Author: News Desk
Circle, the prominent global financial technology firm renowned for issuing USDC and EURC, has recently achieved a significant milestone by securing conditional registration as a Digital Asset Service Provider (DASP) with the French Financial Markets Authority. In tandem with this accomplishment, Circle has announced the appointment of Coralie Billmann, a seasoned expert in the payments industry, who is poised to head the company’s licensed operations in France, subject to regulatory clearance. To commence its operations in France, Circle must meet the prerequisites of its registration by obtaining either approval as a payment services provider (PSP) or as an agent of…
As the holiday season draws near, a wave of scammers is on the prowl, targeting unsuspecting retail investors. The UK’s financial market watchdog has issued a stern warning regarding a clone of the well-known investment firm Spreadex. In a recent alert published by the Financial Conduct Authority (FCA), it has come to light that a fraudulent entity is operating under the domain name sspreadex.com, meticulously impersonating Spreadex, a reputable spread-betting service provider in the UK. Tragically, users who inadvertently type an extra “s” in the broker’s website address (sspreadex.com instead of spreadex.com) find themselves redirected to this deceptive clone site,…
NordFX, a well-known provider of forex and CFD services, has raised concerns within the trading community due to its recent affiliation with a previously CySEC-regulated entity that now functions as a payment agent. NordFX has notified FinTelegram that the operator, NFX Capital VU Ltd, has shifted its registration from Vanuatu to St. Lucia. This change has significant implications for traders, as their client agreements are now linked to an unregulated offshore entity. NordFX has explicitly disclaimed responsibility for the accuracy of information on its website. NordFX, founded in 2008 or 2009, has undergone several legal entity transformations across different jurisdictions.…
The Cypriot financial supervisory commission has taken decisive action this week, suspending shareholder rights due to management issues at the regulated retail broker TriumphFX. This complex case centers on the sole indirect shareholder, Chong Chun Hseung, and prior warnings issued by Asian regulatory bodies. TriumphFX, however, has been under regulatory scrutiny for an extended period, as recent developments reveal. Search results unearth posts from a decade ago, where retail traders accused the broker of engaging in activities resembling a financial pyramid scheme. On Thursday, Finance Magnates reported that the Cyprus Securities and Exchange Commission (CySEC) has initiated enforcement measures against…
The Securities and Exchange Commission (SEC) has been hesitant to approve a spot Bitcoin exchange-traded fund (ETF). Dr. Zvi Gabbay, a partner and head of the Capital Markets Department at Barnea & Co. law firm, emphasizes the importance of “right advisors” for giants like BlackRock seeking approval for their spot Bitcoin ETF applications. In the second part of Finance Magnate’s interview with Dr. Gabbay, an expert in financial regulation, we explore contrasting approaches to crypto in the EU and the US, the impact of regulatory uncertainty on crypto firms, the need for bridging the gap between crypto and traditional finance,…
Bitget Wallet, a prominent Web3 trading wallet, has unveiled an ambitious plan that centers on product research, development, and increased investments. This strategic initiative is designed to enrich user trading options and elevate the overall asset management experience within the Bitcoin ecosystem. Bitget Wallet’s comprehensive plan encompasses a wide array of services tailored to the Bitcoin ecosystem. These offerings span BTC asset management, cross-chain swaps, on-ramping for EOA and MPC wallets, Taproot compatibility, and asset transfers for BRC-20 tokens and NFTs. The platform also empowers users with valuable insights into macro and micro market trends via Bitget Swap and facilitates…
Paxos, a regulated blockchain and tokenization infrastructure platform, has unveiled a strategic initiative to expand its stablecoin issuance onto the Solana blockchain platform. This significant move, previously confined to the Ethereum ecosystem, signifies a milestone for Paxos, encompassing both enterprise and consumer-oriented operations. Scheduled for January 17, 2024, the launch of USDP on Solana aligns seamlessly with Paxos’s commitment to delivering streamlined and efficient financial solutions within the dynamic blockchain sphere. Walter Hessert, Paxos Head of Strategy, expressed his perspective, saying, “The extension of our stablecoin platform to accommodate Solana represents a crucial stride towards making stablecoins an integral part…
The Australian Securities & Investments Commission (ASIC) has taken decisive enforcement action against Prospero Markets Pty Ltd (Prospero), an over-the-counter derivatives issuer specializing in forex and contracts for differences (CFDs). The regulatory body has suspended Prospero’s Australian Financial Services (AFS) license due to the company’s failure to submit required financial statements and audit reports within the specified timeframe and in accordance with its AFS license conditions. The suspension of Prospero’s license was officially announced on Friday, with an effective date of 20 December 2023. This suspension will remain in place until 28 February 2024. In response to this enforcement action,…
The online trading sphere finds itself at a critical juncture, poised on the cusp of significant change. Despite experiencing a period of rapid expansion, it faces impending turbulence in the form of heightened market volatility, mounting regulatory pressures, and the looming shadow of tech giants’ dominance. Yet, amid these challenges, lies a fertile landscape for adaptation and innovation for those willing to seize the opportunity. This was the central theme of a captivating panel discussion hosted at the Finance Magnates London Summit (FMLS:23), with Andrea Mateos, the Chief Commercial Officer at Finance Magnates Group, steering the conversation. The specter of…
Argentina’s new government, led by President Javier Milei, has taken a bold step in its quest to address the country’s economic challenges by officially legalizing the use of Bitcoin and other cryptocurrencies for contract settlements and payments. Diana Mondino, the Minister of Foreign Affairs, International Trade and Worship, made this groundbreaking announcement on December 21. This decision is part of a broader economic reform and deregulation initiative aimed at revitalizing the Argentine economy. Although the decree does not explicitly mention cryptocurrencies, it includes provisions that grant individuals and businesses the freedom to choose their preferred mode of payment, even if…