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DNA Markets is thrilled to announce our partnership with <a href="https://www.tracknow.io/">Tracknow</a>, an innovative affiliate software designed to optimise our partners' program experience. This partnership underscores our commitment to providing top-notch support and resources for our affiliates, ensuring their success and growth. Alongside this exciting development, we're also excited to launch our brand new website, offering traders an enhanced experience, as they explore our extensive range of 800+ CFD markets.Transform your affiliate strategy with Tracknow<a href="https://www.tracknow.io/">Tracknow</a> is your go-to platform for boosting your affiliate program. It supports both introducing brokers (IB) and cost per acquisition (CPA) models with top-notch tools and resources to supercharge your performance. This partnership reflects our commitment to innovation, excellence, and, most importantly, your success.Partnering for success: how DNA Markets and Tracknow work together ● Effortless navigation: Tracknow's user-friendly interface makes the oversight of your clients’ accounts with DNA Markets a seamless experience.● Real-time insights: Affiliates can keep their finger on the pulse with up-to-the-minute data on clicks, conversions, and earnings. Quickly tweak your strategies for maximum impact.● Security first: Tracknow includes sophisticated anti-fraud measures to protect affiliate earnings; ensuring commissions are accurately tracked and paid out.● Customisable banners: Ability to create custom banners specifically for each affiliate; enhancing their professional image and building trust with their audience.● Advanced tiered commissions: As your clients trade more, you can gain better rebates on trading volume – meaning you can advance to higher rebate tiers. ● Grow your business: As an affiliate with DNA Markets, Tracknow's MLM feature lets you recruit new members, so you can expand your network and grow your business.● Efficient profit withdrawals: Quickly access your earnings with DNA Markets through multiple payment options, ensuring you can withdraw profits efficiently and conveniently.Discover DNA Markets’ new and improved websiteIn conjunction with our Tracknow partnership, we're thrilled to introduce our newly redesigned DNA Markets website. Created with traders in mind, our new site offers an unparalleled user experience, making navigating the world of trading more efficient.● Modern design: Our sleek, user-friendly website showcases our commitment to innovation and efficiency. The new design is not only visually appealing but also functionally superior, allowing traders to quickly find the information and tools they need.● Enhanced user experience: With streamlined navigation, accessing trading platforms, account information, and <a href="https://www.dnamarkets.com/spreads/?utm_campaign=dna-markets-finance-magnates-2024&utm_medium=display&utm_source=finance-magnates&utm_content=pr-article&utm_term=dna-markets">spread overviews</a> is made easier – just a few quick clicks and you're there!● Improved performance: Enjoy faster load times and optimised performance for seamless browsing on both desktop and mobile devices. Trading on the go is now easier with our mobile-friendly design, giving you access to the markets anytime, anywhere.A space to learn, grow and explore● Trade efficiently: Dive into our advanced trading platforms and take advantage of <a href="https://www.dnamarkets.com/spreads/?utm_campaign=dna-markets-finance-magnates-2024&utm_medium=display&utm_source=finance-magnates&utm_content=pr-article&utm_term=dna-markets">ultra-low spreads starting from 0.0 pips</a>. Whether you're an experienced or novice trader, our platforms are packed with cutting-edge tools and features to enhance your trading efficiency.● Explore markets: Get detailed information on our 800+ CFD markets, including <a href="https://www.dnamarkets.com/forex-cfds/?utm_campaign=dna-markets-finance-magnates-2024&utm_medium=display&utm_source=finance-magnates&utm_content=pr-art…
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The gates to the iFX Expo International 2024 are now open. It is another year when the event has landed at Limassol, Cyprus, the heart of the retail trading industry. The venue at the City of Dreams Mediterranean is now packed with attendees; some are interested in listening to the long list of speakers, while others are more focused on networking on the expo floor.<a href="https://www.financemagnates.com/tag/ifx-expo-international/">iFX Expo International</a> brings the entire trading industry under one roof. The event is being attended by regulators, C-level executives, marketers, company representatives, influencers, and even traders.The Keynote by ChairThe first day of the expo started with an opening keynote speech by CySEC’s Chairman, Dr. George Theocharides. The speech focused on how “digitalisation has reshaped the regulatory landscape in the financial industry.”Dr. Theocharides added: “As organisations have adapted to changes in customer preferences, the trends that we have seen in the last ten years or so in the financial services industry are more digitalisation and more online and mobile trading platforms. We have also seen more sophisticated technologies like artificial intelligence (AI) and machine learning, which have been crucial for delivering insights and personal financial products.”He continued: “Last year was difficult for fintech market globally… investment in fintech fell to a five-year low driven by a combination of challenges including high interest rates across the globe, and persistent inflation, as well as geopolitical tensions.”Have a Chat with Finance MagnatesThe Finance Magnates Group is in full gear, talking with industry executives. The team has just interviewed Tom Higgins, CEO of Gold-i. Would you like the opportunity to do a video interview as well?What Is Happening with AI?The panel on “What's Next for Liquidity Providers?” elaborated on the future of AI in the industry. Moderated by Finance Magnates’ Andrea Badiola Mateos, the discussion was participated in by Match-Prime Liquidity’s CEO, Andreas Kapsos; X Open Hub’s CEO, Michal Copiuk; B2Broker’s Chief Dealing Officer, John Murillo; GBE Prime’s COO, Valantis Charalambous; and Equiti’s Chief Information Officer, Mohammad Isbeer.From the FloorMany companies attending the event have started to showcase their products and services from the event floor. Their representatives are ready to meet existing clients and connect with potential clients.Schedule for the DayFrom Speaker Hall:10:00 - Opening Keynote by CySEC Chairman - Dr. George Theocharides10:25 - Cash Me If You Can: Evolving Payments11:20 - The Intelligent Ledger: AI & ML Transforming FinTech12:15 - What's Next for Liquidity Providers?14:10 - Fintech Frontiers: Sculpting the Future of Finance15:00 - Mastering TikTok: Creative Tools and Strategies for Fintech Success15:50 - Securing the Future: Protecting the Pulse of Fintech16:40 - Regulatory Waves: Steering Through FinTech's Evolving SeasFrom Idea Hub:10:20 - Beyond Boundaries: Futures & Options in Today's Diverse Markets10:50 - Marketing Beyond the Transaction: Building a Trusted Trading Brand11:30 - Bank on This: Breaking New Ground with Open Banking12:15 - Adapting to New Realities: Affiliates at the Crossroads14:10 - Finance Forward: Cultivating Wellbeing and Success in the Digital Age15:00 - Future-Proofing Risk Management: Blueprints for Tomorrow's Challenges15:50 - Ledgers & Legends: Forging Paths in Institutional CryptoRecap of the Welcome PartyAs always, iFX EXPO International 2024 attendees had a blast at the Welcome Party on Tuesday evening. It was a time when fun and business went hand-in-hand a day before the busy schedule on the expo floor. Catch some <a href="https://www.financemagnates.com/forex/ifx-expo-international-2024-welcome-party/">glimpses from the Welcome Party</a>.📷 iFX EXPO International 2024 Welcome Party was a smashing success!📷 We hope that everyone enjoyed an evening of excitement, refreshments and connections! 📷 Take a look at some of our favorite…
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After eight years of growth under the name IUX Markets, the company has now rebranded to "IUX". This shift is marked by the introduction of a new logo and a streamlined domain, signaling a new strategic direction for the established financial services provider.Introducing a Modern LogoWith the introduction of a new logo, IUX highlights its commitment to modernity and innovation. The logo's design encapsulates the company's forward-thinking approach and its commitment to remaining at the cutting edge of the financial industry. This new visual identity aims to connect with both existing and potential clients, symbolizing a more refined and accessible brand.Transitioning to a New DomainIn line with the rebranding effort, the company has moved from its former domain, iuxmarkets.com, to a more succinct iux.com. This update is intended to enhance the online experience, making it easier for users to access the company’s services. The new domain is a part of IUX's strategy to simplify its online presence, thereby improving user engagement and easing client interactions.A Strategic RefreshThis rebranding marks the company’s first such initiative in eight years and reflects a strategic decision to refresh the brand's image while reinforcing its market position. The change to IUX from IUX Markets is more than just a cosmetic update—it represents a reaffirmation of the company’s core values and a vision for a dynamic future.Looking to the FutureWith this rebranding, IUX is poised to continue its tradition of excellence in financial services while adapting to the constantly evolving demands of the market. The company invites its stakeholders to be part of this new chapter as it aims to bring enhanced services, continuous innovation, and a steadfast commitment to client satisfaction under its renewed brand.As IUX launches this exciting phase, it reiterates its dedication to excellence and innovation, prepared to embrace the future with a new identity but the same enduring commitment to its clients and partners.For more information on the rebranded IUX and its offerings, visit https://www.iux.com/enThis article was written by FM Contributors at www.financemagnates.com.
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DNA Markets is thrilled to announce our partnership with <a href="https://www.tracknow.io/">Tracknow</a>, an innovative affiliate software designed to optimise our partners' program experience. This partnership underscores our commitment to providing top-notch support and resources for our affiliates, ensuring their success and growth. Alongside this exciting development, we're also excited to launch our brand new website, offering traders an enhanced experience, as they explore our extensive range of 800+ CFD markets.Transform your affiliate strategy with Tracknow<a href="https://www.tracknow.io/">Tracknow</a> is your go-to platform for boosting your affiliate program. It supports both introducing brokers (IB) and cost per acquisition (CPA) models with top-notch tools and resources to supercharge your performance. This partnership reflects our commitment to innovation, excellence, and, most importantly, your success.Partnering for success: how DNA Markets and Tracknow work together ● Effortless navigation: Tracknow's user-friendly interface makes the oversight of your clients’ accounts with DNA Markets a seamless experience.● Real-time insights: Affiliates can keep their finger on the pulse with up-to-the-minute data on clicks, conversions, and earnings. Quickly tweak your strategies for maximum impact.● Security first: Tracknow includes sophisticated anti-fraud measures to protect affiliate earnings; ensuring commissions are accurately tracked and paid out.● Customisable banners: Ability to create custom banners specifically for each affiliate; enhancing their professional image and building trust with their audience.● Advanced tiered commissions: As your clients trade more, you can gain better rebates on trading volume – meaning you can advance to higher rebate tiers. ● Grow your business: As an affiliate with DNA Markets, Tracknow's MLM feature lets you recruit new members, so you can expand your network and grow your business.● Efficient profit withdrawals: Quickly access your earnings with DNA Markets through multiple payment options, ensuring you can withdraw profits efficiently and conveniently.Discover DNA Markets’ new and improved websiteIn conjunction with our Tracknow partnership, we're thrilled to introduce our newly redesigned DNA Markets website. Created with traders in mind, our new site offers an unparalleled user experience, making navigating the world of trading more efficient.● Modern design: Our sleek, user-friendly website showcases our commitment to innovation and efficiency. The new design is not only visually appealing but also functionally superior, allowing traders to quickly find the information and tools they need.● Enhanced user experience: With streamlined navigation, accessing trading platforms, account information, and <a href="https://www.dnamarkets.com/spreads/?utm_campaign=dna-markets-finance-magnates-2024&utm_medium=display&utm_source=finance-magnates&utm_content=pr-article&utm_term=dna-markets">spread overviews</a> is made easier – just a few quick clicks and you're there!● Improved performance: Enjoy faster load times and optimised performance for seamless browsing on both desktop and mobile devices. Trading on the go is now easier with our mobile-friendly design, giving you access to the markets anytime, anywhere.A space to learn, grow and explore● Trade efficiently: Dive into our advanced trading platforms and take advantage of <a href="https://www.dnamarkets.com/spreads/?utm_campaign=dna-markets-finance-magnates-2024&utm_medium=display&utm_source=finance-magnates&utm_content=pr-article&utm_term=dna-markets">ultra-low spreads starting from 0.0 pips</a>. Whether you're an experienced or novice trader, our platforms are packed with cutting-edge tools and features to enhance your trading efficiency.● Explore markets: Get detailed information on our 800+ CFD markets, including <a href="https://www.dnamarkets.com/forex-cfds/?utm_campaign=dna-markets-finance-magnates-2024&utm_medium=display&utm_source=finance-magnates&utm_content=pr-art…
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TheSecurities and Futures Commission (<a href="https://www.financemagnates.com/tag/sfc/">SFC</a>) of Hong Kong has taken aggressive enforcement actions over the past year to combat insider trading, market manipulation, corporate fraud, and other financial crimes, according to theagency's latest annual report.Itspublication coincided with the celebrations of the 35th anniversary of theregulator's operation as the "guardian of Hong Kong’s capitalmarkets."Hong Kong FinancialRegulator Cracks Down on Market Misconduct and FraudHK’sfinancial watchdog <a href="https://www.sfc.hk/-/media/EN/files/COM/Annual-Report/2023-24/SFC-Annual-Report-2023-24_EN.pdf?rev=36fededb4a204061b4a6b3a836c6c80e">broughta record number</a> of criminal charges and civil proceedings against individuals and corporations suspected of serious misconduct in the city'sfinancial markets during the 2023-2024 fiscal year.SFCinitiated 183 investigations and laid 50 criminal charges against 24 peopleover the 12-month period ending March 31, 2024. The agency secured convictionsagainst two individuals, with ongoing proceedings against the others.On thecivil enforcement front, the SFC has 37 cases pending before the courts seekingfinancial penalties and other orders against 204 entities and people. Theregulator also took disciplinary actions against 14 individuals and 12corporations, levying $49.9 million in total fines.“We takeproactive and resolute enforcement actions to protect investors, punishwrongdoers and safeguard the reputation and integrity of our markets. Ourstrategic focus on high-impact cases helps us address key risks in financialmarkets and send strong deterrent messages,” SFC commented in the report.Forexample, the SFC also brought Hong Kong's first criminal prosecution foremploying a fraudulent scheme in illegal short selling. The defendant pleadedguilty and was sentenced to 18 months in prison.Tostrengthen surveillance, the SFC issued a record 4,627 requests for trading andaccount records from brokers. It also posted a "high concentration"alert to caution investors about trading stocks with highly concentratedownership."Byleveraging our surveillance capabilities combined with data <a href="https://www.financemagnates.com/terms/a/analytics/">analytics</a>,resources can now be directed towards cases of high impact and high strategicvalue that will have the desired deterrence effect," the SFC said, notingthat a new investor identification system launched in March 2023 hassignificantly enhanced its ability to detect irregularities and problematictrading patterns in real-time.35 Years of ProtectingCapital MarketsTheSecurities and Futures Commission (SFC) was established in May 1989, precisely35 years ago, in response to a stock market crash two yearsearlier. In 2003, the Securities and Futures Ordinance (SFO) was introduced,significantly expanding the scope of the institution's functions and powers. "Theachievements we made and valuable experience gained over the years will standus in good stead to steer Hong Kong’s capital markets," said the SFC’s Chairman Tim Lui. "To this end, we remain steadfast in our commitment toensuring market integrity and resilience in the face of emerging trends and newchallenges at the local, regional, and global levels." The SFC nowoversees nearly 50,000 registered firms and individuals. In the last fiscal,the regulator received over 7,200 new licensing applications: 7,035 fromindividuals and 220 from corporations.Severalother prominent market watchdogs, <a href="https://www.financemagnates.com/forex/mfsa-uncovers-hundreds-of-financial-scams-in-2023-crackdown/">including Malta's MFSA</a>, have also recentlypublished their annual enforcement reports. Enforcement actions in 2023 totaled77, of which 60 were administrative penalties, amounting to€444,800. For comparison, Cyprus' CySEC issued <a href="https://www.financemagnates.com/forex/cysec-slams-investment-firms-with-22m-fines-in-2023/">fines of over $2.2 million</a>, andthe UK's FCA issued fines <a href="https://www.finan…
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North Dakota’s financial market regulator has become the latest to revoke the money transmitter license of Binance.US, operated by BAM Trading Services. It has become the seventh US state to do so, as Alaska, Florida, Maine, North Carolina, and Oregon already took similar actions earlier.Binance.US Losing US State LicensesThe order issued on 4 June 2024 highlighted that Binance.US “has not continued to meet the qualifications or satisfy the requirements that apply to an applicant for a new money transmission license.”Justifying the move, the regulator noted that the license cancellation was “necessary and appropriate in the public interest for the protection of citizens to restrain unlawful acts, practices, or transactions.”While North Dakota was the latest state to revoke Binance.US's license, the state regulator in Florida was the first to do so last November, shortly after the Justice Department's settlement with Binance.com and Zhao's guilty plea. North Carolina and Maine followed by revoking the license in January.Meanwhile, Binance.US paused the onboarding of new users in Connecticut, Georgia, Ohio, Minnesota, and Washington. The exchange never received a license in New York, Texas, Vermont, and Hawaii.The Troubles of BinanceBinance.US operated separately from its global parent Binance.com and was operated by BAM Trading Services, which was created in 2019. However, the US state regulator pointed out that the US arm shared a similar name with the global counterpart and even used the “same branding and copyrighted logos under license as Binance.com, engages in a similar business line as Binance.com, and uses Binance.com’s proprietary software under license to conduct transactions for Binance.US.”Furthermore, Changpeng Zhao, the former CEO of Binance.com and now a convict, also indirectly owns the US arm of Binance.com and “exercised control” over the entity. Despite his being in jail now, he continues to be a majority shareholder of Binance.com.Last November, Binance.com settled with the US Department of Justice, paying a hefty sum of $4.3 billion. The exchange paid an additional $2.85 billion to the US commodities regulator. Under the settlement terms, Binance.com agreed to exit the US market completely. Notably, the settlement was reached only by Binance.com, not Binance.US.Zhao also pled guilty to violating one count of the Bank Secrecy Act and has received a jail term of four months.However, actions against Binance.com also indirectly impacted Binance.US's operations. The platform also faced the SEC’s actions, which resulted in the wipeout of 75 percent of its revenue. The entity even laid off the majority of its staff in the last few months.This article was written by Arnab Shome at www.financemagnates.com.
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Nikolay Karpenko has joined the London-based digital assetfirm B2C2 as the Director for EMEA Sales. In his new role, Karpenko will spearhead the company's expansion in the EMEA region. Previously, he held the roles of Executive Director for Digital Assets and Executive Director for Emerging Markets Sales at Goldman Sachs, where he dedicated almost seven years.Leading Expansion in the EMEA Region In a post on LinkedIn, Karpenko said: "After sevenremarkable years at Goldman Sachs, I am thrilled to share that I have joinedB2C2 to spearhead the expansion of our business in the EMEA region. I amprofoundly grateful to all my colleagues and mentors at Goldman Sachs. Workingalongside such talented professionals has been an honor and a privilege,providing invaluable experiences and lessons that I will carry forward.""Now, I am eager to start a new and exciting chapter ofmy path at B2C2. Collaborating with Thomas Restout, Zeke Vince, James Hume,Edmond G., Jad Sarmo, and the rest of the team, we are committed to unlockinginstitutional access to digital asset markets and enhancing economic freedomand efficiency globally."Karpenko is a seasoned executive who has worked for notable brands, including Societe Generale, Thomson Reuters, VTB Capital, Credit Suisse, and Deloitte. At Societe Generale, he was the Vice President for Corporate Derivatives Sales, while at Thomson Reuters, he was the SalesExecutive for Corporate and Solutions Sales.Leadership TransitionEarly this year, B2C2 promoted Thomas Restout to GroupCEO. This move followed the departure of Nicola White, who joined B2C2 in July2021 and ascended to the role in November 2022. Restout joined B2C2 in September 2022 from MorganStanley, where he held the position of Global Head of Macro Electronic Trading.At Morgan Stanley, he contributed to the digital currency working group and ledcrypto trading for the Fixed Income division. Notably, Restout was one of B2C2’s earliest investorsand played a crucial role in the company’s strategic decisions, such aspursuing over-the-counter (OTC) trading and expanding into the Japanese market.B2C2 has established itself as a significant player inthe crypto OTC and market-making space. Its acquisition by the Japanese SBIHoldings at the end of 2020, following an initial investment of $30 million,marked a pivotal moment for the company.This article was written by Jared Kirui at www.financemagnates.com.
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BDSwiss has secured a license from the UAE’sSecurities and Commodities Authority (SCA). This new approval enables the forexand CFD broker to offer a suite of financial products and services, from forextrading to CFDs, enhancing the trading experience for both retail andinstitutional investors in the region.According to the press release, BDSwiss was awardedthe Category 5th license. The firm expects that this approval will enable it tobroaden its operations across the Middle East and North Africa region.Expansion in the MENA Region Speaking about this milestone, Daniel Takieddine, theCEO of BDSwiss MENA, mentioned: "This achievement is a testament to ourcontinuous efforts to expand our footprint in the MENA region and provideexceptional services tailored to the needs of our clients in this dynamicregion. With the SCA Category 5th license "Financial Consulting andIntroducing", we are well-positioned to offer unparalleled access to globalmarkets, supported by our robust technological infrastructure and deep marketexpertise."The SCA Category 5th license boosts BDSwiss’operations in the Middle East. It allows the firm to engage in financialconsultations and introduce clients to various investment opportunities.BDSwiss has focused on financial services since its inception in 2012, cateringto over 1.5 million clients across 180 countries. The company offers stocks,ETFs, forex, commodities, and indices.In March, ThinkMarkets obtained a license from theDubai Financial Services Authority. This approval enables the firm to introduceits trading platform, ThinkTrader, to a new client base in the United ArabEmirates. ThinkMarkets lauded this step as part of its expansion in the MiddleEast and North Africa.More Brokers Eye MENAThinkMarkets aims to enhanceits offerings in the UAE by integrating a suite of trading tools within theThinkTrader platform after acquiring the DFSA license. These tools include the Signal Centre, TrendRisk Scanner,and Traders' Gym, which are designed to elevate the trading experience forlocal investors. This regulatory milestone is part of ThinkMarkets'broader global expansion strategy. The company seeks to establish apresence in new markets worldwide. In addition to the UAE, ThinkMarkets has acquiredlicenses from the Japan Financial Services Agency and the New Zealand FinancialMarkets Authority, further extending its global footprint.This article was written by Jared Kirui at www.financemagnates.com.
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Buckleup, because the financial sector is about to be swept away in a wave oftransparency. Foryears, consumer data has been trapped in a walled garden, with traditionalbanks acting as gatekeepers. Access was tightly controlled, doled out in dribsand drabs. The CFPB's move dismantles those walls, putting consumers firmly incontrol of their financial information. This isn't just about convenience, althoughthe ability to easily share data for smoother loan applications or betterinterest rates is a perk. The real power lies in fostering a free-flowingmarketplace brimming with innovation.Thinknimble fintech startups, unshackled from the limitations of siloed data.They'll be able to develop revolutionary financial products tailored to yourspecific needs. We're talking hyper-personalized budgeting tools that analyzeyour spending habits and nudge you towards better financial health. Or seamlessmoney management platforms that effortlessly aggregate your accounts acrossinstitutions, providing a holistic view of your financial well-being.Thebenefits extend far beyond individuals. Open banking can be a boon for smallbusinesses. A local business, no longer limited to the offerings of a singlebank, can leverage their financial data to secure more favorable loans from awider pool of lenders. This fuels entrepreneurial activity and fosters a morevibrant marketplace.Ofcourse, with great power comes great responsibility, meaning data security and privacyremain paramount. Consumers deserve complete transparency about how theirfinancial information is being used, with clear and informed consent at theheart of every data exchange. Both established institutions and new entrantsmust prioritize building trust and demonstrating a commitment to safeguardingsensitive data.Butthe potential benefits are significant. Open banking can usher in a new era oftransparency in the financial sector. Consumers, armed with a morecomprehensive view of their finances, can make informed decisions about whereto invest their money and how to manage their debt. This newfound transparencycan also put pressure on traditional banks to offer more competitive rates andbetter customer service, a win for everyone involved.TheCFPB's move is a powerful message to the global financial community. As the USembraces open banking, it could trigger a domino effect, with other countriesfollowing suit and creating a more interconnected and standardized financialdata ecosystem. The implications for international trade and investment aresignificant, fostering greater competition and potentially lowering transactioncosts.Thisis a watershed moment. The era of data silos is over. The data deluge is uponus, and the financial sector is about to be transformed. The question isn'twhether it will happen, but how the industry will navigate this new data-drivenlandscape and ensure it becomes a golden shower, not a financial flood.This article was written by Pedro Ferreira at www.financemagnates.com.
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BDSwiss has secured a license from the UAE’sSecurities and Commodities Authority (SCA). This new approval enables the forexand CFD broker to offer a suite of financial products and services, from forextrading to CFDs, enhancing the trading experience for both retail andinstitutional investors in the region.According to the press release, BDSwiss was awardedthe Category 5th license. The firm expects that this approval will enable it tobroaden its operations across the Middle East and North Africa region.Expansion in the MENA Region Speaking about this milestone, Daniel Takieddine, theCEO of BDSwiss MENA, mentioned: "This achievement is a testament to ourcontinuous efforts to expand our footprint in the MENA region and provideexceptional services tailored to the needs of our clients in this dynamicregion. With the SCA Category 5th license "Financial Consulting andIntroducing", we are well-positioned to offer unparalleled access to globalmarkets, supported by our robust technological infrastructure and deep marketexpertise."The SCA Category 5th license boosts BDSwiss’operations in the Middle East. It allows the firm to engage in financialconsultations and introduce clients to various investment opportunities.BDSwiss has focused on financial services since its inception in 2012, cateringto over 1.5 million clients across 180 countries. The company offers stocks,ETFs, forex, commodities, and indices.In March, ThinkMarkets obtained a license from theDubai Financial Services Authority. This approval enables the firm to introduceits trading platform, ThinkTrader, to a new client base in the United ArabEmirates. ThinkMarkets lauded this step as part of its expansion in the MiddleEast and North Africa.More Brokers Eye MENAThinkMarkets aims to enhanceits offerings in the UAE by integrating a suite of trading tools within theThinkTrader platform after acquiring the DFSA license. These tools include the Signal Centre, TrendRisk Scanner,and Traders' Gym, which are designed to elevate the trading experience forlocal investors. This regulatory milestone is part of ThinkMarkets'broader global expansion strategy. The company seeks to establish apresence in new markets worldwide. In addition to the UAE, ThinkMarkets has acquiredlicenses from the Japan Financial Services Agency and the New Zealand FinancialMarkets Authority, further extending its global footprint.This article was written by Jared Kirui at www.financemagnates.com.
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Buckleup, because the financial sector is about to be swept away in a wave oftransparency. Foryears, consumer data has been trapped in a walled garden, with traditionalbanks acting as gatekeepers. Access was tightly controlled, doled out in dribsand drabs. The CFPB's move dismantles those walls, putting consumers firmly incontrol of their financial information. This isn't just about convenience, althoughthe ability to easily share data for smoother loan applications or betterinterest rates is a perk. The real power lies in fostering a free-flowingmarketplace brimming with innovation.Thinknimble fintech startups, unshackled from the limitations of siloed data.They'll be able to develop revolutionary financial products tailored to yourspecific needs. We're talking hyper-personalized budgeting tools that analyzeyour spending habits and nudge you towards better financial health. Or seamlessmoney management platforms that effortlessly aggregate your accounts acrossinstitutions, providing a holistic view of your financial well-being.Thebenefits extend far beyond individuals. Open banking can be a boon for smallbusinesses. A local business, no longer limited to the offerings of a singlebank, can leverage their financial data to secure more favorable loans from awider pool of lenders. This fuels entrepreneurial activity and fosters a morevibrant marketplace.Ofcourse, with great power comes great responsibility, meaning data security and privacyremain paramount. Consumers deserve complete transparency about how theirfinancial information is being used, with clear and informed consent at theheart of every data exchange. Both established institutions and new entrantsmust prioritize building trust and demonstrating a commitment to safeguardingsensitive data.Butthe potential benefits are significant. Open banking can usher in a new era oftransparency in the financial sector. Consumers, armed with a morecomprehensive view of their finances, can make informed decisions about whereto invest their money and how to manage their debt. This newfound transparencycan also put pressure on traditional banks to offer more competitive rates andbetter customer service, a win for everyone involved.TheCFPB's move is a powerful message to the global financial community. As the USembraces open banking, it could trigger a domino effect, with other countriesfollowing suit and creating a more interconnected and standardized financialdata ecosystem. The implications for international trade and investment aresignificant, fostering greater competition and potentially lowering transactioncosts.Thisis a watershed moment. The era of data silos is over. The data deluge is uponus, and the financial sector is about to be transformed. The question isn'twhether it will happen, but how the industry will navigate this new data-drivenlandscape and ensure it becomes a golden shower, not a financial flood.This article was written by Pedro Ferreira at www.financemagnates.com.
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Binance has reportedly reintroduced Mastercardpayments for crypto purchases. This step arrived after Mastercard paused thisservice in August 2023 due to legal challenges facing Binance in the US. Both theUS Securities and Exchange Commission and the Commodity Futures TradingCommission had filed multiple charges against the exchange, leading to atemporary cessation of these services.Enhanced Security Measures Binance's spokesperson told Coindesk that thisdecision was reached after a review of the controls and processes that Binance has implemented. Mastercard now allows Binance-related purchases onits network and plans to support other services, such as withdrawals, later. Mastercard reportedly confirmed this development butemphasized the importance of continuous monitoring. The payment giant mentionedthat it has reviewed the controls and processes that Binance has put intoplace. Based on those efforts, the company decided to enable support of Binancepurchases and deposits on its network. Last year, Binance and MasterCard ended their partnership on crypto card programs in several countries. This move highlightedan increasing divide between major financial institutions and the cryptoindustry, Finance Magnates reported. The suspension affected countries such asArgentina, Brazil, Colombia, and Bahrain, ending access to crypto card servicesthat allow transactions in traditional currencies using their crypto assets onBinance.Suspension of Co-branded CardsMastercard’s decision followed Visa’s earlier step ofhalting the issue of co-branded cards with Binance in Europe. This trendsignaled a broader reluctance among traditional financial entities to engagewith cryptocurrency firms. In a report by Reuters, Binance's spokespersonconfirmed the cessation of the four crypto card programs in the mentionedcountries. Similarly, Binance halted crypto-backed debit cardservices in Latin America and the Middle East on September 21, 2023. Thisdecision impacted users in regions where Binance Card was previouslyoperational. Binance proposed Binance Pay as an alternative to continuesupporting crypto transactions via mobile devices. In addition to financial service changes, Binance hasencountered significant regulatory issues. The exchange facedallegations from the Wall Street Journal regarding its use of sanctioned banksin Russia for peer-to-peer crypto transfers. This controversy furtherstrained Binance's relations with financial regulators and traditional bankingsystems.This article was written by Jared Kirui at www.financemagnates.com.
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"The business models used by firms engaged in prop trading (technically funded trader services) can take various forms, some of which may be subject to the MiFID regulatory framework,” the Czech National Bank told Finance Magnates exclusively. In this context, It's worth mentioning that one of the top prop trading companies, FTMO, is domiciled in the Czech Republic.“In those scenarios", added the regulator, "we believe that the relevant MiFID services could be: reception and transmission of orders in relation to one or more financial instruments; execution of orders on behalf of clients; or dealing on own account.” The regulator added that, “however, in other cases, the exemptions from MiFID apply, and in such cases, the prop trading entity is not subject to the supervision of the Czech National Bank and does not need to be supervised. Also, should there be a suspicion of fraud, we stress that such conduct would be subject to criminal law.”The Czech National Bank has confirmed to Finance Magnates that it has “taken notice of the prop trading industry,” adding that it is “well aware of the existence and occurrence of the prop trading phenomenon” and the "the potential need for new regulation in this area should be assessed on the EU level." The response from the Czech National Bank came amid Finance Magnates revealed that the European Securities and Markets Authority (ESMA) <a href="https://www.financemagnates.com/forex/exclusive-regulators-conducted-preliminary-reviews-on-potential-prop-trading-regulations/">ran an initial check on such prop trading firms</a> and discussed potential regulations. Also, according to Muinmos’ founder and CEO, Remonda Kirketerp-Møller, “regulators have been conducting studies, gathering data, and engaging in consultations with industry participants to better understand the nature and implications of prop trading.”However, none of the top regulators have confirmed their move towards bringing prop trading regulations, making the Czech National Bank the first one in the EU to come up with a comment on prop trading regulations.Finance Magnates also talked to several industry experts and stakeholders in prop trading. Interestingly, their views varied drastically.No Regulations to Same Rules as FX/CFDs"Prop firms should be subject to the same rules and scrutiny that FX/CFD brokers are subject to," Greg Rubin, Head of Axi Select, told Finance Magnates. Meanwhile, <a href="https://www.financemagnates.com/forex/exclusive-prop-trading-firm-ftmo-to-become-a-broker-hires-michael-kamerman/">FTMO’s</a> General Counsel, Matus Tutko, does not think regulations are “necessary [as] the current regulatory environment is robust enough.” Both brands offer prop trading services.Notably, by “current regulatory environment,” Tutko is pointing at generic business rules like “laws such as consumer protection rules, data protection rules, rules on international sanctions.”“I truly believe that there is a good argument why the modern prop trading industry should not be regulated by any specific regulation,” Tutko said, adding that “clients are only trading on demo accounts and are never depositing any money for actual trading and therefore they are not facing any risk of losing them.” However, he is in favour of “self-regulation [that] would help steer compliance practices and hence increase the trust of clients.”Axi’s Rubin, who is on the other extreme, detailed that “prop firms are ultimately servicing retail traders who are placing trades with the ambition of profiting. I don’t see how this is any different from the standard FX/CFD industry, which, of course, we know is heavily regulated.”“It seems the main reason the industry has managed to avoid regulations so far is due to the technicalities of using <a href="https://www.financemagnates.com/forex/beginning-of-the-end-axi-predicts-collapse-of-demo-prop-trading-model/">demo accounts instead of live trading accounts</a>, meaning it is virtual without any ‘real trading’ or financial transaction taking place,” Ruben added.…
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ADSS has announced that clients can now trade stocks listedon the Abu Dhabi Securities Exchange (ADX) through its flagship tradingplatform. This new feature allows investors to access and trade localstocks such as EAND, Aldar Properties, and AD Ports Group.Expanding Trading OptionsThe move aims to provide clients with unique tradingopportunities and broaden their access to the local market. ADSS now offerstrading in various sectors including finance, energy, materials, logistics,property, and telecom.ADSS is regulated by the Securities and CommoditiesAuthority (SCA) in the UAE, ensuring that client funds are subject to strictregulatory oversight. Additionally, fund transfers, withdrawals, and depositsare streamlined through UAEPGS in collaboration with the Central Bank of theUAE, providing security for UAE bank account holders.We're officially an ADX Trading Member! 🔔 As part of our commitment to provide our traders with new opportunities, we’re thrilled to offer them local stocks listed on the Abu Dhabi Securities Exchange. 👏 https://t.co/Lc6vcdYgmu— ADSS (@adssgroup) June 4, 2024Embracing Cloud TechnologyADSS has adopted cloud-based technologyfor its proprietary trading platform, partnering with Adaptive FinancialConsulting, as reported by FinanceMagnates. This move signifies a departure from traditional legacyinfrastructure in the financial sector. سوق أبوظبي للأوراق المالية يرحب بشركة “إي دي إس إس“ كأحدث عضو تداول في السوق يصل إجمالي عدد شركات الوساطة الأعضاء في سوق أبوظبي للأوراق المالية إلى 33 شركة #ADX Welcomes #ADSS as its newest market member. Bringing the total number of market members on ADX to 33.@adssgroup pic.twitter.com/Iix3LTTi4u— سوق أبوظبي للأوراق المالية (@ADX_AE) June 3, 2024Cloud-based infrastructure, provided by tech giants such asAmazon, Google, and Microsoft, offers flexibility and scalability, allowingseamless integration for brokers and vendors. Matt Barrett, CEO of AdaptiveFinancial Consulting, emphasizes the reliability and performance of cloudservices for retail brokers, highlighting the absence of latency issues andresource constraints.This article was written by Tareq Sikder at www.financemagnates.com.
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Citi, Deutsche Bank, Mastercard, Northern Trust and Centrifuge provide insights on paths to secure, multichain asset tokenization for report produced by Axelar Foundation and MetrikaA group of leading financial institutions and Web3 innovators have contributed to an in-depth paper on a path to achieve interoperability for tokenized assets across public blockchains, private blockchains, and legacy systems. Published today, “Institutional Interoperability: How Financial Institutions Navigate a Multichain World” addresses how to achieve increased accessibility and liquidity for tokenized assets, with flexibility, privacy, transparency and scalability.Tokenized assets are on-chain representations of financial assets such as real estate, currencies and securities. A recent report authored by Boston Consulting Group and market operator ADDX predicts multi-trillion-dollar value in tokenized assets within the decade. All institutions participating in the paper emphasized the need for interlinked network models that embrace multiple blockchains, as well as traditional systems, in order to realize this potential.Financial institutions Citi, Deutsche Bank, Mastercard and Northern Trust contributed insights to the paper in spotlight sections. Topics covered include descriptions of their projects in asset tokenization, points where they have implemented multiple blockchains, and potential requirements and challenges for blockchain interoperability. Web3-native innovators Axelar Foundation, Centrifuge and Metrika also contributed to the paper.The paper acts as a road map for financial institutions developing tokenized-asset opportunities and facing a complex array of blockchains public and private, alongside stringent requirements imposed by clients and regulations. It was authored by blockchain analyst Emily Parker, based on a framework laid by the Monetary Authority of Singapore’s Project Guardian in 2023. Contributors to the paper will be invited to discuss the paper’s findings in a panel event at Point Zero Forum in Zurich, July 1-3. “Tokenized assets are by design interoperable, bridging assets recorded on off-chain ledgers with on-chain representations,” said Georgios Vlachos, director of Axelar Foundation and co-founder of Axelar protocol. “The question isn’t, how do we facilitate one such connection – it’s how do we facilitate potentially thousands of connections across on-chain and off-chain ledgers, in a way that’s secure, scalable and open.” “Multichain asset interoperability and servicing will in all likelihood become a necessity for securities service providers as their clients adopt different chains,”said Anand Rengarajan, managing director, global head of sales & head of securities services APAC, Corporate Bank, Deutsche Bank. “It will be essential that asset servicers know how to address and service interoperability – between chains and with traditional processes – on a cost and risks-managed basis to enable sustainable growth that multiple chains can amplify.” “Northern Trust is preparing for significant growth in the share of its assets under custody that are tokenized on-chain,” said Alvin Chia, head of digital assets innovation for Asia Pacific at Northern Trust. “To provide the best services possible to our clients, we’ll need to participate actively in the blockchain ecosystem, connecting multiple blockchains with tailored approaches at multiple points.”“Asset tokenization brings major advantages in access and liquidity – and with a modular, multichain architecture, it can also do a great deal to improve visibility and on-chain utility,” said Bhaji Illuminati, CMO of Centrifuge. “This is Centrifuge’s path to enable flexibility and scalability in the rapidly evolving RWA ecosystem.”“Tokenized assets hold transformative potential for financial institutions, and interoperability in tandem with risk management is key to unlocking that potential,” said Nikos Andrikogiannopoulos, Founder and CEO of Metrika. “Effective risk management and ongoing surveillance ensure these…
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TheSecurities and Futures Commission (<a href="https://www.financemagnates.com/tag/sfc/">SFC</a>) of Hong Kong has taken aggressive enforcement actions over the past year to combat insider trading, market manipulation, corporate fraud, and other financial crimes, according to theagency's latest annual report.Itspublication coincided with the celebrations of the 35th anniversary of theregulator's operation as the "guardian of Hong Kong’s capitalmarkets."Hong Kong FinancialRegulator Cracks Down on Market Misconduct and FraudHK’sfinancial watchdog <a href="https://www.sfc.hk/-/media/EN/files/COM/Annual-Report/2023-24/SFC-Annual-Report-2023-24_EN.pdf?rev=36fededb4a204061b4a6b3a836c6c80e">broughta record number</a> of criminal charges and civil proceedings against individuals and corporations suspected of serious misconduct in the city'sfinancial markets during the 2023-2024 fiscal year.SFCinitiated 183 investigations and laid 50 criminal charges against 24 peopleover the 12-month period ending March 31, 2024. The agency secured convictionsagainst two individuals, with ongoing proceedings against the others.On thecivil enforcement front, the SFC has 37 cases pending before the courts seekingfinancial penalties and other orders against 204 entities and people. Theregulator also took disciplinary actions against 14 individuals and 12corporations, levying $49.9 million in total fines.“We takeproactive and resolute enforcement actions to protect investors, punishwrongdoers and safeguard the reputation and integrity of our markets. Ourstrategic focus on high-impact cases helps us address key risks in financialmarkets and send strong deterrent messages,” SFC commented in the report.Forexample, the SFC also brought Hong Kong's first criminal prosecution foremploying a fraudulent scheme in illegal short selling. The defendant pleadedguilty and was sentenced to 18 months in prison.Tostrengthen surveillance, the SFC issued a record 4,627 requests for trading andaccount records from brokers. It also posted a "high concentration"alert to caution investors about trading stocks with highly concentratedownership."Byleveraging our surveillance capabilities combined with data <a href="https://www.financemagnates.com/terms/a/analytics/">analytics</a>,resources can now be directed towards cases of high impact and high strategicvalue that will have the desired deterrence effect," the SFC said, notingthat a new investor identification system launched in March 2023 hassignificantly enhanced its ability to detect irregularities and problematictrading patterns in real-time.35 Years of ProtectingCapital MarketsTheSecurities and Futures Commission (SFC) was established in May 1989, precisely35 years ago, in response to a stock market crash two yearsearlier. In 2003, the Securities and Futures Ordinance (SFO) was introduced,significantly expanding the scope of the institution's functions and powers. "Theachievements we made and valuable experience gained over the years will standus in good stead to steer Hong Kong’s capital markets," said the SFC’s Chairman Tim Lui. "To this end, we remain steadfast in our commitment toensuring market integrity and resilience in the face of emerging trends and newchallenges at the local, regional, and global levels." The SFC nowoversees nearly 50,000 registered firms and individuals. In the last fiscal,the regulator received over 7,200 new licensing applications: 7,035 fromindividuals and 220 from corporations.Severalother prominent market watchdogs, <a href="https://www.financemagnates.com/forex/mfsa-uncovers-hundreds-of-financial-scams-in-2023-crackdown/">including Malta's MFSA</a>, have also recentlypublished their annual enforcement reports. Enforcement actions in 2023 totaled77, of which 60 were administrative penalties, amounting to€444,800. For comparison, Cyprus' CySEC issued <a href="https://www.financemagnates.com/forex/cysec-slams-investment-firms-with-22m-fines-in-2023/">fines of over $2.2 million</a>, andthe UK's FCA issued fines <a href="https://www.finan…
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FunderPro, leader in the prop trading technology sector and provider for some world-leading firms, has rolled out several exciting updates designed to make your prop trading experience smoother, more inclusive, and more profitable.From localization to eliminating entry barriers, FunderPro makes it easy to attract and retain traders. Localization and Accessibility with Spanish TranslationsUsers can now choose Spanish as their UI language. This addition reflects FunderPro’s commitment to enhancing user experience and making the platform more accessible to a broader audience.Guest Mode to Lower the Entry BarrierAttract new traders by eliminating registration friction. The new "Continue as Guest” feature allows new users to explore the Dashboard without signing up.This feature reduces the clicks required to start using the platform, making it easier for potential traders to get started. Guests can later register within the Dashboard and purchase their first Challenge directly.Pro-Trader and Pro-Business FeaturesFunderPro is continuously enhancing the UX for prop firms worldwide, and this month’s rollout is no different.Equity Chart ImprovementCurrent daily and overall drawdown levels are clearly displayed on the equity chart now. Traders will have a clearer overview of their account status, aiding in better risk management and decision-making.Special Attention to a Seamless UXThe user interface of the product has undergone several improvements to streamline the UX. As always, the development was led by user feedback. Two main features must be mentioned:· Referral Coupons Auto-Input: If a user reaches a page through a referral link linked to a coupon, the coupon will be automatically input in the checkout module.· Sort Risk Report by P&L: The Risk Report can be sorted by Profit & Loss (P&L), making it easier to locate riskier accounts.With updates aimed at enhancing user engagement and improving operational efficiency, FunderPro is confirming itself as one of the leaders in the space. From the new 'Continue as Guest' feature to coupon code auto complete, the Malta-based company is committed to making prop trading technology as seamless as possible.With a monthly rolling updates schedule, you can expect to see more revenue-driving features coming soon. For more information or to get in touch with the FunderPro team, visit FunderPro's website.This article was written by FM Contributors at www.financemagnates.com.
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Rostro Group announced today (Wednesday) that it has integrated with the Iress Order Management System, enabling professional traders and institutional investors to access exchange-traded securities. The integration involves connecting Rostro liquidity via a dedicated API.Additionally, Rostro’s clients can now execute and clear both OTC and on-exchange markets, using Iress’s trading infrastructure.Enabling Direct Market Access“We have been building out our reputation as a multi-asset, multi-market broker, attracting significant volumes of new business as a result,” said the Group CEO of Rostro, Michael Ayres. “This integration allows us to add full DMA capabilities to our offering, facilitating access to an even wider range of exchanges and instruments.”“The Iress technology enables us to significantly accelerate our growth plans, which extends our market reach by placing our execution and product offering alongside that of many of the world’s leading institutions.”The latest integration with Iress will allow Rostro's clients to get full access to products, instruments, and a suite of execution strategies via Iress Viewpoint, Iress Professional, and also Bloomberg EMSX. They can gain access to over 40,000 instruments, across equities, both swap and cash, alongside our offering of FX, metals, fixed income, and commodities.“This onboarding offers Rostro’s clients seamless access to trade CFDs, as well as Equity Options, via Iress Order Management System,” said Debbie Kaye, Head of Iress UK Trading. “Our cloud-native FIX Hub also provides connectivity to a broad pool of institutional trading brokers across global markets.”Expansion Is PriorityRostro also expanded its presence in the retail trading industry by acquiring Scope Markets in February 2022. Under the new ownership, the broker’s management was heavily shuffled, and operational changes were made. The focus on expanding the Scope Markets brand globally was also accelerated.The focus is also shifting to the institutional liquidity division as Scope Prime recently onboarded Andrew Taylor, a veteran with over three decades of experience, as the Head of the APAC region.Commenting on the latest Iress integration, Rostro’s Chief Investment Officer, Sam Steele, said: “We continue to scale our high-touch service catering to a strong customer experience, alongside the expanding technology capabilities to enhance their trading and investment needs. Iress, as a companion to our proprietary back-office suite, means our clients are able to gain access to extensive market coverage with the ability to also provide bespoke reporting to the end user.”This article was written by Arnab Shome at www.financemagnates.com.
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Retail andinstitutional trading brokerage Hantec Markets has announced the appointment ofRajan Naik as its new Global Head of Marketing. In this role, Naik will beresponsible for shaping the company's marketing vision, overseeing globalstrategies, and growing the Hantec Markets brand.Hantec Markets AppointsRajan Naik as Global Head of MarketingThe new GlobalHead of Marketing brings over 15 years of experience in the trading industry toHantec Markets.He previously served as Head of Marketing at INFINOX for more than five years,where he led brand expansion and marketing initiatives while also heading thecompany's Dubai hub. His priorexperience includes management and advisory roles at trading education brands, including Lear to Trade and other brokerage firms, such as Financial Markets Online."We'rethrilled to have Rajan join the team at Hantec Markets,” said Nader Nurmohamed,the company’s CEO. “His experience will be instrumental in bolstering ourmarketing efforts towards increasing market share, expanding our brand, andachieving strategic business milestones," Naik'sappointment follows several recent additions to Hantec Markets' leadership team.Norayr Djerrahian, formerly the Head of Strategy and Innovation, has stepped upas Chief Strategy Officer, while Michael O'Sullivan, previously the Head of Technology,hasmoved into the role of Chief Technology Officer."It'san exciting time to be joining Hantec Markets as it looks to unlock the nextphase of its growth trajectory,” stated Naik. “I look forward to workingalongside the talented team here towards an expanded vision for growth bytapping into key marketing levers."Move Towards Prop TradingStaffchanges at Hantec coincide with the establishment of a new brand, HantecTrader, responsible for developing proprietary trading offerings. Thisaligns the company with an increasing number of FX/CFD brokers interested inthe model used by retail prop firms, which are extremely popular amonginvestors. "Thelaunch of Hantec Trader encompasses our goal of extending financial freedom andempowerment to a global audience by allowing a low-risk, low-cost way forindividuals to participate in the global financial markets," commentedAndrew Speakman, the Sales Director at Hantec Trader. BesidesHantec, IC Markets, Axi, and OANDA have also launched their own brands, with FinanceMagnates last month comparing their offerings in terms of challenges, thesize of Funded accounts, and overall trading conditions.This article was written by Damian Chmiel at www.financemagnates.com.
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The gates to the iFX Expo International 2024 are now open. It is another year when the event has landed at Limassol, Cyprus, the heart of the retail trading industry. The venue at the City of Dreams Mediterranean is now packed with attendees; some are interested in listening to the long list of speakers, while others are more focused on networking on the expo floor.<a href="https://www.financemagnates.com/tag/ifx-expo-international/">iFX Expo International</a> brings the entire trading industry under one roof. The event is being attended by regulators, C-level executives, marketers, company representatives, influencers, and even traders.The Keynote by ChairThe first day of the expo started with an opening keynote speech by CySEC’s Chairman, Dr. George Theocharides. The speech focused on how “digitalisation has reshaped the regulatory landscape in the financial industry.”Dr. Theocharides added: “As organisations have adapted to changes in customer preferences, the trends that we have seen in the last ten years or so in the financial services industry are more digitalisation and more online and mobile trading platforms. We have also seen more sophisticated technologies like artificial intelligence (AI) and machine learning, which have been crucial for delivering insights and personal financial products.”He continued: “Last year was difficult for fintech market globally… investment in fintech fell to a five-year low driven by a combination of challenges including high interest rates across the globe, and persistent inflation, as well as geopolitical tensions.”From the FloorMany companies attending the event have started to showcase their products and services from the event floor. Their representatives are ready to meet existing clients and connect with potential clients.Schedule for the DayFrom Speaker Hall:10:00 - Opening Keynote by CySEC Chairman - Dr. George Theocharides10:25 - Cash Me If You Can: Evolving Payments11:20 - The Intelligent Ledger: AI & ML Transforming FinTech12:15 - What's Next for Liquidity Providers?14:10 - Fintech Frontiers: Sculpting the Future of Finance15:00 - Mastering TikTok: Creative Tools and Strategies for Fintech Success15:50 - Securing the Future: Protecting the Pulse of Fintech16:40 - Regulatory Waves: Steering Through FinTech's Evolving SeasFrom Idea Hub:10:20 - Beyond Boundaries: Futures & Options in Today's Diverse Markets10:50 - Marketing Beyond the Transaction: Building a Trusted Trading Brand11:30 - Bank on This: Breaking New Ground with Open Banking12:15 - Adapting to New Realities: Affiliates at the Crossroads14:10 - Finance Forward: Cultivating Wellbeing and Success in the Digital Age15:00 - Future-Proofing Risk Management: Blueprints for Tomorrow's Challenges15:50 - Ledgers & Legends: Forging Paths in Institutional CryptoRecap of the Welcome PartyAs always, iFX EXPO International 2024 attendees had a blast at the Welcome Party on Tuesday evening. It was a time when fun and business went hand-in-hand a day before the busy schedule on the expo floor. Catch some <a href="https://www.financemagnates.com/forex/ifx-expo-international-2024-welcome-party/">glimpses from the Welcome Party</a>.📷 iFX EXPO International 2024 Welcome Party was a smashing success!📷 We hope that everyone enjoyed an evening of excitement, refreshments and connections! 📷 Take a look at some of our favorite photos from yesterday:<a href="https://twitter.com/hashtag/iFXEXPOInternational2024?src=hash&ref_src=twsrc%5Etfw">#iFXEXPOInternational2024</a> <a href="https://twitter.com/hashtag/iFXEXPOInternational?src=hash&ref_src=twsrc%5Etfw">#iFXEXPOInternational</a> <a href="https://twitter.com/hashtag/iFXEXPO?src=hash&ref_src=twsrc%5Etfw">#iFXEXPO</a> <a href="https://t.co/zbSmapx6AX">pic.twitter.com/zbSmapx6AX</a>— iFX EXPO (@iFXEXPO) <a href="https://twitter.com/iFXEXPO/status/1803323538335469899?ref_src=twsrc%5Etfw">June 19, 2024</a>If you are at the event, catch the<a href="https://www.financemagnates.com/fm-events/meet-finance-magnates-team-at-ifx-expo-international…
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LaserDigital, a digital asset arm of global financial services group Nomura, hasreceived a Financial Services Permission (FSP) from the Financial ServicesRegulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). The approvalmarks the completion of Laser Digital's licensing process with ADGM.Nomura's Laser DigitalWins Abu Dhabi Regulatory ApprovalThe FSPallows Laser Digital to provide broker-dealer and asset management services forboth virtual assets and traditional assets within ADGM, Abu Dhabi'sinternational financial center and free zone. The company's UAE entity is ledby CEO Jez Mohideen, with Ramin Shayesteh serving as Head of Distribution."Weare eager to contribute responsibly to the virtual asset industry in theUAE," said Mohideen in a statement. "We have always been committed toupholding the highest standards of compliance and regulations at ADGM, and welook forward to contributing to ADGM's ecosystem."LaserDigital, backed by the Japanese financial services giant Nomura, wasestablished in the second half of 2022in Switzerland, which is known for its crypto-friendly regulations. In thefollowing years, however, the company tooksteps to acquire licenses in other regions of the world, including the MiddleEast.With theADGM approval, Laser Digital joins a growing list of digital asset firms, establishing a presence in Abu Dhabi as the UAE continues to position itself asa hub for the industry."We'redelighted to welcome Laser Digital as we expand our financial community toinclude partners such as Laser, whose offerings align with ADGM and the FSRA'sinternational best practices and progressive regulatory ecosystem," ArvindRamamurthy, Chief of Market Development at ADGM, commented, welcoming LaserDigital to the financial center's growing community. LaserDigital is currently among the three companies aiming to introduce a newcryptocurrency product in Japan, specifically"Stablecoin-as-a-Service," and they are collaboratively working onthe issuance of JPY and USD stablecoins in Japan. Meanwhile, Nomura’s crypto subsidiary has strengthened its leadership by appointingHideaki Kudo as a Representative Director and the head of Laser's newlyestablished office in Tokyo.This article was written by Damian Chmiel at www.financemagnates.com.
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Fintech firm Adyen has opened a new office in Torontoto anchor its Canadian operations and appointed Ilona Fagyas as Head of Sales.This new hub will reportedly be the company's headquarters in Canada.Adyen Strengthens Presence in Canada Since 2020, Adyen has significantly bolstered itspresence in Canada, expanding its team to 26 employees who support both localand international businesses. Fagyas joins Adyen as Head of Sales for Canada. Sander Meijers, Adyen's Canada Country Manager,mentioned: "The opening of Adyen's Toronto office represents a significantmilestone for Adyen Canada as we continue to expand. Our growth is driven byour dedicated team, which consistently assists our growing customer base withinnovative payment technology. The progress in payment technology has promptedmany organizations and businesses to remodel their technology stack andoperations for greater flexibility and convenience in payments."With over 15 years of experience in sales managementwithin the Canadian fintech industry, Ilona has a wealth of expertise from herprevious roles at TD, Chase, and PayPal. Her background includes multiplePresident's Club designations for outstanding contributions to salesperformance. At Adyen, Ilona will focus on expanding the company's footprint inCanada and enhancing its commerce business.Adyen's innovative financial technology platform istransforming payment solutions across Canada. The company has established localpartnerships, launched new products, and enlisted merchants such as MooseKnuckles and Mejuri.Adyen Expands PartnershipsMost recently, Adyen partnered with Vapiano, an Italian restaurant group, to boost the group’s customer experience. Through this collaboration, Adyen will augment the checkout process at Vapiano by enabling guests to customize their checkout and make mobile phone-based food orders using digital wallet payments.This partnership resulted from an initiative undertaken at one of Vapiano’s London restaurants, which disclosed that 80% of orders were completed through mobile phones, highlighting a growing interest in more payment options.Additionally, Adyen collaborated with Cotti Coffee, a coffee chain. This deal seeks to expand Cotti Coffee's services to Canada, Australia, Japan, Singapore, and the United Arab Emirates. Since its initial store opened in October 2022, Cotti Coffee has expanded to 28 countries and regions worldwide.This article was written by Jared Kirui at www.financemagnates.com.
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Theonline marketplace, once a beacon of disruption and innovation, is findingitself entangled in a familiar tug-of-war – the battle over credit card fees.EBay's recent decision to drop American Express (Amex) as a payment option laysbare the complex relationship between online retailers, payment processors,and, most importantly, the consumer.At itscore, the dispute boils down to a fundamental disagreement over value. EBayclaims Amex's fees are excessive, eating into their bottom line. Amex countersthat their fees are competitive and justified by the higher average transactionvalue Amex customers bring to the table. This clash reveals a fascinatingparadox: the fight for a frictionless online experience is constantly bumpingup against the very mechanisms that facilitate it.Forconsumers, the ideal online transaction is seamless and invisible. We click, webuy, and the good arrives magically at our doorstep. The reality, of course, isfar messier. Behind the scenes, a complex ecosystem of players – banks, cardnetworks, payment processors, and merchants – are all vying for a piece of thepie. Each player provides a valuable service, but the cost of those servicescan become a point of contention.Thefees in question, known as interchange fees, are essentially a transaction taxlevied by the card network (Visa, Mastercard, or Amex in this case) and aportion is then distributed to the issuing bank and the merchant's bank. Thesefees have long been a thorn in the side of merchants, who argue they stifleinnovation and eat into their profits. EBay's decision is just the latest salvoin a long-running war between retailers and card networks.Amex,however, makes a compelling case for the value they bring. Their customers tendto spend more, which translates to higher revenue for EBay. Amex argues thattheir fees are simply a reflection of the premium service they offer – aservice that benefits both the consumer (potentially through rewards programs)and the merchant (higher average order value).So,who is right? The answer, as is often the case, is not so cut and dry. EBay hasa valid point in their desire to control costs. In an increasingly competitivee-commerce landscape, every penny counts. Amex, on the other hand, has a rightto charge a premium for the value they provide. The challenge lies in finding amiddle ground – a fee structure that is fair to both parties and ultimatelybenefits the consumer.Thistug-of-war between merchants and card networks is a sign of a healthy market.It forces innovation and keeps everyone on their toes. Consumers benefit from awider range of payment options and potentially better rewards programs.Merchants are constantly pressured to find ways to streamline their operationsand become more efficient.However,there is a delicate balance to be struck. If fees become too high, it canstifle competition and ultimately hurt consumers. Conversely, if fees are toolow, it can disincentivize innovation and investment in the paymentsinfrastructure.Thebattle between EBay and Amex is just one skirmish in a much larger war. Asonline commerce continues to evolve, the fight over transaction fees will onlyintensify. The key will be to find a way to reconcile the need for africtionless online experience with the very mechanisms that make it possible.The answer likely lies in collaboration and a willingness to see things fromeach other's perspective. After all, in the end, everyone has a shared interest– a healthy and thriving online marketplace that benefits both businesses andconsumers.This article was written by Pedro Ferreira at www.financemagnates.com.
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Gary Gensler once described the Securities and ExchangeCommission’s (SEC) role in policing the “Wild West” crypto industry as a “copon the beat”. Although anecdotal, what has since followed is a series ofhigh-profile civil lawsuits against some of the sector’s largest players. Yet,a statement like this would only ring true if the SEC actually adhered to itsvery own rule-driven standard. SEC's Priorities in Crypto RegulationIt’s no secret that the <a href="https://www.financemagnates.com/tag/us-sec/">SEC,</a> which aims to bringcrypto under tighter government scrutiny as its primary overseer, is continuingto drag its feet by refusing to tailor rules to clarify oversight of themulti-trillion dollar crypto sector. But it isn’t just that the SEC hasdeclined to write <a href="https://www.financemagnates.com/tag/regulations/">newregulations</a> on how digital assets should be treated, the agency has insteadplaced its focus, solely and lamentably, on enforcement actions that haveturned courts into “execution chambers” as academic J.W. Verret has remarked. Gensler, who operates aschairman of the SEC, has previously claimed that most <a href="https://www.financemagnates.com/tag/digital-assets/">digital assets</a> are“crypto asset securities” despite there being no crypto-specific regulations in place that stipulate this. All the while,the SEC demands that cryptocompanies comply withstill-evolving securities-law requirements. SEC Faces Scrutiny Amid Crypto Regulation SetbacksSEC under scrutiny for crypto regulation after losses against Ripple and Grayscale, raising questions about its independence and political influence.<a href="https://twitter.com/hashtag/Blockchain?src=hash&ref_src=twsrc%5Etfw">#Blockchain</a> <a href="https://twitter.com/hashtag/CryptoNews?src=hash&ref_src=twsrc%5Etfw">#CryptoNews</a><a href="https://t.co/bGqihWD4Nc">https://t.co/bGqihWD4Nc</a>— Global Crypto News (@GlobalCNNews) <a href="https://twitter.com/GlobalCNNews/status/1797981430301044817?ref_src=twsrc%5Etfw">June 4, 2024</a>Challenges Faced by Crypto CompaniesIn fact, the SEC has neverissued a single regulatory guideline pertaining to the registrationof digital assets. Inthe barren land of crypto regulatory ambiguity, crypto companies like <a href="https://www.financemagnates.com/tag/blockfi/">BlockFi</a> get sued for failing to registerdespite not knowing how to “come into compliance”in the first instance. Notably,Gensler has publicly stated that <a href="https://www.financemagnates.com/tag/bitcoin/">Bitcoin (BTC)</a> is not asecurity, but he has hinted that <a href="https://www.financemagnates.com/tag/ethereum/">Ethereum (ETH)</a>might be a securityand has repeatedly argued that hundreds of smaller tokens should fall under the SEC’s jurisdiction, which wouldmean that the companieswho issue such cryptocurrencies would need to register with U.S governmental authorities. Defining Crypto as SecuritiesIn addition to refusing toconduct the rulemaking needed to set stable crypto regulatorystandards, the SEC isunwilling to formally define what makes a crypto a security outside of the explanations the agencyprovides in its enforcement actions. Granted, the SEC has statedthat it is in the process of forming cogent crypto policies, evidentinproposals such as thosewhich seek to overhaul the definition of exchanges in order torequire that investment advisors use qualified custodians to parktheir customers’crypto. However, if the SEC spent as much time clarifying crypto-specific rules (as manyin the industry haveurged it to do so) as it does suing crypto companies in court, we might have more answers. Coinbase Accuses SEC of Stifling Crypto Industry with Regulation-by-Enforcement Strategy <a href="https://t.co/gD5WUjnyJt">https://t.co/gD5WUjnyJt</a>— Liisa Crypto (@LiisaCrypto) <a href="https://twitter.com/LiisaCrypto/status/1797475342904635715?ref_src=twsrc%5Etfw">June 3, 2024</a>But crypto regulatoryrulemaking isn’t the SEC’s priority, nor is providing the clear answersthat would ease the legalquagmire that many…
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Theonline marketplace, once a beacon of disruption and innovation, is findingitself entangled in a familiar tug-of-war – the battle over credit card fees.EBay's recent decision to drop American Express (Amex) as a payment option laysbare the complex relationship between online retailers, payment processors,and, most importantly, the consumer.At itscore, the dispute boils down to a fundamental disagreement over value. EBayclaims Amex's fees are excessive, eating into their bottom line. Amex countersthat their fees are competitive and justified by the higher average transactionvalue Amex customers bring to the table. This clash reveals a fascinatingparadox: the fight for a frictionless online experience is constantly bumpingup against the very mechanisms that facilitate it.Forconsumers, the ideal online transaction is seamless and invisible. We click, webuy, and the good arrives magically at our doorstep. The reality, of course, isfar messier. Behind the scenes, a complex ecosystem of players – banks, cardnetworks, payment processors, and merchants – are all vying for a piece of thepie. Each player provides a valuable service, but the cost of those servicescan become a point of contention.Thefees in question, known as interchange fees, are essentially a transaction taxlevied by the card network (Visa, Mastercard, or Amex in this case) and aportion is then distributed to the issuing bank and the merchant's bank. Thesefees have long been a thorn in the side of merchants, who argue they stifleinnovation and eat into their profits. EBay's decision is just the latest salvoin a long-running war between retailers and card networks.Amex,however, makes a compelling case for the value they bring. Their customers tendto spend more, which translates to higher revenue for EBay. Amex argues thattheir fees are simply a reflection of the premium service they offer – aservice that benefits both the consumer (potentially through rewards programs)and the merchant (higher average order value).So,who is right? The answer, as is often the case, is not so cut and dry. EBay hasa valid point in their desire to control costs. In an increasingly competitivee-commerce landscape, every penny counts. Amex, on the other hand, has a rightto charge a premium for the value they provide. The challenge lies in finding amiddle ground – a fee structure that is fair to both parties and ultimatelybenefits the consumer.Thistug-of-war between merchants and card networks is a sign of a healthy market.It forces innovation and keeps everyone on their toes. Consumers benefit from awider range of payment options and potentially better rewards programs.Merchants are constantly pressured to find ways to streamline their operationsand become more efficient.However,there is a delicate balance to be struck. If fees become too high, it canstifle competition and ultimately hurt consumers. Conversely, if fees are toolow, it can disincentivize innovation and investment in the paymentsinfrastructure.Thebattle between EBay and Amex is just one skirmish in a much larger war. Asonline commerce continues to evolve, the fight over transaction fees will onlyintensify. The key will be to find a way to reconcile the need for africtionless online experience with the very mechanisms that make it possible.The answer likely lies in collaboration and a willingness to see things fromeach other's perspective. After all, in the end, everyone has a shared interest– a healthy and thriving online marketplace that benefits both businesses andconsumers.This article was written by Pedro Ferreira at www.financemagnates.com.
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Gary Gensler once described the Securities and ExchangeCommission’s (SEC) role in policing the “Wild West” crypto industry as a “copon the beat”. Although anecdotal, what has since followed is a series ofhigh-profile civil lawsuits against some of the sector’s largest players. Yet,a statement like this would only ring true if the SEC actually adhered to itsvery own rule-driven standard. SEC's Priorities in Crypto RegulationIt’s no secret that the <a href="https://www.financemagnates.com/tag/us-sec/">SEC,</a> which aims to bringcrypto under tighter government scrutiny as its primary overseer, is continuingto drag its feet by refusing to tailor rules to clarify oversight of themulti-trillion dollar crypto sector. But it isn’t just that the SEC hasdeclined to write <a href="https://www.financemagnates.com/tag/regulations/">newregulations</a> on how digital assets should be treated, the agency has insteadplaced its focus, solely and lamentably, on enforcement actions that haveturned courts into “execution chambers” as academic J.W. Verret has remarked. Gensler, who operates aschairman of the SEC, has previously claimed that most <a href="https://www.financemagnates.com/tag/digital-assets/">digital assets</a> are“crypto asset securities” despite there being no crypto-specific regulations in place that stipulate this. All the while,the SEC demands that cryptocompanies comply withstill-evolving securities-law requirements. SEC Faces Scrutiny Amid Crypto Regulation SetbacksSEC under scrutiny for crypto regulation after losses against Ripple and Grayscale, raising questions about its independence and political influence.<a href="https://twitter.com/hashtag/Blockchain?src=hash&ref_src=twsrc%5Etfw">#Blockchain</a> <a href="https://twitter.com/hashtag/CryptoNews?src=hash&ref_src=twsrc%5Etfw">#CryptoNews</a><a href="https://t.co/bGqihWD4Nc">https://t.co/bGqihWD4Nc</a>— Global Crypto News (@GlobalCNNews) <a href="https://twitter.com/GlobalCNNews/status/1797981430301044817?ref_src=twsrc%5Etfw">June 4, 2024</a>Challenges Faced by Crypto CompaniesIn fact, the SEC has neverissued a single regulatory guideline pertaining to the registrationof digital assets. Inthe barren land of crypto regulatory ambiguity, crypto companies like <a href="https://www.financemagnates.com/tag/blockfi/">BlockFi</a> get sued for failing to registerdespite not knowing how to “come into compliance”in the first instance. Notably,Gensler has publicly stated that <a href="https://www.financemagnates.com/tag/bitcoin/">Bitcoin (BTC)</a> is not asecurity, but he has hinted that <a href="https://www.financemagnates.com/tag/ethereum/">Ethereum (ETH)</a>might be a securityand has repeatedly argued that hundreds of smaller tokens should fall under the SEC’s jurisdiction, which wouldmean that the companieswho issue such cryptocurrencies would need to register with U.S governmental authorities. Defining Crypto as SecuritiesIn addition to refusing toconduct the rulemaking needed to set stable crypto regulatorystandards, the SEC isunwilling to formally define what makes a crypto a security outside of the explanations the agencyprovides in its enforcement actions. Granted, the SEC has statedthat it is in the process of forming cogent crypto policies, evidentinproposals such as thosewhich seek to overhaul the definition of exchanges in order torequire that investment advisors use qualified custodians to parktheir customers’crypto. However, if the SEC spent as much time clarifying crypto-specific rules (as manyin the industry haveurged it to do so) as it does suing crypto companies in court, we might have more answers. Coinbase Accuses SEC of Stifling Crypto Industry with Regulation-by-Enforcement Strategy <a href="https://t.co/gD5WUjnyJt">https://t.co/gD5WUjnyJt</a>— Liisa Crypto (@LiisaCrypto) <a href="https://twitter.com/LiisaCrypto/status/1797475342904635715?ref_src=twsrc%5Etfw">June 3, 2024</a>But crypto regulatoryrulemaking isn’t the SEC’s priority, nor is providing the clear answersthat would ease the legalquagmire that many…
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Citi, Deutsche Bank, Mastercard, Northern Trust and Centrifuge provide insights on paths to secure, multichain asset tokenization for report produced by Axelar Foundation and MetrikaA group of leading financial institutions and Web3 innovators have contributed to an in-depth paper on a path to achieve interoperability for tokenized assets across public blockchains, private blockchains, and legacy systems. Published today, “Institutional Interoperability: How Financial Institutions Navigate a Multichain World” addresses how to achieve increased accessibility and liquidity for tokenized assets, with flexibility, privacy, transparency and scalability.Tokenized assets are on-chain representations of financial assets such as real estate, currencies and securities. A recent report authored by Boston Consulting Group and market operator ADDX predicts multi-trillion-dollar value in tokenized assets within the decade. All institutions participating in the paper emphasized the need for interlinked network models that embrace multiple blockchains, as well as traditional systems, in order to realize this potential.Financial institutions Citi, Deutsche Bank, Mastercard and Northern Trust contributed insights to the paper in spotlight sections. Topics covered include descriptions of their projects in asset tokenization, points where they have implemented multiple blockchains, and potential requirements and challenges for blockchain interoperability. Web3-native innovators Axelar Foundation, Centrifuge and Metrika also contributed to the paper.The paper acts as a road map for financial institutions developing tokenized-asset opportunities and facing a complex array of blockchains public and private, alongside stringent requirements imposed by clients and regulations. It was authored by blockchain analyst Emily Parker, based on a framework laid by the Monetary Authority of Singapore’s Project Guardian in 2023. Contributors to the paper will be invited to discuss the paper’s findings in a panel event at Point Zero Forum in Zurich, July 1-3. “Tokenized assets are by design interoperable, bridging assets recorded on off-chain ledgers with on-chain representations,” said Georgios Vlachos, director of Axelar Foundation and co-founder of Axelar protocol. “The question isn’t, how do we facilitate one such connection – it’s how do we facilitate potentially thousands of connections across on-chain and off-chain ledgers, in a way that’s secure, scalable and open.” “Multichain asset interoperability and servicing will in all likelihood become a necessity for securities service providers as their clients adopt different chains,”said Anand Rengarajan, managing director, global head of sales & head of securities services APAC, Corporate Bank, Deutsche Bank. “It will be essential that asset servicers know how to address and service interoperability – between chains and with traditional processes – on a cost and risks-managed basis to enable sustainable growth that multiple chains can amplify.” “Northern Trust is preparing for significant growth in the share of its assets under custody that are tokenized on-chain,” said Alvin Chia, head of digital assets innovation for Asia Pacific at Northern Trust. “To provide the best services possible to our clients, we’ll need to participate actively in the blockchain ecosystem, connecting multiple blockchains with tailored approaches at multiple points.”“Asset tokenization brings major advantages in access and liquidity – and with a modular, multichain architecture, it can also do a great deal to improve visibility and on-chain utility,” said Bhaji Illuminati, CMO of Centrifuge. “This is Centrifuge’s path to enable flexibility and scalability in the rapidly evolving RWA ecosystem.”“Tokenized assets hold transformative potential for financial institutions, and interoperability in tandem with risk management is key to unlocking that potential,” said Nikos Andrikogiannopoulos, Founder and CEO of Metrika. “Effective risk management and ongoing surveillance ensure these…
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The relationship between traditional banks and the cryptocurrency industry has been, to put it mildly, strained. While Bitcoin continues to gain mainstream attention, many financial institutions remain hesitant to embrace this new asset class. To understand this dynamic, we spoke with Danny Scott, co-founder and CEO of CoinCorner, a Bitcoin exchange company at the forefront of this technological shift. Scott's early involvement in Bitcoin and debanking provides a unique perspective on both what it means to be an early BTC adopter and the friction between traditional financial systems and the rapidly expanding cryptocurrency market. CoinCorner wasn't just an early adopter of Bitcoin, they were pioneers. Scott himself began mining Bitcoin in 2013, a time when the fledgling cryptocurrency was still a fringe concept. This head start has allowed CoinCorner to witness the evolution of Bitcoin firsthand, and more importantly, to navigate the challenges and opportunities that come with being an early mover in such a fast-paced environment. On the Public Perception of Bitcoin2016: "<a href="https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw">#Bitcoin</a> is a joke"Same people2021: "Should I buy <a href="https://twitter.com/hashtag/Dogecoin?src=hash&ref_src=twsrc%5Etfw">#Dogecoin</a>?"— Danny Scott ⚡ (@CoinCornerDanny) <a href="https://twitter.com/CoinCornerDanny/status/1384387207654432768?ref_src=twsrc%5Etfw">April 20, 2021</a>When asked what the biggest hurdles preventing widespread public adoption of cryptocurrencies for everyday transactions were, Scott didn’t skip a beat. Education on crypto is lackluster.“One of the biggest challenges facing widespread Bitcoin adoption is the public perception of cryptocurrencies. Here, the issue is twofold. Meme tokens, with their wild price swings and often ludicrous purposes, create a sense of volatility and frivolity that overshadows the potential of serious projects like Bitcoin. Additionally, the technical aspects of cryptocurrency can be daunting for newcomers. The unfamiliar vocabulary and complex processes can create a barrier to entry, discouraging potential users who might otherwise be interested.”Scott acknowledges these hurdles. However, he argues that these are temporary obstacles that will be overcome with time and education.“A key factor in this education process will be a generational shift. Younger demographics, already comfortable with digital technology, are more likely to embrace cryptocurrencies. As this generation grows in influence, the overall perception of crypto is likely to improve.”But the challenges aren't limited to public perception. The traditional banking system itself presents a significant hurdle.On Crypto Education, Risk Aversion, and Getting Debanked“Many banks remain wary of crypto due to a fundamental lack of understanding. Just as some early internet entrepreneurs faced resistance from established businesses, cryptocurrency companies today encounter similar skepticism from the financial world. This lack of education often manifests as risk aversion. Banks, naturally cautious institutions, are hesitant to embrace something they don't fully comprehend and will only do so when they find it to be compatible with their business model.”This risk aversion can even manifest in what's known as debanking. De-banking is the closure of a customer's bank account by a bank that perceives the customer to be a financial, legal, regulatory, or reputational risk. Scott himself experienced this firsthand in 2016 when his own bank account was closed simply because he was associated with a Bitcoin exchange. The good news, according to Scott, is that “this resistance is likely to soften in the face of growing public interest and potential financial benefits. As Bitcoin adoption increases, banks will eventually realize that they can't afford to ignore this new asset class.”“There's simply too much potential value at stake.”CoinCorner, for example, is already demonstrating the ways in which banks and crypto companies…
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Binance has reportedly reintroduced Mastercardpayments for crypto purchases. This move comes after Mastercard paused thisservice in August 2023 due to Binance's legal challenges in the US. Both theU.S. Securities and Exchange Commission (SEC) and the Commodity Futures TradingCommission (CFTC) had filed multiple charges against the exchange, leading to atemporary cessation of these services.Enhanced Security Measures Binance's spokesperson told Coindesk that thisdecision was reached after a review of the controls and processes that Binance has implemented. Mastercard now allows Binance-related purchases onits network and plans to support other services later, such as withdrawals. Mastercard reportedly confirmed this development butemphasized the importance of continuous monitoring. The payment giant mentionedthat it has reviewed the controls and processes that Binance has put intoplace. Based on those efforts, the company decided to enable support of Binancepurchases and deposits on its network. Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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"The business models used by firms engaged in prop trading (technically funded trader services) can take various forms, some of which may be subject to the MiFID regulatory framework,” the Czech National Bank told Finance Magnates exclusively. In this context, It's worth mentioning that one of the top prop trading companies, FTMO, is domiciled in the Czech Republic.“In those scenarios", added the regulator, "we believe that the relevant MiFID services could be: reception and transmission of orders in relation to one or more financial instruments; execution of orders on behalf of clients; or dealing on own account.” The regulator added that, “however, in other cases, the exemptions from MiFID apply, and in such cases, the prop trading entity is not subject to the supervision of the Czech National Bank and does not need to be supervised. Also, should there be a suspicion of fraud, we stress that such conduct would be subject to criminal law.”The Czech National Bank has confirmed to Finance Magnates that it has “taken notice of the prop trading industry,” adding that it is “well aware of the existence and occurrence of the prop trading phenomenon” and the "the potential need for new regulation in this area should be assessed on the EU level." The response from the Czech National Bank came amid Finance Magnates revealed that the European Securities and Markets Authority (ESMA) <a href="https://www.financemagnates.com/forex/exclusive-regulators-conducted-preliminary-reviews-on-potential-prop-trading-regulations/">ran an initial check on such prop trading firms</a> and discussed potential regulations. Also, according to Muinmos’ founder and CEO, Remonda Kirketerp-Møller, “regulators have been conducting studies, gathering data, and engaging in consultations with industry participants to better understand the nature and implications of prop trading.”However, none of the top regulators have confirmed their move towards bringing prop trading regulations, making the Czech National Bank the first one in the EU to come up with a comment on prop trading regulations.Finance Magnates also talked to several industry experts and stakeholders in prop trading. Interestingly, their views varied drastically.No Regulations to Same Rules as FX/CFDs"Prop firms should be subject to the same rules and scrutiny that FX/CFD brokers are subject to," Greg Rubin, Head of Axi Select, told Finance Magnates. Meanwhile, <a href="https://www.financemagnates.com/forex/exclusive-prop-trading-firm-ftmo-to-become-a-broker-hires-michael-kamerman/">FTMO’s</a> General Counsel, Matus Tutko, does not think regulations are “necessary [as] the current regulatory environment is robust enough.” Both brands offer prop trading services.Notably, by “current regulatory environment,” Tutko is pointing at generic business rules like “laws such as consumer protection rules, data protection rules, rules on international sanctions.”“I truly believe that there is a good argument why the modern prop trading industry should not be regulated by any specific regulation,” Tutko said, adding that “clients are only trading on demo accounts and are never depositing any money for actual trading and therefore they are not facing any risk of losing them.” However, he is in favour of “self-regulation [that] would help steer compliance practices and hence increase the trust of clients.”Axi’s Rubin, who is on the other extreme, detailed that “prop firms are ultimately servicing retail traders who are placing trades with the ambition of profiting. I don’t see how this is any different from the standard FX/CFD industry, which, of course, we know is heavily regulated.”“It seems the main reason the industry has managed to avoid regulations so far is due to the technicalities of using <a href="https://www.financemagnates.com/forex/beginning-of-the-end-axi-predicts-collapse-of-demo-prop-trading-model/">demo accounts instead of live trading accounts</a>, meaning it is virtual without any ‘real trading’ or financial transaction taking place,” Ruben added.…
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