Author: Stephen Nellis
The National Commission for Companies and the Stock Exchange (Consob) has instructed the blocking of 5 additional websites offering financial services without proper authorisation in Italy. This action elevates the total number of websites barred by Consob since July 2019 to 1029. The authority took action under the “Growth Decree,” which mandates internet service providers to limit access to deceitful financial websites. The recently blacklisted sites are: According to the Consob press release, these websites seemed to be improperly promoting complex financial products and services, such as trading and investment accounts, without disclosing the associated risks. By blacking out access,…
The extradition saga of Do Kwon, the Co-Founder and Former CEO of Terraform Labs, has taken a significant turn with the approval of his extradition to the US by the High Court of Podgorica. This decision comes after the rejection of South Korea’s extradition plea and a series of legal deliberations. Initially, Kwon’s defense attorney, Goran Rodić, argued in favor of extradition to South Korea, citing international agreements and Montenegrin laws. However, Justice Minister Andrej Milović emphasized the political significance of the decision, highlighting the US as a key diplomatic ally and signaling Montenegro’s commitment to international legal cooperation. Kwon’s…
R3, the enterprise blockchain company, has appointed Bob Wigley, the former Chairman of Merrill Lynch EMEA, to its Board of Directors. Wigley joins after serving as the Chairman of UK Finance for the past six years where he led a digital tokenization task force. In his new role, Wigley will guide R3’s digital finance strategy and drive adoption of the company’s newly launched R3 Digital Markets product suite. The suite aims to help financial institutions adopt digital assets and currencies. Wigley brings expertise from past board positions at organizations like the Bank of England, Euroclear, Bink, and LCH.Clearnet. He also…
Circle, the US cryptocurrency firm, has announced its decision to cease support for its USDC token on the Tron blockchain network. Stablecoins like USDC are digital assets designed to maintain a stable value, typically backed by traditional currencies. With immediate effect, Circle will halt the creation of USDC tokens on Tron, a rapidly expanding blockchain platform widely utilised for stablecoin transactions. The company has not disclosed specific reasons for this move. While institutional clients have until February 2025 to transfer USDC held on Tron to other blockchains or exchange tokens for traditional currency, retail customers can transfer USDC to alternative…
The chief of the UK’s Financial Conduct Authority (FCA) stressed the importance of global coordination in regulating financial technology in today’s ever-changing landscape. Ashley Alder, Chairman of the FCA, underlined that fintech innovation presents both opportunities and risks necessitating “intelligent policy responses” from regulators worldwide. Addressing an event hosted by the UK Mission to the European Union, Alder emphasised fintech as an area where international collaboration can aid firms and consumers while addressing emerging risks. He noted the ascension of fintech companies to top ranks alongside major European banks, catalysing disruption and innovation within finance. Alder described regulators’ approach to…
The British government has unveiled its intentions this week to expedite the long-awaited cryptocurrency regulations within the upcoming six months. Addressing a cryptocurrency industry gathering in London, Bim Afolami, the Economic Secretary to the Treasury, outlined the government’s objectives to establish regulations concerning stablecoins and staking services by August. “We’re very clear that we want to get these things done as soon as possible. And I think over the next six months, those things are doable,” remarked Afolami during the Coinbase crypto event on Monday. This initiative follows years of assurances to regulate the multibillion-pound industry. In October 2022, the…
TerraPay has appointed Ruben Salazar Genovez, the Former Global Head of Visa Direct, as its President. Genovez boasts a rich background in the payments industry, having served at Visa, Citibank, Barclays, and Mastercard. Ambar Sur, TerraPay’s Founder and Chief Executive Officer, commented: “Ruben Salazar is an outstanding addition to our leadership team, and we are delighted to welcome him as President of TerraPay. His extensive knowledge of the payments industry, along with his proven track record in driving global growth, will be invaluable as we continue to expand our presence worldwide.” According to the press release, Genovez is tasked with…
Finalto is delighted to announce the appointment of Daniel Leis as the new Sales Director, a strategic move poised to further bolster their standing as a frontrunner in innovative multi-asset trading and liquidity provision. Daniel brings with him an impressive track record in the finance industry, showcasing profound expertise in sales strategies, client relationship management, and business development within the trading and investment sectors. Daniel’s career accomplishments and skills encompass nurturing growth, refining sales operations, and establishing enduring client partnerships. His profound comprehension of market dynamics and client requirements renders him an ideal candidate to spearhead their sales endeavours as…
StoneX Group has unveiled its intentions to issue a bond valued at $550 million set to mature in 2031. This decision, contingent upon market conditions, is geared towards addressing the company’s financial requirements and refining its debt structure. As stated in the press release, this offering is directed at qualified institutional buyers and specific entities beyond the borders of the United States. StoneX plans to utilise the proceeds to redeem its existing 8.625% Senior Secured Notes maturing in 2025. Furthermore, the funds generated from the latest bond issuance will enable the complete repayment of the company’s prevailing debt. StoneX’s objective…
Coinbase, headquartered in California, has revealed a profit of $273.4 million, or £1.04 per share, in the final quarter of 2023, surpassing the anticipated loss of 1 cent per share, as per LSEG data. This marks the first quarterly profit for the cryptocurrency exchange since 2021. In comparison, the exchange suffered a loss of $2 million in the preceding quarter of 2023 and a substantial loss of $557 million in the last quarter of 2022, indicating a significant turnaround. The market swiftly responded to the impressive figures, with the value of the exchange’s publicly listed shares soaring by 14.2 percent…