Author: Stephen Nellis

After experiencing record-breaking years, Trading 212’s UK subsidiary faced a slowdown in revenue growth and profits in 2023. The brokerage operator reported a 3 percent decline in revenue and a 28 percent drop in pre-tax profits for the year. According to the latest Companies House filing, Trading 212 UK Limited’s 2023 revenue was £95.3 million, with a pre-tax profit of £38.6 million, down from £50.9 million the previous year. The net profit after taxes was £30.4 million, compared to £41.1 million in 2022. Despite the declining figures, the company noted that 2023 marked “a continued stabilisation in the revenue following…

North Dakota’s financial market regulator has revoked the money transmitter license of Binance.US, operated by BAM Trading Services, making it the seventh US state to do so, joining Alaska, Florida, Maine, North Carolina, and Oregon. The order, issued on June 4, 2024, stated that Binance.US “has not continued to meet the qualifications or satisfy the requirements that apply to an applicant for a new money transmission license.” The regulator justified the cancellation by stating it was “necessary and appropriate in the public interest for the protection of citizens to restrain unlawful acts, practices, or transactions.” Florida was the first state…

Securities and Exchange Commission (SEC) Chair Gary Gensler has criticized the cryptocurrency sector for failing to offer investors the transparency seen in traditional financial markets. In a CNBC interview, Gensler pointed out that most cryptocurrencies are considered securities and should comply with the corresponding regulations. Gensler’s remarks follow a Wells notice issued to Robinhood’s crypto division, signaling a possible SEC enforcement action. Similar notices have been previously sent to major players like Coinbase and the decentralized finance (DeFi) crypto exchange Uniswap. The growing regulatory scrutiny on the cryptocurrency market underscores concerns regarding its integration with conventional stock markets. During the…

Retail investors on the eToro platform are now empowered not only to receive dividends but also to vote in shareholder meetings globally, no matter the companies they have stakes in. This update follows the successful deployment of proxy voting for U.S. stocks last year, which saw eToro users submit over 145,000 votes. eToro’s partnership with Broadridge Financial Solutions Inc. has facilitated this expansion, enabling even those with fractional shares to participate in Annual General Meetings (AGMs) of companies worldwide. This allows retail investors to weigh in on critical issues such as mergers, executive compensation, and environmental, social, and governance (ESG)…

Jan Strømme, the former Global Head of Distribution at XTX Markets, has embarked on a new journey with Coral Reef Technologies as the Business Development Manager. Strømme’s career move was shared on LinkedIn, where he expressed enthusiasm about his new role. He stated, “I am happy to announce that I’m working with Coral Reef Technologies LTD and the Final (Financial Algorithms) group of companies, as a Business Developer for Spot FX, and building out our reach in FX trading in general, with trading and liquidity (making and taking) relationships globally, on any and all FX venues!” He further emphasized his…

KuCoin, a cryptocurrency exchange, has seen a dramatic reduction in its market share, halving in response to legal action taken by the United States Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC). This decline came after the two bodies filed charges against KuCoin, causing a wave of panic among its users. Many opted to withdraw their funds, leading to a noticeable decrease in trading volume and market share. In the aftermath of these legal challenges, KuCoin reported a significant drop in the amount of cryptocurrency held in its reserves. The exchange’s Bitcoin holdings diminished by 25% to…

Sam Bankman-Fried, the co-founder of the now-defunct cryptocurrency exchange FTX, was handed a 25-year prison term by Judge Lewis Kaplan today, Thursday. Found guilty on charges of wire fraud and conspiracy, his actions led to FTX’s collapse and inflicted billions in losses on investors. The conclusion of this high-profile legal battle saw prosecutors initially seeking a 40 to 50-year sentence for Bankman-Fried, but despite this, his defense is planning to appeal both the conviction and sentence. In a significant move, Judge Kaplan also mandated the forfeiture of $11.02 billion from Bankman-Fried, recommending his incarceration in a facility with lower or…

The European Securities and Markets Authority (ESMA) is making strides in the crypto-asset sector regulation by unveiling its initial report and initiating a third round of consultations as part of the Markets in Crypto-Assets Regulation (MiCA) efforts. The report details proposed guidelines for the authorization of crypto-asset service providers (CASPs), outlining the application process, notification requirements for financial institutions aiming to offer crypto services, criteria for reviewing significant stake acquisitions in CASPs, and handling of consumer complaints. This initiative is aimed at leveling the playing field among CASPs and ensuring investor protection throughout the EU. The ESMA’s Securities and Markets…

Trade.com, a trading entity under Trade Capital Holding, has recently expanded its operations into the Italian market. This move comes with the brand securing a regulatory license locally, according to exclusive information obtained by Finance Magnates. Accompanying this market entry, Trade.com introduced a novel product, the “TRADE Challenges,” aiming to innovate within the trading sector. The operations in Italy are conducted through Trade Capital Italia SIM, an entity established locally that has received approval from Consob to function as an investment services company. This development enables Trade.com to cater to both retail and professional clients in Italy, initially allowing them…

Lucid Motors, identified by its stock symbol LCID.O, announced on Monday that it secured a $1 billion investment from a Saudi Public Investment Fund (PIF) affiliate, resulting in an approximate 8% surge in the company’s stock value. This financial influx from the PIF highlights Lucid’s significant edge in the electric vehicle (EV) industry, especially amidst the financial challenges faced by EV startups. The backing from the Saudi government, which holds a 60% stake in Lucid, forms part of a broader strategy to diversify Saudi Arabia’s economic reliance away from oil by investing billions into the EV maker. The investment will…