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The second and final day of the Finance Magnates Pacific Summit (FMPS:24) is here, but the event is far from over. The entire day’s schedule includes panel discussions, keynote speeches, interviews, and more.It was the first time Finance Magnates events were held in Australia. The event brought the entire financial services industry together at the iconic International Convention Centre (ICC) in Sydney.FMPS:24 is where networking happens. Regulators, industry executives, marketers, company representatives, traders, and even influencers come together under one roof, giving them the perfect opportunity to pitch to potential clients and catch up with existing ones. The event also allows companies to showcase the developments of their products and services from booths.“Understanding the APAC Market”The first session of Day 2 of the exhibition kicked off with a panel discussion on “Understanding APAC Markets: Partnerships, Culture, Retention.” The participants included Fraser Nelson, Global Head of Business Development at Scope Markets; Firdaus Ali, Business Analyst & Partnership Manager at TradingPRO; Joy Li, Head of APAC at Gold-i; Sam Grecner, Director of Growth (Australia) at TradingView; Mario Singh, Founder and Chairman at Fullerton Markets; and Stephen Williams, Premium Client Manager at Capital.com.“Something very specific to Asia is that traders in the region really demand high-quality technology solutions,” said TradingView’s Grecner.Catch the moments from the exhibition floor where industry executives are networking.“Digital Assets & Tradfi” The executives from the cryptocurrency industry also took over the Exchange Stage to discuss the topic “Digital Assets & Tradfi: An Evolving Market Structure.” The participants include David Nichols, Co-Founder and Chief Risk Officer at Stables; Laura Dinneen, Head of Product Marketing at Zodia Custody; and Muneeb Khan, Head of OTC APAC at Kraken. “What's really important to our clients is the ability to access liquidity very quickly,” said Zodia Custody’s Dinneen. “Our institutional clients need to know that their assets are safe and secure.”Are you attending the event? Stop by booth #6 to say hello to the Finance Magnates team.This article was written by Arnab Shome at www.financemagnates.com.
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flatexDEGIRO AG, a European online brokerage firm, hasannounced the appointment of Oliver Behrens as Chief Executive Officer,effective October 1, 2024. The appointment is for a period of three years.Behrens will also assume the role of CEO at flatexDEGIRO Bank AG.Behrens brings four decades of experience in the Europeanfinancial sector. His career includes extensive experience in brokerage and astrong network in international finance and politics.Former Morgan Stanley LeaderFrom 2015 to June 2024, Behrens served as CEO of MorganStanley Europe Holding SE, Morgan Stanley Europe SE, and Morgan Stanley Bank AGin Frankfurt am Main. He was also a Board Member at Morgan StanleyInternational Limited in London. Prior to this, Behrens was a Member of the Board atDeka-Bank from 2005 to 2014, where he held the position of Deputy CEO. Hisearlier career includes roles at DWS Group, DWS, and Deutsche Asset Management,where he was the Spokesman of the Management Board of Deutsche Asset ManagementInvestment GmbH.Since June 2024, Behrens has been serving as Chairman of theSupervisory Board at DWS Group GmbH & Co. KGaA."The European online brokerage business is still in itsearly innings, holding enormous potential for growth and value enhancement,” Behrenscommented.“Together with flatexDEGIRO’s strong leadership team, I amvery much looking forward to leading the company into the next phase of itsevolution, further enhancing the investment experience for millions of clientsacross 16 countries while firmly establishing flatexDEGIRO as the driving forcein the European online brokerage market.”Outlines Growth PlansBehrens replaces Benon Janos and Stephan Simmang, who havebeen serving as interim Co-CEOs since May 1, 2024. Janos and Simmang willcontinue in their roles as CFO and CTO, respectively.Martin Korbmacher, Chairman of flatexDEGIRO’s SupervisoryBoard, said: “On behalf of the whole Supervisory Board, I would like to expressour deepest gratitude to Janos and Simmang for stepping up and taking onadditional responsibilities as Co-CEOs during the past months, ensuring aprofessional and orderly transition after the departure of the former CEO." "TheSupervisory Board is very much looking forward to extend the greatcollaboration over the coming years and expressly thanks Janos and Simmang fortheir leadership and integrity, especially during this critical transitionphase.” This article was written by Tareq Sikder at www.financemagnates.com.
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Crypto.com announced today that US users can now add PayPalas a payment method to fund cryptocurrency purchases. By linking their PayPaland Crypto.com wallets, users can transfer funds from PayPal to Crypto.com topurchase available crypto tokens. This feature will soon expand to othermarkets outside the US.PayPal Payment Option IntroducedEligible users can now add PayPal as an alternative paymentmethod for crypto purchases or to top up their Crypto.com Visa Card. Thisoption is currently limited to users in the US.“Further integrating traditional and digital paymentcapabilities is critical to the continued mainstreaming of cryptocurrencies,”said Eric Anziani, President and COO of Crypto.com.“PayPal is the digital commerce leader and shares our visionof consumers being able to safely and efficiently engage with digitalcurrencies. We are tremendously proud to further our efforts with PayPal tocontinue to provide consumers around the world the most comprehensive and convenientcrypto experience.”Meanwhile, Crypto.comand UEFA announced a new multi-year partnership, making Crypto.com thefirst exclusive global cryptocurrency platform partner of the UEFA ChampionsLeague, as reported by FinanceMagnates. As part of the agreement, Crypto.com will serve as an officialglobal sponsor. The collaboration aims to enhance fan engagement throughunique match experiences, in-stadium activations, broadcast features, andadvertising campaigns, integrating cryptocurrency and football across variousplatforms.PayPal Features Expand FurtherThis collaboration builds on previous initiatives betweenCrypto.com and PayPal. Earlier efforts included enabling PayPal to top up theCrypto.com Visa Card, establishing Crypto.com as a preferred exchange forPayPal USD (PYUSD), and allowing PYUSD on Crypto.com’s payment system.“PayPal has long believed in providing consumers choice andour work with Crypto.com to provide our mutual users the ability to use PayPalto fund their crypto.com purchases is another step in that journey,” said JoseFernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, andDigital Currencies, PayPal. This article was written by Tareq Sikder at www.financemagnates.com.
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Several reports have confirmed that Pavel Durov, thefounder and CEO of Telegram, has been transferred from custody to court, Cointelegraphreported. According to sources close to the matter, Durov's detention periodwas nearing its end, prompting his transfer to the Paris court. Unexpected Court AppearanceThe Russian news agency RIA Novosti revealed thatDurov was brought to court at around 1:00 PM UTC, marking a significant momentin what appears to be an ongoing legal matter. A RIA Novosti correspondent reported that two carswith flashing lights were seen speeding away from the National Anti-FraudBureau in the suburbs of Paris. This location is where Durov was believed to have beenheld during his detention. The sudden movement sparked speculation and concern,hinting at the seriousness of the situation.As Durov appeared before the investigating judge, thepossibility of charges being filed became a key focus. The French news agencyAgence France-Presse (AFP) also confirmed Durov's appearance in court, citing asource close to the case. Durov's court appearance raises many questions aboutthe future of Telegram and its leadership. While details remain sparse, thetech community and Telegram users worldwide are keenly watching thedevelopments.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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iSAM Securities has announced the promotion of BarryFlanigan to Head of Asia Pacific. In this role, Flanigan will manage alloperations across the Asia Pacific region. His responsibilities will includeoverseeing strategic growth, enhancing client engagement, and expanding thefirm's service offerings.Career Highlights Flanigan's tenure at iSAM Securities spans over nine years.Most recently, he served as Head of Electronic Trading since June 2023. Beforethis, he was Head of Distribution and Liquidity from June 2020 to November2023. He also held the position of Head of Electronic Trading Solutions fromNovember 2016 to June 2020.Flanigan's career with iSAM began in 2009, where he heldvarious roles including FX Operation and Integration and Senior OperationsAnalyst. He started his professional journey at Maitland Fund Services as aSenior Fund Accountant before joining iSAM.“For a long time we’ve wanted to focus on growth andpotentials in Asia. We have a high calibre of resources, complimented by asophisticated client base. Transitioning from London to lead in Asia-Pacificemphasises the focus on strong leadership in this increasingly vital market,” Flanigan commented on his appointment.Meanwhile, iSAMSecurities has promoted James Wale to Head of Leveraged Sales EMEA asreported by Finance Magnates.Wale has over 15 years of experience in institutional sales and relationshipmanagement, having worked at CMC Markets, Varengold Bank, and FIXI plc. He hasbeen with iSAM Securities for over 7 years, where he has shown strongleadership and client relationship skills.TRAction Integrates with APEXTRActionhas integrated its reporting platform with iSAM Securities' APEX liquiditybridge, which is now live. This integration removes the need for manual datacollection, streamlines reporting, and ensures data accuracy. It also reduces the operational burden of reportingrequirements and enhances reporting capabilities for iSAM Securities' clients,covering major regimes like EMIR, MiFIR, ASIC, MAS, CFTC, and Canada, as wellas upcoming requirements EMIR Refit and ASIC and MAS rewrites.This article was written by Tareq Sikder at www.financemagnates.com.
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Partnershipswith major football brands like Juventus and Atalanta are set to helpPolish-born cryptocurrency exchange zondacrypto spread its international wings.In an exclusive interview with Finance Magnates, the platform's CEOPrzemyslaw Kral reveals the company's plans for the coming quarters and sharespredictions for future Bitcoin (BTC) prices.zondacrypto Bets on Sportsto Gain International PresenceIt's longbeen known that sports emotions intertwine with trading excitement. The largestcompanies in the finance and cryptocurrency world build brand awareness throughsports partnerships for years.Footballundeniably takes the lead here, a fact well understood by zondacrypto.Besides footy, the company also promotes itself at cycling events, includingthe Tour de Pologne."OurPolish origins as well as the fact that part of our sports sponsorshipcooperations, like Wojciech Szczesny, former football Polish Champion RakowCzestochowa, top WTA tennis player Magdalena Frech, and the UCI Gran FondoWorld Champion Wojciech Szczepanik are from Poland, strengthen our credibilityas the top European global crypto exchange," Kral commented inconversation with Finance Magnates.The abovefocus on the Polish market, which still plays a dominant role in zondacrypto'sofferings. Of the exchange's 1.3 million current customers, over a million arefrom Poland. Since 2021, their activity has allowed the platform to generaterevenues reaching €37 million.However,Kral has an appetite for international expansion and making zondacrypto notjust the largest Polish crypto exchange, but also a significant player inEurope."Ourgoals are international, as are our collaborations with Juventus FC, AtalantaBC, Giorgio Chiellini or Princess Charlene de Monaco Foundation, with morecoming soon," adds the zondacrypto CEO. The sponsorship of the Girod'Italia is also noteworthy.Let's go Atalanta! 🖤💙#GoAtalantaGo https://t.co/KWG2rN18OW— zondacrypto (@zondacrypto) August 14, 2024The firsteffects of these actions are already visible.Italy Becomes Second MostImportant Market for zondacryptoBy focusingon building visual presence at important Italian sporting events, including footballmatches and cyclicng events, zondacrypto has managed to make the country itssecond most important market at this time."Previously,Italy was the 7th largest group among our investors," revealed Kral."Comparing the last half of the year with the second half of last year, werecorded a 10-fold increase in the number of customers from Italy."zondacrypto enters the game with @juventusfc 🤝Get $10 in crypto! ₿🔥✅ If Juventus win the Italian championship - we'll be adding 10 Juventus Fan tokens - $JUV to your account as well!What do you need to do?👉 Scan the QR code to register at zondacryptoYou are welcome… https://t.co/UqIPMqa0b0— zondacrypto (@zondacrypto) May 15, 2024Theexpansion strategy is bringing other benefits to the company as well. In thefirst half of 2024, the share of payments for zondacrypto services in eurossignificantly increased. Moreover, users are depositing more than they'rewithdrawing, which favors the platform's revenue structure. Meanwhile, thecompany has also obtained another license, meeting regulatory conditionsimposed by the Swiss FINMA."Comparingthe last half of last year and the first half of this year, the share ofpayments in EUR increased by over 50%," the zondacrypto CEO commented inconversation with Finance Magnates. "And users of our exchangedeposit more than they withdraw from it, the difference is around 6%."Currently,all assets deposited on on the platform are valued at €520 million. Andalthough according to CoinMarketCap data, zondacrypto is only the 240thexchange in terms of daily spot volumes (not exceeding $2 million), it remainsthe leader in terms of trading on the BTC/PLN pair.Moreover,Kral hopes that the newly introduced native ZND token will help increase theattractiveness of the current offer, attracting new users to the platform.ZND Warmly Received by TradersThe first publicissuance of the ZND token took place in…
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With the commencement of the 2024-2025 football season, another sports sponsorship has been sealed. Today (Wednesday), blockchain firm BlockDAG revealed its three-year deal with German football club Borussia Dortmund (BVB), worth $10 million.Deep-Pocketed Crypto Firms Entering FootballThe latest deal came after Coinbase, one of the big names in crypto exchanges, extended its agreement with BVB for the next three years. Coinbase first became BVB’s sponsor in 2021. However, the finances of that deal remain unknown.“Partnering with one of the world’s most successful football clubs, boasting one of the largest and most passionate fan bases globally, marks a pivotal moment for BlockDAG,” said Antony Turner, CEO of BlockDAG.Under the terms of the deal, BlockDAG earned the status of BVB’s Premium Blockchain Partner. Further, the blockchain company has gained branding rights across Signal Iduna Park, the official stadium of BVB, which has a maximum capacity of accommodating 81,365 spectators, including LED advertising around the pitch and prominent placements on large screens during home matches.“It was exciting to see our branding at the iconic 80,000-seater Signal Iduna Park during BVB's recent victory over Eintracht Frankfurt, and we eagerly anticipate many more exciting moments and successful outcomes in the future,” Turner added.Promotions on Physical and Digital InfrastructureThe blockchain company will also be able to promote its branding on the football club's social media channels. BVB has 20.9 million followers on Instagram, 15 million followers on Facebook, 4.4 million followers on X (formerly Twitter), and 1.3 million subscribers on YouTube.The sponsorship deal also includes elements of fan engagement, as the blockchain company plans to launch a series of fan competitions and giveaways, including VIP matchday experiences and signed memorabilia. It will also offer VIP hospitality to selected fans and $BDAG coin holders, including behind-the-scenes stadium tours, meet-and-greets with Borussia Dortmund players, and access to exclusive events and premium seating. These fan engagement arrangements usually come with deals of such size.“We look forward to exploring the exciting possibilities that this collaboration will bring to our fans and the broader football community,” added Carsten Cramer, CMO of Borussia Dortmund.Meanwhile, other financial services companies are also entering into new sports deals or enhancing existing ones. As Finance Magnates reported, Swissquote recently revealed that it would be the “principal sponsor” of two Swiss ice hockey teams. Among the crypto exchanges, Gate.io became the sleeve sponsor of Italian football club giant Inter Milan.This article was written by Arnab Shome at www.financemagnates.com.
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In the world of Forex trading, the broker you choose can either be a steppingstone or a stumbling block. With the APAC region's diverse market forces, the task of finding a reliable broker becomes even more intricate. In fact, there are brokers in the region who, despite operating without local regulation, maintain a strong reputation due to their offshore regulation by entities like the FCA in Great Britain or ASIC in Australia. This adds another layer of complexity to the decision-making process.As such, selecting the top Forex broker in the Asia-Pacific region remains a challenging endeavor for many traders. Our comprehensive review of Forex brokers in the APAC region aims to simplify this process. We have meticulously evaluated each broker, considering various factors to compile a definitive list of the best brokers in this expansive and varied market. The brokers featured in our review are distinguished by their commitment to providing excellent service, robust regulatory compliance, and a trading environment that caters to both novice and experienced traders.Who Are the Most Trusted Forex Brokers in Asia-Pacific?The APAC region is home to a vibrant Forex market, teeming with opportunities yet fraught with potential pitfalls. The brokers that have made it to our list stand out for their reliability, regulatory adherence, and superior trading platforms. They offer competitive spreads, high-quality customer service, and a range of trading instruments that cater to diverse trading needs.1. EBC Financial GroupEBC stands as a formidable force in the online forex and CFD trading space, particularly within the Asia Pacific region. Renowned for its unwavering commitment to delivering top-tier trading services, EBC caters to clients from over 100 countries, offering a diverse portfolio that includes forex, commodities, and indices.The broker provides a diverse array of account types designed to meet the needs of traders at all levels. Their offerings range from basic accounts for beginners to premium accounts for high-volume professionals. This flexibility ensures that every trader can find an account that matches their trading style and needs.Cutting-edge technology and extensive educational resources are some of EBC’s key strengths. Traders benefit from high-speed execution, advanced platforms like MT4, and a mobile trading app. The broker also offers a demo account and a comprehensive suite of educational materials, making it an excellent choice for both novice and experienced traders looking to refine their strategies without risking real money.Traders at EBC benefit from highly competitive spreads and leverage options tailored to their trading profiles. The broker excels in liquidity optimization through its direct relationships with leading liquidity providers and non-bank market makers. This ensures competitive pricing and transparent trade execution. Additionally, EBC offers end-to-end solutions, streamlining pre- and post-trade processes, providing advanced risk management tools, and enabling efficient execution across multiple platforms.EBC Features:• Regulation: FCA, ASIC, CIMA• Leverage: Up to 1:500 • Minimum spreads: From 0.0 pips• Minimum deposit: $50• Trading platforms on offer: MT4, MT5 (Soon)With its comprehensive suite of services and steadfast commitment to excellence, EBC is a premier choice for traders in the APAC region seeking a reliable, well-regulated, and resource-rich trading environment.2. ATFXATFX, a prominent online forex and CFD broker established in 2014, has a significant presence in the Asia-Pacific region. It offers a wide range of trading instruments, including forex, commodities, indices, and cryptocurrencies, serving both retail and professional traders in over 150 countries.ATFX provides four main types of accounts: Standard, Edge, Premium, and Professional. These accounts cater to various trading styles and experience levels. The Standard account, requiring a minimum deposit of $500, is designed for beginners with higher spreads starting…
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Swissquote, a Switzerland-headquartered online broker, has strengthened its presence in sports by becoming the principal sponsor of two local ice hockey teams: ZSC Lions from Zurich and the Genève-Servette Hockey Club.Under the new terms, the existing commitments of the sponsorship deal with the two teams have been extended for a further three years.Enhancing Brand PresenceAccording to the official press release, the Swissquote logo will appear on the jerseys of both clubs, and the company will also run its advertisements in the stadiums and hospitality areas during all games of the Swiss National League, which is the top ice hockey league in the country.ZSC Lions lifted the top domestic league trophy last season. Both teams will compete in the Swiss National League this coming season, giving Swissquote a significant branding boost.“Ice hockey is an integral component of Swiss sports culture, and we are proud to continue supporting these two outstanding clubs,” said Jan De Schepper, CSMO of Swissquote. “Our partnerships reflect our values, and we are convinced that we will celebrate many more successes together.”One of Switzerland’s Top SportsIndeed, the extension of the sponsorship deal came after a season that witnessed record attendance of spectators. According to SDA-Keystone, 2,595,387 spectators watched the games of the 14 National League teams this regular season, and most teams had more spectators in attendance than last season.The two hockey teams also have an impressive social media presence, given that their popularity is limited to one country with a population of 8.776 million. ZSC Lions has 40K followers on Facebook and 36.4K followers on Instagram. Genève-Servette also has a similar 40K followers on Facebook, 36.1K followers on Instagram, and 12.7K followers on X (formerly Twitter).Meanwhile, Swissquote's net revenue for the first half of 2024 jumped by 19.3 percent to reach CHF 316.9 million. Its pre-tax profit reached CHF 169.7 million, marking a 35.9 percent rise.This article was written by Arnab Shome at www.financemagnates.com.
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Former PresidentDonald Trump is making headlines once again, and no, it’s not about politicsthis time—at least, not directly. Trump has taken a flashy detour into theworld of digital assets, launching a new line of NFTs (Non-Fungible Tokens)that include digital trading cards of himself. Digital Cards, Physical (Bit of a) SuitIf that wasn't “interesting”enough, in a twist that’s bizarre even by Trumpian standards, the collectionfeatures none other than his Biden debate suit, now immortalized as a digitalcollectible. Buy enough of them and you can even get a piece of the real suit. Let’sdive into how Trump’s latest venture is less about nostalgia and more about thegreen stuff.According to theofficial NFT site, there are 50 “unique portraits that celebrate” Trump’s“storied career,” complete with “Presidential moments brought to life withvibrant artistry.” Translation? Think digital versions of Trump looking likehe’s been hitting the gym hard, clutching a Bitcoin, donning boxing gloves,signing important-looking documents, or posing as a Bitcoin-infused knockoff ofCaptain America. The new collection joins an incrediblydiverse portfolio of money-making initiatives.President Trump announces his NEW Digital Trading Cards- America First. Buy just 15 cards and get a piece of his “KNOCKOUT” Debate Suit. Buy just 75 cards or more and have a Gala Dinner with the President! Don't Miss Out! https://t.co/vrpHbxyrFG pic.twitter.com/TUYFLLD76f— CollectTrumpCards (@CollectTrump) August 27, 2024Each NFT ispriced at $99 to kick things off—but wait, there’s more! For those feelingextra Trump-y, bundle deals are on offer. Snag five NFTs, and you’ll score afree pair of Trump’s “Never Surrender” sneakers, first unveiled at February’s“Sneaker Con.” Go for a set of nine, and they’ll throw in two pairs. All ofthis is, of course, advertised on a dedicated site.And for the truecollectors: buying 15 NFTs gets you a physical trading card featuring Trump athis June debate with President Joe Biden (which many pundits say he won), alongwith a piece of the suit he wore during the showdown.Donald Trump - Fromthe Debate Stage to the BlockchainTrump’s NFTsaren’t just any digital collectibles—they’re a grab bag of nostalgia, politics,and unrestrained self-promotion. The NFTs are being marketed as digital tradingcards, featuring images of Trump in various settings, including hiscontroversial debate appearances. One card even depicts his debate suit, apeculiar choice that seems to straddle the line between memorabilia and cashgrab."You know they call me the Crypto President. I don't know if that's true or not but a lot of people are saying that. So Don't Miss out!" -President Donald J. Trump https://t.co/vrpHbxyrFG pic.twitter.com/rKJzkHleQk— CollectTrumpCards (@CollectTrump) August 27, 2024It’s no secretthat Trump has been at the forefront of unconventional fundraising tactics, butthis pivot into digital collectibles suggests a deeper need to innovate—orperhaps, to cash in. While NFTs have seen fluctuating popularity, Trump’s forayinto the market seems to be less about embracing new tech and more aboutsqueezing dollars out of his devoted fanbase.NFTsas FundraisersSo, why is Trump,a man with a storied history in real estate and reality TV, diving into theworld of blockchain and NFTs? It might well be more about dollars and centsthan digital innovation. There’s speculation that Trump’s pivot could be drivenby financial needs, especially as he gears up for the political stage once again.The idea of selling digital copies of a debate suit—something that arguablyholds little intrinsic value beyond its association with Trump himself—feelslike a move designed to generate quick cash.Trump’s team ismarketing these NFTs not just as collectibles but as potential investments—afamiliar tune, no doubt. The perceived value of an NFT often overshadows their tangibleworth. Yet, monetizing a suit underscores a broader trend: the merging ofcelebrity, politics, and commerce into an unholy trifecta designed to separatefans from their…
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London-basedbroker Valutrades has published its 2023 results for its FCA-regulatedbusiness. A turnover more than four times smaller than the previous yearresulted in a significant operating loss and a net loss of nearly £4 million.Valutrades Closes 2023with Substantial LossAccordingto Valutrades Limited's financial report filed with Companies House, thecompany's revenue in 2023 stood at £1.5 million, falling by almost 80% from the£6.5 million reported the previous year."2023was a challenging year for Valutrades with market volatility confined to largeranges resulting in a poor performance of Valutrades trade internalization aswell as clients shifting business to more interesting products such as equitiesthat saw a resurgence in bull markets," the company commented in thereport.Thecompany's sales costs decreased by 34%, but not enough to maintainprofitability. The operating profit of £552,000 from 2022 was wiped out,resulting in a loss of £3.7 million. The final net loss in 2023 amounted to£3.8 million.The valueof retail client funds held by the firm also shrank by nearly £1.4 million. In2022, it still stood at £3.4 million, now falling to just under £2 million."Valutradesunderstands the cyclical nature of markets it operates in and expects toughyears to be balanced with easier years over the long term while the short tomedium term focus remains on growth above profitability," the companyadded.The reportalso indicates that the business slowdown was partly due to "a year longproject to upgrade Valutrades core client area technologies."Mixed Results for The UKBrokersWhileValutrades' performance has significantly declined compared to 2022, the CFDbroker is not alone in facing challenges. Several other UK-licensed firms haverecently published mixed results, reflecting a turbulent period in theindustry.TradeNation, for instance, reported lower turnover in its UK operations, resultingin a financial loss of £2.2 million. The company's turnover decreased from £14million to £13.4 million year-over-year, with an operating profit of £1.2million turning into a loss of £2.6 million.Similarly,ParFX, regulated by the FCA, experienced a 14% drop in revenue in 2023 due to adecrease in client numbers. The company's net profit shrank by a substantial84% to $934,000. Despite these setbacks, ParFX, a subsidiary of the TraditionUK Group, has plans to expand its global distribution network and broaden its"FX electronic trading community".Incontrast, Equiti Capital UK Limited, the FCA-regulated arm of Equiti Group,managed to increase its trading revenue and operating profit in 2023. However,the company's total comprehensive income turned out to be over 30% lower thanthe previous year, indicating that even firms with positive growth are notimmune to market pressures.This article was written by Damian Chmiel at www.financemagnates.com.
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The first Finance Magnates Pacific Summit (FMPS:24) kicked off in Australia today. Held at the International Convention Centre (ICC) in Sydney, it is the only event to bring the entire B2B side of the financial services industry under one roof.Finance Magnates Events Lands in SydneyFinance Magnates events are known for providing networking opportunities for industry players, allowing them to meet potential clients and catch up with existing ones. Companies can also showcase their products and services from the exhibition floor booths.In addition, these events host regulators and top industry executives who share their insights and expertise in keynote speeches and panel discussions.Australia is recognised as a top retail trading market, home to many brokers and technology providers. Now, FMPS:24 has come to the land of these companies, bringing them together in one place. The event is not limited to a local audience, as global company representatives also attend extensively.The Focus Is on the Center StageDay 1 on the exhibition floor started at the Center Stage with a chat on “Regtech in Australia: A Global View” between Dickie Currer, National Lead at Tech Australia Advocates, and Deborah Young, CEO of The RegTech Association.In parallel, Pepperstone’s Head of Research, Chris Weston, took the Exchange Stage to share his views on “H2 2024 Outlook: Enhance Your Trading Game Facing Market Uncertainty.”“How is the collective wisdom in the market? How is the aggregated flow of capital moving through?” These are some of the burning questions he addressed at the event.An All-Stars PanelThe panel discussions at the event also hosted top industry figures. The first panel of the day took place on the Center Stage, discussing “Leaders Kickoff: on Existential Risks and Silver Bullets.” Moderated by Finance Magnates Group’s Chief Commercial Officer, Andrea Badiola Mateos, the panellists included David Jenkins, CTO at Pepperstone; Andrew Ralich, co-founder and CEO at oneZero; Alex MacKinnon, CEO of APAC at Finalto Asia; Gavin White, Group CEO of 26 Degrees; and Joe Li, Chairman of ATFX.“Regulating was a scary topic in the past, but now it is a validating aspect,” said Ralich. “Attacking challenges in fragmentation is the name of the game.”You know that the payments sector is booming also big when top payment executives show up at Finance Magnates events. Shannon Scott, SVP and Global Head of Product at Airwallex, took the stage at FMPS to share his views on “Reimagining a New Era of Banking for Businesses.”"Your Broker’s Growth is Elsewhere"Are you wondering how to establish and grow your brokerage business? Then catch the panel on “Your Broker’s Growth is Elsewhere.” The participants include Aeby Samuel, CEO & Founder at FYNXT; Nicholas Briscoe Country Manager, Australia at VISA; Andrew Saks, Chief Product Officer at TraderEvolution Global; Dennis Weissert, Head of Technology Business Development at iSAM Securities; Adrian Fyffe, Director – Sales Data & Access at Cboe Global Markets; and Andrew Matushkin, Head of Business Development Department at B2Broker.“There are brokerages who are not talking openly about how to keep their distinct CFDs clients active,” said Saks, “but also to add other asset classes to do that dynamically. That's the key.”Are you attending the event? Stop by booth #6 to say hello to the Finance Magnates team.This article was written by Finance Magnates Staff at www.financemagnates.com.
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eToro has enhanced its platform by partnering with theDubai Financial Market (DFM), in an agreement that allows the fintech firm'susers to some of the companies listed on the DFM. According to the company,this move offers users the opportunity to tap into one of the Middle East'sfinancial markets.Diversifying Investment Portfolios According to eToro, the integration of DFM stocks intoeToro's platform provides users with access to 10 companies. These companiesoperate across a wide range of sectors, including real estate, banking,utilities, logistics, and transport. Among the top stocks now available are major playerssuch as Dubai Electricity & Water Authority (DEWA), Emaar Properties, andDubai Islamic Bank. Collectively, these companies reportedly have a marketcapitalization exceeding USD 124 billion, positioning them as key assets withinthe regional market. Commenting about the partnership, Jason Hughes, theSenior Executive Officer at eToro Middle East, mentioned: "On eToro, userscan invest in 20 stock exchanges, gaining access to global and emergingmarkets. The geographical breadth of our stock offering aims to address theunique needs and preferences of our users who wish to invest in foreignequities as well as their home market.""By adding this initial selection of DFM stocks,we aim to support the investment needs of our UAE investors as we continue todevelop tailored solutions for the region. We are grateful for thecollaboration with DFM and look forward to providing investors worldwide withaccess to participate in the UAE's growth story."By incorporating DFM stocks, eToro is not onlycatering to investors in the UAE but also offering a new avenue for globalinvestors to participate in the region's economic growth.Facilitated by Emerging Markets Specialist ArqaamCapitalArqaam Capital, a Dubai-based specialist in emerging markets, facilitated the addition of DFM stocks to the eToro platform. "The addition of DFM-listed stocks to the eToroplatform aligns with our mission to promote the growth and development of ourfinancial market. We remain committed to supporting initiatives that drive thisgrowth and provide global investors with seamless access to robust investmentopportunities in Dubai," Khalifa Rabba, DFM's Chief Operating Officer,added.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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Nigeria's financial regulator is preparing to licensecryptocurrency exchanges. The country's Securities and Exchange Commission (SEC), headquartered in Abuja, is set to unveil its inaugural licenses fordigital and tokenized assets this month, Bloomberg reported.Formally Regulating Crypto According to the regulator, this move reflects abroader global trend of regulators increasingly seeking to bring crypto markets under formal oversight. Emomotimi Agama, the SEC's Director-General,highlighted the urgency and potential of this regulatory change. "Being a crypto enthusiast and fintechenthusiast, I can tell you without doubt that this is going to happen soonerthan you think," Agama stated during a Bloomberg Television interview. Heemphasized the need to support the country's youth in tapping into fintechopportunities, citing the growing market size.Nigeria's decision aligns with regulatory actions inother regions. The European Union, South Africa, and Botswana have implementedframeworks to manage digital assets, aiming to stabilize markets and protectinvestors. These steps come in the wake of a tumultuous period in2022, marked by significant market crashes and scandals that prompted calls forstricter oversight.Nigeria’s top finance regulator plans to license crypto exchanges as adoption surges https://t.co/0OulDkPNZx— Bloomberg Crypto (@crypto) August 20, 2024In contrast, Nigeria has faced challenges, including aprevious ban on banks facilitating crypto transactions. Authorities wereconcerned about currency manipulation impacting the naira, which has sharplydepreciated against the dollar. The SEC's forthcoming licensing regime aims to addressthese issues by providing a structured approach to crypto market operations. Inaddition to the licensing plan, Nigeria is preparing to introduce a new bill bySeptember that will outline tax regulations for cryptocurrency transactions.Upcoming Legislation and Ongoing Legal ActionsThis development is expected to further integratedigital assets into the country's financial system. Meanwhile, legal actionsare ongoing against crypto exchange Binance, with allegations of tax evasionand money laundering leading to the imprisonment of one executive.As Nigeria moves forward with its crypto licensinginitiative, the financial sector anticipates a more regulated environment thatbalances growth with investor protection.Even as Nigeria prepared to restore sanity in thecrypto assets space, some exchanges have suspended operations. Recently, OKX discontinued its services in the region due to changes in local regulations. This stepfollowed months of gradual service reduction, culminating in a complete exit. The crypto exchange specified that all services in the country will cease by August 16.This article was written by Jared Kirui at www.financemagnates.com.
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The Switzerland-originatedneobank Brighty App has announced its launch in Montenegro, marking its firstexpansion into the Western Balkans region. The next step is to debut in the UK.Brighty App Expands toMontenegro, Eyes SEPA IntegrationThe move comes as the countryprepares to join the Single Euro Payments Area (SEPA) by year-end, positioningBrighty to capitalize on increased cross-border financial activity.Brighty App offers integratedcryptocurrency and fiat currency services and previously was available only inEU and EEA countries. The platform provides users with multi-currency accounts,cryptocurrency trading, and both virtual and physical debit cards."Expanding into Montenegroserves our mission to provide seamless crypto payments and earningopportunities across the broader European region," said Nikolay Denisenko,Co-founder and Chief Technical Officer at Brighty App.The company's entry intoMontenegro coincides with the country's upcoming SEPA accession, which isexpected to reduce costs and simplify euro transactions between Montenegro andEU member states. This timing could potentially accelerate cryptocurrency adoptionin the Western Balkans.🌍 Brighty is live in Montenegro! 🌍Zdravo, Montenegro! Brighty is here to make your money work smarter for you. 🚀Seamless saving, sending, spending, and earning at up to 10% on your stablecoins.Download the Brighty app today! #BrightyInMontenegro #DigitalFinance pic.twitter.com/x0VUhBxQIM— brightyapp (@brightyapp) August 16, 2024The UK Is NextDenisenko revealed in aninterview with Finance Magnates that the company is focusing not only onMontenegro but is also working to debut in the UK. "The team is consistentlymonitoring regulatory changes in order to reach and serve as much of theEuropean continent as possible," the Co-founder commented.POV: You travel across the UK and pay for everything in #crypto ☕️ pic.twitter.com/ieskLjoqEi— brightyapp (@brightyapp) August 17, 2024He also disclosed that thecompany should soon launch a new service in the area of stablecoins.“This September, Brighty userscan expect to see a one-of-a-kind card feature launching in the app, which willallow them to earn even more on their stablecoin holdings,” Denisenko added.Recent Brighty’s UpdatesBrighty App recently introducedan AI-powered investment platform, which the company claims can achieve annualreturns of up to 21%. This feature uses algorithms to analyze market data andautomatically optimize user portfolios.As it expands, Brightyemphasizes its commitment to Swiss-level security standards to protect userdata and transactions. The app supports both SEPA and SWIFT payments, allowingfor flexibility in international transfers.At the endof last year, thecompany announced that it was entering the European B2B payments sector,targeting a market worth over $2 trillion.This article was written by Damian Chmiel at www.financemagnates.com.
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Asset management giant BlackRock has extended itsEthereum ETF to Brazil. As of August 28, Brazilian investors can now trade theiShares Ethereum Trust (ETHA) via a Brazilian Depositary Receipt (BDR) on theB3 stock exchange under the ticker ETHA39, local media publication InfoMoney reported. Ethereum ETF in Brazil This move followed BlackRock’s earlier success withits Bitcoin ETF in the region. The introduction of ETHA39 reportedly marks asignificant milestone for Brazilian investors seeking exposure to Ethereum, thesecond-largest cryptocurrency by market capitalization. The ETF, which originally launched in the UnitedStates in June 2024, is now available in Brazil at a price of approximatelyone-third of the original asset’s value, thanks to the BDR structure. Thismakes it more accessible to a broader range of investors. Additionally, management fees are competitively set at0.25% per year, with a promotional rate of 0.12% during the first year or untilthe fund reaches $2.5 billion in assets under management. Brazil has been a pioneer in offering crypto-tiedproducts on its stock exchange, with ETHA39 being the 15th cryptocurrency ETFor BDR available on B3. Despite the United States only recently authorizingsuch trading, Brazil’s regulatory environment has allowed for the earlierintroduction of multi-asset funds, providing exposure to variouscryptocurrencies within a single ETF.Multi-asset FundsAccording to Felipe Gonçalves, the superintendent ofInterest and Currency Products at B3, cryptocurrencies in Brazil now totalR$5.5 billion in equity across funds, with an average daily trading volume ofR$50 million. This robust market underlines the significance of BlackRock’smove to offer its Ethereum ETF in the country.As the demand for digital assets continues to rise,BlackRock’s latest ETF offering aims to position the company as a key player inBrazil’s evolving cryptocurrency market. Whether through retail orinstitutional investors, the introduction of ETHA39 is set to further integratedigital assets into Brazil’s financial landscape.Spot Ethereum exchange-traded funds debuted in the US exchanges last month, generating $1.08 billion in cumulative trading volume ontheir first day. However, these new products faced a mixed reception,registering a net inflow of $106.6 million. This figure was contrasted by substantial outflowsfrom Grayscale's converted Ethereum Trust, Finance Magnates reported. Interestingly, BlackRock's iShares Ethereum Trust andBitwise's Ethereum ETF significantly grew among the new offerings, attracting$266.5 million and $204 million in net inflows, respectively.This article was written by Jared Kirui at www.financemagnates.com.
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Binance CEO Richard Teng has firmly rejectedaccusations circulating on social media that the crypto exchange froze allPalestinian accounts at the orders of Israeli authorities, Coindesk reported. Teng labeled these claims as fear, uncertainty, anddoubt, "FUD," asserting that the allegations are misleading and thatBinance's actions were confined to blocking only those accounts associated withillicit activities.Clarification on Account FreezesThe controversy arose from a social media post by RayYoussef, CEO of NoOnes, which suggested that Binance had seized funds from allPalestinian users. Youssef supported his claims with a letter from Israel'sNational Bureau for Counter-Terror Financing. This letter, dated November 2023, rejected an appealagainst a seizure order involving funds from the Dubai Exchange Company inGaza, which has been designated as a terror organization. However, the letterdid not specify the identities of the affected accounts.In response, Teng stated that only a small fraction ofaccounts, specifically those linked to suspicious activities, were subject torestrictions. Binance, like other financial institutions, adheres to globalanti-money laundering (AML) regulations, which necessitate such measures whendealing with illicit financial activities. Teng emphasized that these actions are part ofstandard compliance practices and not a blanket freeze on all Palestinianaccounts. The confusion comes against the backdrop of ongoing geopoliticaltensions and the use of cryptocurrencies by various entities, includingterrorist organizations. Context of the AllegationsThe Israeli government reported seizing 190 Binanceaccounts linked to terrorism since 2021. Additionally, the U.S. imposedsanctions on businesses providing financial services to Hamas, furthercomplicating the context of these allegations.Globally, regulators have increasingly focused on therole of cryptocurrencies in terror financing. Singapore has reported a rise insuch activities, although traditional methods remain predominant. Thecomplexity of tracking and verifying individual wallet ownership adds to thechallenges faced by exchanges like Binance.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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Sui (https://sui.io/) the Layer 1 blockchain offering industry-leading performance and infinite horizontal scaling, announced that it has joined forces with Fordefi, a company that employs multiparty computation (MPC) technology to deliver a secure institutional wallet platform for DeFi. Fordefi's comprehensive platform and Web3 gateway provide an enterprise grade solution enabling builders, traders, and operators to self-custody their private keys, seamlessly connect to thousands of decentralized applications (dApps) across any blockchain, and manage digital asset operations with granular policies and a unified interface.Fordefi’s integration with Sui enables institutional users to securely self-custody their private keys and connect to thousands of dApps across various blockchains, ensuring complete control over their digital assets, enhancing operational efficiency, and dramatically simplifying digital asset management. The platform also offers customizable policies to protect workflows and consolidates all digital asset operations into a unified interface, providing a comprehensive and user-friendly asset management solution. “Sui’s scalable, secure platform is uniquely suited to meet the demands of institutional users,” said Gap Kim, Global Head of Marketing for Sui Foundation. “By providing a secure, institutional-grade custody solution and seamless access to DeFi features, Fordefi empowers asset managers, trading firms, and exchanges to fully leverage Sui’s capabilities, enhancing the Sui ecosystem and driving further adoption.”With this collaboration Fordefi becomes the first institutional-grade custody solution to offer convenient access to DeFi functionalities on the Sui blockchain. This integration benefits asset managers, trading firms, exchanges, and other institutional entities by providing a reliable and secure wallet-as-a-service.“We are excited to add support for Sui Network,” said Josh Schwartz, CEO and Co-Founder of Fordefi. “Enabling our MPC wallet on Sui Network ensures that institutional clients can now benefit from secure self-custody and seamless dApp integration, while accessing Sui DeFi. We look forward to the evolution of this partnership.”This article was written by FM Contributors at www.financemagnates.com.
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AGM Group has strengthened its presence in the NorthAmerican cryptocurrency and blockchain market by appointing Mr. Chong Chao Maas the new Chief Executive Officer of its Canadian subsidiary, AGM CanadaHoldings Limited. Machine Learning and AI ExpertMa, a seasoned professional with nearly 30 years ofexperience in data mining, machine learning, and AI, will be responsible for driving growth and innovation in the Canadian market. Hehas a background in leadership positions from NOWLIT Solutions Corp. andMinerVa Semiconductor Corp.Commenting on the new appointment, Dr. Bo Zhu, the CEO of AGM Holdings, said: "We are thrilled to have Ma as the new CEO of AGM Canada. His extensive experience intechnology, particularly in data mining, machine learning, and AI, is exactlywhat we need as we expand into the Canadian cryptocurrency andblockchain market.""With his expertise and proven track record of drivinginnovation, we are confident that Mr. Ma will play a pivotal role in advancingthe Company's strategic goals and positioning AMG Canada as a leader in thetechnology sector. Under his guidance, we believe AGM Canada will rapidlyestablish itself as a significant player in the industry."In his new role, Ma will focus on harnessing AGM Group'stechnological capabilities to deliver top-tier cryptocurrency mining machinesand standardized computing equipment. His goal is not only to meet marketdemands but to exceed them, creating significant value for shareholders andpositioning AGM Canada as a leader in the industry.Expanding Technological OfferingsAs AGM Group continues to strengthen its leadership team andexpand its technological offerings, the company is poised to play a significantrole in the North American blockchain and cryptocurrency sectors. With Mr. Maat the helm of AGM Canada, the subsidiary is expected to accelerate its growthtrajectory, fostering innovation and driving substantial returns forstakeholders.Ma mentioned: “My focus will be on leveraging our strengthsin technology and innovation to create substantial value for our shareholders.By delivering top-tier cryptocurrency mining machines andstandardized computing equipment, we aim not only to meet but to surpass marketexpectations.” “I look forward to working closely with our team to ensurethat AGM Canada becomes a leader in the industry, delivering strong returns andlong-term value to our stakeholders. Together, we will build on AGM's strongfoundation and push the boundaries of what's possible in technology.”This article was written by Jared Kirui at www.financemagnates.com.
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The final countdown to iFX EXPO Asia 2024 is officially in full swing as one of the world’s leading B2B online trading and fintech events is just around the corner, ahead of its return to Thailand. Excitement is already building as the expo, now in its third year in Bangkok, prepares to welcome more than 3,500 industry professionals, innovators, and executives spanning 1,600+ companies worldwide.Taking place between 16-18 September 2024 at the renowned Centara Grand & Bangkok Convention Centre, this year’s iFX EXPO Asia is on track to be one of the largest and most successful events of its kind ever held in the region.Where deals are sealediFX EXPO Asia opens the door to unparalleled networking opportunities, enabling attendees to meet and engage face-to-face with some of the most influential figures in the financial sphere, building invaluable connections and generating fresh leads.There will be the chance to get acquainted with representatives from a broad spectrum of industry participants, including brokers, affiliates and IBs, payment service providers, liquidity providers, fintech companies – and many others.With so many key stakeholders from the online trading industry under one roof, the exhibition presents the ideal location for those looking to grow their business, find new partners, and explore potentially lucrative opportunities available to them in Asia. Embrace the learning opportunitiesPassholders will be able to enjoy access to more than 120 exhibitors on the main expo floor, each showcasing the latest products and services in the industry. Alongside browsing the innovative on display, attendees can also immerse themselves in more than 13 hours of industry-leading content, including 27+ sessions covering 25+ topics.The dedicated Speaker Hall and Idea Hub areas will feature insightful talks from an eclectic mix of speakers, who will tackle key topics such as:● The Route to Sustainable Fintech Growth: Balancing Regulation & Innovation● Game of Codes: Dreaming an Ethical AI in APAC’s Fintech Saga● The Importance of Understanding Local Payment Landscape for Global Expansion● APAC E-Trading: Improvise, Adapt, Overcome● Brokers Risk Management: Expect the Unexpected● Spotlight on Female Pioneers: Stories of Leadership, Diversity & Gender EqualityTo discover the full expo agenda, click here.Make connections in a relaxed settingWhen it comes to networking, iFX EXPO Asia has all bases covered, providing numerous dedicated spaces and opportunities throughout the 2+ day event. Strategically located around the exhibition centre, the Networking Lounges and sponsored F&B areas provide both quiet and comfortable spaces for attendees to meet, discuss, and focus on key business matters.Also away from the main exhibition floor areas, passholders will be granted exclusive entry to the glamorous Welcome Party. Often the expo highlight of many who attend, the event offers the unique chance to make new connections in a more casual, sociable environment.Concluding the second day, the Night Party presents the ideal opportunity for guests to unwind and relax after a busy day conducting expo business. Taking place at the TRIBE Sky Beach Club, the informal gathering allows attendees to revel in a vibrant atmosphere and enjoy an evening of entertainment.Unlock discounted accommodationThe Centara Grand & Bangkok Convention Centre at CentralWorld is iFX EXPO Asia’s official hotel partner, meaning you can book your stay at the same hotel hosting the expo. There are also special rates applied on stays between 14-21 September 2024. With a limited number of hotel rooms available, we encourage you to act fast to secure your accommodation. Book now to benefit from a discounted rate!Further exclusive offers for attendeesAll iFX EXPO Asia attendees can unlock a number of special perks at the click of button, including:● Discounted rates at Centara Grand & Bangkok Convention Centre● Complimentary yoga sessions in the Lotus Garden (17-18 September)● 20% off “À la Carte Menu” at Ventisi● 10% off select…
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Applications for registration as a cryptoasset exchange orcustodian wallet provider have dropped by 51% over the past three years,according to data obtained through a Freedom of Information (FoI) request byglobal law firm Reed Smith. The Financial Conduct Authority (FCA) reported that only 29applications were submitted between May 1, 2023, and April 30, 2024. This marksa decline from 42 applications in the previous year and 59 in the year beforethat. The first quarter of 2024 saw just seven applications, which is thesecond-lowest quarterly figure recorded in the past three years.Regulatory Process Slows ProgressThe average time for the approval of applications within thepast three years stands at 459 days. Industry experts have raised concerns thatthis slow pace may hinder the UK’s broader goal of becoming a global hub forcryptocurrency. The lengthy approval process could discourage potentialapplicants and undermine confidence in the regulatory framework.In the last three years, 186 firms have withdrawn theirapplications. However, the number of withdrawals has dropped significantly,falling by 78% in the past year compared to the 2021-2022 period. This decreasesuggests that applicants may be gaining a better understanding of the FCA’srequirements and expectations, resulting in fewer withdrawals.Withdrawals and Applications DataThe data provided by the FCA highlights several key trends.Over the last year, 29 applications were submitted, compared to 42 in 2022-2023and 59 in 2021-2022. In the same period, 20 firms withdrew their applicationsfor registration, down from 73 in 2022-2023 and 93 in 2021-2022. “The good news is that the falling number of applicationssuggests that firms are now much better acquainted with what the regulatorexpects,” Brett Hillis, Partner at Reed Smith, said. "This can only be a positive development and would alsoexplain the fall in approval times as the FCA has to spend less time wadingthrough poor quality applications. Clearly, though, there is scope to speed upfurther.”The averagetime taken to approve applications in the last year was 311 days, animprovement from 497 days in the previous year. Since 2021, the FCA has spentthe equivalent of 25 years assessing cryptoasset applications.Since new financial promotion rules came into effect inOctober 2023, the FCA identified 1,010 breaches in the first seven months, upto April 2024. The introduction of these rules has led to increased scrutinyand enforcement activity in the sector. This article was written by Tareq Sikder at www.financemagnates.com.
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The EMEAbranch of multibank FX aggregation services provider for spot foreign exchangetrading, FXSpotstream Europe Ltd, increased its revenue and operating profit in2023. The company's latest report showed that net profit grew by over 60%.FXSpotstream Europe Increases Its Net Profit to $183,000According to the latest report published in the UK'sCompanies House, FXSpotstream Europe achieved a turnover of $3.5 million,increasing its revenue by 40% from the $2.5 million reported in the previousyear. It's worth noting that this marks another consecutive year in which thecompany's main financial indicators have shown positive change.Although the company also increased its administrativeexpenses (to $3.3 million from $2.5 million), operating profit was still more than twice as high as the previous year, reaching $248,000 comparedto $123,000 in 2022.As a result, net profit after tax grew by over 60% to$183,000 from $112,000. The company's assets also increased, amounting to over$790,000 at the end of 2023.FXSpotStream's SpotAverage Trading Volumes Also HighAdditionally,FXSpotStream noted a significant increase in its Average Daily Volumes (ADV)for July. The spot forex ADV jumped by 39% compared to the previous year, andother ADV categories surged by 85% YoY, rising from $14 billion.Furthermore,FXSpotStream has named John Ashworth as the Independent Chair of its Board ofDirectors. Ashworth, who is currently serving as the CEO of Caplin Systems—aprovider of trading technology—brings more than three decades of expertise inthe tech sector to the role. His prior positions include senior roles at keyFX-centered organizations such as FENICS, GFI, Apama, and FXAll.Commentingabout the appointment, FXSpotStream's CEOJeff Ward said: "As we continue to mature and expand as a business, thereis a need to add senior leadership with a strong background in independentgovernance and technology, and John brings both of these to the table.This article was written by Damian Chmiel at www.financemagnates.com.
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Finance Magnates sat down with Richard Crook, the recently appointed chief executive officer at HAYVN, a cryptocurrency payments and OTC trading provider to explore the ways that the cryptocurrency and stablecoin payments market is continuing to change and grow; what's working, and why. As businesses and consumers increasingly seek reliable, efficient, and cost-effective payment solutions, the use of cryptocurrencies has been gaining momentum. At the forefront of this revolution is HAYVN, a global leader in digital assets, whose innovative product, HAYVN Pay, is redefining how transactions are conducted in the digital age.Richard Crook joined HAYVN earlier this year to lead the company through a pivotal transition into the new era of digital currency transactions. With a distinguished background at UBS, RBS, and BCB Group, Richard brings expertise in enhancing client experience and service delivery. Under his leadership, HAYVN is set to empower various sectors to capitalise on the burgeoning demand for secure and efficient crypto payments.Why crypto payments are a game-changer for modern businessesCrypto payments, which utilize digital currencies for transaction settlements, present a range of advantages over traditional payment methods. They offer greater speed, efficiency, and cost-effectiveness by bypassing intermediaries and significantly lowering transaction expenses. This positions cryptocurrencies as a compelling alternative for businesses and consumers, particularly in the realm of cross-border transactions, where expediency and cost savings are crucial. Additionally, stablecoin payments further elevate these benefits by providing even lower costs, faster processing, and 24/7 availability. They also enhance security by offering improved compliance with AML/CTF regulations, thereby minimising the risk of funds being frozen by banks.HAYVN’s CEO explained, “HAYVN Pay was designed to harness these benefits, providing businesses with a secure and seamless platform to accept payments in various cryptocurrencies, addressing the growing demand for modern payment solutions that align with the digital economy's pace, and offering a gateway to the future of payments.”Stablecoin Use-Cases: From Trading to Mainstream FinanceWhile Bitcoin is often seen as "digital gold" due to its decentralised nature and fixed supply, stablecoins offer a different value proposition. Unlike Bitcoin, which can be volatile and is sometimes compared to fiat currency without governmental control, stablecoins are designed to maintain a consistent value. “They combine the efficiency and security of cryptocurrencies with the stability of traditional currencies, offering a unique advantage for users seeking both,” Crook explained. Stablecoins have emerged as a popular choice within HAYVN Pay, primarily due to their stability, which contrasts with the volatility typical of other cryptocurrencies. Pegged to traditional fiat currencies like the US dollar, stablecoins such as USDT (Tether) and USDC (USD Coin) offer reliability and are widely accepted for everyday transactions. Crook added, “This peg provides stability, making them ideal for everyday transactions where price fluctuations could otherwise pose a risk. USDT and USDC are among the most commonly used payment methods on HAYVN Pay, reflecting their reliability and widespread acceptance.”The evolution of stablecoins from a niche trading tool to a mainstream financial instrument has been significant. Initially, stablecoins were primarily used in the crypto world for trading and settlement, allowing traders to avoid the volatility associated with other cryptocurrencies. However, their utility soon expanded into broader financial applications, especially in cross-border transactions. Stablecoins democratised access to stable fiat currencies, particularly in regions with limited traditional banking infrastructure, marking a shift towards mainstream financial use.Stablecoins surge in popularity across these key industriesAccording to Circle, the company…
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The firsthalf of 2024 proved exceptionally strong for Tickmill in the Middle East andNorth Africa (MENA) region, as confirmed by data shared with FinanceMagnates. Trading volumes grew by 54%, surpassing $135 billion, while thetotal number of clients, including active ones, reached historic highs.Tickmill Expands Offeringsin MENA RegionTickmillreported this week that compared to the first half of last year, it saw asignificant jump in trading activity in the Middle East. According toinformation provided to Finance Magnates by the company, the totalvolume over the past 6 months increased by almost $50 billion, compared to thesame period in 2023."Wewould like to take this milestone as an opportunity to reaffirm our commitmentto Middle Eastern traders to empower their investment projects throughcutting-edge technology, efficiency and exceptional service for their financialoperations," commented Mohamed Abdelbaki, the Regional Marketing Managerof Tickmill.Highervolumes are, of course, driven by clients, whose numbers reached record valuesin the past six months. Tickmill managed to increase its client base in MENA by14%, while the number of active clients grew by almost 20%.The companyalso emphasized that in addition to a strong H1 2024, it recorded recordinterest from traders in July."Witnessingthis year's results, both in the Middle East and abroad, has been an excitingmoment of achievement for Tickmill's impeccable global team of professionals,for our seasoned leadership, and for our strategy of prioritizing the safety ofour client's funds while upholding the highest standards of transparency,integrity and innovation," added Joseph Dahrieh, the Managing Director atTickmill.Leadership Shift andService EnhancementsTickmill has also recently implementedsignificant changes in its organizational structure and service offerings. Thecompany has elevated Nicholas Baumer to the position of Chief CommercialOfficer (CCO). Baumer, who previously served as the Chief Marketing Officer(CMO), brings over 13 years of marketing expertise to his new role.In a separate development,Tickmill has bolstered its copy trading capabilities by integrating SoFinX'splatform. This new addition aims to provide traders and investors with anenhanced trading experience, featuring access to over 10,000 signal providerswhose market trades can be replicated by users.Furthermore, Tickmill hasintroduced a competitive interest rate program for unused funds in traders'accounts. This initiative allows clients to optimize their capital whilediversifying their investment portfolios. The company is offering attractive interestrates of 3.5% for USD wallets, 3.25% for GBP wallets, and 2.5% for EUR wallets.This article was written by Damian Chmiel at www.financemagnates.com.
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Thepublicly-listed Bitcoin (BTC) miner from Wall Street (NASDAQ: ARBK) and LondonStock Exchange (LSE: ARB), Argo Blockchain, announced today (Wednesday) itsinterim results for the first half of 2024. The company reported an 18%increase in revenue to $29.3 million compared to the same period last year, achievinggrowth despite the Bitcoin halving event and a significant decrease in thenumber of Bitcoin mined.Argo Blockchain Reports18% Revenue Growth in First Half 2024 despite Bitcoin HalvingTheLondon-based firm mined 507 Bitcoin during the first six months of 2024, a 46%decrease from the 947 Bitcoin mined in the first half of 2023. This reductionwas primarily attributed tothe increase in global hashrate and the decline in Bitcoin-denominated hashprice."Argo'sfocus on financial discipline and operational efficiency enabled us to pay offour $35 million debt obligation to Galaxy, significantly deleveraging ourbalance sheet,” Thomas Chippas, CEO of Argo Blockchain, commented on theresults. “This positions us well to explore investing in growth and strategicinitiatives that can drive long-term value for our shareholders."Argo'smining margin stood at $11.5 million, or 39%, for the first half of 2024,compared to $10.2 million, or 42%, for the same period in 2023. The companyreported a net loss of $32.7 million, widening from an $18.6 million loss inthe first half of the previous year. However, adjusted EBITDA improved to $5.7million from $2.8 million year-over-year.Thedeepened loss is, however, the effect of a recent moves to strengthen company’sbalance sheet. Argo reduced its loan from Galaxy Digital from $23.5 million atthe beginning of the year to $5.3 million by June 30, 2024. The companysubsequently announced that it had fullyrepaid the Galaxy loan in August.Not onlyArgo, but other publicly listed miners are also experiencinga "halving hangover." According to the latest report from VanEck,cryptocurrency miners' revenues have declined by another 12%, marking anotherconsecutive month of negative response to the reduced rewards for mined BTC blocks.Argo’s interim results for 2024 are out!Highlights: 🔶Generated revenues of $29.3 million for H1 2024 compared to $24.0 million for H1 2023, an 18% increase🔶 Mining margin of $11.5 million or 39% for H1 2024 🔶 Fully repaid the Galaxy loan in August 2024🔶Ended the…— Argo (@ArgoBlockchain) August 28, 2024What Else Does the ReportReveal?The companyalso reported several strategic moves during the period, including raising $9.9million through a share issuance in January and sellingits five-megawatt data center in Mirabel, Quebec, for $6.1 million inMarch. Argo expects the consolidation of its operations to reduce non-miningoperating expenses by $0.7 million annually.Despitethese positive developments, Argo recorded a $22 million impairment on itsmining machines, reflecting current challenging market conditions in thecryptocurrency mining sector.As of June30, 2024, Argo held $4.0 million in cash and 11 Bitcoin equivalent. The companyfurther bolstered its financial position byraising an additional $8.3 million through a private share placement withan institutional investor in July.This article was written by Damian Chmiel at www.financemagnates.com.
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Following the record growth it saw in 2023 with the full redesign of its enterprise-grade platform for brokers, fintech industry leader iTech Software introduces a new and even more powerful iteration of its infrastructure.The upgraded platform features a multitude of tools and capabilities that further empower brokers to deliver the best experience for their clients, regardless of their level of experience. In line with the latest trends sweeping the brokerage industry, iTech Software continues to push the boundaries of innovation and stay top of mind with brokers. The recent release reflects the company’s consistent effort to innovate and its extraordinary ability to absorb the feedback it received from brokers and traders and mirror it into product development. The current upgrades amplify its platform’s capabilities, empowering brokers to better meet traders’ preferences in terms of speed and high performance.Better performance, improved speedThe revamped version of iTech’s trading platform includes a set of enhancements that improve the bottom line for brokers and traders alike. The platform’s advanced capabilities are complemented by the following:● One-click Trade Mode. Designed to improve trading speed and efficiency, the One-click Trade Mode allows traders to execute trades instantaneously at the click of a button. It best suits the needs of traders looking to explore high-speed trading, enabling them to take advantage of market opportunities as they arise. Brokers can now offer one-click trading options in parallel with the standard capabilities that traders are already used to. One-click trading presents significant advantages to both brokers and traders. By facilitating fast execution, this new feature empowers brokers to cater to the needs of a broader audience and increase customer satisfaction among traders looking for high-speed trading options.● Enhanced “Favorites” List. The iTech trading platform’s “Favorites” feature has undergone a major uplift to provide a unique trading experience. The new, personalised dashboard gives brokers the ability to create a more immersive experience for their traders, by allowing them to mark and arrange trading assets in the order of their preference. Depending on the traders’ choice, assets such as Forex, stocks, indices, commodities, and cryptocurrencies are now conveniently rotated in a dedicated widget. On the brokers’ side, this results in greater trader engagement and higher retention rates.● Social trading tools. iTech Software’s enhanced platform also features social trading tools that further broaden brokers’ technological capabilities to equip traders with everything they need to improve their skills and achieve their goals effectively.By allowing traders to automatically follow and copy the performing trades/strategies of experts, this upgrade is particularly beneficial for brokers targeting novice traders. This gives them the opportunity to explore the world of trading and reap any potential benefits even without having extensive knowledge about the financial market dynamics. In the same vein, less experienced traders can gain valuable insights into risk management and the technical aspects of trading by following the lead of experts and studying their strategies.From an institutional perspective, this equates to increased loyalty among beginner traders, who can enjoy easy access to powerful educational tools and a variety of top trading strategies. Greater client attachment to the brokerage brand and a higher trading volume are the tangible benefits that brokers can obtain with this key upgrade, allowing them to stay competitive. ● Improved Client Profile Portal.The upgraded Client Profile Portal helps brokers streamline their client account management process by simplifying the way in which they collect and manage their clients’ personal data. The portal also offers a better overview of traders’ transaction history, including deposits and withdrawals. Thanks to this uplift, brokers can provide a more seamless…
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Indigo Trader Funding, a prop trading firm that had earlier gone silent on its social media channels, today (Wednesday) confirmed the closure of its operations as it “failed in this business endeavour.” Finance Magnates earlier reported that the company had even applied for its name to be struck off the UK's official register.“Indigo Trader Funding ceased trading and, as of today, has ended any agreements/partnerships attributed to the operation of the evaluation model prop firm,” noted the announcement released today by the prop trading firm.AnnouncementOfficial Statement pic.twitter.com/G166F7IRVy— Indigo Trader Funding (@IndigoFundingUK) August 20, 2024A Planned Move, but with No ClarityThe official announcement came only a day after the company’s name was officially removed from the company registry. It applied for the strike-off on August 12.The disappearance of the prop trading firm from Discord and other social media channels only fuelled anxiety among its customers. One trader even claimed on social media that he had made $27,000 in profits with his Indigo Trader Funding account and was perplexed by the strike-off decision and the lack of communication.I am up $27,000 on my $500k @IndigoFundingUK prop account, but received an letter that they submitted AN APPLICATION TO STRIKE OFF!I would require an official statement! Does the community know more? Is this another prop firm going down the drain...? pic.twitter.com/aF8rhew3RP— Bernd Skorupinski (@BerndSko) August 14, 2024“We would like to sincerely apologise for the lack of communication over the past few weeks,” the official announcement added. “We recognise that this has led to a lack of clarity regarding the status of active accounts and has fuelled inaccurate speculation.”The announcement further stated that “if it had been possible, this statement would have been made sooner.” However, it remains unclear what prevented the company from properly communicating with its clients.Additionally, the latest statement detailed that “any remaining available funds that are controlled by our operating partners will be allocated to refunding any active (paid-for) accounts.”Promoting the Services of EightcapIndigo Trader Funding began operations earlier this year. It was promoting the challenges organised by Eightcap, a contracts-for-difference broker offering services to prop trading firms.“A combination of a native marketing strategy, high competition, and a rapidly increasing failure rate of firms contributing to potential sales consolidating around the market leaders has meant that our continued growth as a promoter and referrer could not be sustained,” the fallen prop trading firm added.As Finance Magnates reported earlier, Lucas Thomas headed the now-closed prop trading firm as the President. He had also launched two other companies earlier: Thomas Forex Trading in 2021 and Woofly and L&N in 2022. However, Woofly and L&N disappeared from the market as quickly as Indigo.Meanwhile, several other prop trading firms have also ceased operations recently. According to some estimations on social media, the future of over twenty such platforms is in jeopardy. Interestingly, Astra Capital Group has come forward with a willingness to acquire the shuttered prop firms.This article was written by Arnab Shome at www.financemagnates.com.
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The Bank of Israel has assigned Revolut a uniqueidentification code, signaling the company's formal entry into the country'sregulated payment space. This integration is part of the bank's strategy tointegrate global fintech firms into the local payment space, the bank mentioned today (Tuesday). Global Fintech IntegrationThe Bank of Israel's initiative to issue a uniqueidentification code to Revolut aligns with its broader strategy to integrateglobal fintech companies into the local payment system. The identification code allows fintech firms like Revolut to allocatepayment account numbers and facilitates seamless identification within thesystem.Revolut's successful acquisition of an identificationcode, 78, reflects the Bank of Israel's commitment to opening the payment system tonon-bank entities. This move is part of the bank's "internationaloutline," which facilitates access for foreign-licensed companies meetingspecific conditions.Oded Salomy, the Director of the Bank of Israel’sPayment and Settlement Systems Department, said: “The steps that the Bank ofIsrael has led have created opportunities for global fintech firms and firmsfrom various fields to operate in the payments field in Israel, with regulatoryguidance throughout the access process.”“These steps will advance competition in the financial system and will contribute to the improvement of service and lowering of costs. The Bank of Israel will continuedeveloping the Israeli payments market and working toward opening access tothe controlled payment systems for nonbank participants.”Eying Diverse Financial SolutionsThe framework reportedly aims to enhance Israel'spayment system by introducing innovative players and diverse financialsolutions. As the second global fintech company to receive such an ID code,Revolut joins an exclusive group that is poised to benefit from the Bank ofIsrael's efforts to modernize and broaden the local financial market.Revolut is also forging significant partnerships withother companies. Just recently, the fintech firm integrated Ledger Live, apopular platform for managing digital assets. This collaboration promised toenhance crypto purchases to be easier, faster, and more secure.This partnership allows Revolut’s users to purchasecrypto directly through the Ledger Live app. It also aims to make digital assetmanagement accessible. The app reportedly enables users to convert their fiatcurrency into crypto, bypassing additional identity checks and multipleverifications.In Singapore, Revolut debuted its business-to-business(B2B) service, Revolut Business. The company also received a banking license inits home country, the United Kingdom. This article was written by Jared Kirui at www.financemagnates.com.
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Binance claims tohave thwarted potential losses of over $2.4 billion In the first seven months of 2024, safeguarding more than 1.2million users from scams and fraudulent activities. The exchange's risk management reportedlydetected and blocked fraudulent activities that could have affected more than1.2 million users.Using AI to Detect FraudThe leading exchange by trading volumes highlightedits internal risk management platform that utilizes artificial intelligence(AI) and manual review to monitor transactions in real time. This systemdynamically detects suspicious activities across its ecosystem.The most significant threat detected by Binance'ssystem occurred during the crypto withdrawal stage. In 2024 alone, the crypto asset exchange flagged suspicious withdrawals totaling over $1.1 billion, representingapproximately 45% of the total potential losses prevented.In the first 7 months of 2024, #Binance prevented $2.4B in potential user losses. 🤯How? A hybrid approach of AI & manual reviews allows us to detect suspicious transactions and take quick action to protect users. Always user-focused! More details here. ⤵️…— Richard Teng (@_RichardTeng) August 20, 2024Binance's approach to security is multilayered. It integrates numerous controls across its ecosystem to minimize risk exposure. According to the firm, the system oversees various aspects of the platform, including peer-to-peer trading, payments, and crypto network withdrawals, ensuring that usersremain protected in every domain.Real-time MonitoringIn addition to real-time monitoring, Binance employs abroad array of tools to protect users from scams. These include customizedpop-up notifications, cooldown features, and wake-up calls. The platform alsooffers various channels for users to appeal and resolve issues if they areflagged as potentially at risk.As of July 31, 2024, Binance had secured over $73million in misplaced or lost funds for external parties. This achievementunderscores the platform's ongoing efforts to create a safer environment forall crypto users.Early this month, Binance disclosed that it hadrecovered a significant amount of lost funds and frozen ill-gotten gains thatfound their way onto the exchange. The exchange also mentioned that it iscollaborating with industry peers and the public sector to support the affectedusers.An estimated 80% of the recovered and frozen funds arelinked to hacks, exploits, and thefts that occurred outside the Binanceplatform. The rest involves scams that also originated externally. However, this increase does not indicate a rise incriminal activity within the cryptocurrency space.This article was written by Jared Kirui at www.financemagnates.com.
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TerraPay has formed a new initiative to enhance howwallets interact globally. Dubbed the "Wallet InteroperabilityCouncil," this collaboration brings together five digital wallet operatorsto make international money transfers more accessible globally.Global Wallet InteroperabilityThe Wallet Interoperability Council, spearheaded byTerraPay, includes key players like Airtel, bKash, MPESA, Nequi, and SamaMoney. These operators serve vast regions, including Bangladesh, Colombia,Kenya, Senegal, Tanzania, and Uganda. According to the London-headquartered firm, thecouncil's goal is to advance global wallet interoperability, enabling merchant payments, international remittances, and other cross-bordertransactions by connecting diverse platforms. Traditionally, digital wallets have operated primarilywithin local markets. However, the demand for global payment solutions has beengrowing rapidly.Speaking about the initiative, TerraPay’s CEO, AmbarSur, said: “TerraPay, connects today more than 100 digital wallets and we havebeen developing the technology to support interoperability since our inception,we recognize the immense potential of digital wallets in the global paymentecosystem.”“The formation of this council marks a significant milestone in our mission to provide innovative and inclusive financial solutions; collectively, we will empower millions of individuals to participate in the global economy.”By leveraging TerraPay's technology, the council aimsto break down these regional barriers and facilitate secure, efficient, andcost-effective cross-border transactions. Through the new partnership, the companies also aim to accelerate the adoption of digital wallets and financial platforms globally.The Future of Digital Wallets in a Global MarketThe global market for digital wallets is expected togrow exponentially, with projections indicating that by 2028, over 7 billionwallets will process around $16 trillion in volume. Thus, multi-rail wallets are increasingly gainingprominence in both e-commerce and face-to-face transactions, with cross-borderpayments playing a crucial role in this expansion.TerraPay teamed up with Worldwide Cash Express a few monthsago to enhance money transfer services. The two companies mentioned that thepartnership aims to expand customers' cross-border payments by making themfaster, more secure, and more cost-effective.Specifically, the agreement enables Worldwide Cash Expressto use TerraPay's technology to enrich its global payment network and offervarious cross-border payment services. Worldwide Cash Express is a subsidiaryof Al Ansari Financial Services PJSC, an international money transfer companywith a network of over 150,000 payout locations across 100 countries.This article was written by Jared Kirui at www.financemagnates.com.
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