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Just a weekafter introducing a new trading platform and several significant updates, propfirm Karma unexpectedly announced the cessation of its operations. FounderEshan Balapatabendi claims he "had good intentions" but encountered"roadblocks" that made his business "unsustainable."The End of Karma PropTradersKarma'srise and fall in the market was remarkably swift. Despite garnering positivereviews, the prop firm existed for only two months. Finance Magnatesreported just a week ago that the company had partnered with Match-TradeTechnologies to provide its clients with a new version of Match-Traderintegrated with TradingView.Inaddition, the firm had announced five significant updates that were eitherbeing implemented or planned for the near future. This makes the decision tocease operations all the more surprising."Istarted Karma to build something transparent and sustainable,"Balapatabendi commented on the official Discord channel. "Unfortunately,there were a lot of roadblocks in the way which has caused us to beunsustainable."Another firm gone, @karmaproptrader...Website no longer operating, Discord chats are closed. Drop your thoughts in comments 👇 pic.twitter.com/MS4JViTegP— TheTrustedProp (@TheTrustedProp) August 11, 2024What led tothe firm's unsustainability? According to the Founder, there were two mainreasons. The company initially relied on a promised tech solution from anunnamed provider, which failed to materialize. This delay drained costs forabout four months.Secondly,after launching, Karma discovered that their risk checks were not implementedcorrectly. This oversight allowed traders who should have been denied to passthrough Phase 1 and Phase 2, including potential cheaters. As a result, thecompany faced solvency problems."Wedid not catch the cheaters that were on our system," Balapatabendi added."This caused cashflow issues which has now left us with noliquidity."This is notthe only prop firm that has announced a closure recently. In mid-July, FundedEngineer reported its closure despite attempts at "strategicrestructuring" to stay in the market.Allegedly,external entities expressed interest in acquiring Karma, but the founderdeclined. Currently, efforts are underway to ensure payouts to traders whogenerated their profits legitimately."Iknow people will hate me or think negatively. However, I truly did have goodintentions. Sorry to everyone involved. I wish everyone the best in theirtrading journey ahead," Balapatabendi concluded.Why Prop Firms Are ClosingIn recentmonths, several other companies have also suspended their operations. In May,True Forex Funds decided to take a similar step as it struggled to stabilizeits financial position, and in March, SI World exited the market. Accordingto FunderPro, more than 50 proprietary trading firms might have disappearedfrom the market this year alone. AlexZanutto, CEO and Co-Founder of FunderPro, points out that the traditional proptrading model is fundamentally flawed and unsustainable. Manyfirms operate on a virtual trading system where:Fundedtraders' trades never reach the real market, generating no actual profits.Firms canpotentially manipulate markets to make traders fail challenges.Payoutscome solely from challenge purchase fees, not real trading profits.“The issueplaguing the industry is the ‘sell as much as you can’ approach, often coupledwith the promise of easy money. The reality is that trading requires hard workand time to master, and not everyone will succeed. Just as not everyone canqualify for the Olympics, not everyone is meant to be funded,” Zanuttocommented.This article was written by Damian Chmiel at www.financemagnates.com.
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William Mead announced on LinkedIn today (Monday) that hehas taken on a new role as Head of Operations at IG Group.From Trading to OperationsMead previously worked at IG Group in various positions.From October 2019 to August 2024, he was the Head of Trading Operations. Beforethat, from January 2017 to October 2019, he served as the Global Head of Creditand Client Money. Both roles were based in London.He noted on the post: “I’m happy to share that I’m startinga new position as Head of Operations at IG Group.”Earlier in his career, Mead worked at Thales as a Bid andProject Manager from April 2008 to May 2011.IG Drops PayPal for UK UsersIG has announced on its community forum that PayPalwill no longer be available as a payment method for UK users, as reportedby Finance Magnates. This changefollows discussions with the Financial Conduct Authority (FCA), prompting IG toupdate its payment options.UK users will need to use alternative methods to fund andwithdraw from their accounts. IG recommends Apple Pay, noting its instanttransactions and high authorization rates for a seamless experience.An IG administrator commented, “After discussions with theFCA, we have updated our payment methods. We recommend Apple Pay for itsinstant transactions and high authorization rates.”Users with questions about this change are encouraged tocontact IG directly.In other news, IG Group’s three UKsubsidiaries have released their FY23 financial results. According toFinance Magnates, two companies reported declines, while one saw improvedprofitability.IG Markets Limited saw trading revenue drop to £405.2million from £453.6 million, with net profit decreasing to £171.3 million from£188.2 million due to inflation and market volatility. IG Index Limited reported a reduction in net trading revenueto £236.5 million and net profit falling to £102.5 million. Conversely, IGTrading and Investments, established in August 2022, achieved a net profit of£9.17 million, up from a near £800,000 loss, with total equity rising from £3.5million to £20.7 million.This article was written by Tareq Sikder at www.financemagnates.com.
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FXIFY, a proprietary trading firm, specializes in providingtrading capital to skilled individuals. However, it is facing regulatorychanges from MetaQuotes, the company behind the MetaTrader trading platform.MetaQuotes has directed FXIFY to cease offering MetaTrader services to traderslocated in the United States.MetaTrader US Access EndsAs a result, FXIFY will migrate its US-based traders fromMetaTrader to the DX platform. This shift marks the end of the remaining majorcombination of MetaTrader and US access in the industry.The industry is also anticipating a clean-up of theso-called "Platform5" gimmick. This change could affect several firmsemploying similar strategies.In addition to these regulatory shifts, FXIFY is preparingto launch FXIFY Futures. This new product aims to expand its offerings andattract more traders.MetaQuotes forces FXIFY to stop offering MetaTrader to US traders / IPs.The last remaining major MT + USA combo will migrate traders to DX.The industry-wide "Platform5" gimmick is likely to be cleaned up next.FXIFY Futures launch is imminent.FXIFY recently joined $3M / mo… pic.twitter.com/X8D69VOInq— FundTraders (@FundTraders) August 12, 2024Earlier, OnMay 1, 2024, FXIFY marked its first anniversary, as reported by Finance Magnates. During itsinitial year, the firm reported payments exceeding $8,700,000 to fundedtraders, handled over $1.7 trillion in trading volume across challenge andfunded accounts, and recorded more than 80,000 account signups.Customer Management ChallengeAccording to the firm, it has recently joined the ranks offirms with a $3 million monthly payout and has secured a position in the topsix of FX evaluation traffic. With its growth, payout volume, and increasingpresence in the US market, FXIFY may need to address and refine some of itscustomer management practices to maintain its success and compliance.Finance Magnates reached out to FXIFY via Discord forcomment on the recent development. FXIFY has not provided a response yet and deleted the inquiry.This article was written by Tareq Sikder at www.financemagnates.com.
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Simona Wilkinson has shared news of her career transition onLinkedIn. She will now serve as the Head of Strategic Operations atPepperstone. She noted: “After an incredible journey in HR, I'm thrilledto share that I’m embarking on a new chapter here at Pepperstone as the Head ofStrategic Operations.”Strategic Operations Role FilledIn her new role, Wilkinson will handle strategic operations,leveraging her background in people management, process optimization, andorganizational strategy. She has expressed a keen interest in this newdirection.Wilkinson has been with Pepperstone for a period. Shestarted as Senior People and Culture Partner for the UK & EMEA in January2021, a role she held until July 2023. She then moved to the position ofRegional Head of People & Culture for EMEA & LATAM at Pepperstone,starting in July 2023.Before joining Pepperstone, Wilkinson worked at JUUL Labs,Cochrane formerly known as The Cochrane Collaboration, and Iglu.com in variousHR roles.She expressed her enthusiasm, stating: “A huge thank you toeveryone who has supported me throughout my HR journey. Your guidance,mentorship, and encouragement have been invaluable, and I carry those lessonswith me as I step into this new role. Here’s to new challenges, new growth, andan exciting future.”This article was written by Tareq Sikder at www.financemagnates.com.
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IG GroupHoldings (LSE: IGG) announced today (Monday) the commencement of a £75 millionshare repurchase program, marking the first tranche of its previously declared£150 million buyback initiative.IG Group Initiates New £75Million Share Buyback ProgramTheLondon-based firm has engaged Morgan Stanley & Co. International Plc toexecute the initial phase of the buyback, which is set to begin on August 12,2024, and is expected to conclude by October 31, 2024. This move follows IGGroup's July 25 announcement ofits intention to repurchase up to £150 million worth of shares.The companyoutlines the buyback's sole purpose as reducing share capital. The program willoperate within the parameters set by the authority granted to IG Group's Boardat its annual general meeting in September 2023. Under this authority, thecompany is permitted to repurchase a maximum of 19,990,397 shares during thefirst tranche.The companyannounced its intention to initiate a new buyback program from the market alongwith its fiscal year 2024 results, which concluded on May 31. Its pre-taxprofit stood at £400.8 million, marking an 11% decrease from the previous year,while the adjusted earnings fell by 7% to £456.3 million. After accounting fortaxes, the firm recorded a profit of £307.7 million, down 15%, with theadjusted profit dropping 12% to £350.3 million.“I’ve...identified areas requiring change,” stated Breon Corcoran. “We have lots ofwork to do to take IG to the next level and address the challenges we face.”Headquarteredin London, the company reported a total annual revenue of £987.3 million,reflecting a 3% year-over-year decline. The broker also saw its annual nettrading revenue decrease by 10% to £844.9 million, attributed to diminishedtrading activities. The report noted a decrease in total active clients on itsplatform to 346,200 from 358,300, driven by less volatile market conditions.Additionally, the company welcomed 69,900 new traders, a decrease of 4%.Theprevious share buyback program of the same size began at the end of 2023 andlasted until the end of July 2024. Following the successful buyback of £150million shares, IG decided to launch another program of exactly the same size.This article was written by Damian Chmiel at www.financemagnates.com.
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Turkey's Capital Markets Board (CMB) has released a list ofcrypto service providers seeking licensing under the new ‘Law on Amendments tothe Capital Markets Law.’President Recep Tayyip Erdoğan signed the new legislationinto law on July 2, following its unanimous approval by the Turkish GrandNational Assembly. The law took effect immediately upon publication in theOfficial Gazette.Turkey’s Crypto Market BoomsThe new framework has drawn attention to Turkey’s growingdigital asset market. According to Chainalysis, Turkey ranks as thefourth-largest crypto market globally, with an estimated trading volume of $170billion.The CMB’s website shows that 47 crypto companies havedeclared their intention to operate under the new law and have applied forlicenses. This list includes major global crypto exchanges such as Binance,OKX, and Bitfinex.47 #crypto companies applied for the business license in Turkey. Including @binance and @okx pic.twitter.com/SftAX6MwPi— Yellow Capital (@yellow__capital) August 9, 2024Earlier, Binanceannounced changes to its services in Turkey to enhance transparency andregulatory compliance, as FinanceMagnates reported. The company, which has been tracking regulatorydevelopments in Turkey, aims to collaborate with regulators and support aregulatory framework for user protection. While Binance.com will remain accessible in Turkey, theTurkish language option will be phased out over three months, and marketingactivities targeting Turkish users will cease.Full Authorization Still PendingThe CMB has noted that inclusion on the list does notindicate full authorization. These companies must still seek the CMB’sauthorization separately once secondary crypto legislation is enacted.This secondary legislation, which has not yet beenintroduced to parliament, is expected to define key industry terms, such as"crypto assets," "crypto wallets," and "crypto assetbuying and selling platforms." Turkish Minister of Treasury and FinanceMehmet Şimşek indicated in January that the draft of this legislation wasnearing completion and that technical details were being reviewed.This article was written by Tareq Sikder at www.financemagnates.com.
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Barclays has appointed Stephen Stewart, a Former TD Securities executive, as the Head of M&A Execution for Canada. In a statement published today (Friday), the company said this hire aims to reinforcethe bank's commitment to the region and brings a wealth of experience andleadership that promises to elevate its M&A operations across Canada.Investment Banking Expert Stephen Stewart joined Barclays from TD Securities,where he spent over 15 years honing his investment banking skills, focusing onmergers and acquisitions. At TD, Stewart held the position of Managing Directorat M&A and was instrumental in a series of landmark transactions. His notable achievements reportedly include advisingon high-profile deals such as Nuvei's US$6.3 billion take-private by AdventInternational and Neighbourly Pharmacy's $1.2 billion take-private byPersistence Capital Partners. Stewart was also responsible for advising Dream GlobalREIT on its $6.2 billion sale to Blackstone and Thomson Reuters on its $27billion sale of Refinitiv to the London Stock Exchange. His leadership is expected to be adriving force in the continued growth of Barclays' Canadian M&A operations.Barclays expects Stewart's experience and deep clientrelationships to enhance its Canadian M&A platform and complement itsbroader Americas and Global M&A businesses. His dual reporting line to RyanVoegeli, Head of Investment Banking for Canada, and Dan Grabos, Head ofAmericas M&A, underscores his pivotal role in the bank's North Americanstrategy.Expanding Services in CanadaThe hire of Stephen Stewart is part of Barclays'broader strategy to invest in its Canadian platform. Geoffrey Belsher, the Chairmanand Country Chief Executive Officer for Canada, emphasized the importance ofthis addition, stating: "This hire is further evidence of our unwaveringcommitment to Canada, and the addition of Stephen to the team will help us tofurther build upon our strong momentum."Meanwhile, TD Securities selected Paxos Settlement Service last year for Commodities in an initiative to adopt blockchaintechnology for trade settlements. This partnership reportedly marked the firstinstance of concurrent cash and commodity trade settlements using TD Securitiesin traditional and digital precious metals markets.This article was written by Jared Kirui at www.financemagnates.com.
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Future FinTech Group has appointed Hu Li as the newChief Executive Officer, effective August 5, 2024. In a statement releasedtoday (Friday), the company welcomed the new appointment, saying it signals acommitment to expanding its global footprint and strengthening its position inthe financial and digital technology sectors.Leadership TransitionLi, who has been with Future FinTech since 2019,steps into the CEO role with a wealth of experience in finance and management. His previous positions within the company include a recent role as CEO of FTFT International Securities and Futures Limited.Li's appointment followed the resignation of former CEOShanchun Huang, who stepped down for personal reasons. In his new role, Li is expected to drive FutureFinTech’s international expansion, manage its investment and financingactivities, and steer the company through its ongoing transformation.Li’s leadership comes at a crucial time as FutureFinTech seeks to capitalize on its diversified portfolio, which includes assetmanagement, brokerage, investment banking services, cross-border paymentoperations, and supply chain finance."Mr. Hu Li is an excellent executive," saidFoyou Li, Chairman of Future FinTech's Board. "He has made manyoutstanding contributions over the past five years and has played a pivotalrole in transitioning the company into a fintech leader with a diversifiedportfolio of services."Future FinTech PortfolioUnder Li’s guidance, Future FinTech aims to leverageits digital and internet technology expertise to deliver stable, safe, andefficient financial services to a global clientele. The company’s portfolio spans multiple continents. The company has highlighted its expansion as a way to position itself to capture newopportunities in the rapidly evolving fintech landscape.With operations already established in key marketssuch as Hong Kong, the United Kingdom, China, and the United States, FutureFinTech is poised for further growth. Li’s leadership will be crucial innavigating the challenges and seizing the opportunities that lie ahead in theglobal fintech industry.Commenting about his appointment, Li said: “I plan tocontinue to work shoulder to shoulder with the Future FinTech team to help theCompany achieve sustainable development and accelerate the implementation ofour global strategic growth plan. As CEO of Future FinTech, my mission is tolead the organization, set its goals and market strategies, and leverage myexecutive experience to the benefit of our customers, employees, andshareholders worldwide.This article was written by Jared Kirui at www.financemagnates.com.
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Solitics, a leading provider of customer engagement based on real-time data, is revolutionising the way brokers operate by providing them with cutting-edge technology that adapts to their infrastructure, speeding time to value, and saving resources and complex development for IT and R&D teams.The company tackles data complexities head-on. By seamlessly connecting to distributed data sources, multiple accounts and processing millions of user activities in real time, Solitics offers unrivalled marketing automation solutions that support large-scale operations.Streamlining project timelinesBrokers leveraging Solitics’ technology are able to achieve significant overall savings in terms of both time and cost. Unlike traditional methods requiring extensive IT involvement, the company’s platform simplifies data integration while reducing project timelines significantly. This expedited process not only accelerates time-to-market but also enhances a broker’s ability to respond swiftly to meet the needs of its clients, which is particularly useful in a fast-paced trading environment. By eliminating the hurdles typically associated with data projects, Solitics provides solutions that help its clients focus on strategic initiatives and core business activities, rather than getting bogged down in technical details. In one case, a broker reported that the integration took just one tenth of the time they initially expected, demonstrating the remarkable efficiency and effectiveness of Solitics' platform. This real-world example underscores how this modern technology can enable brokers to operate more productively and remain competitive in a rapidly changing market. It also alleviates the key issues affecting the business from a technical and data perspective.Simplified and efficient deploymentCentral to Solitics' value proposition is the smart integration, processing and transformation of data into usable formats for marketing and product teams. Full integration is achievable within just 45 days. This is evident in its rapid deployment capabilities, reducing what would traditionally take years of development to a matter of weeks. The company excels in simplifying data projects by integrating multiple data sources and allowing real-time data synchronisation. AI is embedded into its data learning processes, creating a seamless user experience that allows for timely access to relevant data.The integration process involves Solitics accessing the various relevant raw data sources, with no need to adapt or change the infrastructure, learning the data structures, and streamlining the data to a single user interface, enabling businesses to quickly adopt and benefit from Solitics' innovative solutions without delay.Through this, key brokerage stakeholders are able to create, manage, and analyse impactful user journeys with maximum efficiency. For a broker’s technical team, the key benefit of saving vast amounts of time on development means they can refocus their efforts on main key areas.Instead of integrating tools and systems related to marketing automation and retention management, technical officers will be free to develop their firm’s core products and conduct strategic planning - maximising their project capabilities while minimising the overall workload.Enhanced engagement platform Solitics offers standout features that drive increased client engagement for businesses, with enhanced personalisation providing tailored user experiences and split-second responsiveness to data changes - ensuring that clients receive relevant and timely interactions.Automation further supports this by enabling consistent and effective client communications, allowing companies to maintain a high level of interaction without additional effort.By utilising market events and bespoke content in a customised manner, the platform significantly boosts engagement, creating meaningful and impactful client interactions for brokers. Businesses using Solitics have reported a more than 25% increase in their client retention…
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Gold and the USD are often intertwined. Amid the recent drama surrounding the US Federal Reserve and its indecisiveness regarding interest rate cuts, this topic is more poignant and relevant than ever. This saga provides the perfect segue to the upcoming Finance Magnates Pacific Summit (FMPS), taking place in just a few weeks on August 27-29 in Sydney, Australia. The landmark event will feature no shortage of trading and investing oriented content, including the relationship between Gold and the USD. FMPS will cater extensively towards a growing retail demographic of traders. This is reflective in a dedicated content stage towards this content, the Exchange Zone, offering unique panels, workshops, and sessions over a two-day period.Retail trading is not the only area of focus at FMPS however. Participants at the event can take also explore other content verticals, including the fintech, payments, and crypto space. Each of these verticals will be touched on across both the Exchange Zone and Centre Stage, part of the full-length agenda for the event.Online registration for FMPS will be ending soon. Make the most of this opportunity and reserve your seat online to skip the queues on-site this August in Sydney Make sure to register today for FMPS!Unravel the Fed Enigma this August at FMPSWith so many workshops and sessions in store for attendees this August, it can be overwhelming. Attendees are encouraged to explore the content agenda and map out their event ahead of time to make sure nothing is missed.One of the more anticipated workshops of the event will be the session, The USD, Gold and Interest Rates, taking place at the Exchange Zone on August 28, 12:10-12:30. The session will be hosted by Tim Waterer, Chief Market Analyst, at KCM Trade.Mr. Waterer is a renowned analyst in FX, stocks, indices, and commodities. Having previously spent time as an FX Trader, Head of Dealing and Head of Sales Trading, he has developed a wealth of knowledge which he uses to provide insightful and unique market analysis and commentary for clients and the wider investment community. This expertise has resulted in him making regular appearances in the media, some of which include the BBC, Reuters, Bloomberg, Channel News Asia, MarketWatch, Sky News, The Australian Financial Review and The Washington Post.Participants in the workshop can explore the most pertinent market dynamics surrounding both Gold, the USD, and their complex relationship. Indeed, during times of risk aversion, both can rise in tandem, however at other times they are seen as competing assets and have an inverse correlation. As we move towards a potential US interest rate cut, how will this monetary easing affect the USD and gold prices as we look ahead to 2025? This is one session you cannot afford to miss this August. See you in Sydney in a few short weeks!This article was written by Jeff Patterson at www.financemagnates.com.
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Bitcoin.com, a pioneer in the Bitcoin and crypto space since 2015, has integrated into its wallet, games, news, and education platform a debit card that empowers users to spend their cryptocurrency seamlessly at any location Mastercard® is accepted. V-Card is now available in the Bitcoin.com app and on Bitcoin.com’s website here.“This is a game-changer for crypto self-custody holders who seek the flexibility and convenience of traditional financial systems without compromising their principles and without the risk of getting rugged by a CEX,” said Bitcoin.com CEO Corbin Fraser, referring to the numerous shuttered centralized cryptocurrency exchanges (CEXs) where millions of users have lost their funds due to hacks, bankruptcies, and fraud.About V-CardV-Card is designed to bridge the gap between digital currencies and traditional finance, allowing users of the self-custody, multichain Bitcoin.com Wallet app to top up their card with popular cryptocurrencies such as BTC, BCH, ETH, USDC, USDT, and Bitcoin.com’s ecosystem token VERSE. Once topped up, users can spend their balance at millions of merchants worldwide. The self-custody solution ensures users always retain access to their funds, protecting them from the failures of centralized cryptocurrency exchanges.Key Features of V-Card· Global Accessibility: Spend your cryptocurrency at over 37 million merchants and withdraw cash from ATMs around the world.· Enhanced Security: Enjoy peace of mind with features like card freezing, spending limits, and real-time transaction alerts.· Exclusive Rewards: The card will integrate special rewards and discounts for holders of Bitcoin.com’s VERSE token.· Additional Benefits for VERSE Holders: Purchasing the V-Card with VERSE entitles the buyer to a 33% discount on the card fee.About VerseVERSE, launched in December 2022, is Bitcoin.com’s rewards and utility token. By incentivizing and gamifying engagement, VERSE addresses the challenge of onboarding newcomers to the world of financial self-custody. VERSE encourages people to safely explore and benefit from the opportunities at the frontier of finance while also fueling the growth and expansion of the Bitcoin.com Verse ecosystem, which includes:· The multichain Bitcoin.com Wallet app with over 50 million self-custody wallets created.· An award-winning News platform with over 2.5 million monthly readers.· The cross-chain decentralized exchange Verse DEX that integrates Farming rewards.· Engaging dApps aimed at educating and safely onboarding users into the self-custody model including Verse Scratcher, Verse Clicker, and more.About Bitcoin.comSince its inception in 2015, Bitcoin.com has been at the forefront of introducing people to the world of cryptocurrency. The Bitcoin.com platform offers a wealth of educational resources, up-to-date news, and user-friendly, self-custodial products for buying, spending, trading, investing, and earning with crypto.This article was written by FM Contributors at www.financemagnates.com.
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The extradition of Kwon Do-hyung, also known as Do Kwon,from Montenegro to South Korea has been postponed once again. This decision wasmade by the Supreme Court of Montenegro yesterday (Thursday). The court willreview the legality of the extradition request from South Korea before making afinal decision, expected early next week.Legal Battle ContinuesLast Thursday, anappeals court upheld a previous ruling to extradite Kwon to South Korea, asreported by Finance Magnates.This decision rejected a request to extradite him to the United States instead.The appeals court's ruling confirmed an earlier decision by a lower court.Kwon has been involved in a lengthy legal battle over hisextradition. The South Korean charges against him are not publicly known, but USprosecutors have charged him with fraud.🚨UPDATE: Do Kwon's extradition from Montenegro faces another delay. The saga continues for the Terra co-founder. pic.twitter.com/2DgP15Bs9l— Paweł Łaskarzewski (@PawelSynapse) August 8, 2024Kwon, known for Terraform Labs, saw his project’scryptocurrencies, TerraUSD and Luna, collapse in 2022, erasing about $37billion in value. The collapse led to the downfall of other crypto firms. In June, Kwon and Terraform Labs settled with the SEC for$4.5 billion, including $204.3 million from Kwon personally. Initially, the SECsought $5.3 billion. Terraform Labs, which declared bankruptcy earlier thisyear, reported liabilities and assets between $100 million and $500 million.Supreme Court Suspends ExtraditionKwon and an associate were arrested last year whiletraveling with fake documents. Although Montenegro's lower court had orderedhis extradition, the Supreme Court suspended this decision after the topprosecutor in Montenegro raised concerns about procedural errors. Kwon wassubsequently releasedon bail.The Supreme Court had previously annulled Kwon's extraditionto South Korea after similar objections from the prosecution. The case was thensent back to a lower court for further review.This article was written by Tareq Sikder at www.financemagnates.com.
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DespiteBitcoin's (BTC) mixed performance during the vacation period, activity on majorcryptocurrency exchanges remains substantial. The total volume of the largestcentralized platforms has maintained multi-month highs, growing by over 100%compared to last year. However, it's impossible to ignore the 60% decreasecompared to the record-breaking March.Spot Crypto Volumes GrowMonth-over-Month and Year-over-YearAccordingto the latest analysis conducted by Finance Magnates Intelligence, thetotal spot volume for the 10 largest centralized exchanges in July was $844.9billion, representing a 13% increase from the $812.5 billion reported a monthearlier.Althoughthis result is about 60% lower than the record-breaking $2 trillion from Marchwhen Bitcoin tested all-time highs, investor activity still remains atmulti-month highs.OnlyBinance and OKX recorded modest month-over-month declines. The remainingexchanges observed a rebound from local June lows."In July, the combined spot and derivatives trading volume on centralized exchanges rose 19.0% to $4.94tn, recording the first increase in four months," the newest report from CCData commented. "The surge in volume follows multiple bullish catalysts, including the launch of the spot Ethereum ETFs in the US and the pro-crypto sentiment voiced by US political figures at the Bitcoin conference held in Nashville, Texas."No Changes at the TopThere'slittle change among the leaders. Binance still reigns supreme on the podiumwith a result of $403.7 billion, Bybit is second with $134.6 billion, and Huobiis third, achieving $79.4 billion. At the end of July, Bybit announced the addition of the popular FX trading platform MetaTrader 5 to its offerings.OnlyCoinbase and OKX swapped positions. Coinbase is currently in fourth placethanks to a 7% increase in monthly volumes to nearly $64 billion, while OKX isnow just under $63 billion.As aresult, the market share distribution remains unchanged. Binance remains theleader, accounting for almost half of the activity among the top 10 centralizedexchanges in terms of spot volumes.Huge Volume DifferencesCompared to 2023Althoughmonth-to-month differences are small, when compared to July 2023, we see a hugeleap. The average change is 105%, with some record-breakers increasing theirvolumes several times over.The leaderhere is ByBit, which a year ago reported a volume of just under $23 billion.Currently, it's 400% larger at $135 billion. Huobi also recorded a jump of 239%from $21.3 billion. Only Upbit experienced a decline, with its volume shrinkingfrom almost $61 billion to $46.7 billion reported last month.What will August look like? This month began with huge drops in Bitcoin, testing the $50,000 level (six-month lows) and wiping $320 billion in value from the market. However, this ensured record volatility and investor activity.This article was written by Damian Chmiel at www.financemagnates.com.
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The Commodity Futures Trading Commission (CFTC) announced today (Thursday) that it has secured a $12.7 billion judgment against FTX and Alameda Research. These funds will reportedly be used to compensate the victims of the bankrupt exchange's fraudulent activities. CFTC Victory in Crypto Fraud CaseThis ruling, handed down by the US District Courtfor the Southern District of New York, marks the largest financial recovery inthe CFTC's history and highlights the agency's commitment to protectinginvestors from fraudulent schemes in the ever-evolving digital asset space. The court's decision requires FTX to pay $12.7 billionin monetary relief, which includes $8.7 billion in restitution to customers and$4 billion in disgorgement. The judgment reflects the severity of FTX's actions,where customer funds, including digital assets like Bitcoin and Ether, werecommingled and misappropriated despite the company's public assurances ofsecure and segregated custody.CFTC Chairman Rostin Behnam highlighted the matter, saying: "FTX used age-old tactics to create an illusionthat it was a safe and secure place to access crypto markets. But the basicregulatory tools, like governance, customer protections, and surveillance thatexist to identify misconduct and ultimately prevent collapse, were simply notthere.".@CFTC Obtains $12.7 Billion Judgment Against FTX and Alameda: https://t.co/S6irxpka58— CFTC (@CFTC) August 8, 2024The CFTC's case against FTX began in December 2022,shortly after the company's collapse. The complaint, which also targeted keyFTX insiders, including Caroline Ellison and Gary Wang, charged them withorchestrating a massive fraud that ultimately led to billions in losses forinvestors. Future Implications for the Crypto IndustryFTX's legal troubles are far from over. The CFTCcontinues to pursue further litigation against Samuel Bankman-Fried and othertop executives, aiming to secure additional penalties and permanent injunctionsagainst future violations. The $12.7 billion judgment against FTX is not just avictory for the victims of its fraud but also a pivotal moment in theregulation of the cryptocurrency industry. With the CFTC's victory, there isrenewed urgency for comprehensive digital asset legislation that can close theregulatory gaps that allowed FTX's deceptive practices to flourish.This article was written by Jared Kirui at www.financemagnates.com.
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It is already August which means the final countdown to the Finance Magnates Pacific Summit (FMPS) is now officially underway. The biggest event in the Asia-Pacific (APAC) is slated to be held in Sydney, Australia on August 27-29, drawing the industry’s elite, as well as thousands of attendees, traders, and more.Prospective attendees can expect to learn from expert speakers, thought leaders, and premier educators, part of a two-day celebration of the retail trading industry in Australia and beyond. This includes a jam-packed agenda that features plenty of content that is tailor made to the retail trading demographic. Are you curious about what is in store at FMPS? Head on over to the website and check out the live full-length agenda today and mark your calendar with the most important sessions. The inaugural event will be bringing panels, workshops, sessions, and more across two dedicated content stages, the Centre Stage and Exchange Zone. One session to watch will be the upcoming workshop, Trading with AI: CoPilots, Not Advisors.As a quick reminder, it is not too late to reserve your seat online for FMPS. Time is running out so make sure to skip the queues on-site this August in Sydney and register today for the biggest event of the year in APAC!Why AI is a Tool, Not the Answer Prospective participants can take advantage of plenty of content, networking opportunities, and entertainment throughout the event. However, one of the biggest draws will be the plentiful sessions and emphasis on the retail trading space, all of which can be seen at the Exchange Zone this August. The upcoming session, Trading with AI: CoPilots, Not Advisors is perhaps the best opportunity to take a deep dive into the role of AI in trading, as well as how to best leverage this tool for all strategies. This informative session will be taking place on August 28, 12:30-12:50, exclusively at the Exchange Zone. The workshop will be run by Anthony Darvall, Founder at Traderflow. What can attendees expect in this session?Well, it comes as no surprise that AI has taken over coding and simple tasks like summarizing and creation of pictures. With finance, the potential for AI is immense as the amount of information that traders process can be overwhelming. A trading copilot would learn/watch/alert traders based on their trading habits and give both risk management and fundamental/technical actionable information in a timely manner. Join Mr. Darvall as he looks to simplify the trading work flows to help traders minimize screen time.Mr. Darvall is a 17-year veteran of the FX market and the former Chief Market Analyst at EasyMarkets.com. In 2022, he transitioned from broking to founding an AI startup, Traderflow. Traderflow aims to create AI Trading Copilots that streamline traders' workflows, reducing the need for multiple screens and consolidating information delivery to a single laptop.This is one session to circle on your calendar this August. See you in Sydney!This article was written by Jeff Patterson at www.financemagnates.com.
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Scope Markets is rebranding and presenting a new logo, Finance Magnates has learned exclusively."The motivation is to align our core foundational focus of building amulti-brand financial services group," revealed Michael Ayres, CEO of Rostro Group,which includes Scope. Ayers added that the number of active clients increased by over 30% in 2024 while volumes grew by 150%.Scope Markets Aims to "Democratize Access to Financial Markets"Scope Markets has prepareda brand overhaul that aims to reflect the company's approach to offeringclients more financial instruments and products. On one hand, Scope isfocusing on "democratizing" access to investing, while on the other, it'sadapting current offering to the increasing number of clients, which, accordingto the company, has reached record levels.As Ayresclaims, the rebrand is the finalstep in completing the integration of Scope Markets into Rostro after its purchase in 2022, whichcomprises a regulated group of brokers with licenses held in Cyprus, Belize,Seychelles, South Africa, Kenya, and Mauritius."Inline with our broader ambitions at Rostro to effect change in financialinclusion at a global level, we will be launching further enhancements to ourinternal product set and the wider customer experience," commented Ayres.What newfeatures can clients expect? Some time ago, Scope Markets introducedunleveraged fractional stocks (executed as CFDs) via its Scope Invest account,providing exposure to 2,000 different stocks. The company is also implementinga new client onboarding system after expanding its in-house technology team."The rebrand ensures that the internal values we liveby are also externally presented, both through our existing Scope Markets,Scope Prime and Rostro Group brands as well with the birth of additionalcommercial brands in 2025 and beyond," Ayres added.FinanceMagnates sat down with Rostro's CEO to ask him about the latest rebranding, theGroup's plans for the coming years, and how the industry is changing."We Have a TradingDNA as an Organization" How does the rebranding reflect Scope Markets' expansion plans ortarget markets?"We alreadyserve clients in Africa, Asia, and Middle East, so our plan is really to deepenthe extent of that coverage via these three core geographies. Our focus into2025 is on capturing a greater market share within the regions where we arealready well placed, building on the operational efforts and work carried outin 2023 and 2024, which has set a foundation for scalable and sustainablegrowth".Can you share any specific metrics or goals you hope to achieve thisyear and in 2025?"2024 hasseen active clients grow of 32% and ADV grow of 147%, with the business on track toreach our annual targets in December. We expect to see both acquisition andactivation metrics improve by a factor of 50%, which will then be tested anditerated through our in-house onboarding system, with data-driven fine-tuningto ensure we are working toward this outcome. "Our growthstory so far has been pretty impressive, and especially given our strategicchoice to look within and focus on the product and really narrow focus on a fewlarge-scale key projects, rather than just create a wide net of initiatives andbrand work with the assumption more is best".Since the beginning of 2023, Scope Markets has been part of theRostro Group. Is the rebranding related to this acquisition? How has the Scopechanged since then?"Absolutely!We could have attempted this last year, with a quick and colourful change andquicker route to market, but that was not what we wanted to deliver. The momentnow marks the start of a new chapter for the wider Rostro Group, which throughorganic growth and also acquisition targets, will continue expanding on ourmulti-brand multi-product business model".Can youelaborate on the fractional share CFD products launched a few months ago? Howhave your clients received them so far?"This isjust the start of a wide range of product rollouts that you will see.Our target markets in Africa, Asia, and Middle East, were only being…
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Web3 projects raised $1.9 billion during Q1, with funding flowing into the coffers of over 300 ventures, among them DeFi and GameFi apps, launchpads, infrastructure projects and RWA protocols. While deep-pocketed VCs like A16z, Pantera Capital and Galaxy Ventures are responsible for the lion’s share of investments, successful projects are themselves writing checks to fuel innovation in various areas. Web3 Players Invest in InnovationWhether it’s in the form of grant programs, hackathons or traditional equity-based deals, Web3 protocols are taking a proactive approach by allocating a percentage of their resources to bootstrapping promising concepts and talented founders. Take crypto bank Xend Finance, which is backed by both Binance and Google Launchpad. The platform, whose raison d’etre is Real-World Assets, launched its $RWA Hackathon on July 31, an initiative that seeks to reward projects building on its native Asset Chain. While $3 million worth of investment is on the table, Xend is also offering an assortment of cash prizes for developers. The Hackathon will run until October 3.And then there’s the Uniswap Foundation, the nonprofit organization behind leading decentralized exchange (DEX) Uniswap. In Q1, the Foundation committed $4.34 million in new grants and disbursed $2.79 million in previously committed grants, from a sizable treasury of $41.41 million. According to the Foundation, its grants program is designed “to create a long-lasting ecosystem made up of developers, researchers, and governance contributors,” with the ultimate goal of defining “the future of DeFi’s most important protocol.”Layer-3 blockchain project Orbs is another that is doubling as both a platform in its own right and a serial investor. Orbs, which brings CeFi-level execution to DeFi platforms to deliver a superior onchain trading experience, has made numerous investments – particularly in projects leveraging one of its four core products.These include Liquidity Hub, a decentralized optimization layer for DEXs, Perpetual Hub, a suite of services for intent-based onchain perpetual futures trading, and dTWAP and dLIMIT, protocols that let DEXs execute advanced CeFi-level orders.Several projects integrating one or more of the above have received strategic investment from Orbs, among them Fenix Finance, a DEX built on the Blast network, and BNB Chain-based exchange Thena, both of which have integrated Liquidity Hub to access deeper cross-chain liquidity.The L3 project has also invested $1 million in SYMMIO, a derivatives settlement layer that helped Orbs develop Perpetual Hub alongside IntentX. Interestingly, IntentX – a decentralized onchain OTC derivatives exchange – itself received funding from Orbs last year.It’s easy to see why Orbs is making strategic investments in projects that are helping to popularize its technology, and this activity has plenty of precedent in Web3. We only need to look at the big blockchains, many of which have their own dedicated foundations and treasuries expressly created to convince developers to build on their network. The Ethereum Support Program, to take one example, provides both financial and non-financial support to projects and entities (particularly those which are open-source) within the greater Ethereum community, with the goal of accelerating ecosystem growth. Last year, it bootstrapped just under 500 projects to the tune of over $61 million!With the Web3 space attracting increased attention from institutional investors in light of regulatory breakthroughs like the Bitcoin spot ETFs, it will be fascinating to see what the fundraising curve looks like in 12 months’ time. Whatever happens, a healthy portion of investment will surely continue to come from within. This article was written by FM Contributors at www.financemagnates.com.
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Forex, or foreign exchange trading, is a complex market in which one exchanges the value of one currency for another. Having made it the largest financial market in the entire world, it's ultra-liquid and runs 24/7. Unlike any other traditional financial markets, the very concept of forex trading is based on having currency pairs at the core of transactions, profits, and losses.The Essence of Forex TradingEssentially, trading in the forex involves the simultaneous buying of one currency and selling of another through trading pairs, which form the basis of the forex market. Each trading pair comes with a base currency and a quote currency within it. For instance, the USD/CAD trading pair shows that USD is the United States Dollar. The value of the trading pair indicates how much of the quote currency is needed to purchase one unit of the base currency.Trading Pairs—Building Blocks of ForexWhile the concept of trading pairs may be a bit fuzzy for a beginner, it must be understood that every forex transaction is done in pairs. The foreign exchange market encompasses major pairs, minor pairs, and exotic pairs. Major pairs consist of the most traded currencies in the world that anybody could ever think of: EUR/USD, GBP/USD, USD/JPY. These usually have high liquidity and lower volatility, thus their favor with traders.The minor pairs would include major currencies but not the USD, such as EUR/GBP and AUD/NZD. One major currency combined with the currency of an emerging or smaller economy would constitute an exotic pair, for example, USD/SGD or EUR/TRY. Exotic pairs are normally less liquid and more volatile, associated with higher risk but also potential reward.In the Spotlight: USD to CAD, One of the Key Trading PairsOne of the most traded forex pairs is USD to CAD. The USD/CAD is a currency pair that rates the US dollar against the Canadian dollar and as such, is influenced by varying economic factors in both the United States and Canada. Such are affected by interest rate differentials, releases of economic data, and relevant geopolitical events.For instance, the value of the CAD is attached to the price of crude oil. The colour of this reasoning is simple: Canada exports oil. Hence, if the price of oil increases, the dollars may reinforce it and let down the USD/CAD rate. Contrasted with this, a fall in the price of oil weakens the CAD, leading to a high USD/CAD rate. This would have traders keeping a tab on trends in oil prices and economic indicators in both countries to always make very informed trading decisions involving the USD-to-CAD pair.How the Trading Pairs Affect Forex StrategiesOne has to understand the trading pairs in formulating a good Forex trading strategy. Each pair will behave differently due to liquidity, volatility, and economic factors that take place between the two currencies under consideration. Traders have to factor these in while choosing what pairs to trade or while developing strategies for trading.For instance, how USD/CAD could be traded may be different from how EUR/USD would. In contrast to the EUR/USD that is driven by offsetting economic indicators in the Eurozone area and the US, the USD/CAD seems to respond more to changes in oil prices and Canadian economic data. Accordingly, as the trader seeks a probability-based outcome of their trades, various technical analysis tools are used in an attempt to predict price movements in such pairs.Diversification Using Multiple Trading PairsDiversification is key to trading forex because of the risk management and elevation in the possibilities towards profitable ventures. It simply means that a trader can reduce his or her risk involved in trading only one pair of currencies by dealing in multiple pairs. In doing so, he will be spreading his risk across a number of different currencies and economic conditions. One can mitigate potential adverse movements in just one single currency pair this way.For instance, consider a trader who only trades in USD/CAD; then, he faces immense event risk because of…
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The publicly-listedcryptocurrency mining company from Wall Street (NASDAQ: ARBK) and the City (LSE:ARB) Argo Blockchain plc announced today (Monday), that it has fully repaid its$35 million loan from Galaxy Digital Holdings. This clears the debt four monthsahead of the current schedule and nearly 18 months before the originalrepayment deadline.Argo Blockchain Clears $35Million Galaxy Loan Ahead of ScheduleThe cryptomining firm began repaying the loan in May 2023, with the balance reduced toapproximately $5.7 million as of June 30, 2024. Argo repaid $11.5 million inprincipal during 2023, with the remaining $23.5 million settled in 2024.Successfullyrepaying $35 million of high-interest rate debt ahead of schedule is atestament to Argo's financial discipline,” Argo's Chief Executive Officer,Thomas Chippas, commented.“We remain committed to optimizing our capital structure and driving long-termvalue for our shareholders."Theloan dates back to late 2022, when Mike Novogratz's Galaxy saved acryptocurrency miner from bankruptcy during a period when digital assets’prices were low and mining companies were struggling to achieve profitability.As part of a strategic deal, Argo sold its Texas-based cryptocurrency mine,Helios, for $65 million and benefited from refinancing loans.The latestnews on debt reduction camefrom March, when the company cut its debt by 60% as part of a new dealworth over $6 million. Now, Argo has managed to fully repay the remainingobligations.The earlyrepayment strategy aligns with Argo's focus on strengthening its balance sheetand reducing financial liabilities. The company utilized a combination ofoperational cash flow, proceeds from equity raises, and sales of non-coreassets to facilitate the repayment without significantly impacting its hashrate.This moveis expected to yield visible savings in interest expenses. In 2023, Argoincurred $4.6 million in interest on the Galaxy debt, compared to $1.4 millionthrough the repayment date of August 9, 2024.Reduced Losses but LowerProductionIn thefirst quarter of 2024, Argo Blockchain reported notable financial improvements.The company's revenue rose to $16.8 million, marking a 4% increase from theprevious quarter and a substantial 50% growth from the same period last year.Additionally, Argo significantly reduced its net loss to $3.2 million,achieving a threefold decrease. The mining margin also increased from $5.2million to $6.4 million, resulting in a gross profit of $1.9 million, arecovery from a loss reported in the first quarter of 2023.Despitethese financial gains, the company's latest production results reveal adownturn. In its recent monthly report for July, Argo mined only 48 Bitcoins, adecline of over 60% compared to last year's production, albeit a slightimprovement from recent months. In aseparate development towards the end of the last month, Argo announced aprivate placement agreement with an institutional investor, involving theissuance of 57,800,000 ordinary shares at £0.1125 each on the LSE. Thisagreement also includes warrants for an additional 57,800,000 shares at thesame price, bolstering the company's financial position amidst fluctuatingproduction outcomes.This article was written by Damian Chmiel at www.financemagnates.com.
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Wise Payments Ltd., a London-based fintech firm, plans toresume accepting new customers in India for overseas remittances. This movefollows a recent pause to upgrade its infrastructure. The company aims tocapture a larger share of India's $32 billion remittance market.Resuming Client OnboardingWise halted new customer registrations while it revamped itssystems after receiving a license from the Reserve Bank of India (RBI). Thislicense allows customers to send higher amounts of money abroad. ShrawanSaraogi, Asia Pacific head of expansion at Wise, stated that the companyintends to restart onboarding new clients in the coming months.In India, major banks such as ICICI Bank Ltd. and State Bankof India currently dominate the outbound remittance market. These banks benefitfrom strict capital controls, outdated international payment systems, and hightaxes, which limit the influence of fintech competitors.Wise plans to start signing up new customers in India for overseas remittances after a pause, eyeing a bigger slice of a $32 billion market https://t.co/PTsK7kpn5r— Bloomberg Markets (@markets) August 12, 2024India’s $32 Billion RemittancesAccording to RBI data, Indians sent approximately $32billion abroad in the year ending March 2024, up from $27 billion the previousyear. These remittances were mainly for travel, education, and family support.Wise has been facilitating outbound payments from Indiasince 2020 through a partnership with a bank. Previously, these transactionswere capped at $5,000 each, a restriction that no longer applies. Beforeaccepting new users under the updated regulations, Wise is upgrading itssystems to meet tax and reporting requirements as stipulated by the AuthorizedDealer 2 license. India imposes a 20% tax on most outbound remittances byindividuals.The retail digital payments market in India is expected togrow to $7 trillion by 2030, up from $300 billion in 2018, according to aKearney and Amazon Pay study. Digital transactions represented about 46% of allpayments in India in 2022, according to government data.This significant market potential is why global fintechfirms like Wise and Revolut are prepared to navigate the complex regulatoryenvironment in India. Revolut received a Prepaid Payment Instruments licensefrom the RBI in April, as confirmed by the firm.This article was written by Tareq Sikder at www.financemagnates.com.
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In yet another busy week of executive moves, we feature noteworthy appointments, promotions, and exits from notable industry brands. Stay tuned as we cover interesting changes across the banking, forex, proprietary trading, and fintech space. Rightlander named Sarafina Wolde Gabriel as the new CEO; ABNAMRO appointed Chief Risk Officer, the Former Credit Suisse Executive; CME lostkey FX Benchmark Risk Expert after Jannece announced departure; Robinhood namedDavid Schwed as Chief Information Security Officer for Brokerage; Ex-IronFX andLCG Sales Veteran joined Taurex; EDXM named new APAC MD, the Former BitGoDigital Asset Sales Head; Doo Group’s Head of Institutional Clients FraserNelson bid farewell after two years.Taurex promoted Maria Meramveliotaki as Brand and StrategyDirector; Periklis Hanna stepped down as Head of Marketing at The Trading Pitafter a year; a new CCO joined Moomoo AUafter CMC Markets and Tiger Brokers; Barclays named Ex-TD Securities' MDStephen Stewart as Head of M&A Execution for Canada; Future FinTech appointedHu Li as CEO, succeeding Shanchun Huang; Prop Firm Blueberry Funded was appointednew GM from PropTradeTech and Eightcap.Executive Moves of the WeekRightlander Names Sarafina Wolde Gabriel as New CEO: From Strategy to the TopRightlander, a company specializing in affiliate compliance and partner monitoring solutions, welcomed Sarafina Wolde Gabriel as the new CEO. Wolde Gabriel brings over 19 years of experience in digital marketing and affiliate compliance to her new role. She previously served as Rightlander's Chief Strategy Officer.During her tenure as Chief Strategy Officer, Gabriel was involved in developing the company's product offerings and building important partnerships. Before joining Rightlander, Gabriel worked for GeoComply as Senior Director of Global Markets, where she focused on expanding products and services in international markets and establishing relationships with industry contacts in fraud and compliance.Reveal more about Rightlander's appointment of Sarafina Wolde Gabriel as the new CEO. ABN AMRO Appoints Chief Risk Officer, Former Credit Suisse ExecutiveThe Supervisory Board of ABN AMRO proposed the appointment of Serena Fioravanti as Chief Risk Officer and member of the Executive Board, effective October 1. As the CRO, Fioravanti will oversee risk management and compliance at ABN AMRO. She has nearly 25 years of experience in the banking sector, concentrating on risk management, treasury, liquidity risk management, corporate finance, project management, and audit. She has held various roles in finance and risk management at Credit Suisse Group, including nearly four years as Chief Risk Officer on the executive board of Credit Suisse Switzerland AG for the past seventeen years.Learn more about ABN AMRO's appointment of Serena Fioravanti as Chief Risk Officer and member of the Executive Board.CME Loses Key FX Benchmark Risk Expert as Jannece Announces DepartureAfter ten years of developing the CME’s eFix Matching tool, which allows banks to net client fixing risk ahead of FX industry benchmark calculations, Head of Mid-Matching Kyle Jannece announced his departure this week.“After ten years managing the efforts behind the eFix Matching Service and guiding it to a market-leading position, the sun has set on my time with the product,” Jannece announced. “This will be my last week with the CME following eFix's success.”Discover more about Kyle Jannece's exit from CME. Robinhood Names David Schwed as Chief Information Security Officer for BrokerageRobinhood added David Schwed as the Chief Information Security Officer for the Brokerage division, according to an announcement Schwed made this week on LinkedIn. Until recently, Schwed was the Chief Operating Officer and later an Advisor at Halborn, a cybersecurity firm.Schwed is a technology expert who has worked for various companies throughout his career. Among them are Dfns, Lava Network, Utila, and Hexagate. The Empire State University alumnus has also worked for Citi, Galaxy Digital…
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In the bid to bolster Australian fintech at a global scale, regtech sets a unique case. This trend has been more apparent than ever not just for Australia but the broader Asia-Pacific (APAC) region in recent years. Regtech’s role and trajectory within Australia and APAC will be a key area of emphasis at the upcoming Finance Magnates Pacific Summit (FMPS).As the biggest event in APAC this year, look for a convergence of both B2B and B2C specialists, experts, thought leaders and more in Sydney, Australia on August 27-29. The marquee summit will be drawing thousands of attendees, with plenty of exhibitors, sponsors, and more. FMPS will feature two full days of curated content, part of a wide-reaching agenda that spans four industry verticals – fintech, payments, online trading, and crypto. The full-length agenda for FMPS is already live and participants are encouraged to familiarize themselves with what’s in store this August.One of the most hyped panels in the regtech space to take place this August will be the session, Ready to Scale? Regtech in Australia, A Global View. Indeed, regtech has grown in importance in recent years and is shaping up as a scalable opportunity for many within APAC.As a quick reminder, it is not too late to reserve your seat online for FMPS. Make sure to skip the queues on-site this August in Sydney and register today. Time is running out to be a part of FMPS so do not delay!Regtech in Focus at FMPS in SydneyDespite a growing need for robust and reliable compliance, the world’s third-largest regtech sector remains underfunded. This session is one to circle on the calendar, with an eye-opening fireside chat to get a grip on tomorrow’s regtech Aussie hub.The panel, Ready to Scale? Regtech in Australia, A Global View, will be taking place on Centre Stage, on August 28, 11:00-11:20. The panel will include two specialists who are no strangers to the regtech space: Dickie Currer, National Lead at Tech Australia Advocates, and Deborah Young, CEO at The RegTech Association.Panel attendees can take an immersive look into Australia’s regtech scene and find answers to some key questions currently facing the space. Participants can also expect to find where the alpha is in regtech, and what VCs are missing out on. Additional emphasis will be paid to what actually needs to happen for greater governmental support and harmonization.Of course, this brings up a number of considerations and questions, perhaps the most relevant being whether the local eco-system ready to work across global regulatory regimes. Thankfully there are no shortage of examples as experts can learn from other fintech hubs. This is one session you cannot afford to miss and one of the most important for regtech specialists in Australia. See you in Sydney in less than three weeks!This article was written by Jeff Patterson at www.financemagnates.com.
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Thefinancial world is on edge as a massive unwinding of the carry trade continuesto reverberate through global markets. This popular trading strategy, whichinvolves borrowing in low-interest currencies like the Japanese yen andinvesting in higher-yielding assets, is experiencing a significant reversalthat has caught many investors off guard.Yen Carry Trade UnwindSends Ripples through Global MarketsTheJapanese yen has surged against major currencies in recent weeks, appreciatingnearly 7% against the US dollar since mid-July. This rapid move has forced manytraders to liquidate their carry trade positions, leading to increasedvolatility across various asset classes.At thebeginning of last month, one dollar was worth more than 160 yen, the highestvalue in several decades. However, a month later, the same dollar was exchangedfor only 142 yen, the lowest since the beginning of the year.Marketexperts are closely monitoring the situation, with some suggesting that theunwinding process may only be halfway complete. Historically, Japan's negativeinterest rates and a weakening yen made it an attractive proposition forinvestors seeking higher returns. By borrowing yen at low rates and investingin higher-yielding assets, traders could profit from both interest rate differentialsand potential currency appreciation.“However,this dynamic has shifted dramatically in recent months,” explained MichałStajniak, the Deputy Director of the XTB Analysis Department. “Speculation isrife that the Bank of Japan (BoJ) could raise interest rates as high as 1% inthe coming months, while according to market the Federal Reserve is expected tocut rates by 100 basis points this year.”Centralbanks are now facing a challenging balancing act. The Federal Reserve, inparticular, finds itself in a precarious position. While economic data mightsuggest the need for interest rate cuts, such moves could potentiallyexacerbate the carry trade unwind and lead to further market instability.What ismore the persistence of carry trade unwinding is supported by the behavior ofyen futures contracts. “The extreme short positioning in yen futures, which hadballooned to around 240,000 contracts, has contracted to 140,000. In contrast,long positions have surged to 65,000 from a mere few thousand in 2020,” continuedStajniak.🇯🇵 How Big Is the Yen Carry Trade, Really? – Bloomberghttps://t.co/JuozkWGNPZ pic.twitter.com/4NT39vY0gG— Christophe Barraud🛢🐳 (@C_Barraud) August 7, 2024Swiss Franc Tests DecadeHighMeanwhile,the Swiss franc has also seen significant gains as investors seek safe-havenassets. This surge has prompted concerns from Swiss exporters, who fear that anoverly strong currency could harm their competitiveness in global markets.“Althoughthe largest number of carry trades took place on the USDJPY pair, it is alsoworth remembering that investors also used the franc and Chinese yuan in suchtransactions, so the current trend of reversal of the situation on the yen mayalso affect these currencies,” Stajniak added.At a timewhen the market fears a recession in the United States, geopolitical tensionshave been as high as a tightrope for over two years, and significant volatilityin the Japanese financial markets has scared investors, everyone is againlooking at the Swiss franc as a potential safe haven in difficult times. Furthermore,analysts from State Street and Citigroup are convinced that the franc maybecome the new choice for investors specializing in carry trade, replacing theJapanese yen in the leading position. Although the CHF/JPY currency pairreached levels of 180.0 this year, testing multi-year highs, it has sincecorrected significantly and is currently testing this year's lows at the levelof 170.0.Global Carry Trades SeeMassive Unwinding, JPMorgan ReportsAsignificant portion of global carry trades have been dismantled in recentmonths, according to a new analysis by JPMorgan Chase & Co. The bank'squantitative strategists estimate that approximately three-quarters of thesetrades have been unwound, marking a substantial…
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Octa, a financial broker with globally recognised licenses, celebrates its 13th birthday this summer. In some cultures, the number 13 has a special significance. For example, the Chinese omit the thirteenth floor in multi-level buildings as unlucky. The Japanese, on the other hand, associate this number with good fortune. In a series of three articles, the experts at Octa will share 13 time-proven and well-tested tips—one for each year of the broker's successful track record in the financial markets. These recommendations aim to help you improve your trading outcomes and progress towards your financial goals. The number 13 may or may not possess supernatural qualities, but following these 13 recommendations will very likely bring you better results in trading! Below is the first of three articles. In this series, the experts at Octa share 13 practical recommendations based on the broker's 13 years of experience in the market. The first article outlines five crucial elements that will help you form a firm foundation for trading success.1. Acquiring theoretical knowledge to unlock new practical opportunitiesOcta continuously studies its clients’ experiences to gain first-hand insights into the traders' minds and finetune its products and services to their demands. A vast majority of Octa's clients who achieved consistent profits indicate continuous learning as one of the cornerstones of their success. They read trading content online, sign up for dedicated educational courses, and study the strategies of professional traders to keep up with the best practices. Another factor of success that many emerging traders underestimate is having a fluent knowledge of basic financial concepts. For example, you should learn to calculate your potential profits and losses for a given order based on the lot price and spread amount to be able to use risk management tools properly. Likewise, you need to know how the support and resistance levels work and what the candlestick patterns are to be able to identify potential entry points correctly. In trading, as in any other comprehensible system of knowledge, advanced techniques are unlocked step-by-step. Progressing along the learning curve is only possible if you start by mastering ground-level concepts. Octa offers various educational resources, including its Octa_broker">YouTube channel, which boasts more than 1 million subscribers, and a broad scope of educational materials available within its proprietary trading platform, OctaTrader.2. Keeping your emotions under lock and keyMany professional traders compare their ideal mental state during a trading session to the workings of a robotic assembly line. Each movement is time-efficient, precise, and purposeful. Each sequence of actions leads to a measured, predictable result. There are no impulsive or chaotic moves, and nothing is left to chance. In a perfect world, your trading sessions would look like that, too. Alas, reality imposes its own—imperfect—conditions. One day, you may be tired after work. Another day, you feel fine, and your brain functions like clockwork—but the market is feverish with wild fluctuations, and your predictions fail time and again.This is where self-discipline and the right mindset come into play. You can't control the market environment, but you definitely can control your emotions—and make sure they don't undermine the efforts you put into achieving consistently positive results. 3. Establishing a solid risk management strategyIn trading, potential profits always have a reverse relation to risks. In other words, you can only achieve significant gains by exposing your capital to a proportionate degree. Risk management techniques are part of any successful trader's toolkit. The concept of risk in trading is based on risk tolerance—or the amount of loss you are prepared to handle. Your risk tolerance depends on your starting capital and long-term financial goals. In their turn, these factors define the choice of trading instruments.For example, if your goal is to obtain a supplementary…
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ClearBank, a provider of real-time clearing and embeddedbanking solutions, has announced its expansion into Europe. This move is aimedat meeting client demand for Euro settlement and Euro accounts.ClearBank Europe N.V. has been granted a Credit InstitutionLicence by the European Central Bank. The licence is issued under the oversightof De Nederlandsche Bank. It confirms ClearBank’s adherence to high compliancestandards, effective controls, resilient technology, and its establishedreputation.New Platform Enhances EfficiencyThis expansion is the initial phase of ClearBank’s broaderinternational growth strategy. The company will now compete within the Europeanmarket.ClearBank differentiates itself from other Europeanproviders by offering services through a single API, supported by a real-time,cloud-native platform. This platform, developed from scratch, facilitates moreefficient and cost-effective transactions. It avoids the issues related to legacy systems found intraditional banking. Additionally, ClearBank's business model includes holdingclient funds at the central bank for enhanced security.Rintse Zijlstra, CEO at ClearBank Europe, said: “Withchanging regulations impacting banks and payment providers across Europe – manyof which will require major overhauls of technology infrastructure – we arebest-placed to help our clients deliver compliant, next-generation banking andpayments services.”A new adventure begins for us today! We've officially expanded into Europe. 🌍 With our Credit Institution Licence granted by the European Central Bank, under the supervision of De Nederlandsche Bank, we've passed another milestone on our international expansion journey. We now… pic.twitter.com/zbXYNTpA4D— ClearBank (@clear_bank) August 9, 2024New HQ Opens AmsterdamWith its new licence, ClearBank can now offer Euro accountsand payments alongside Sterling. Services will include operating and virtualaccounts, and access to European payment systems such as SEPA Credit Transfer,SEPA Instant Credit Transfer, and TARGET2.ClearBank Europe N.V. will also provide multi-currency andforeign exchange services to European clients. It will upgrade the foreignexchange capabilities of ClearBank UK and begin offering embedded bankingservices in Europe, including protected accounts under the Deposit GuaranteeScheme.The Netherlands was selected for ClearBank’s Europeanheadquarters due to its strong economy, innovative regulatory environment, andactive fintech sector. The new office, based in Amsterdam, will openimmediately. ClearBank plans to recruit over 60 new staff members over the nextfive years.“ClearBank has succeeded in one of the most competitivefintech environments in the world, demonstrating the strength of our people,technology, and business model. We will take these strengths and carefullyevolve our proposition to help institutions across the continent address theirunique set of challenges and opportunities.” – Charles McManus, CEO, ClearBankThis article was written by Tareq Sikder at www.financemagnates.com.
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A U.S. judgeorders FTX and Alameda Research to pay a whopping $12.7 billion to creditors,marking another chapter in the turbulent downfall of Sam Bankman-Fried’sempire. The world of cryptocurrency has never been short on drama, but thelatest developments surrounding FTX and Alameda Research are taking things to awhole new level.United StatesDistrict Judge Peter Castel has dropped the hammer, orderingthe two cryptocurrency heavyweights to fork over a staggering $12.7 billion to theircreditors. The full ruling canbe read here.A Quick RecapLet’s rewind for a moment to understand how we got here. FTX andAlameda Research were once shining stars in the crypto universe, with SamBankman-Fried (or SBF, as he’s often called) at the helm. But as the sayinggoes, the bigger they are, the harder they fall. After a whirlwind rise, thingsstarted to unravel fast. Accusations of financial misconduct, mismanagement offunds, and a tangled web of interconnected dealings between FTX and AlamedaResearch led to a spectacular downfall.In short, if you need reminding of SBF’s shenanigans, feel free to browseour coverage here,and be sure to have popcorn and your favorite beverage at hand, because itmakes Wolf of Wall Street look a little dull.FTX TRADING, ALAMEDA RESEARCH ORDERED TO PAY $12.7 BILLION, CFTC SAYS The order requires FTX and Alameda Research to pay $8.7 billion in restitution and $4 billion in disgorgement.— *Walter Bloomberg (@DeItaone) August 8, 2024The $12.7 billion that FTX and Alameda Research now have to pay is adirect consequence of their missteps. Creditors, who had invested heavily inthe companies, were left holding the bag as the empire crumbled. Now, thanks tothe judge’s ruling, they’re finally set to see some of their moneyreturned—though it’s a mere fraction of the total losses.The Judge’s Ruling: Too Little, Too Late?The ruling is being hailed by some as a win for accountability in themurky world of cryptocurrency. After all, $12.7 billion is no small change, andthe decision sends a clear message that even the biggest players in the cryptogame can’t escape the consequences of their actions.But let’s not kid ourselves—this ruling isn’t going to magically makeeverything better. For many of FTX and Alameda Research’s creditors, thispayout is too little, too late. The damage has already been done, and theripple effects of this collapse are still being felt across the industry. Infact, the sheer scale of this payout underscores just how massive the falloutfrom FTX and Alameda’s implosion really is.What’s Next for FTX, Alameda Research, and the Crypto World?So, where does this leave FTX and Alameda Research? Well, in a word: donefor. The $12.7 billion payout is a huge blow, and it’s likely to finish offboth companies. But let’s be realistic—these companies were already in deeptrouble long before this ruling came down. The real question is what impactthis will have on the broader crypto ecosystem..@CFTC Obtains $12.7 Billion Judgment Against FTX and Alameda: https://t.co/S6irxpka58— CFTC (@CFTC) August 8, 2024For one thing, it’s likely to send shockwaves through the market,especially among other companies that might be teetering on the brink. If FTXand Alameda Research can fall this hard, who’s next? This ruling could verywell be a wake-up call for the entire industry, forcing companies to take along, hard look at their practices and tighten up their operations.A PR NightmareBut beyond the immediate financial impact, there’s also the question ofpublic perception. The FTX-Alameda saga has been a public relations nightmare,and this latest development isn’t going to help. The crypto world has alwaysstruggled with issues of trust and legitimacy, and this ruling is another blackeye for an industry that’s already viewed with suspicion by many.The Bigger Picture: What Does This Mean for Crypto's Future?At the end of the day, the $12.7 billion ruling against FTX and AlamedaResearch is about more than just two companies' misfortunes. It’s a starkreminder of the risks surrounding cryptocurrency…
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Marcus Fetherston has been appointed General Manager atBlueberry Funded, a proprietary trading firm operated by Blueberry Markets, FinanceMagnates has learned through his LinkedIn profile. Blueberry Funded Adds LeaderBefore joining Blueberry Funded, Fetherston held severalpositions in the financial sector. Most recently, he was the Director and ChiefProduct Officer at PropTradeTech, a role he occupied from March 2023 to June2024. PropTradeTech is a Melbourne-based firm specializing in tradingtechnology.Prior to PropTradeTech, Fetherston served as Director ofOperations at Eightcap from September 2020 to March 2023. Eightcap is alsoheadquartered in Melbourne and operates within the financial markets sector.Fetherston's career includes experience at Pepperstone,where he worked in various roles from July 2017 to August 2020. His positionsthere ranged from Operations Officer to Operations Team Lead and ResponsibleManager. Pepperstone is a global brokerage firm.Earlier in his career, Fetherston was a Customer ServiceRepresentative at Commonwealth Bank from October 2015 to July 2016. This roleinvolved direct client interaction and support in the banking sector.Prop Trading Panel DiscussionFetherstonparticipated as a speaker in a panel discussion titled “Prop Trading forRetail Brokers: Viability or Liability?” at the Finance Magnates LondonSummit 2023. During the session, industry experts examined the intersectionof prop trading and retail brokerage services, highlighting emerging trends andpotential opportunities for collaboration.Recently, FinanceMagnates interviewed James Glyde, Founder and CEO of PipFarm, about thechallenges of managing risk in prop trading. Glyde highlighted that while proptrading and CFDs share a common origin, they differ significantly in riskmanagement. “The risk is incredibly hard to manage in the prop tradingindustry,” he noted, adding that it is often assumed that traders will incurlosses.Meanwhile, Bullo, a fintech startup, has finished its SeriesA funding round and willtemporarily pause proprietary trading services while it seeks regulatorylicenses in several Tier 1 jurisdictions. This decision addresses theregulatory uncertainties affecting prop firms and aims to mitigate associatedrisks.This article was written by Tareq Sikder at www.financemagnates.com.
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Cryptocurrency mining in Russia has been officiallylegalized, marking a significant shift in the country's approach to digitalassets, RT reported. The new law, signed by President Vladimir Putin, introduces acomprehensive legal framework that regulates cryptocurrency mining and definesthe rights and obligations of those involved in the industry. Russia Recognizes Crypto MiningThe law, published on Russia's official legalinformation portal, clarifies the previously unregulated cryptocurrency mining sector. By legally recognizing cryptocurrency mining as a legitimate activity, the Russian government has included it as part of the broader economic turnover rather than simply as a means of issuing digital currency. Under the new legislation, only Russian legal entitiesand individual entrepreneurs registered with the government are permitted toengage in cryptocurrency mining. However, individual miners are allowed tooperate without registration, provided their energy consumption stays withinlimits set by the government. This provision allows small-scale miners to continuetheir activities without formal registration, while largeroperations will be subject to stricter controls.2022: Russia's central bank proposed banning #Bitcoin and crypto mining.2024: Putin signs law legalizing Bitcoin and crypto mining in Russia 🇷🇺 pic.twitter.com/Q2lPrUaU5W— Bitcoin Magazine (@BitcoinMagazine) August 8, 2024The law legalizes mining and allows the trading of foreign digital financial assets on Russianblockchain platforms. However, this comes with some restrictions: the Bank of Russia retains the power to ban certain assets if they are deemed a threat tothe country's financial stability.Trade and Regulatory OversightThis measure highlights the government's cautiousapproach to digital assets, balancing the promotion of innovation with the needto protect the financial system.The legislation also imposes strict controls on theadvertising and promotion of cryptocurrencies. It prohibits offering digitalassets to an unlimited number of people, a move likely aimed at preventing thewidespread promotion of potentially risky investments. Additionally, the law allows for the possibility ofbanning cryptocurrency mining in specific regions or territories, providing thegovernment with the flexibility to manage the industry based on localconditions.President Putin has emphasized the importance ofregulating cryptocurrencies and digital assets as a promising area for economicdevelopment. At a recent government meeting, he highlighted the need for Russiato "seize the moment" and establish a robust legal framework tosupport the growth of digital assets within the country and in internationaltrade. This article was written by Jared Kirui at www.financemagnates.com.
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Doo Group's Head of Institutional Clients, Fraser Nelson, isleaving the company, according to an announcement he made on LinkedIn today(Thursday). Nelson joined the company as the Head of Business Developmentbefore being promoted to the role of Head of Institutional Clients, a role heheld for a year.Two Years at Doo Group"After 2 years of Excitement, Hard Work, Travel, andGrowth, my time at Doo has come to an end. As I prepare to take the next stepsin my career, I wanted to say thanks to the management team for the confidencein making me the number 3 hire outside of Asia, backing me to open offices andspearhead growth, believing in me to be the face of our Recruitment andBranding videos and empowering me to be the companies face and voice at Exposand Seminars," Nelson wrote."There's been many milestones in my 2 years with Doobut my particular highlights have been: Seeing volume grow from 23 billion toover 100 billion a month, expanding our Offices and presence to over 30locations globally, positioning as one of the fastest growing brokers in LATAMand Africa, and building up the Liquidity pool access and Institutionalproduct." Serving in Other Notable BrandsNelson's career spans several notable industry brands, amongthem Centroid Solutions, PrimeXM, and HotForex. He served as Centroid's GlobalBusiness Development Manager, PrimeXM's Relations and Business DevelopmentManager, and HotForex's Regional Head of Business Development.In June, Doo Group released its financial results,highlighting total trading volume worth USD 106.53 billion. This represented adrop from the previous month, with the average daily volume declining.The most traded products in the group in May wereXAU/USD, EUR/USD, and GBP/USD. XAU/USD recorded the most trading volume,reaching USD 80.99 billion. EUR/USD had the most significant increase,increasing by 11.26% from April.Elsewhere, Doo Capital Market, a subsidiary of DooFinancial, obtained the license from the Monetary Authority of Singapore (MAS)early this year, boosting its operations in the region.Doo Financial has been broadening its services in theSingaporean market. The approval authorizes DCM to engage in activities,including capital markets products, product financing, and offering custodialservices.This article was written by Jared Kirui at www.financemagnates.com.
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Exness, one of the largest brokers in the world, has launched a new brand campaign, marking a shift in how it connects with traders, recognizing that trading is fueled by more than just data and product features. The campaign titled “Born to Trade” focuses on the emotions that drive a trader's journey, capturing the shared trading experience and the community it has created. Exness CMO Alfonso Cardalda explores the “Born to Trade” philosophy and thought process.The vision The campaign is a bold move to forge a deeper connection. It acknowledges that while the company has successfully communicated its product offerings, Exness has yet to fully explore the qualitative aspects of trading and the relationship with traders. The campaign bridges this gap and captures the essence of what it means to be a trader: the emotions, skills, and sense of community."Born to Trade" is more than just a slogan. This concept emerged following feedback from Exness' traders, partners, and Introducing Brokers. Cardalda expressed, "It's about more than just promoting a product. It's about connecting with traders on a deeper level, recognizing their unique DNA, and providing them with the tools they need to thrive."Connecting with traders on an emotional levelCardalda emphasizes the importance of understanding the emotional aspect of trading. While analysis and data are crucial, emotions also play a significant role. Recognizing this duality allows the creation of messaging that resonates with traders at this level.He notes, "While we've effectively communicated our product benefits and features, we haven't fully explored the emotions that drive traders. This campaign aims to bridge that gap." “Born To Trade” is a departure from the industry's focus on product features and tactical marketing. It's about fostering community and celebrating the trader's identity. By addressing the emotional side of trading, Exness hopes to create a lasting connection with its audience.Reinforcing reliability through simplicity and transparencyExness' reputation for reliability is deeply rooted in its product. The new campaign reinforces this by focusing on clarity, transparency, and efficiency. This commitment to simplicity is evident in both the visual identity and the functionality of Exness' platform.Cardalda said, “It isn’t about creating a façade of reliability; it's about showcasing Exness' commitment to providing the best possible trading platform and fostering trust with traders.” By prioritizing clarity and simplifying the trading experience, Exness aims to make traders feel comfortable and confident in their chosen platform.Measuring Success Beyond NumbersAs a data-driven company, Exness is meticulous about measuring success. The “Born To Trade” campaign, a global concept with localized execution, will be assessed mainly by its impact on brand perception and emotional connection.This signifies a shift away from classic metrics and towards reinforcing brand identity. The emphasis is on how traders recognize and connect with the new brand identity launched earlier this year.The Path ForwardWith its refreshed brand identity and the “Born To Trade” campaign, Exness is poised to elevate its image to new heights. By focusing on innovation, expansion, and communication, the broker aims to solidify its position as a leader in the global trading industry.Through continued investment in top-tier products, expansion into new markets, and fostering meaningful relationships with clients, Exness is committed to delivering a trading experience that's not only reliable and efficient but also emotionally fulfilling for traders worldwide.This article was written by FM Contributors at www.financemagnates.com.
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