Author: News Desk
Klarna, the Swedish fintech giant, is making significant strategic moves in the ever-evolving financial landscape with the launch of its monthly subscription plan, Klarna Plus. Priced at just $7.99 per month, Klarna Plus is designed as a value-packed proposition, offering users a range of benefits such as waived service fees, double rewards points, and exclusive discounts from notable partners like Nike and Instacart. This move by Klarna reflects a broader trend in the fintech industry, where companies are diversifying their offerings to boost recurring revenue – a move that is highly favored by Wall Street investors due to its predictability.…
In the United States, authorities have successfully dismantled the massive crypto Ponzi scheme known as HyperFund, which had swindled investors out of a staggering $1.89 billion. The founder of HyperFund, Xue Lee (also known as Sam Lee), is now facing both civil and criminal charges in connection with this fraudulent operation. The Securities and Exchange Commission (SEC) has filed civil charges against Lee, while federal prosecutors have brought criminal charges against him. Additionally, Brenda Chunga, widely recognized as “Bitcoin Beautee” and a prominent promoter of the Ponzi scheme, has also been named in the civil complaint, and both criminal charges…
LiquidityBook, a leading provider of cloud-native buy- and sell-side trading solutions, has bolstered its executive team with the appointment of Jason Morris as its new President. This strategic hiring is a pivotal step in the company’s ongoing growth strategy, aiming to strengthen its presence in the market. In his new role, Jason Morris will serve as the company’s front-facing executive, responsible for driving expansion into new markets and nurturing vital partnerships. Under his leadership, LiquidityBook will further enhance its product offerings across portfolio, order and execution management systems, as well as its embedded FIX network. Notably, the company recently unveiled…
In a concerning development, a fresh scam has surfaced in New Zealand, targeting individuals who have previously fallen victim to financial fraud. Scammers are assuming the guise of the UK’s esteemed Financial Conduct Authority (FCA) and reaching out to unsuspecting residents, promising to assist in the recovery of lost funds. The Financial Market Authority of New Zealand (FMA) recently uncovered an alarming incident where scammers employed an email address ending in “@fcafinances.com” to contact local residents. This email domain, however, does not align with any legitimate FCA addresses, all of which terminate with “fca.org.uk,” “fcanewsletters.org.uk,” or “fcamails.org.uk.” Expressing concern, a…
Tradefeedr, a leading provider of foreign exchange (FX) trading analytics and data sharing services, has unveiled its latest strategic move by forming a Buy-Side Client Advisory Board. Comprising 13 influential members from prominent buy-side institutions, including asset managers, hedge funds, pension funds, and insurance companies, this advisory board aims to provide invaluable guidance and insights to shape Tradefeedr’s future product roadmap. Among the distinguished firms represented on the board are Norges Investment Management, Brevan Howard, T.Rowe Price, Schroders, and Invesco. This development comes on the heels of Tradefeedr’s impressive growth over the past three years, with the company now boasting…
Alpha Group International (LON: ALPH) unveiled its plan on Monday to initiate a share buyback initiative with a capital allocation of up to £20 million from its cash reserves. The company will repurchase shares at a price of 0.2 pence each, reflecting a substantial 35.5 percent premium compared to Friday’s closing price. According to the official announcement, “The Buyback Programme will be effective from the date of this announcement [today] and will expire on the date of the Company’s next Annual General Meeting, or earlier, if the maximum aggregate consideration of £20 million has been reached.” Alpha Group International has…
The European Securities and Markets Authority (ESMA) has taken a significant step towards providing regulatory clarity in the rapidly evolving world of cryptocurrency. On Monday, ESMA released two consultation papers, inviting input from stakeholders on crucial aspects of crypto regulation under the Markets in Crypto Assets Regulation (MiCA). The first consultation paper addresses the reverse solicitation exemption under MiCA, focusing on proposed guidance for its conditions and supervision. Reverse solicitation occurs when a client independently seeks services from a third-country crypto-asset service provider not authorized under MiCA. ESMA emphasizes that this exemption should be a rare exception and not a…
Bankrupt FTX, the once-prominent crypto exchange, has made significant strides in bolstering its cash reserves, amassing a total of $4.4 billion by the close of 2023. This remarkable increase represents almost double the $2.3 billion it had on hand at the end of October, as detailed in Chapter 11 monthly operating reports. Reports by Bloomberg have revealed that the bankruptcy administrators of FTX successfully liquidated its crypto assets, yielding $1.8 billion in proceeds just last month. It is important to note that this calculation only takes into account the four largest affiliates, which include FTX Trading Ltd and Alameda Research…
On Monday, the major U.S. stock indexes remained relatively stable as the week commenced, setting the stage for a busy schedule that includes a Federal Reserve policy-setting meeting, the eagerly anticipated monthly payrolls report, and earnings reports from several mega-cap tech companies. Some notable movers in the U.S. stock market today include: Investors looking to enhance their investment strategies can explore InvestingPro+, which offers AI-powered stock picks.
In the financial world, this week has witnessed significant changes in leadership across the forex, crypto, and fintech sectors, signifying an ongoing commitment to growth and regulatory compliance within these industries. Kraken, a prominent crypto exchange, has reinforced its leadership team with two key appointments. Gilles BianRosa, a seasoned veteran with more than two decades of experience in entrepreneurial and product leadership, has taken on the role of Chief Operating and Product Officer (COO/CPO). BianRosa, who previously served as CPO at N26, has a track record of successfully introducing crypto trading in core markets. He will now oversee Kraken’s global…