Author: News Desk

XTB, the online trading platform, has extended its services to cater to passive investors in the United Arab Emirates (UAE), following successful launches in other global markets. Their new offering, known as Investment Plans, is designed to simplify portfolio diversification using exchange-traded funds (ETFs). Investment Plans streamline the process of accessing ETFs by offering pre-built portfolios that align with investors’ risk preferences. These plans, which start at a modest $15, allow investors to combine up to 9 ETFs covering various asset classes and geographical regions. The product primarily targets individuals seeking passive investment solutions without the complexities of active portfolio…

Visa’s recent announcement about the Visa Web3 Loyalty Engagement Solution isn’t just a peek into the future of customer engagement; it’s a strategic maneuver that aligns with the revolutionary wave of Web3 technology, poised to reshape the payments industry. As the financial world undergoes a paradigm shift, grasping the implications of Visa’s entry into Web3 and the broader significance of Web3 in payments is paramount. Web3, the latest stage in the evolution of Internet technologies, places a strong emphasis on decentralization, a concept with profound implications. In contrast to its predecessors, Web3 harnesses the power of blockchain technology, cryptocurrencies, NFTs,…

The digital revolution has brought about a significant transformation in the landscape of business lending, pushing financial institutions into an era where efficiency and seamless experiences reign supreme. With younger entrepreneurs taking the forefront, the need for a completely contactless digital lending process has become crystal clear. From simplified digital applications to rapid, automated loan decisions, embracing advanced technology solutions is imperative for financial institutions seeking to kickstart and enhance their digital business lending initiatives. Obsolete processes have now become roadblocks in a world hurtling towards digitization. Concurrently, the advent of digital-first experiences has not only reshaped consumer expectations but…

ForexTime (FXTM), the brokerage brand associated with Andrey Dashin, has made a significant move by voluntarily relinquishing its Cyprus Investment Firm (CIF) license and ceasing all operations within the Cypriot entity as of December 31, 2023. This decision, as confirmed on the FXTM EU website (forextime.com/eu), is attributed to an internal management choice. The company had already withdrawn its services for retail clients in the European Union back in February 2021, opting to exclusively cater to professional clients and institutional traders within the European Economic Area (EEA). However, the recent development indicates a complete withdrawal from the EU market. The…

The UK Financial Conduct Authority (FCA) has taken decisive action against Apex Legal Limited by revoking its Part 4A permission, effective from January 5, 2024. This significant regulatory move stems from the firm’s failure to engage in regulated activities associated with its granted permission, which was initially authorized in 2016, thus altering the scope of Apex’s operations in the UK. Apex Legal Limited had been granted permission to conduct various regulated activities, including arranging deals in investments, acting as an agent, and assisting in insurance contract administration. However, the FCA determined that the firm was not actively involved in any…

VanEck, a prominent asset management firm, has made a significant commitment to support Bitcoin developers if their application for a spot Bitcoin exchange-traded fund (ETF) receives approval from the US Securities and Exchange Commission (SEC). Specifically, they plan to allocate 5% of the fund’s profits towards this cause. This announcement comes as part of a growing trend in the financial industry where various companies are eagerly awaiting SEC approval to list spot Bitcoin ETFs, paving the way for traditional finance to enter the cryptocurrency space in an unprecedented manner. VanEck’s commitment to supporting Bitcoin developers mirrors their previous dedication to…

Quickbit Limited, authorized by the Gibraltar Financial Services Commission (GFSC) as a Virtual Asset Arrangement Provider, is facing serious repercussions for violating the Proceeds of Crime Act. The GFSC, after conducting a comprehensive investigation and an onsite visit in February 2023, has taken decisive actions against Quickbit for multiple breaches in crucial areas of customer due diligence. The GFSC’s Anti-Money Laundering and Counter Financing of Terrorism Supervision Team conducted an extensive onsite examination at Quickbit in February 2023. The investigation uncovered various regulatory violations, including deficiencies in applying Customer Due Diligence Measures (CDD), delayed verification, insufficient Enhanced CDD, handling of…

Bitget Wallet, previously known as BitKeep, has introduced an innovative “Smart Money” feature, harnessing the power of artificial intelligence. This cutting-edge tool is designed to monitor over 6,000 high-performing cryptocurrency addresses across networks like Ethereum, offering insights into potential trading signals and emerging market trends. In addition to this groundbreaking feature, Bitget Wallet reflected on its transformative journey throughout 2023. The year was marked by a significant rebranding effort and the remarkable achievement of surpassing 12 million global users. The Smart Money feature provides traders with real-time information regarding historically successful cryptocurrency traders and investors, often referred to as “whales.”…

Elk Capital Markets, a prominent high-frequency trading firm based in New York, has recently strengthened its leadership team with the appointment of industry veteran Steve Reich as the Chief Operating Officer. Although Reich assumed this pivotal role last year, the public announcement was made only yesterday. Steve Reich, in a recent LinkedIn post, expressed his enthusiasm about the new opportunity, stating, “I started my career as a trader, and it’s tremendously exciting for me to leverage both trading and tech-building skills to foster Elk’s continued growth in terms of expertise, creative, cutting-edge strategies, market presence, and ultimately individual and team…

Eren Eraslan has recently assumed the role of Head of Northern Europe at IG Europe GmbH, a significant step in his career that reflects his extensive experience and leadership within the financial industry. Eraslan brings a wealth of expertise to his new position, built upon a remarkable track record in various roles. From June 2022 to January 2024, he served as the Head of Germany and Austria at IG Deutschland, where he played a pivotal role in the company’s operations in Frankfurt, Hessen, Germany. During his tenure at IG Deutschland, Eraslan demonstrated outstanding leadership, contributing to the company’s success over…