Author: News Desk
The French Financial Markets Authority (AMF) has taken a significant step in safeguarding investors by adding 35 new unregulated entities to its warning list. These entities have been offering derivative instruments related to Forex and cryptocurrencies without the required authorization, posing a risk to unsuspecting investors. This update by the AMF represents one of the largest in recent memory. To provide context, in the entirety of 2023, the AMF added 66 unauthorized entities from the Forex market and 11 from the cryptocurrency market. However, this latest update alone accounts for almost half of the total activity observed last year. The…
PayPal has named Simon Bladon as its new UK CEO, pending regulatory approval. In addition to this role, Bladon will also assume the position of Vice President of Global Entity Management at PayPal. With a decade-long tenure at Barclays, he brings a wealth of experience to his new role. Bladon’s career at Barclays began in 2010, and over the years, he held various leadership positions, including Managing Director of Customer and Digital, Head of Operations and Control, and responsibility for implementing the FCA Consumer Duty. His roles encompassed overseeing customer operations, data privacy, and regulatory compliance. Before returning to the…
The false announcement of the approval of a Bitcoin exchange-traded fund (ETF) sent shockwaves through the cryptocurrency market, resulting in the liquidation of approximately $90 million in Bitcoin long and short positions within just one hour on Thursday. Coinglass data revealed that opportunistic traders swiftly opened more than 500 million dollars in futures positions within ten minutes of the initial tweet from the compromised Twitter account of the Securities and Exchange Commission (SEC), now known as “X.” However, the price swings led to the liquidation of approximately $50 million in long positions and $36 million in short positions, highlighting the…
CFI Financial, a prominent online trading provider in the MENA region, has recently welcomed Louis Bridger as its Head of Business Development. With a remarkable 17-year career in the Financial Services industry, Bridger is set to play a pivotal role in steering CFI’s growth trajectory and expanding its global presence in both new and existing markets. Bridger brings a wealth of experience gained from his tenure with renowned international brands and high-growth fintech enterprises. His notable contributions include IG, ICE, Travelex, Wonga, and Betfair. His extensive knowledge and expertise make him a valuable addition to the CFI team during this…
The cryptocurrency industry experienced significant growth in 2023, with KuCoin, a prominent digital asset exchange, reporting remarkable achievements in a recently published annual summary. KuCoin proudly announced that it had surpassed 30 million users, marking a 16% increase in its customer base. Additionally, the platform witnessed an astonishing 106% surge in spot trading volumes, reflecting robust user engagement and trust in its services. Notably, the most substantial growth occurred in Latin America, with a 34% increase in users. Other key regions also saw significant expansion, including the Middle East and Africa (27%) and Europe (25%) compared to the previous year.…
Fraud has become an ongoing issue across multiple industries, resulting in significant financial losses for both individuals and corporations. As technology evolves, so does the sophistication of fraudulent activities. However, blockchain technology has emerged as a potential game-changer in the fight against fraud. Blockchain, a decentralized and immutable database that records transactions across multiple computers, operates on a network of nodes and employs cryptographic techniques to ensure data security and integrity. Each transaction is added to a “block” and linked to previous ones, creating an unalterable record of transactions. Blockchain technology holds the promise of significantly enhancing security and transparency…
The NAGA GROUP, a prominent provider of the All-in-One Financial Super App, NAGA, has unveiled its impressive preliminary unaudited financial results for the fiscal year 2023, showcasing a remarkable resurgence despite challenging market conditions. In the world of Forex trading, where stable and fast cross-border connections are essential for high-demand scenarios, NAGA has partnered with Alibaba Cloud to offer dedicated cloud solutions that ensure secure and global operations for Forex traders. NAGA’s financial performance for 2023 was robust, with total revenue exceeding EUR 45.5 million, although it marked a slight decrease from the previous fiscal year’s EUR 57 million. The…
BlackRock, VanEck, and other firms in pursuit of spot Bitcoin ETF listings have made revisions to their applications following feedback from the US Securities and Exchange Commission (SEC). This rapid interaction between the SEC and potential issuers within a 24-hour timeframe signifies a significant commitment to regulatory compliance, as reported by Coindesk. The swift response from the regulator has triggered a frenzied 24-hour cycle of amendments, shedding light on the rigorous regulatory scrutiny surrounding these applications. Notably, these revisions primarily address concerns related to shareholder protection in the event of insolvency and conflicts of interest among the authorized participants of…
Recent journalistic investigations suggest that an organized crime group may be operating inside the EU, the Czech Republic and Slovakia in particular, as well as in the United States; the group is involved in arms trafficking, judicial fraud and embezzlement of funds allocated for Ukrainian Armed Forces. The outfit includes a number of SARN companies, along with several Ukrainian nationals investigated for the theft of state funds and robbery. The scale and intensity of the war in Ukraine call for immediate increase of armaments, and many dodgy dealers exploit the matter. The leading investigative journalists discovered that the most severe…
Pepperstone, a renowned global Forex and CFDs broker, has recently made a significant appointment, welcoming Dianah Njeri Igati as the Regional Head of Compliance for multiple regions, including Australia, UAE, Asia-Pacific, LATAM, Middle-East, and Bahamas. In this crucial role, Igati will assume responsibility for overseeing regulatory compliance and Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) risk compliance across various regulatory bodies, such as the Australian Securities & Investment Commission, Dubai Financial Services Authority, Securities Commission of The Bahamas, and the Financial Services Commission in Mauritius. Dianah Njeri Igati brings a wealth of expertise to her new position, having accumulated extensive…