingPivot Draws Regulatory WarningThecurrency exchange platform, which has recently faced operational challenges,revealed its strategic transformation amid reports of customer payment delays.The company plans to convert from a limited liability company to a joint-stockstructure while simultaneously preparing banking license documentation.The movecomes more than a month afterKNF revoked Conotoxia sp. z o.o.'s, one of fintech’s subsidiaries operatingin Poland, payment services license. "Thetransformation will strengthen our financial stability and open up new businessopportunities," Cinkciarz.pl stated in its initial announcement. Thecompany emphasized that obtaining a banking license would provide customerswith deposit protection through a bank guarantee fund.However,Poland's KNF quicklychallenged these claims, stating that neither Cinkciarz.pl nor itsaffiliated entities had filed any applications for a domestic banking license.The regulator warned that suggesting a swift licensing process could misleadcustomers about both the timeline and potential outcomes.“Cinkciarz.pland its associated entities have not applied to the KF for authorization toestablish a domestic bank, and as a result, the KNF is not conducting anyproceedings that could lead to such an authorization,” the regulator commented.“Cinkciarz.pl may mislead recipients.”As the KNFexplains, the regulatory requirements for establishing a new bank in Polandinclude a minimum capital requirement of €5 million and a multi-stage approvalprocess. Any new bank must also contribute to the Bank Guarantee Fund beforecommencing operations.Cinkciarz.pl “Grills” KNF(Again)In responseto KNF's criticism, Cinkciarz.pl clarified that it was exploring multiplepathways to obtain a banking license, including potential mergers,acquisitions, or banking-as-a-service partnerships. The company also emphasizedthat its banking ambitions extend beyond Poland to the broader European Union.“The KNF'sinterpretation of our communications is clear evidence of the difficulty inreading documents with understanding,” Cinkciarz.pl added in harsh words. “Thisis a further argument for the need to restructure the KNF to ensure aconsistent, transparent, and fair operation.”This is notthe first time Cinkciarz.pl has shown a lack of "diplomacy" in itsofficial statements. Previously, it suggested that the KNF "violates thelaw" and that regulations, rather than supporting businesses,"destroy" companies. The fintech has also accused the entire Polishbanking sector of "conspiracy" against fintech competition andintends to sue 11 of Poland's largest financial institutions for a totalcurrently exceeding 6.75 billion zlotys ($1.65 billion).At the endof last month, the company disclosed it was in "advanced talks" withinternational investment funds, seeking ways to stabilize its operationsfollowing the loss of its license. It’s worthnoting that Conotoxia Ltd., the Cyprus-based entity responsible for CFDtrading, remains unaffected by the license revocation.“Ourcompany Conotoxia Ltd is a separate entity that holds a license to conductbrokerage activities in Poland, among other places,” Grzegorz Jaworski, CEO ofConotoxia Ltd, commented in the emailed statement.This article was written by Damian Chmiel at www.financemagnates.com.
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The thirdquarter of 2024 unveiled a tale of strategic divergence between two of WallStreet’s Bitcoin Miners, as Hut 8 Corp.(NASDAQ: HUT) and Bitfarms Ltd. (NASDAQ:BITF) navigated through challenging market conditions with notably differentapproaches and outcomes. This fitswell into the broader picture of an industry that, despite rising revenues,could not achieve profitability in the past quarter.Two Bitcoin Miners fromWall Street Chart Divergent Paths in Q3 2024While bothcompanies demonstrated resilience in a post-halving environment, theirfinancial results and strategic initiatives painted contrasting pictures of howto succeed in the evolving digital asset mining landscape.Hut 8emerged from the quarter with a positive narrative, posting revenue of $43.7million and achieving a modest net income of $0.9 million, compared to a net loss in the same period a year earlier. The company'ssuccess can be attributed to its disciplined operational approach and diversificationinto high-performance computing and AI infrastructure. Theirenergy costs showed rising efficiency, dropping 33% year-over-year to $28.83per MWh, while maintaining a competitive mining cost of $31,482 per Bitcoin.“As ofOctober 31, 2024, our development pipeline exceeds 5 gigawatts, with more than1.5 gigawatts under exclusivity,” commented Asher Genoot, CEO of Hut 8. “Threeprojects from this pipeline are particularly promising for large-scale AI datacenter projects. Collectively, they represent over 430 megawatts of capacity,with power delivery expected to be available before the end of 2025.”Incontrast, Bitfarms generated slightly higher revenue at $45 million butrecorded a substantial net loss of $37 million. The company's aggressiveexpansion strategy and fleet upgrade program, while promising for futuregrowth, resulted in higher operational costs with their total cost ofproduction per Bitcoin rising to $52,400 in Q3 from $47,300 in the previousquarter. Despitethese challenges, Bitfarms demonstrated strong operational growth, increasingits hashrate to 11.9 EH/s from 10.4 EH/s in Q2.“Aspreviously communicated, 2024 has been a transformative year for Bitfarms,”stated Bitfarms’ CEO Ben Gagnon. “Year-to-date, we’ve refreshed nearly ourentire fleet of miners, significantly improving our mining economics, acquiredone new site and entered agreements to acquire two additional new sites in theU.S.,Bothcompanies maintain robust balance sheets, though with different approaches totreasury management. Hut 8's holdings of 9,106 Bitcoin valued at $576.5million, combined with $72.9 million in cash, represent a significant warchest. Bitfarms maintains a more conservative position with 1,147 Bitcoin ($73million) and an equivalent amount in cash, reflecting a different riskmanagement strategy.Top Wall Street BitcoinMiners Cannot Stay ProfitableOnWednesday, Finance Magnates reviewed the quarterly reports of threeother publicly traded miners: Marathon Digital Holdings (NASDAQ: MARA),TeraWulf Inc. (NASDAQ: WULF), and HIVE Digital Technologies (NASDAQ: HIVE). It seemsthat so far, only Hut 8 has managed to reach modest profitability, while theremaining companies are in the red. MARA, the largest public Bitcoin miner bymarket capitalization, recorded a significant net loss of $124.8 million in Q32024, despite generating $131.6 million in revenue. The company’s operationalexpenses rose by $40 million over the quarter, overshadowing its 34.5%year-over-year revenue growth.TeraWulfreported a net loss of $22.7 million, widening from $19.1 million in the sameperiod last year. Although TeraWulf achieved a 42.8% increase in revenue,reaching $27.1 million, its Bitcoin production dropped by 43.4% to 555 BTC. Thedecline is largely attributed to increased network difficulty and the impact ofthe Bitcoin halving event in April.HIVE showeda pre-tax net loss of $7.3 million, an improvement from the $22.9 million lossreported in the prior year. The company generated $22.6 million in revenue,with a substantial portion driven by its diversified high-performance…
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Institutionalinvestors are demonstrating increased confidence in digital assets, with 57%planning to boost their cryptocurrency allocations despite ongoing marketvolatility, according to Sygnum's Future Finance 2024 survey released today(Thursday).Institutional InvestorsBullish on CryptoThe survey,which polled over 400 investment professionals across 27 countries, reveals asignificant risk appetite among institutional investors, with 63% assessingtheir risk tolerance as high or very high. More than half of respondentsmaintain portfolio allocations exceeding 10% in digital assets.Singletoken investments remain the preferred strategy at 44%, closely followed byactively managed exposure at 40%. The primary motivation for crypto investmentis exposure to the digital asset megatrend (62%), while portfoliodiversification (52%) and macro hedging (45%) are also significant drivers.“Like theprevious year, 2024 was one of new developments and watershed moments forcrypto and the broader digital asset ecosystem,” commented Martin Burgherr,Sygnum Bank Chief Clients Officer. “Among the most important is perhaps theapproval and the subsequent launch of the US Bitcoin Spot ETFs, which has the potential to acceleratethe institutional adoption of digital assets.”Finery Markets' report for the first half of 2024 also confirms institutional interest in the cryptocurrency sector. It showed that volumes increased by 95% year over year, driven by ETF approvals. Furthermore,Nickel Digital's research from last month revealed that 92% of asset managersexpect growth in funds focused on digital assets. Additionally, nearly 93% ofsurveyed financial institutions believe more traditional firms will enter thecrypto space within three years. ETFs Adds Long-TermCredibilityTheapproval of Bitcoin and Ethereum spot ETFs has significantly boosted marketconfidence, with 71% of respondents expressing increased trust in the cryptospace. LucasSchweiger, Digital Asset Research Manager at Sygnum Bank, commented for FinanceMagnates that these ETFs provide "a trusted, regulated entry point toBitcoin and Ethereum" while lending "significant legitimacy to theasset class.”Accordingto Schweiger, leading TradFi issuers and their involvement also addscredibility and long-term commitment to the industry. He forecasts that ETFswill attract a new wave of investors and institutional flows (especially thosenew to crypto)“This will/ has led to a spillover effect, with more Bitcoin and Ethereum spot ETFapprovals around the world,” Sygnum’s Digital Asset Research Manager added.Sygnum Bank achieved profitability in the first half of 2024 and amassed $4.5 billion in client assets, underscoring the growing interest of professional investors in the cryptocurrency sector. The bank's client base is approaching 2,000 institutional and professional investors, reflecting its expanding influence in the digital asset market.Shifting InvestmentPreferencesLayer-1protocols dominate investor interest at 76%, while Web3 infrastructure hasemerged as the second most attractive sector at 55%. DeFi interest has declinedto 33%, potentially due to security concerns and the more than $2.1 billionlost to vulnerabilities in 2024.In the 2023survey, real estate was the most popular tokenized asset of interest. This hasnow been overtaken by equity (44%), corporate bonds (41%), and mutual funds(40%). However, this might change too.“Theupcoming rate cuts (lower treasury yields) and higher DeFi yields (increasedcrypto market activity) could shift interest from government bonds to higherrisk altcoins,” explained Schweiger. “Another interesting new trend istransforming Bitcoin into a yield-bearing asset (through staking), potentiallycompeting with traditional yields in the near future.”Assetvolatility has replaced regulatory uncertainty as the primary barrier toinstitutional adoption, cited by 43% of respondents. Security and custodyconcerns remain significant at 39%, while 81% indicated that better informationwould encourage increased investment.In late October,…
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Exinity Group has announced a partnership with tradingtechnology provider TraderEvolution. This collaboration aims to enhanceExinity’s product development by integrating TraderEvolution’s multi-assettechnology into its trading platforms. The integration will support Exinity’s various trading andinvesting brands over the next year.Exinity Integrates New TechnologiesExinity, established in the late 1990s, according to thefirm, it aims to develop trading solutions for individuals. Its brands includethe FX broker FXTM, the AI-driven investing app Nemo, and the Web3 platform PiPWorld, which focuses on gaming and edtech.Alison Cashmore, Exinity’s Group Chief Commercial Officer,emphasized the company’s goal to provide financial freedom through innovativetrading and education services, particularly in fast-developing economies. “We’re passionate about enabling individuals in the fast developingeconomies of the world to access financial freedom through innovativeinvesting, trading and education experiences,” Cashmore said.“We’re excited to work with Trader Evolution to help powerour rapidly growing portfolio of creative financial services.”Earlier, ExinityGroup announced the launch of Exinity Connect at the Finance Magnates Summit 2023in London. Exinity Connect aims to provide liquidity and trading capabilitiesto institutions of various sizes, with a focus on personalized service backedby over 25 years of experience. The platform offers access to Tier-1 banks and non-bankmarket maker liquidity, enabling broker-dealers, family offices, and hedgefunds to benefit from deep market access and fast execution.TraderEvolution Supports Exinity ExpansionTraderEvolution provides a multi-asset trading platform thatfocuses on flexibility, scalability, and global market connectivity. It servesbanks and brokers with tailored solutions for financial services.Roman Nalivayko, CEO of TraderEvolution, highlighted thesignificance of the partnership, noting the flexibility and scalability oftheir core trading engine."We are thrilled to announce Exinity's implementationof TraderEvolution's core back-end multi-asset trading platform. Thisintegration represents a significant milestone for both companies, and furtherdemonstrates the limitless possibilities that our core trading engine providesfor brokers to work in different directions, offering unparalleled flexibilityand scalability,” commented Nalivayko. “Exinity is an industry-renowned electronic trading company,whose choice to implement the TraderEvolution platform further demonstratesour position as a leading provider of advanced trading infrastructure,”concluded Nalivayko.This article was written by Tareq Sikder at www.financemagnates.com.
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The United States Federal Bureau of Investigation (FBI) raided the home of Polymarket’s CEO, Shayne Coplan, on Wednesday morning (local time) and seized his phone, as first reported by the New York Post. However, the 26-year-old hasn't been arrested or charged.Although there is no official confirmation, a Bloomberg report indicated that the Department of Justice is investigating Polymarket, as the platform allegedly allowed US users to bet on events.US Users Could Bet on PolymarketPolymarket allowed users to trade event contracts, betting on the outcome of various events using cryptocurrencies. The platform's popularity surged during the recent US Presidential election when its users successfully predicted Donald Trump’s victory.In a statement to the media, Coplan accused the outgoing Biden administration of the investigation and raid, calling the move political retribution.“It’s discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents,” Coplan wrote. “We are deeply committed to being non-partisan, and today is no different, but the incumbents should do some self-reflecting and recognise that taking a more pro-business, pro-startup approach may be what would have changed their fate this election.”new phone, who dis?— Shayne Coplan 🦅 (@shayne_coplan) November 13, 2024Polymarket does not allow US users to access event contracts and is only available outside the country. It even settled with the US Commodity Futures Trading Commission (CFTC) in 2022, paying $1.4 million and agreeing to block all US residents from accessing the platform. However, it was found that Americans could still place bets on the platform using virtual private networks (VPNs).Reactions from Industry LeadersThe action against the platform attracted the attention of other crypto leaders. Coinbase’s CEO, Brian Armstrong, criticised the outgoing administration on X, noting that the administration's move would “backfire.” However, he deleted that post.Deleted my prior tweet until all the facts are in - but doesn’t look good https://t.co/XKpjnevmvk— Brian Armstrong (@brian_armstrong) November 14, 2024While the Biden administration remained hostile towards cryptocurrencies, the incoming President Trump is considered pro-crypto. Following his victory, the crypto market is rallying significantly, with Bitcoin surpassing the $90,000 milestone and expected to cross $100,000.This article was written by Arnab Shome at www.financemagnates.com.
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Doo Financial, a subsidiary of Doo Group, has obtained a new regulatory license from the Cyprus Securities and Exchange Commission (CySEC). This new authorisation will allow the broker to offer its services across the European Union bloc by passporting it.Entry to Europe"Acquiring the new license from CySEC is a significant milestone for Doo Financial, marking a key step in our ongoing growth and strategic expansion,” said Costas Kappai, Doo Financial EU’s Managing Director.“By aligning with CySEC's rigorous requirements, we are better positioned to offer enhanced services to our clients, foster greater transparency, and ensure long-term stability in an increasingly complex and dynamic financial landscape."While Doo established its presence in Cyprus, many other retail brokers and other CFDs industry players are leaving the Mediterranean island. Finance Magnates recently reported that 26 Degrees is considering giving up its Cyprus license, while the one of BDSwiss has been suspended. Earlier this year, FXTM also stopped its services under its Cyprus entity and gave up the license.Finance Magnates recently pointed out that Banxso, a CFDs broker facing serious troubles in South Africa, stopped onboarding clients under its Cyprus license months ago.Global Presence of DooMeanwhile, Doo Group operates globally with several other regulatory licenses. Apart from Cyprus, it is regulated in the United Kingdom, Australia, Hong Kong, and Malaysia. One of its subsidiaries secured a capital markets license in Singapore.The Doo Group is also expanding into the Middle East and opened an office in Dubai earlier this year.With operations globally, Doo Group is witnessing strong trading demand on its platform. As Finance Magnates reported earlier, the trading volume of forex and CFDs on its platform surpassed $106 billion last May.This article was written by Arnab Shome at www.financemagnates.com.
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AxiCorp Financial Services, which operates a retail contracts for differences (CFDs) brokerage under the brand Axi, is interested in acquiring the Australian trading platform SelfWealth and has submitted a bid of 23 cents per share. This would value the deal at AUD 52 million (about USD 34 million).Start of a Bidding WarAxi’s latest bid challenges the interest of Bell Financial Group in SelfWealth, undercutting Bell’s bid by 1 cent.SelfWealth, a publicly traded company in Australia, saw its shares more than double over the past few days with the onset of the bidding war. Bell Financial's bid of 22 cents per share was already a premium over the company’s 0.12 cents per share market value at Tuesday’s market close.“Axi has indicated that it is prepared to negotiate and sign a binding implementation deed in an expedited manner. The Axi proposal is not subject to due diligence or any financing conditions,” the SelfWealth board informed its shareholders.“SelfWealth shareholders do not need to take any action in relation to the Bell proposal or the Axi proposal. There is no certainty that either proposal will result in a binding transaction. SelfWealth will continue to keep shareholders informed about the proposals in accordance with its continuous disclosure obligations.”Finance Magnates reached out to Axi, but no response has been received as of press time.A Publicly Listed Australian Trading PlatformSelfWealth, which promotes itself as “Australia’s most popular low-cost trading platform,” offers trading in shares listed on exchanges in Australia, the United States, and Hong Kong. It has about 129,000 active Australian investors and AUD 10.7 billion in funds under administration.Founded in 2012, SelfWealth went public in 2017. In the fiscal year ending 30 June 2024, it generated a revenue of AUD 27.6 million, with a net profit of AUD 3.4 million.Axi, meanwhile, offers CFDs trading and is led by CEO Rajesh Yohannan. The derivatives broker operates globally with licences in Australia, the UK, the UAE, St Vincent, and the Grenadines. Recently, Axi opened an office in India, which will serve as its technology and product centre.Additionally, Axi is expanding its offerings, becoming one of the first CFD brokers to launch proprietary trading services. Unlike most in the prop trading industry, Axi offers live trading to prop traders and has raised questions about the sustainability of the demo account-based prop trading model.This article was written by Arnab Shome at www.financemagnates.com.
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In his campaign trail, US President-elect Donald Trumpvowed to fire Securities and Exchange Commission (SEC) Chair Gary Gensler ifelected to office. But even before Trump officially assumes office, Gensler hashinted at a possible exit from the agency. A recent speech by the SEC boss left many speculatingabout his potential resignation, CNBC reported.In what sounded like a reflective farewell, Gensler defended his regulatory approach, especially toward the cryptoindustry, and highlighted key accomplishments during his tenure.Leaving the SEC?Speaking at the Practising Law Institute’s 56th annualconference on securities regulation, Gensler expressed pride in his role at theSEC, a position he has held since April 2021. During the address, Gensler reviewed several of theSEC’s major accomplishments. Among the highlights were new disclosure rulesaimed at increasing transparency. The regulations now require companies to provide morecomprehensive information on data breaches, executive pay in relation toperformance, and significant ownership stakes exceeding 5%. Although he briefly mentioned the climate changedisclosure rule, which remains mired in legal challenges, Gensler focused onthe broader intent of these initiatives. Gensler also pointed to structural changes heimplemented in the markets. These include new rules for the central clearing ofTreasury securities and a reduction in the settlement cycle for stocktransactions from two days to one.Additionally, he highlighted recent adjustments thatallow stocks to be quoted in increments smaller than a penny, aimed atincreasing liquidity and efficiency.Strong Stance on Crypto RegulationIn what has been a defining feature of his leadership,Gensler reiterated his strong stance on regulating the crypto sector. “It’s been a great honor to serve with them, doing thepeople’s work, and ensuring that our capital markets remain the best in theworld,” Gensler mentioned as quoted by CNBC.While he acknowledged that Bitcoin does not fall underthe SEC’s purview as a security, he emphasized that many of the 10,000 digitalassets on the market do. He defended the SEC’s crackdown on unregisteredofferings, noting that these actions align with existing securities laws.Gensler argued that the failure to properly regulatethe crypto market has led to “significant investor harm,” reiterating hisbelief that most crypto assets have not demonstrated lasting value. Although Gensler did not explicitly announce hisresignation, his words left room for interpretation. With a tenure marked bysignificant regulatory initiatives and a combative approach to crypto,Gensler’s legacy at the SEC seems poised to leave a lasting impact. This article was written by Jared Kirui at www.financemagnates.com.
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Elon Musk, the world’s richest man and self-proclaimed Dogefather, is back to promoting the meme token, following its skyrocketing prices. Muskretweeted a post on X praising the achievement of the digital asset that oncestarted as an internet parody but is now worth billions of dollars.The Tweet came from Melissa Chen, the co-founder of Ideas BeyondBorders. In the post, which impressed the Tesla boss, Chen expressed herenthusiasm about how DOGE has gained popularity since starting as just a memetoken.From Meme to Mainstream“I’m cracking up so badly listening to serious WSJjournalists pronounce “DOGE” in their professional radio broadcasting voice inthe context of a serious news bit, and part of me cannot believe that it allstarted from a meme. A govt agency was memed into existence Much wow,” shewrote.I’m cracking up so badly listening to serious WSJ journalists pronounce “DOGE” in their professional radio broadcasting voice in the context of a serious news bit and part of me cannot believe that it all started from a meme A govt agency was memed into existenceMuch wow pic.twitter.com/fTteUotQiy— Melissa Chen (@MsMelChen) November 14, 2024DOGE was one of the cryptocurrencies that led the recentcrypto rally. The meme token, which was created in 2013 from a dog meme, nowranks sixth in the crypto asset list with a valuation of $58 billion. At thetime of writing, the meme token was trading at $0.3977 after soaring over 100%in the weekly chart.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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Crypto markets are ablaze this week, with Bitcoin surpassing $93,000, fueled by Donald Trump’s reelection and his pledge to establish the U.S. as a global crypto powerhouse. Market sentiment is surging as retail traders and institutions respond to expected regulatory shifts, including Trump’s proposed national Bitcoin reserve and potential changes in SEC leadership. This shift has sparked a wave of capital inflows, with traders eager to seize the momentum of a “crypto-friendly” administration. Excitement is high, as many view this as a pivotal moment that could push digital assets to new heights and cement cryptocurrency’s place in mainstream finance.For FX brokers, the rally is a clear signal to act—those who wait risk being sidelined in a market that’s accelerating at breakneck speed, while competitors capture the inflows by incorporating cryptocurrency into their offerings. As client demand for digital assets surges, brokers who move to integrate crypto trading will position themselves to meet this shift head-on and engage a new wave of traders, while those who delay may struggle to stay afloat.Regulatory Shifts Fuel a Market Rally: Is $100K Bitcoin on the Horizon?As Bitcoin continues its meteoric rise, the question on everyone’s mind is: how far will this rally go? With capital pouring in at record pace, the $100,000 threshold is beginning to feel within reach, transforming what was once speculative into an attainable target. The market response has been swift, with liquidity providers, hedge funds, and even traditional institutions deepening their crypto positions. For those on the sidelines, the rally poses a striking question—how much longer can they afford to ignore a market that seems poised to break through every ceiling set before it?Bitcoin has demonstrated remarkable growth over the past year, surging from $37,787 in November 2023 to reach a new all-time high of $93,192 in November 2024. This 147% increase reflects strengthening institutional adoption and expanding market infrastructure.FX Brokers at a Crossroads: Adapting to a Merging Market ShiftFX brokers are facing a period of significant change as the boundaries between traditional forex and crypto markets continue to blur. Driven by client demand for diverse trading options, a number of brokers have started incorporating crypto assets, offering CFDs, spot trading, and, in some cases, full spot and derivatives trading.As crypto markets continue their rally, the need for access to digital assets is becoming increasingly clear across financial sectors. This shift presents an opportunity for brokers to meet the demands of traders seeking both crypto and conventional currencies, reflecting a broader trend toward multi-asset platforms. For brokers yet to adopt crypto, the risk of not offering these trading options is beginning to blatantly outweigh the benefits of a traditional-only approach, as clients are drawn to platforms where they can access high growth assets.How FX Brokers Can Capitalize on the Crypto RallyTo take advantage of the ongoing crypto rally, FX brokers need to integrate full-scale crypto trading functionality, moving past basic forex trading or crypto CFDs. By adopting white label technology, brokers can quickly introduce spot and derivatives trading, enabling clients to access a wider range of digital assets within a short timeline.This ready-made software provides all of the required infrastructure, enabling brokers to launch a crypto offering almost immediately and capture the strong demand in today’s market. With minimal setup required, white label platforms allow brokers to act swiftly, staying competitive and seizing the wave of interest propelling crypto growth into 2025.The Shift Platform: White Label Tech Designed for FX Brokers Entering CryptoShift Markets offers a white label exchange solution designed to meet the specific needs of FX brokers looking to enter the crypto market. With roots in the FX industry, Shift understands the unique pain points brokers face and provides the technology…
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Prop trading company FunderPro has announced plans to launchFutures services, the company announced on its website. In a notice, the firm opened a waitlist reportedly for exclusive access to the new offering. Thecompany has also set up a new URL for the new offering: funderprofutures.com.Integration with cTraderThe announcement came days after FunderPro disclosed that ithad integrated cTrader into its offering. The integration reportedly aims to give users more trading options. cTrader is a multi-asset forex and CFD trading platform serving brokers and prop trading companies.The platform reportedly utilizes a liquidity network toprovide services to corporate trading entities and individual traders via arange of financial instruments. FunderPro joined a growing list of companiesthat have added cTrader to their services.More choices for our traders are now available! cTrader trading platform is now available on FunderPro!#cTrader #FunderPro pic.twitter.com/9VgWHWMESC— FunderPro (@FunderProfx) November 5, 2024The other companies include Goat Funded Trader, aproprietary trading firm reportedly offering retail users access to accounts ofup to $800,000. The Funded Trader and MyFundedFX are the other prop tradingfirms that have also sought the services of cTrader.More Firms Eye FuturesNotably, more companies are now focusing on futures.For instance, AvaTrade, a forex, and contracts for differences broker, recentlybroadened its services by introducing a specific futures trading platformdubbed AvaFuture. The new service reportedly encompasses micro, mini, andstandard futures contracts.Wait, what did YOU think we meant? 😏 Doesn't matter, we've got an answer for you. Futures offer a number of benefits over other asset classes. Get into the details of it here: https://t.co/ouf8XF7BZ4 pic.twitter.com/5veckybeCo— NinjaTrader (@NinjaTrader) May 16, 2024According to a report by Finance Magnates, AvaFutureoffers futures contracts for indices, commodities, currencies, treasuries,cryptocurrencies, and metals. A recent study noted that the policies around thecontracts for differences are pushing investors to other instruments, such asfutures. The research by Acuiti highlighted that 50% of European retail brokersprefer offering futures and options over retail over-the-counterinstruments.Commenting about this trend, Anya Aratovskaya, an FXConsultant, recently told Finance Magnates: “This tendency is probably true forthe US market and maybe Europe as European traders love CFDs and are alsolikely to consider futures, but overall, I don't think the shift is thatsignificant.” This article was written by Jared Kirui at www.financemagnates.com.
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Forex and CFD broker Monaxa is launching a proprietarytrading service, according to a post by the company’s CEO, Chris Trikomitis,today (Thursday). Although the details about the new platform remain scarce,the service is branded Monaxa Prop.Monaxa Prop Trikomitis mentioned: “And we are finally ready. Our veryown Monaxa Prop will be launching very soon.” Further, the post mentioned:“Your skills and our funding unlocks 85% profit share. Start your firstchallenge with $50.”According to the Monaxa website, the company is comprised ofseveral entities operating under one brand. One of the entities is reportedlyregistered by the Financial Services Commission of the Republic ofMauritius with an investment dealer license.Trikomitis joined Monaxa early this year as the Chief Executive Officer from Exness, where he served as the Markets Director. He joined the company after dedicating 10 months to his former role at Exness. According to his LinkedIn profile, Trikomitis has nearly two decades of experience in the financial industry. More companies are moving into prop trading amid the sector's growing popularity. Recently, Taurex joined the sector after launching its own prop platform, Atmos. Dubbed Atmos, the company launched a new website, atmos.tradetaurex.com, for the platform, mentioning that it is already live andin the testing phase ahead of its official launch.More Companies Join Prop TradingBesides that, the founder of IronFX, MarkosKashiouris, also expanded its operations in the retail trading industry withthe introduction of a proprietary trading platform, Ultimate Traders.🌌 Something big is coming… 🌌Imagine trading on a whole new level—where every tool, every move, is designed to elevate your experience. Something powerful is on the horizon, and it’s set to change the way you trade forever. Are you ready? Stay tuned. #TradingRevolution pic.twitter.com/klxt00OcEx— Taurex (@tradetaurex) November 5, 2024According to the company, the new offering is operatedby the UK-registered company Ultimate Traders Evaluation Ltd, which was startedin February and has Kashiouris as the majority shareholder.Elsewhere, prop firm TradersYard recently named Manuel Sonnleithner its new CEO. Sonnleithner has more than 10 years of experience in the trading industry. Prior to his new role, he worked as the COO of AgenaTrader and co-founded TradersYard with Gilbert Kreuzthaler.This article was written by Jared Kirui at www.financemagnates.com.
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As Bitcoin (BTC)trades near record highs in 2024, the cryptocurrency market watches with strongpositive sentiment as BTC inches closer to the coveted $100,000 mark. Since itsinception in 2009, Bitcoin has seen dramatic price movements, but the currentbull market suggests a six-figure price target is within reach. What is more,it can happen in the next few weeks.Bitcoin Price Prediction: From Bear Market to NewAll-Time HighThe cryptoindustry has witnessed unprecedented growth, with Bitcoin reaching a newall-time high of $93,495 on Wednesday, according to Coinbase data. Contributingto Bitcoin's surge are multiple factors, including Trump's presidential victoryand BlackRock's institutional involvement. The spot Bitcoin ETFs have seenrecord inflows, demonstrating growing interest from both retail investors andinstitutional investors.Bitcoin has had an impressive run in 2024, gainingnearly 30% in recent weeks and surpassing $93,000. Analysts from various cryptoand financial research firms have shared predictions on Bitcoin’s price foryear-end and beyond, fueled by the recent rally and favorable economicconditions.Ryan Lee of Bitget Research believes thecryptocurrency’s November momentum could propel it past $100,000, citinghistorical patterns and post-halving cycle trends. “If history repeats itself, Bitcoin’s projected growthcould take it well above $100,000 by month-end,” Lee remarked.Expert Analysis and Year-End PredictionsMeanwhile, Bitfinex analysts attribute Bitcoin’sbullish momentum to Trump’s presidential victory and the potential forcontinued interest rate cuts in the U.S. “We expect Bitcoin to accumulate and range, with$100,000 in a few months,” they explained, adding that Trump's administrationis likely to support pro-crypto policies, boosting cryptocurrency adoptionamong institutional investors.Prediction Markets and Analyst ViewsThe following tablecompiles various Bitcoin price forecasts from multiple analysts, highlightingtheir predictions and underlying rationales:Note: These forecasts arebased on analyses and opinions as of November 2024 and are subject to changewith market dynamics.The Role of Trump’s Electionand Institutional Inflows in Bitcoin’s SurgeTrump’s victory hascreated significant excitement in the cryptocurrency market. Analysts,including Fadi Aboualfa from Copper.co, argue that the election could set asupportive regulatory backdrop for Bitcoin. “Trump’s win has providedmarket stability, helping institutional investors show renewed interest inBitcoin,” Aboualfa said, noting that Bitcoin ETFs saw $2.6 billion in inflowswithin days of the election. Copper.co’s forecast suggests that spot BitcoinETFs could drive the price closer to the $100,000 level by early 2025.With Bitcoin ETFsgarnering interest from major institutions such as BlackRock, Pav Hundal fromSwyftX sees an end-of-year target of $103,000. “If you apply a Fibonacciextension, Bitcoin could trade at $103,000 by year-end,” Hundal explained.Institutional inflows are likely to support higher price discovery, aligningwith broader crypto adoption among investors and financial institutions.Bitcoin in 2024: Price Action and Market DynamicsWhile most analysts are bullish, others warn that volatility could posechallenges in the short term. Crypto.com’s CEO Kris Marszalek points out thatBitcoin’s leverage ratios have reached unsustainable levels.Leverage needs to be cleaned up before attack on $100k. Please manage your risk carefully.— Kris | Crypto.com (@kris) November 12, 2024“Leverage needs to be cleaned up before an attack on $100K. Please manageyour risk carefully,” Marszalek cautioned, referring to Bitcoin’s high openinterest across exchanges. Similarly, Ki Young Ju of CryptoQuant predictspotential pullbacks, setting his price target for Bitcoin at $58,974, wellbelow the year-end goal others envision.I expected corrections as BTC futures market indicators overheated, but we're entering price discovery, and the market is heating up even more. If correction and consolidation occur, the bull run may…
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Revolut, a fintech company, is expanding its mergers andacquisitions (M&A) division, signalling a potential shift towards acquiringother businesses. Revolut is expanding its crypto platform, Revolut X, to 30new EEA markets, offering access to over 200 tokens with competitive fees. Revolut Focuses on M&A and ExpansionA recent job advertisement highlights the firm’s interest inbuilding its M&A team. Despite an uncertain economic environment, which hasled many tech companies to reduce spending, Revolut appears focused on growth.Finance and Strategy Manager Ferran Sostres i Sindreupromoted these M&A job opportunities on LinkedIn. This move, first reportedby Tech.eu, aligns with Revolut’s long-standing expansion strategy, aiming toestablish itself as a comprehensive financial “super app.” Revolut’s pursuit ofa provisional UK banking license further explains this ambition.Revolut X Launches in 30 New MarketsRevolut’s growth strategy extends to cryptocurrencyservices. Following the successful UK debut of its standalone crypto exchange, RevolutX, the company has announced plans to bring the platform to 30 additionalmarkets within the European Economic Area (EEA), as reported by Finance Magnates. Revolut X offers access to over 200 digital tokens,competitive pricing, and low transaction fees, positioning the company as astrong competitor in Europe’s cryptocurrency market.Reporting Growth, Workforce Increase, AcquisitionsCelebrating its approaching milestone of 50 million users,Revolut has also reported strong profit growth alongside an increase in itsworkforce, which now totals 8,152 employees. This staffing boost, alongside newacquisitions like Nobly POS and the talent-sourcing platform Wanted, highlightsRevolut’s approach to broadening its service offerings.According to Revolut, compliance remains central to itsoperations. Afterreceiving a UK banking license in July 2024, the company is preparing toissue its own stablecoin. Revolut has also backed shifts in fraud preventionresponsibilities, suggesting that social media companies, often where fraudoriginates, should bear part of the financial burden.Meanwhile, Revoluthas applied for a banking license to operate in Colombia as part of itsefforts to expand in Latin America. This follows its entry into Brazil lastyear and the acquisitionof a banking license in Mexico in April.This article was written by Tareq Sikder at www.financemagnates.com.
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The thirdmonth of dollar declines and testing 18-month lows has clearly discouraged USinvestors from seeking investment opportunities in financial markets.According to the latest September 2024 data, retail trader deposits in thecountry fell for the third consecutive month, losing over 5% from this year'shighs.FX Deposits in the US HitJune LowsAccordingto the latest report from the Commodity Futures Trading Commission (CFTC) forSeptember 2024, the total value of FX deposits in the US amounted to $526.8million, falling almost 1% from$530 million reported a month earlier. These are currently the lowestvalues in three months, though still higher than lastyear's result of slightly over $515 million.Although the dollar is performing well now, September told a different story. Just two months ago, its index (DXY) was testing over year-long lows, which clearly affected investor activity.The declinein investor activity is also confirmed by volume data from the US exchangeCboe, where spot volumes fell below $1 trillion, reaching$981 billion. Although September had one less trading day than August, theaverage daily volume (ADV) also decreased from nearly $50 billion to $46.7billion.Growth Only at CharlesSchwab and Gain CapitalSimilar tothe previous month, only two of the six reporting entities showed growth.Charles Schwab recorded a modest increase in deposits for the second time,growing by 2.5% from $63.7 million to $65.3 million.InSeptember 2024, Gain Capital also achieved this feat, noting a modest jump of0.8% from $202.9 million to $204.6 million.InteractiveBrokers experienced the strongest declines both in nominal and percentageterms. The broker's deposits shrank by $5.1 million or over 15%.Financial ReportingObligations for US Forex BrokersTheCommodity Futures Trading Commission (CFTC) oversees the financial transparencyof Forex brokers in the United States. Specifically, it requires Retail ForeignExchange Dealers (RFEDs) and Futures Commission Merchants (FCMs) to submitcomprehensive financial reports on a monthly basis.Thesefinancial reports must detail critical metrics, including: adjusted net capital,client assets and retail forex obligations.Retailforex obligations reflect the total assets that FCMs or RFEDs hold on behalf oftheir clients, factoring in any profits or losses incurred. This requirementapplies to all 62 registered RFEDs and FCMs in the U.S., covering firms likeCharles Schwab, Gain Capital, IG, Interactive Brokers, OANDA, and Trading.com.Bymandating these disclosures, the CFTC aims to enhance industry transparency andallow for better public insight into the financial health of these firms.Recently,FCMs have been observed making significantinvestments in advanced front-end technologies. These upgrades are intendedto boost operational efficiency and help these firms stay competitive withinthe evolving derivatives market.This article was written by Damian Chmiel at www.financemagnates.com.
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The Finance Magnates London Summit (FMLS:24) will formally kick off next week in Old Billingsgate on November 18-20! Attendees can expect to meet, network, and engage with the industry’s leading brand authorities, C-suite executives, and big-name speakers, including Magnates Group team at Booth #3.Hosting the event for the thirteenth year, Finance Magnates Group will be on-site to help your brand not only grow but connect with industry leaders. This includes plenty of versatile products and marketing strategies designed to amplify and grow brand visibility and lead conversion:Reviews & listings - Control your brand's image, let reviews define your online presence.Targeted email outreach - Connects your brand directly with your audience.Content 360 - Don't just join the conversation lead with your brand!Ad spotlight - Increases brand visibility and web traffic with strategically placed banner ads.Interviews - Position your brand at the core of topics aligned with your business and values.Big data reports - Gain in-depth analysis and insights with our intelligence reports.Intelligence - Catch on the latest insider trendsCustomer reports and Forex Live RSSIn addition, the group’s expert staff will be available to speak to all participants who can explore the group’s innovative advertising solutions are designed to help maximize brand engagement. These types of premium events provide invaluable opportunities for sponsorships and exhibitors, with can make any brand shine. A full list of sponsors and exhibitors for London Summit can be accessed via the following link.If you have not already done so, online registration is still live, as prospective participants are encouraged to reserve their seat today and beat the queues and wait at the venue.Don’t miss out on the opportunity to drive your business forward with the latest insights and innovations in the financial sector. Schedule a personalised meeting with our team during the FMLS:24 to help increase your brand’s presence for an exclusive video interview.Make sure to head over to Booth #3 during the two full days of exhibition and see what Finance Magnates Group can do for you and your business!This article was written by Jeff Patterson at www.financemagnates.com.
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Singapore'sonline trading landscape is undeniably shrinking. The active trader population declined for the third consecutive year despite reaching unprecedented levelsof client satisfaction.Singapore Online TradingBase Contracts Despite Record Satisfaction LevelsThe latestSingapore Online Investing Report by Investment Trendsreveals that the number of active online traders has decreased to 248,000, downfrom 264,000 in September 2023. This decline brings the trading population backto levels last observed in 2018, marking a significant shift in the marketdynamics.Whatportion of this consists of FX/CFD traders? Although current data is lacking, aprevious Investment Trends report from two years ago suggested that 43,000retail investors in Singapore engaged in contracts for difference,representing one in five of all active online traders in the country."Theonline investing market in Singapore is undergoing a recalibration,"explains Lorenzo Vignati, Associate Research Director at Investment Trends."While the decline in active investors poses challenges, the path togrowth lies in brokers' ability to effectively re-engage the vast dormantclient base."Despite theshrinking user base, client satisfaction has reached an all-time high. However,investors are increasingly demanding enhanced features, with 35% citing livepricing as crucial, while 32% prioritize enhanced security measures.Additionally, 28% of traders express interest in sophisticated portfolio riskmanagement tools.“Clientsatisfaction is at record levels, but the message from investors is clear: theywant more,” explains Vignati.Singaporehas emerged as a significant market for brokers, asevidenced by IG Group's fiscal year 2024 financial report. The country wasthe only jurisdiction to record higher revenue last year, with increasedtrading activity by larger clients producing a 6% increase in income. In itsfinancial results, IG noted that Singapore "delivered stronger tradingrevenue reflecting higher volumes from some of our largest traders."Traders Want EducationThe reporthighlights a strong emphasis on education within the trading community. Animpressive 51% of online investors engage with educational content daily, while21% consider themselves proficient or expert traders. This high engagementlevel signals a robust appetite for continuous learning and professionaldevelopment among Singapore'strading community."Educationhas become a key differentiator in this market," notes Vignati. "Theappetite for financial knowledge is substantial, especially among newerinvestors eager to build their confidence."A similaroutcome was shown in a separate report for the French market, where high demandfor education wasalso observed, particularly among new and less experienced investors. Thesame situation was noted inthe Italian market.Thefindings suggest that brokers who can adapt to evolving investor expectationswhile providing comprehensive educational resources will be better positionedto capitalize on future growth opportunities. “Forbrokers, investing in high-quality educational content presents a powerful wayto deepen engagement and strengthen client relationships over the long term,”adds Vignati.The focushas clearly shifted from quantity to quality, with successful platforms needingto balance advanced features with user satisfaction and educational support.This article was written by Damian Chmiel at www.financemagnates.com.
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Crypto.com has enhanced its presence in Australia with its latest acquisition of Fintek Securities, a brokerage service and trading company holding an Australian Financial Services (AFS) licence.Announced today (Thursday), the acquisition of the Australian Securities and Investments Commission-regulated company will allow the cryptocurrency company to offer deposit products, derivatives, securities, foreign exchange, managed investment schemes, and other products.Upcoming Product Details Remain UnknownAlthough Crypto.com highlighted that the upcoming products in Australia will be available only to “eligible users,” it did not define the target group. The details of the launch of the new services and products have yet to be revealed.While offering services to Australians, the exchange must define the target market properly, which is mandatory under the existing Design and Distribution Obligations. The local regulator, ASIC, also took action against multiple trading platforms. Last August, an Australian federal court, as well as the local operator of Kraken, another crypto exchange, noted violations of local rules related to offering fiat-based margin trading products to local customers.“The path of the Crypto.com roadmap is to expand our offering ambitiously by providing customers with the most comprehensive set of financial services, and this acquisition is the latest step in that direction,” said Kris Marszalek, CEO of Crypto.com. “The goal is to create one destination for all financial services where users can simplify their experience and maximise rewards.”Crypto.com’s Expansion ContinuesThe acquisition, which cements Crypto.com’s presence in Australia, came only over a month after it acquired United States-based Watchdog Capital, a Securities and Exchange Commission-registered broker-dealer. That acquisition enabled the crypto exchange to offer equities and equity options to “eligible” traders in the US.Interestingly, Crypto.com also secured an Australian licence with the acquisition of The Card Group in late 2020. However, the crypto platform has since removed the announcement of that acquisition from its website, signalling a possible issue with the deal.This article was written by Arnab Shome at www.financemagnates.com.
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CFI Financial Group has appointed two industry veterans to its top management team: Ahmad Khatib as Chief Business Development Officer and Ziad Melhem as Chief Marketing Officer. Both assumed executive roles after spending around two years with the broker as advisors.Two Industry ExpertsKhatib and Melhem have a shared history, having previously worked at Amana Capital. Khatib was Amana’s founding CEO, a role he held for 12 years, while Melhem spent eight years with the Gulf-based broker, initially as Chief Marketing Officer and later as Chief Business Development Officer.The two departed from Amana at nearly the same time and co-founded Dubai-based Mafhoom Technologies, a company that provides personal finance management tools for Arabic-speaking users.In his new role at CFI, Khatib will focus on implementing the company’s objectives and strategies across markets. His goal is to make the broker “agile and responsive” against its competitors. Melhem, on the other hand, will lead the broker’s marketing efforts, aiming to enhance its brand reach in the MENA region and beyond.Earlier this year, CFI signed a major deal with seven-time Formula 1 champion Lewis Hamilton, onboarding him as the brand ambassador. The company also sponsors several other regional sports.“With their full dedication, they bring unique strengths that complement our senior management, positioning us to drive CFI toward even greater achievements and reinforce our leadership and innovation in the trading industry,” said Hisham Mansour, Co-founder and Managing Director of CFI.Rising Volumes and ExpansionRecently, CFI announced that the trading volume on its platform reached the $1 trillion mark in the third quarter of 2024. Its client base has grown significantly, with funded accounts up by 45.93 per cent and active accounts rising by 28 per cent.With a strong presence in the MENA region, CFI continues to expand. It recently opened new offices in Abu Dhabi and Sharjah, in addition to its existing office in Dubai. All these offices operate under a Category One licence from the UAE's Securities and Commodities Authority (SCA).This article was written by Arnab Shome at www.financemagnates.com.
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London-based brokerage firm Zenfinex collaborated with Your Bourse, a technology provider offering risk management services. The partnership aims to enhance trading services by integrating better technology. Zenfinex will now utilize Your Bourse's tradeexecution and risk management expertise to offer liquidity servicesacross multiple asset classes. Enhancing LiquidityThe partnership reportedly enables Zenfinex clients,including brokers, asset managers, and hedge funds, to access a suiteof trading tools without incurring additional costs, Reuters reported.Zenfinex's approach aims to address the challenges brokers face, such as obtaining efficient liquidity andaccess to better technology. Through this partnership, Zenfinex seeks to offersolutions customized to meet the needs of various client segments. The combined offering includes a comprehensive suiteof tools, such as the MT4 Bridge and MT5 Gateway integration, which enhance execution speed and risk management.Your Bourse's technology is supported by a matching and pricing Engine. According to the official statement, the integration with platforms like MT4, MT5, and FIX APIconnections will ensure that brokers can quickly adapt to market changes andmaintain high performance.Personalized ServicesThe integration also prioritizes uptime and security,providing brokers with a better infrastructure to mitigate risks like cyberthreats and trading disruptions. With advanced reporting features, clients gainfull transparency, enabling better decision-making.Zenfinex's commitment to personalized service sets itapart, especially for startups and smaller brokerage firms. By offeringtailored support and responsive service, Zenfinex helps clients navigate thecomplexities of the financial markets with confidence. Zenfinex and Your Bourse collaborate beyond liquidity services. The companies now offer a packagedesigned to enhance brokerage operations. Meanwhile, Zenfinex recently appointed Steve Whittet, whoserved as the Sales Managing Director at ATFX Connect UK, as CommercialDirector (Head of Institutional Sales). Whittet had worked at ATFX UK for morethan three years.The industry expert also has experience with notable brandslike ThinkMarkets, ADS Securities London, and GKFX. At ThinkMarkets, he servedas the Senior Director of Institutional Business Development, while at ADSSecurities and GKFX, he was the Head of Institutional Sales and Global Head ofInstitutional Sales, respectively.This article was written by Jared Kirui at www.financemagnates.com.
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