The liquidators of the bankrupt Geneva-based online brokerage and trading bank FlowBank activated a new platform to enable clients to sell their securities directly before November 15. Asset Liquidation ProcessWalder Wyss enabled clients to log in and liquidate their securities until November 15, 2024. This move aims to expedite cash retrieval and avoid the lengthier process of transferring securities. The liquidators noted that failing to take action may lead to delays in accessing funds. To initiate the sale, the liquidators have advised clients to access the online platform using their usual login credentials. "You now have the opportunity to sell your securities directly via the online platform, which you can access via your customer area. As the transfer of securities proves to be a time-consuming and high-cost process, the sale and transfer of cash is simpler and faster to accomplish," the company mentioned."The liquidators encourage you to take advantage of this efficient solution to get back your assets faster. Please ensure to visit the client area to either request the sale of your securities or to confirm your request for transfer. Not taking action may result in additional delays."Liquidators have also released a guide to walk users through the necessary steps. The securities will be sold at market value, allowing clients to decide when to place their orders.Important ConsiderationsLiquidators advised clients to transact during active market hours to avoid order rejections. Once sales are finalized, the cash will be credited to a designated bank account in either EUR or CHF within a few days.Importantly, any manual transfer of securities or related requests will reportedly be suspended for two weeks following the platform's opening. This precautionary measure aims to streamline the liquidation process for all clients.For those with questions or needing assistance, FlowBank's liquidators referred customers to a designated customer service line available at +41 22 888 66 00 from 09:00 to 17:00 CET. The team mentioned that the support agents are prepared to address concerns and guide clients through the liquidation process. This article was written by Jared Kirui at www.financemagnates.com.

A Nigerian court has adjourned the trial of Binance executive Tigran Gambaryan, who is currently detained in Nigeria. The trial was delayed today (Friday) after Gambaryan, a US citizen and Head of Financial Crime Compliance at Binance, could not attend due to illness. He has been held in Nigeria since February and faces charges of laundering over $35 million, which both he and Binance deny.Trial Postponed for Medical TreatmentJudge Emeka Nwite of the Federal High Court in Abuja postponed the trial to October 25 to allow Gambaryan to receive medical treatment. Last week, Judge Nwite denied Gambaryan’s request for bail for the second time, arguing that the prison could manage his health needs. Gambaryan had sought release, citing his deteriorating health and the need for surgery outside prison.In response to the situation, Binance has taken to social media to request his release, as reported by Finance Magnates. CEO Richard Teng stated that Nigerian authorities requested a “secret” payment to resolve the issues. Nigerian officials have denied these claims, calling them a diversion from Binance’s activities.Nigerian Court Adjourns Trial Of Detained Binance Executive, Gambaryan, Declared As ‘Very Sick’ By Prison Authorities pic.twitter.com/uemQTOncdx— Aneke Tv (@AnekeTv) October 18, 2024In a separate development, Binance has expanded its services in Africa, enabling users in Benin, Cameroon, Ivory Coast, the Democratic Republic of Congo, Togo, and Senegal to purchase cryptocurrency via mobile money payments through local partnerships.Binance Halts Naira TransactionsIn August, Yuki Gambaryan, his wife, reported that her husband’s health had worsened significantly in detention, warning that his condition could cause permanent damage, potentially affecting his mobility. She has appealed for his release and vowed to continue advocating on his behalf.Binance also faces separate tax evasion charges, which the company denies. The exchange has halted transactions in Nigeria's currency, the naira, following a government crackdown on crypto exchanges, which authorities allege are linked to the black market for foreign currency. This article was written by Tareq Sikder at www.financemagnates.com.

US-based fintech firm FIS partnered with Fulham Football Club, the English football club, to create an innovation hub. The newly launched “Markers, presented by the FIS” center at Fulham Pier, aims to combine technology, community, and business innovation. The center also seeks to attract business leaders to Fulham Pier. Innovation and CollaborationFulham Pier, part of Fulham FC’s riverside redevelopment, features events, panel discussions, and innovation workshops. According to the official announcement, the partnership also targets FIS' ongoing FinTech Accelerator Program, with Fulham Pier serving as the fintech incubator in the EMEA region.Speaking about the deal, Alistair Mackintosh, the CEO of Fulham, said: “The partnership with FIS with its Markers, presented by FIS suite, is another important facet for our business community. The Markers, presented by FIS suite, will serve as a cutting-edge technology incubator, fostering a culture of innovation that is expected to make Fulham Pier one of the most coveted destinations in West London.”“This initiative underscores the significant role that fintech sandboxes play in driving technological advancement and community engagement, positioning Fulham Pier as a beacon of forward-thinking development,” he continued.The Markers, presented by the FIS' suite, will reportedly host a range of events and activities, including FIS’ signature InnovateIN48 competition, to promote fintech development. According to the two entities, this collaboration combines technology, sports, and community engagement to benefit the wider financial ecosystem. FIS Commitment to CommunityThe center will also be available to business leaders across London, offering a space to collaborate and exchange ideas. With its riverside setting, it hopes to create a dynamic business environment with easy access to cultural and recreational amenities. Additionally, the fintech giant has pledged a £25,000 donation to the Fulham FC Foundation. This donation aims to equip over 100 local youths with qualifications that will help them access better employment, training, and education opportunities. Meanwhile, in May, FIS launched a fintech platform to enable financial institutions, businesses, and software developers to integrate financial services into their products and processes. According to Finance Magnates’ report, the new platform, dubbed Atelio, gives users access to various financial services, including deposit collection, fund transfers, card issuance, invoicing, fraud prevention, cash flow forecasting, and customer behavior analysis. This article was written by Jared Kirui at www.financemagnates.com.

Real Madrid football legend Roberto Carlos and trading pioneers easyMarkets announce the return ofthe xBar Cup at the Dubai Expo 2024.This year’s challenge takes a new turn by spotlighting elite football Freestylers with a strong social media presence, a strategic pivot intended to intensify the competition’s caliber. This refined focus promises to provide both highly-skilled Freestylers and global enthusiasts with an extraordinary platform to showcase their talents and influence the Cup’s outcome in an interactive arena.Garen Meserlian, Chief Marketing officer at easyMarkets, commented on the collaboration: ‘Our long-standing alliance with Real Madrid has allowed us to continue blending forex with football. This latest collaboration culminates our joint creative vision, bringing to life an unprecedented event that spotlights both global freestylers and fans.’ Freestylers and Fans to Compete at Real Madrid’s Valdebebas Freestylers in the xBar Cup 2025 will compete thorugh three stages of elimination, each requiring their best performance to advance. The competition offers valuable exposure on a global platform, providing freestylers with the chance to make their mark. The grand prize will go to the top performer, highlighting both skill and dedication. Fans around the world will have the opportunity to directly impact the competition’s outcome through their votes and stand a chance to win a trip to Madrid as well as a VIP match-day experience at Real Madrid Valdebebas. The two lucky voters will also participate in a special fans-only Lightning Round for a chance to win $5,000 and $1,000 in trading account credit. Fans can place their votes now to help decide the winner and secure their chance to win these exciting prizes. Registration Now Open for xBar Cup 2025 Established football Freestylers can now register for the xBar Cup 2025 online, where they must submit their qualifications and a highlight reel. The event welcomes adept freestylers, granted they already possess a strong social media presence and welcomes them to join this platform and display their skill, precision, and creativity in a high-stakes environment. Readers interested in learning more about this competition are encouraged to click here.About easyMarketseasyMarkets, founded in 2001, is an award-winning global broker. One of the first to offer an online experience with innovative risk management tools, including free guaranteed stop loss, easyTrade, Freeze Rate, and dealCancellation, easyMarkets provides its sizeable clientele with a streamlined, accessible, and flexible trading experience. Offering over 275 tradeable instruments, tight fixed spreads, and 24/5 dedicated support to traders around the world, easyMarkets continues to revolutionize the trading sector by providing unparalleled security and safeguards for client funds and consistently prioritizing client commitment and satisfaction.   This article was written by FM Contributors at www.financemagnates.com.

Adam Saward has been appointed Managing Director of EC Markets UK. He brings more than 22 years of experience in the financial sector to the role. His career began at HSBC, followed by a significant period at ETrade, where he held various positions during its peak years in the UK.Experience in the Financial SectorSaward’s experience includes setting up an execution trading desk at Penson Financial, where he was introduced to the Prime Brokerage industry. After four years, he moved to Linear, developing its Prime Brokerage offering. He later co-founded PrimeXtend, a Prime Broker and Execution provider, in partnership with former Nomura and JP Morgan executives.With the recent approval from the FCA, he has been appointed Managing Director of EC Markets UK and is prepared to take on the challenge.“I would like to offer a heartfelt thank you to management for their unwavering support since our first meetings. I take immense pride in joining a company that is dedicated to innovation and excellence in the financial markets,” Saward commented.“This role presents an exciting opportunity to embrace the current wave of technological advancements and help enhance our product and service offering within the UK,” he continued.Recently, EC Markets has announced its global expansion and rebranding for its 12th anniversary, as reported by Finance Magnates. The rebranding includes a logo redesign. According to the firm, it reflects its focus on innovation and modern trading solutions.Tradeview UK and Infinox ContributionsHis return to the retail side of the market saw him join Tradeview Markets, where he established its UK division. At Infinox, Saward played a key role in designing a bespoke trading platform and managed the development of its proprietary copy trading app. He also contributed to building its worked order trading desk.“The UK brokerage sector is strongly influenced by external factors and firms need to adapt and embrace the broader range of products and advanced technologies required to service clients here,” commented EC Markets CEO, Matthew Smith.“Saward has a strong background in innovation and initiating change, and we are looking forward to him taking our UK offering to the next level,” he shared. This article was written by Tareq Sikder at www.financemagnates.com.

Binance has expanded its services in Africa. The platform now allows users in Benin, Cameroon, Ivory Coast, the Democratic Republic of Congo (DRC), Togo, and Senegal to purchase cryptocurrency using mobile money payments. This feature is made possible through local partnerships.Service Facilitates Crypto AccessThe introduction of this service aims to enhance access to cryptocurrency for users in these regions. Currently, the functionality only supports buy transactions. This focus on simplifying the process is intended to make it easier for new users to enter the cryptocurrency market. Binance emphasizes the importance of providing a reliable and secure platform for acquiring digital assets.“We remain focused on advancing financial inclusion and delivering user-friendly solutions for crypto adoption across Africa,” said Samantha Fuller, Spokeswoman for Binance. “This expansion into West and Central Africa is a significant step in our mission to increase crypto adoption, providing millions of people with more direct access to the global digital economy.” Binance Expands Crypto Access in West and Central Africa with Mobile Money Integration https://t.co/S9ZqTeweM7 pic.twitter.com/FXgcDTwmvT— Tech Labari (@TechLabari) October 17, 2024Meanwhile, a Nigerian court has rejected a bail application for Tigran Gambaryan, an executive at Binance Holdings Ltd. The court ruled that Gambaryan's health condition did not justify his release, as reported by Finance Magnates. Gambaryan has been in custody since February. His lawyer, Mark Mordi, argued that he requires medical treatment for a herniated disk that has affected his mobility. Limited Functionality for UsersAccording to the firm, the move aligns with Binance's vision of promoting financial inclusion in Africa. By enabling mobile money payments, the platform seeks to address barriers to entry for potential crypto users. Mobile money is widely used in many African countries, allowing people without traditional banking services to participate in the digital economy.Despite the positive implications for user access, the service's limited functionality may restrict users' ability to fully engage with the cryptocurrency ecosystem. The current offering does not include selling or trading capabilities. This article was written by Tareq Sikder at www.financemagnates.com.

The Vice President takes on Bret Baier in a snark-filled showdown on Fox, as Trump faces the ultimate insult: losing support from former KKK head David Duke. Harris might even have won over former skeptic Mark Cuban.Kamala Harris Faces Off with Bret Baier: A Showdown for the AgesKamala Harris took to the Fox News stage with Bret Baier for what can only be described as a full-blown clash. Neither side held back, as snark and jabs flew from both the Vice President and the Fox host. The interview, which was expected to be combative given Fox’s reputation for grilling Democratic candidates, ended up even more fiery than anyone anticipated.Harris came prepared to defend herself against tough questions, but Baier didn’t make it easy. He poked at sensitive topics, from the Biden administration's handling of the economy to their approach to international relations. Harris responded with a mix of poise and sharp-tongued retorts, often flipping Baier’s questions back on him, turning the discussion into a verbal boxing match rather than a typical interview.The Exchange Gets Snarky: Harris and Baier Trade BlowsAt one point in the interview, Baier cornered Harris on the administration’s stance on Donald Trump’s indictments, asking whether she thought Trump was still a political threat. Harris, with a raised eyebrow and a smirk, responded, "I think the American people are smart enough to know who is really a threat to democracy." Baier didn’t miss a beat, countering, "Some might say that's debatable, Madam Vice President" in possibly one of the weakest comebacks I've heard recently.TV RATINGS: A huge 7.1 million viewers watched Fox News’ exclusive interview with @KamalaHarris hosted by @BretBaier on Wednesday according to official ratings data. pic.twitter.com/OYfDPxryOf— TV News Now (@TVNewsNow) October 17, 2024From there, it was clear that both were determined to keep the upper hand in the conversation. Harris questioned Baier’s framing of certain issues, implying Fox News was more interested in sensationalism than facts, which Baier coolly shrugged off, keeping the mood tense.The two continued to lock horns, with Harris pushing back against what she called “gotcha questions” and Baier pressing for answers on inflation, border control, and Biden’s poll numbers. Harris’ frustration became more evident as Baier doubled down on pressing topics. Still, she held her ground, delivering quick-witted replies that showed she wasn’t going to be bullied into a corner.What Was Said: Key Moments in the InterviewOne of the highlights of the interview came when Baier asked Harris to comment on the state of the U.S. economy, which is a major issue for both sides of the aisle. Harris defended the administration’s policies, pointing out job growth and inflation reduction efforts, but Baier wasn’t buying it. “But the American people don’t feel that improvement,” Baier retorted.In a snappy response, Harris said, “If you want to talk about the American people, maybe you should stop feeding them fear and focus on the facts.” Ouch.Great job by Bret Baier in his Interview with Lyin’ Kamala Harris. She has a massive and irredeemable case of TRUMP DERANGEMENT SYNDROME - So bad, in fact, that she is barely able to talk about any subject other than the man who had the best economy ever, the strongest border in…— Donald J. Trump (@realDonaldTrump) October 17, 2024Another point of contention came when Baier brought up Trump’s possible re-election bid, hinting that Harris and Biden may be underestimating the former president’s influence. Harris shot back: “Let’s be clear, Donald Trump is the past. America is ready to move forward, and no amount of Fox News spin will change that.” The tension was palpable, and the interview felt more like a political standoff than a sit-down discussion.While Harris' take on everything from cryptocurrency to artificial intelligence (AI) has been questioned in recent months (including by notables such as Mark Cuban, but more on that shortly), this is the first time it's ever got so heated. It does seem that she held her own, however. Though Donald Trump himself has alluded to her being more than a little to the Left.Winning Over Mark Cuban?The beautiful thing about the @BretBaier interview is that @KamalaHarris understood and responded to each question. She used examples of policies. She gave real world context. When Brett went hard after her. She didn’t call him names. She didn’t quit the interview. She…— Mark Cuban (@mcuban) October 17, 2024Interestingly enough, businessman Mark Cuban, who has previously questioned Harris over her commitment to cryptocurrency, came out strongly in support of Harris following her interview. Cuban has been skeptical about Harris' understanding of crypto and her general intentions. Cuban has a huge following thanks to his success in business, his outspoken views and his role on the popular TV show Shark Tank. He's also a part owner of the NBA franchise the Dallas Mavericks, further boosting his appeal.Donald Trump’s Bad (?) News: David Duke Dumps Him for Jill SteinWhile the interview was a score draw, in a bizarre twist of fate, former Ku Klux Klan leader David Duke decided to throw his support behind Green Party candidate Jill Stein. Yes, you read that right. Duke, who notoriously backed Trump in 2016, has turned his back on the former president, calling Trump’s recent moves “disappointing” and “inconsistent with America’s needs.”While Trump’s relationship with Duke has always been a controversial topic, the loss of support from a figure like Duke, who once praised Trump as a champion of the far-right cause, is more of a symbolic blow. Trump’s base, often described as hardened and loyal, might not care much about Duke’s endorsement, but it’s hard to even the crazies are questioning him. In the world of politics, especially for someone like Trump, perception is everything.If this unexpected pivot by Duke, supporting Jill Stein of all people, signals a significant fracture in far-right support for Trump, this might not be easily mended. In what could be considered a final insult to Trump, Duke didn’t just endorse Stein; he actively trashed Trump, calling him “a sellout” and criticizing his failure to live up to his 2016 promises. But then again, this is Duke, this might well turn out to be a good thing for Trump, the man’s a crackpot.Final ThoughtsThe interview between Kamala Harris and Bret Baier is bound to go down as one of the more contentious moments in this election cycle. Both came armed with their snarkiest remarks, and neither seemed willing to back down. Harris managed to hold her own in what could have easily been a one-sided grilling, showing she can throw punches just as well as she can take them.Meanwhile, Trump’s world keeps getting more bizarre, with even David Duke giving up on him. Whether or not this affects his core supporters remains to be seen, but losing an endorsement to Jill Stein? That’s a hit no one could have predicted.For more news around the fringes of finance, visit our Trending section. This article was written by Louis Parks at www.financemagnates.com.

Decentralized finance (DeFi) has emerged as one of the most significant drivers of cryptocurrency ownership in recent years. As more users explore decentralized platforms for lending, borrowing, and earning interest on their crypto assets, DeFi is reshaping how people interact with financial systems. The appeal of decentralized, peer-to-peer transactions without traditional intermediaries like banks has attracted millions to the crypto space, fueling a surge in crypto ownership worldwide. According to The Block, the total value locked (TVL) in DeFi protocols surpassed $200 billion in 2021, marking a notable shift in how individuals manage their assets.DeFi and the Democratization of FinanceDeFi’s rapid growth is often credited with democratizing access to financial services. Through decentralized applications (dApps), users can access a variety of financial tools traditionally reserved for institutional investors, such as lending, staking, and liquidity provision. Platforms like Aave, Compound, and Uniswap allow users to earn interest, trade tokens, and borrow against their crypto holdings without the need for a centralized financial institution. This access has proven especially valuable in regions where banking infrastructure is limited or unreliable.In 2022, it was reported that over 100 million people worldwide had engaged with DeFi platforms, with the majority of adoption occurring in developing countries. This has driven an increase in crypto ownership as individuals turn to digital assets to replace or complement traditional financial services, further enhancing financial inclusion on a global scale.Crypto Wallets and OwnershipCentral to the DeFi boom is the role of crypto wallets and you can find some of the best at bestcryptowallet.com, which are essential for users to participate in decentralized applications. Crypto wallets, like MetaMask or Trust Wallet, allow users to securely store their digital assets and interact with DeFi protocols. These wallets are the gateway to the decentralized world, enabling users to lend, borrow, trade, and earn crypto directly from their wallets.As the number of DeFi participants grows, so does the demand for crypto wallets. A report from Blockchain.com revealed that crypto wallet downloads exceeded 70 million by the end of 2022, driven in large part by the explosion of DeFi activity. The security and control offered by crypto wallets, and in this case, DeFi wallets, empower users to take full ownership of their digital assets, a key factor in the increasing adoption of both DeFi and crypto ownership.Yield Farming and Earning Passive IncomeOne of the most appealing aspects of DeFi is the ability to earn passive income through yield farming, where users provide liquidity to DeFi platforms in exchange for rewards. By staking their tokens into liquidity pools, users receive interest and additional tokens, often significantly higher than what traditional banks offer in savings accounts. The prospect of earning substantial yields has enticed many individuals to acquire cryptocurrencies and participate in DeFi protocols.For example, during the peak of the 2021 DeFi boom, annual percentage yields (APYs) in certain protocols reached upwards of 1,000%, far exceeding any returns offered by conventional finance. These lucrative opportunities have played a major role in driving up the number of crypto owners, as yield farming has become a popular way to generate wealth within the DeFi ecosystem.NFTs in DeFi: Expanding the EcosystemNon-fungible tokens (NFTs) have also begun to integrate with DeFi platforms, further expanding the ecosystem and driving crypto adoption. NFTs, which represent ownership of unique digital assets, have found use cases in DeFi for collateralization and staking. Certain platforms allow users to use their NFTs as collateral for loans or to stake NFTs to earn rewards, blending digital art and finance into a novel financial product.This fusion of NFTs and DeFi has brought new audiences into the crypto space, many of whom may have been initially drawn to digital collectibles but have since engaged with the broader DeFi ecosystem. The increasing integration of NFTs with DeFi protocols is expected to continue fueling the growth of both markets.Institutional Interest and Market GrowthDeFi is no longer the exclusive domain of retail investors. Institutional interest in decentralized finance has grown significantly, with major firms exploring ways to integrate DeFi into their operations. Hedge funds, asset managers, and venture capital firms are now investing heavily in DeFi projects, recognizing the potential for decentralized finance to disrupt traditional financial systems.In 2021 alone, institutional capital flowing into DeFi protocols increased by over 700%, according to DeFi Pulse. This institutional backing has added credibility to the DeFi space, attracting more retail investors and pushing the boundaries of crypto ownership beyond niche markets. As traditional financial institutions continue to explore DeFi, the market is expected to grow further, contributing to a broader rise in crypto adoption.Challenges and Opportunities AheadDespite its rapid growth, DeFi still faces significant challenges. Regulatory uncertainty remains a major hurdle, as governments and financial regulators around the world struggle to develop frameworks that can effectively oversee decentralized platforms. Security issues, such as smart contract vulnerabilities and exploits, have also plagued the DeFi sector, with billions of dollars lost to hacks in recent years.However, these challenges also present opportunities for innovation. As the DeFi ecosystem matures, new solutions for security and regulation are likely to emerge, further solidifying DeFi’s position in the global financial landscape. Additionally, improvements in blockchain scalability, interoperability, and user experience will help to attract more users and drive crypto ownership to new heights. This article was written by FM Contributors at www.financemagnates.com.

Payment processing giant Stripe is in talks to acquire Bridge, a fintech startup specialising in moving money using stablecoins like Tether’s USDT and Circle’s USDC, for $1 billion, Bloomberg reported, citing anonymous sources familiar with the discussions.However, the acquisition has not yet been finalised, and neither company has officially confirmed any move in this direction. The report also noted that either party could still back out of the deal.Payment Giants Are Interested in StablecoinsHeadquartered in Texas, Bridge supports payments from more than 70 countries and allows businesses to accept payments from anywhere using stablecoins. In its last Series A funding round, the company raised $40 million, bringing its total funding to $58 million. Some of its backers include Sequoia, Ribbit Capital, Index, and Haun Ventures.If the acquisition goes ahead, Stripe will join other fintech giants entering the lucrative stablecoin industry. Robinhood and Revolut are two other companies that plan to launch their own stablecoins. Visa is another financial giant that recently launched a platform enabling banks to issue their own fiat-backed tokens, otherwise known as stablecoins.Mainstream financial companies’ interest in stablecoins has grown following the European Union’s introduction of strict rules on the circulation of stablecoins within its jurisdiction. The regulations, which came into effect earlier this year, even forced crypto exchanges within the bloc to delist several non-compliant stablecoins from their platforms.Stripe’s Reentry into CryptoMeanwhile, the Bridge acquisition would not mark Stripe's debut in cryptocurrencies. The payment platform previously supported cryptocurrencies but stopped doing so in 2018 due to volatility and technical limitations, with co-founder and President John Collison describing the experience as a “pretty terrible payment experience.”Crypto is back. @Stripe will start supporting global stablecoin payments this summer. Transactions instantly settle on-chain and automatically convert to fiat. Join the waitlist https://t.co/hws2OsU3Id and watch the demo (h/t @Solana) from Sessions. pic.twitter.com/zGKYW2FM6i— John Collison (@collision) April 25, 2024However, Stripe’s interest in crypto remained. In 2022, the company launched a new service allowing businesses to offer customers the ability to convert fiat currency into cryptocurrencies. Earlier this year, it also announced that it will allow merchants to accept stablecoin payments. This article was written by Arnab Shome at www.financemagnates.com.

Venture capital investment in the crypto sector declined in the third quarter of 2024, following a persistent downtrend that began earlier this year. However, while overall numbers were down, early-stage startups in AI and blockchain infrastructure got most of the investments.According to a report by Galaxy, the total venture capital investment in crypto and blockchain-focused startups reached $2.4 billion in Q3 2024, a 20% decline from the previous quarter. Similarly, the number of deals fell by 17%, with 478 deals completed.Venture Capital InvestmentsThis dip in activity is partly due to the ongoing sluggishness in the broader crypto market, which has been focussing on two extremes, Bitcoin on one end and meme coins on the other, but little interest from institutional investors.Despite this decline, 2024 is still on track to match or slightly exceed 2023’s total VC investments in crypto, signaling that interest remains, albeit selectively. Early-stage companies attracted 85% of the funding this quarter, a notable figure that demonstrates investor confidence in the long-term potential of new projects even as late-stage funding dried up.The longstanding correlation between Bitcoin’s price and venture capital activity has notably broken down in 2024. Although Bitcoin has risen substantially since the start of 2023, venture capital investments into crypto startups have not followed the same upward trajectory.The divergence has led to a slower venture capital market overall, but the data shows that there are still pockets of growth—particularly in the early stages of crypto development.US Still LeadsAmid the broader venture capital slowdown, projects integrating AI technologies have seen a significant surge in funding. AI-focused crypto startups witnessed a fivefold increase in venture capital in Q3 2024 compared to the previous quarter.The US continued to dominate the crypto venture capital landscape, accounting for 56% of total capital invested and 44% of deals in Q3 2024. While Singapore, the UK, and the UAE also showed signs of activity, their deal volumes and capital investments were significantly lower, reinforcing the US’s position as the primary hub for crypto innovation and venture capital.Interestingly, while US-based companies pulled in the most capital, companies founded in 2021 captured the largest share of that investment. Those established in 2022, however, closed the most deals, suggesting a balance between seasoned and fresh startups competing for capital. This article was written by Jared Kirui at www.financemagnates.com.

Crypto exchange Kraken and Formula 1 Williams Racing extended their partnership through the 2025 season. This collaboration began in 2023 and aims to boost fan engagement in the racing world.Kraken Eyes Formula 1 Since joining forces, Williams Racing and Kraken have reportedly combined blockchain technology and the racing world to create initiatives that enhance fan interaction both online and offline. The company highlighted the Grid Pass digital collectible program, which offers registered fans perks and rewards. Additionally, Kraken has reportedly given fans a great experience at Williams Racing Fan Zones, which attracted nearly 200,000 visitors. These zones enable fans to meet drivers, experience racing simulations, and see the cars up close. According to the exchange, events like the Rear Wing Takeover contests have further allowed fans to participate creatively, giving them the chance to feature their designs on the iconic Williams rear wing.Commenting about the extended deal, Mayur Gupta, Kraken’s CMO, said: “Experiences at the intersection of Web 3 and motorsports, like the Rear Wing Takeover contests and Grid Pass program, are redefining fan engagement, giving back to supporters through both in-person and digital initiatives.” “Our shared commitment to putting fans first and driving progress is what makes this partnership so special, and we're looking forward to continue delivering thrilling experiences that bring the Williams Racing community closer to the action.”As the partnership enters its third year, Kraken plans to amplify its presence on the Williams Racing car, which will be driven by Alex Albon and Carlos Sainz, two of the strongest drivers on the grid. Kraken's BrandingIn the partnership, Kraken's branding will be displayed on race suits, helmets, and team kits. Additionally, Kraken will continue as the Presenting Partner for five fan zones, enhancing the overall fan experience through innovative initiatives.Williams Racing has a rich history in Formula 1, boasting 16 World Championship titles. Founded in 1977 by Sir Frank Williams and Sir Patrick Head, the team has earned its place in the elite racing championship.Last month, Kraken collaborated with Bundesliga RB Leipzig in a sports sponsorship agreement seeking to boost crypto adoption among German football fans. The two entities mentioned that the partnership is based on immersive experiences for RB Leipzig fans through exclusive content and interactive fan pop-ups. This article was written by Jared Kirui at www.financemagnates.com.

The Financial Conduct Authority (FCA) has welcomed the government's consultation on regulating currently-exempt Buy Now Pay Later (BNPL) products. The FCA has long supported bringing these products under its regulatory oversight. In 2021, the FCA board backed the Woolard Review, which recommended that BNPL should be regulated.The FCA plans to implement a Temporary Permissions Regime (TPR), allowing firms to continue BNPL activities while their applications are processed. Firms operating under the TPR will need to comply with FCA rules, and the regulator will take action where necessary.FCA Consults on BNPL RulesBNPL offers consumers more payment options and supports merchants, but it also carries risks similar to other credit products. The FCA plans to consult on its regulatory approach for BNPL after legislation is finalized, proposing rules for authorizing firms and safeguarding consumers while allowing firms to innovate and grow.“We will consult shortly after legislation is finalised on our regulatory regime for BNPL. This will include our proposed rules and approach to authorising firms. We want to ensure those who find BNPL helpful can still benefit from it, firms can innovate and grow, and consumers are appropriately protected,” the regulator stated.The FCA will consider feedback before finalizing its rules, conducting a cost-benefit analysis to ensure proportionate regulation. Firms will be given a brief period to prepare before the rules come into effect. Regulation of the sector is expected to commence 12 months after the legislation is made.The Treasury is set to unveil its plans for buy-now-pay-later (BNPL) rules tomorrow, in a move that could end years of uncertainty surrounding the regulation of the sector, City AM has learned.Read the full story here ?https://t.co/nACoic9a4K— City A.M. (@CityAM) October 17, 2024Implementing Temporary Permissions RegimeThe regulation will ensure positive outcomes for borrowers and align with existing rules for other credit providers. Firms will be required to provide clear information to consumers and conduct affordability and creditworthiness checks. BNPL firms will also fall under the Consumer Duty, and consumers will have the right to raise complaints with the Financial Ombudsman Service.Once the rules are finalized, BNPL firms currently unauthorised to lend will need to apply for authorisation. Merchants offering credit agreements from third-party lenders will also need to apply for credit broking authorisation. The FCA will assess applications and seek further information if necessary before deciding on authorisation. This article was written by Tareq Sikder at www.financemagnates.com.

Institutional investment is reshaping the crypto landscape in established markets while emerging regions are becoming hubs for retail adoption. This is according to Chainalysis' report, which indicated that crypto has become more mainstream than ever, with varied economic forces driving its growth. Central & Southern AsiaThe 2024 Global Crypto Adoption Index revealed that Central & Southern Asia and Oceania (CSAO) lead the world in crypto adoption. The region boasts seven of the top 20 countries, showcasing high levels of activity across centralized services and decentralized finance (DeFi) protocols.This rapid uptake is reportedly driven by a combination of retail and institutional interest, as well as a need for more accessible financial tools in emerging markets. Interestingly, crypto adoption in the CSAO region is primarily focused on using local exchanges and services to facilitate everyday transactions, which explains the high on-chain value of retail-sized transfers.While CSAO leads in broad-based adoption, North America, particularly the United States, remains the largest crypto market in terms of sheer transaction volume. Over $1.3 trillion in on-chain value flowed through North American markets from July 2023 to June 2024. This is largely fueled by institutional players, with about 70% of transactions exceeding $1 million.The US is emerging as a key pillar in global crypto, buoyed by the landmark launch of Bitcoin exchange-traded products (ETPs) in early 2024. These ETPs, backed by institutions like BlackRock and Fidelity, have attracted both retail and institutional investors, setting records for inflows and driving up the price of Bitcoin to new highs.Bull Run Fueled by ETFsCrypto activity surged between late 2023 and early 2024, with the total value of crypto transactions surpassing the 2021 bull market peak. The US Bitcoin ETF’s approval triggered significant institutional inflows, boosting Bitcoin’s price and contributing to a global bull run. However, adoption patterns varied across regions, with high-income countries seeing a pullback while emerging markets experienced strong growth.Stablecoins also played a critical role, especially in lower-income regions like Sub-Saharan Africa and Latin America. Here, stablecoins provided a hedge against inflation and currency volatility, becoming a lifeline for retail users looking for faster, more reliable financial tools.While crypto adoption soared globally, the US market faces challenges, particularly in the realm of stablecoin regulation. In 2024, stablecoin usage shifted away from US-regulated platforms, reflecting delays in domestic regulatory clarity. This gap has allowed other regions, such as Europe and Singapore, to attract stablecoin projects under more favorable legal frameworks. This article was written by Jared Kirui at www.financemagnates.com.

Investors using Firstrade's mobile app are set to receive an influx of analytical firepower. The online trading platform has broadened its alliance with Trading Central, weaving the company's investment research tools into its smartphone application.Firstrade Adds Trading Central Tools to Mobile AppThe partnership expansion adds several Trading Central tools to Firstrade's mobile app, including Technical Insight, TC Market Buzz, and thematic portfolios."Traders seek a unified platform for research, trading, and connection, and we're offering a solution that allows users to understand market dynamics, invest, and grow their portfolios,” John Liu, CEO of Firstrade, said.Technical Insight uses chart pattern recognition software to identify market trends and price changes. TC Market Buzz analyzes news and social media content, providing traders with sentiment scores and buy/sell signals. The thematic portfolios feature allows users to explore stock collections grouped by sectors, industry themes, and current topics.For the first time, Firstrade partnered with Trading Central in February 2024, offering clients an expanded suite of analytical investment solutions. At that time, access to the mentioned tools was granted to desktop platform users, and now they are also available for those who prefer the mobile app."By integrating our analytics and research into Firstrade's mobile app, their traders can make investment decisions with real-time insights and technology to navigate the financial markets,” Alain Pellier, CEO of Trading Central, added.This development is part of Firstrade's efforts to update its mobile offerings. The integration of Trading Central's research capabilities may appeal to traders seeking data-driven approaches to investing.Fractional Shares and AI Research PlatformThese are not the only new developments in Firstrade’s offering. In June, the company announced the launch of FirstradeGPT, an AI-driven research and analysis tool designed to help investors make informed financial decisions. Developed in partnership with FinChat.io, an investment research platform, FirstradeGPT leverages artificial intelligence to provide in-depth data on global equities and key performance indicators (KPIs) for specific businesses.In April, after several months of delays, Firstrade also introduced access to fractional shares. This new service is designed to give investors greater flexibility and accessibility in the stock market by allowing them to trade fractional shares of over 4,000 stocks and ETFs. Firstrade's Fractional Share Trading service enables investors to start trading with as little as $5 per trade, with no maximum order limit.Firstrade, established in 1985, offers commission-free trades on stocks, ETFs, options, and mutual funds. The company is registered with the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). This article was written by Damian Chmiel at www.financemagnates.com.

Axi, a global Forex and CFD broker, has announced the one-year anniversary of its capital allocation program, Axi Select. According to the firm, the program distinguishes itself from traditional models in the proprietary trading industry by focusing on providing traders with a realistic chance to transition into professional trading.Axi serves customers across more than 100 countries. The broker offers Contracts for Difference (CFDs) on various asset classes, including Forex, shares, gold, oil, and coffee.Axi Select Marks Year OneAxi Select is available exclusively to clients of AxiTrader Limited. Axi acts as the principal counterparty to all client positions. Additionally, the program is not accessible to residents of Australia, New Zealand, the European Union, and the United Kingdom.According to Greg Rubin, Head of Axi Select, the program has made notable advancements in capital allocation by focusing on the potential of traders. He said: “This past year, we’ve seen Axi Select really stand out among other similar programs by providing real opportunities for success and growth.”Axi Select provides access to funding up to $1 million USD and allows traders to retain up to 90% of their profits. Want to know what makes Axi Select a game-changer for the trading industry? Check out our latest video!https://t.co/rX0ieokMnePromoted by AxiTrader Ltd. We act as a principal counterparty to all of your positions. Not available to AU, NZ, EU & UK residents.— Axi (@axi_official) October 17, 2024Meanwhile, Axi has announced John Stones as its latest Brand Ambassador, as reported by Finance Magnates. Stones, a defender for the England national team, has played for Manchester City since 2016, making over 200 appearances and winning 13 trophies.Program Reports Record PayoutsThere are no registration or monthly fees to join the program. Participants can trade using either Standard or Pro live accounts, benefiting from unrestrictive trading conditions and a range of supportive tools.Since its inception in 2023, Axi Select has attracted over 17,400 traders. The program experienced a record month in September, coinciding with its anniversary, as it disbursed over $440,000 in payouts to traders. This article was written by Tareq Sikder at www.financemagnates.com.

CFI Financial Markets LLC (CFI UAE) has expanded its operations by opening a new office in Sharjah. This is the third office the company has established in the United Arab Emirates, following locations in Dubai and Abu Dhabi. CFI UAE operates under a Category One license from the UAE's Securities and Commodities Authority (SCA).CFI Reaches Three Cities"Our expansion in Sharjah highlights our mission to bring innovative and seamless trading experiences to every corner of the UAE," said Jareer Hiary, CEO of CFI UAE.The Sharjah office marks CFI as the first SCA-regulated broker to have a presence in all three major UAE cities. The company continues to expand its reach and offer trading services across the region."Establishing our presence in Sharjah is another significant achievement in our UAE growth strategy. This expansion reflects our commitment to staying close to our clients and empowering them," said Hisham Mansour, Co-Founder and Managing Director of CFI.CFI Partners with Hamilton, WASLMeanwhile, CFI has entered into a multi-year partnership with Formula 1 driver Lewis Hamilton, naming him as its global brand ambassador, as reported by Finance Magnates. Hamilton, who has competed in Formula 1 since 2007 and currently drives for the Mercedes AMG Petronas Team, holds seven world championship titles. His most recent title was won in 2020. He shares the record for the most race wins, podium finishes, and pole positions with Michael Schumacher.Additionally, CFI has extended its partnership with the FIBA West Asia Super League (WASL) as the league's Presenting Partner. The 2024/2025 season, featuring 18 teams from West Asia, the Gulf, and South/Central Asia, will begin in October. CFI will have branding rights, including TV exposure, on-court LED displays, and court-side advertising across 96 games in 11 cities. The collaboration also offers CFI’s clients and community exclusive opportunities to participate in events and competitions. This article was written by Tareq Sikder at www.financemagnates.com.

Cyprus's financial regulator is giving crypto-asset service providers a narrow window to operate under existing national regulations before new EU-wide rules take effect. The Cyprus Securities and Exchange Commission (CySEC) announced today (Thursday) it will stop accepting notifications from European Economic Area (EEA) firms for cross-border crypto services on October 30, 2024.CySEC Sets October 30 Deadline for Crypto Firms Under National RulesThis deadline comes just two months ahead of the Markets in Crypto-Assets (MiCA) implementation for crypto service providers, set for December 30. Firms that successfully notify CySEC by the October 30 cut-off will be permitted to continue their cross-border operations during a transitional period lasting until July 1, 2026, or until they receive a decision on their MiCA authorization, whichever comes first.“Notifications received after the above Cut-Off Date are unlikely to be assessed before MiCA comes into application,” the regulator commented in the official statement. In case the abovementioned market participants submit an application for authorization in accordance with MiCAR, they must inform CySEC immediately whether they are authorized or not during the transitional period, to proceed with the update of the EEA CASP Register.”CySEC has already ceased accepting Crypto-Asset Service Providers (CASPs) registrations under national rules as of October 17, 2024, further emphasizing the regulator's preparation for the MiCA regime. Press Release – CySEC will not accept new applications for CASPshttps://t.co/ShIO6Lw8aiΔελτίο Τύπου – Δεν θα αποδέχεται νέες αιτήσεις για ΠΥΚΣ η ΕΚΚhttps://t.co/eAbtQuWvae— CySEC - Cyprus Securities and Exchange Commission (@CySEC_official) October 17, 2024This is another CySEC circular following the June consultation launched by the regulator to gather market views on the proposed fees and reporting requirements under the new EU crypto rules. EU Crypto RegulationsThese developments in Cyprus are part of a larger trend across the European Union as member states prepare for the implementation of MiCA. The regulation aims to create a harmonized crypto regulatory framework across the EU, potentially reshaping the continent's digital asset landscape.MiCA, which officially entered into force on June 29, 2023, aims to create a comprehensive framework for crypto-assets not covered by existing financial services legislation. The regulation is set to be fully implemented in stages, with complete application expected by December 30, 2024.Crypto-asset service providers registered in Cyprus are now faced with a clear timeline:Submit notifications to CySEC by October 30, 2024, if they wish to operate under current national rules during the transition period.Prepare for MiCAR compliance, which becomes applicable on December 30, 2024.Obtain MiCAR authorization by July 1, 2026, at the latest, to continue operations in the EU.This week, the European Securities and Markets Authority (ESMA) addressed the European Commission's proposal to amend the Regulatory Technical Standards (RTS) under the MiCA. In its response, ESMA recognizes the legal constraints highlighted by the Commission and stresses the significance of the policy objectives outlined in the proposal. This article was written by Damian Chmiel at www.financemagnates.com.

Irish lawmakers are urgently preparing legislation covering digital assets and crypto firms ahead of the broader European Union’s anti-money laundering and terror financing laws, set to be enacted on 30 December 2024.According to a report by the Irish Examiner, Ireland’s Finance Minister, Jack Chambers, has already asked the cabinet to draft this urgent law, as the country needs to update its regulations before the European bloc's deadline.EU Moves Ahead with Crypto LawsThe 27-country European bloc’s Anti-Money Laundering and Countering the Financing of Terrorism Act covers crypto transactions. However, it differs from the Markets in Crypto-Assets Regulation (MiCA), which partially came into effect earlier this year, with its remaining provisions set to be enforced by the end of 2024.While MiCA focuses on making crypto transactions transparent, the new anti-money laundering and terror financing laws will enhance the powers of European financial intelligence units, enabling them to suspend transactions. According to a statement by the European Commission, AML laws “complement other regulations such as MiCA.”Specific to cryptocurrencies, the anti-money laundering and terror financing laws will impose stricter reporting requirements for exchanges, and limit cash payments to €10,000 (around $US10,850). They will also mandate the monitoring of large crypto transactions and introduce new reporting requirements for high-value transactions.European Unions New AML Laws Ban All Anonymous #Crypto Payments · The EU has implemented a new law restricting cash transactions to fight #money laundering. ?? pic.twitter.com/PeWhZkP6XS— Vishal Techzone (@VishalSahu21) March 23, 2024Ireland Becomes a Favourite for Crypto FirmsIreland is becoming one of the top jurisdictions for crypto giants to establish their European bases. By July, the Central Bank of Ireland had approved 15 virtual asset service providers, including major firms such as Gemini, Ripple, Paysafe, MoonPay, Kraken, and Coinbase. However, stablecoin issuer Circle is planning to move its legal base from Ireland to the US.The influx of crypto companies has also raised concerns about the risks of money laundering through digital assets.“It is important that Ireland, as a small, open economy with a thriving financial services industry, actively participates in preventing its financial system from being used for money laundering and terrorist financing purposes,” the Irish Central Bank noted in a statement. This article was written by Arnab Shome at www.financemagnates.com.

In a recent survey by The Funded Trader (TFT) prop firm, 76% of respondents preferred faster access to at least a portion of their funds, which have been blocked for several months. Despite this significant majority, TFT decided to stick to its original plan, stating that it would "deliver a better experience" to clients.The Funded Trader Prop Firm Defies Survey, Maintains Original Account Sizes in RelaunchThe survey, which involved over 5,300 traders with accounts at The Funded Trader, revealed that many have been waiting for their payouts since the beginning of the year. This delay was largely due to the alleged regulatory crackdown on MetaQuotes in the USA, which caused considerable chaos in the prop trading industry.? While 76% preferred smaller accounts for quicker access, we believe maintaining the original size will avoid complexity and deliver a better experience. We are committed to getting these accounts to you by the end of this year. (2/5)— The Funded Trader (@thefundedtrader) October 16, 2024"We are committed to getting these accounts to you by the end of this year," the company stated on X (formerly Twitter). Despite maintaining the original account sizes, TFT is offering traders some flexibility. Clients can now choose between the Knight Pro Challenge and other new challenge types, regardless of their original challenge parameters. These new options come with additional features including anytime payouts, maximum allocations up to $2.5 million, and balance-based daily drawdown limits.The relaunch will see accounts available across multiple platforms, including "Platform Five" (MetaTrader 5, whose name is often concealed by many prop firms for regulatory reasons), Match Trader, and DXtrade. "We know you're eager to get started, and we're working day and night to make it happen," the company added.Chance for Payouts This Year?The latest announcement seems to increase the likelihood of at least partial payouts in 2024. A month ago, an update suggested that clients with accounts below $100,000, which includes most small retail investors, were unlikely to see payouts this year."If you've been waiting since the March 28th pause, you have been contacted if your withdrawal is eligible for processing soon," TFT informed at the time.⚔️ Big News, TFT Traders! ⚔️If you’ve been waiting since the March 28th pause, you have been contacted if your withdrawal is eligible for processing soon! ?We’re also launching a new challenge, with a portion of the profits dedicated to clearing backlogged payouts. ?…— The Funded Trader (@thefundedtrader) September 10, 2024However, they emphasized that payouts for smaller accounts would only be processed after dealing with the largest ones, which was scheduled to take place by the end of 2024.While it might seem that the most important factors in the prop trading world are the lowest prices and highest profit shares, TFT's example shows that secure and fast payouts are far more crucial. This is confirmed by a survey conducted by PipFar, another prop trading firm, where 75% of respondents indicated that fast payouts and clear trading rules are the most important aspects they look for in prop firms' offerings.Meanwhile, The Funded Trader announced that its sister company, The Futures Traders, will introduce Volumetrica Trading as a new trading platform.? Big news! We’re thrilled to announce our sister company @tft_futures will offer @VolumetricaT as a trading platform for our launch! ⚔️ With our in-house tech & this fast-growing platform, we’re set to deliver an experience that rivals the BEST in the industry. ??…— The Funded Trader (@thefundedtrader) October 16, 2024According to the firm, this collaboration aims to improve the trading experience for users. Volumetrica Trading is known for its professional trading and analytical platforms that focus on order flow analysis. This article was written by Damian Chmiel at www.financemagnates.com.

WhiteBIT cryptocurrency exchange has once again confirmed its commitment to top-tier security standards by successfully passing the Payment Card Industry Data Security Standard (PCI DSS) certification. The company achieved the highest Level 1 certification.This certification verifies that the WhiteBIT platform adheres to the best practices for storing, processing, and transmitting payment card data, ensuring the privacy and security of its users' financial information. Payment data on WhiteBIT is securely protected from cyber attacks and online fraud, allowing customers to safely perform bank card transactions (deposit/withdraw funds) using methods like Apple Pay and Google Pay."The security of our customers has always been a top priority at WhiteBIT. We set a high standard for cybersecurity and work tirelessly to safeguard our users' data against potential threats," said Volodymyr Nosov. "Today, over 5 million clients trust us, and we continually implement innovative solutions to ensure their safety and the transparency of our processes."Benefits of PCI DSS Certification for WhiteBIT Crypto Exchange:Enhanced Fraud Protection: The certification ensures that WhiteBIT implements advanced security measures, such as encryption, tokenization, access controls, and monitoring, to protect and process payment card data. This greatly reduces the risk of data breaches and cybercrime.Data Privacy: WhiteBIT handles card data in line with top industry standards, ensuring clients' sensitive information remains secure and confidential.Wider Range of Trusted Payment Options: PCI DSS certification enables the integration of multiple secure payment methods, including bank cards from various payment systems. Additionally, all payment providers partnered with WhiteBIT are also required to comply with PCI DSS standards.Global Recognition: Certification proves that WhiteBIT adheres to international security practices, which is a key consideration for global partners and investors.PCI DSS certification highlights WhiteBIT’s commitment to user safety, allowing customers to confidently use their bank cards on the platform without concerns over data breaches.To maintain PCI DSS certification, WhiteBIT undergoes an independent audit annually, assessing its compliance with 12 core security principles. This audit is conducted by an accredited third-party organization.In addition, WhiteBIT performs external penetration testing of its platform to identify and address any potential vulnerabilities.About PCI DSSPCI DSS (Payment Card Industry Data Security Standard) is a global security standard established by the payment card industry to protect cardholder data. It was developed by five major payment networks: Visa, Mastercard, American Express, Discover, and JCB. The standard encompasses over 300 criteria related to various aspects of information security, organized into 12 key principles. There are four levels of certification, determined by the annual volume of transactions processed.About WhiteBITWhiteBIT (https://whitebit.com) is one of the largest centralized cryptocurrency exchanges in Europe, founded in Ukraine in 2018. The platform offers more than 580 trading pairs, 270+ assets, and supports 10 national currencies. WhiteBIT partners with global payment system Visa, the e-sports platform FACEIT, and the telecom operator lifecell. It also supports FC Barcelona (Spain), Trabzonspor (Turkey), and the Ukrainian national football team. Additionally, WhiteBIT collaborates with the National University of Kyiv-Mohyla Academy and the Ministry of Foreign Affairs of Ukraine. The company’s mission is to promote the widespread adoption of blockchain technology in Ukraine and around the world. This article was written by FM Contributors at www.financemagnates.com.