Author: News Desk

Fxview, a prominent forex and contracts for differences (CFDs) broker, has recently bolstered its team with the appointment of Feras Mahmoud as the Head of Risk Management. Mahmoud has already assumed his new role and is based at the broker’s headquarters in Cyprus. Fxview, part of the Finvasia Group, was established in 2018. It operates within the European Union under a Cyprus Investment Firm (CIF) license and adheres to registration and regulation in various jurisdictions, including South Africa, Mauritius, and India. The range of offerings provided by Fxview encompasses forex and CFD instruments spanning diverse asset classes, such as indices,…

In an effort to preserve market integrity, South Korea has taken decisive action by imposing collective fines totaling two billion won ($1.54 million) on three undisclosed global hedge funds. These fines come as a response to a series of violations of capital market laws committed by these entities. The announcement regarding these penalties was made jointly by South Korea’s Financial Services Commission and Financial Supervisory Service. These fines were levied against the hedge funds for a range of infractions, including engaging in illegal short selling and unfair trading practices. South Korean authorities are steadfast in their commitment to eradicating illegal…

Revolut, the London-based fintech company, has made a swift move to launch its crypto trading services in New Zealand shortly after restricting its crypto offerings in the UK. This expansion brings crypto trading opportunities to customers in New Zealand, commencing on a Wednesday, as revealed in an official press release. In addition to the crypto trading services, Revolut has introduced a ‘Learn and Earn’ program in New Zealand, which offers free educational courses tailored to crypto traders. The company has also collaborated with Koinly, a crypto tax platform, to streamline the tax filing process for New Zealand residents. Georgia Grange,…

The Swiss Financial Market Supervisory Authority (FINMA) released a damning report on Tuesday, revealing severe deficiencies in its oversight of Credit Suisse. The report points to critical failures in risk management, corporate governance, and risk culture within the bank, highlighting the inadequacy of measures previously put in place. This disclosure underscores FINMA’s commitment to ensuring the stability of Credit Suisse, alongside the Swiss government and the Swiss National Bank. Despite having implemented “far-reaching and invasive measures” over the years, FINMA’s repeated warnings, particularly those issued since the summer of 2022, were ignored by the bank. The regulator is now advocating…

After an excruciating decade-long wait, the creditors of the now-defunct cryptocurrency exchange, Mt. Gox, are finally beginning to receive their long-awaited compensation. Numerous Mt. Gox creditors have taken to various social media platforms to share their joy in confirming the receipt of payments for their previously inaccessible Bitcoin deposits, now converted into fiat currencies. The commencement of the Mt. Gox repayment process was officially announced by Nobuaki Kobayashi, the trustee appointed to oversee the estate of the collapsed exchange. Kobayashi sent out emails to rehabilitation creditors in the previous month, notifying them of the initiation of the compensation phase. In…

Bulgarian authorities have officially closed their investigation into the crypto lending platform Nexo, citing a lack of substantial evidence to support the allegations brought against the company. The Bulgarian News Agency confirmed this development on Friday. The decision comes as a significant relief to Nexo, which had been under scrutiny since earlier in the year, when Bulgarian offices were subjected to raids as part of the investigation. The initial probe had levied a range of charges against Nexo, including tax offenses, unlicensed banking activities, money laundering, and computer fraud. The investigation had specifically targeted four Nexo executives: Kosta Kanchev, Antoni…

France is emerging as a favored destination for cryptocurrency firms, with Coinbase being the latest company to secure a Visual Asset Service Provider (VASP) registration in the country. This development enables the American exchange to extend its “full suite of retail, institutional, and ecosystem products and services to users in France.” Coinbase’s announcement coincided with Circle, a stablecoin issuer, also revealing its VASP registration in France. Notably, Coinbase holds a stake in Circle, which is renowned for its USD-pegged USDC stablecoin. Daniel Seifert, the Vice President and Regional Managing Director for EMEA at Coinbase, expressed his enthusiasm, stating, “Achieving VASP…

Alkimi, the world’s pioneering decentralized ad exchange, has successfully emerged from its beta phase, signaling a revolutionary era in the realm of digital advertising. This groundbreaking platform facilitates the buying and selling of advertising inventory via its blockchain-based programmatic system, introducing a completely decentralized approach to the ad space. The official launch of Alkimi’s mainnet heralds a transformation in digital advertising, boasting performance enhancements, unmatched transparency, and heightened efficiency within the digital advertising landscape. This major milestone in the industry has been achieved by slashing exorbitant fees from over 37% to a mere 3-5%. This cost reduction has dramatically reduced…

FlexTrade Systems and the London Stock Exchange Group (LSEG) have recently formed a strategic partnership aimed at providing enhanced access to LSEG’s FXall electronic trading platform for global currency products. This initiative targets clients using FlexTrade’s FlexTRADER EMS, with the goal of strengthening regulated FX flows and improving FlexFX capabilities within the buy-side multi-asset trading platform. LSEG’s FXall business is recognized for offering “dealer to client” trading and FX workflow solutions, granting clients access to liquidity from a vast network of over 200 bank and non-bank market makers. With its global licensing and dedicated teams ensuring regulatory compliance, FXall stands…

XS.com, the global financial services company, has announced the promotion of Fabian Frantz to the position of Business Development Director for South Africa. In this newly appointed role, Frantz will spearhead initiatives aimed at expanding XS.com’s client base and tailoring their services to meet the unique demands of the South African market. Reporting directly to the Chief Commercial Officer, Wael Hammad, Frantz’s extensive experience in cultivating partnerships and crafting market-specific strategies makes him a valuable addition to the team. Wael Hammad, the Chief Commercial Officer of XS.com, expressed confidence in Fabian Frantz’s ability to enhance the company’s presence in South…