Bitcoin surged above $99,500 on Friday, briefly dipping to $98,600 before stabilizing above $99,000 during US trading hours. Deribit’s BTC futures contracts for 2025 traded above $100,000, with open interest in $100,000 call options exceeding $2 billion. The cryptocurrency’s price increase boosted the overall market capitalization to a record $3.4 trillion, with BTC alone contributing over 56% of the total. BTC gained 2% in the past 24 hours, leading the market’s 4.5% growth. Spot Bitcoin exchange-traded funds (ETFs) in the U.S. recorded over $1 billion in net inflows, led by BlackRock’s IBIT with $600 million and Fidelity’s FBTC with $300 million, with no outflows reported from any of the eleven available ETFs. Strength in Bitcoin catalyzed gains across major tokens. Ether (ETH) surged nearly 9%, lifting decentralized finance (DeFi) indexes by at least 8%. Ethereum-based memecoins such as mog (MOG) and pepe (PEPE) jumped as much as 27%. Other major tokens also rallied, with Solana’s SOL climbing 8% to a fresh high above $260 amid ETF filings and speculative trading. Cardano’s ADA gained 12%, while XRP led the majors with a 25% spike. XRP’s surge followed news of SEC Chair Gary Gensler’s planned departure in January, clearing regulatory uncertainties for U.S.-related tokens. Traders remain optimistic about Bitcoin’s trajectory. Analysts at QCP Capital noted strong demand for BTC, supported by easing monetary policies from global central banks. They highlighted aggressive demand for Bitcoin options expiring in March and June 2025. MicroStrategy stock plunges MicroStrategy, the largest corporate Bictoin holder, saw its stock drop by 16.2% in one of its sharpest single-day declines this year, briefly falling over 20% intraday. Despite the pullback, MicroStrategy’s stock remains up more than fivefold for 2024 and nearly eight times from its value a year ago. The company’s market cap, which had exceeded $100 billion earlier in the day, fell to around $80 billion, still well above the value of its Bitcoin holdings, which stand at approximately $32.5 billion. Critics pointed to the divergence between MicroStrategy’s valuation and the underlying value of its Bitcoin holdings. Citron Research’s Andrew Left, a former proponent of MicroStrategy as a Bitcoin proxy, voiced his concerns, stating, “MicroStrategy’s [valuation] has completely detached from Bitcoin fundamentals.” Left, who remains bullish on Bitcoin, revealed he has hedged his position by shorting MSTR. The decline comes amid a positive feedback loop that has fueled MicroStrategy’s meteoric rise. The company’s ability to raise capital at favorable valuations has allowed it to acquire more Bitcoin, further boosting its stock price as Bitcoin’s value climbs. Jonathan Weil, writing in the Wall Street Journal, described this phenomenon as a “flywheel effect,” cautioning investors about the speculative nature of betting on MicroStrategy’s stock rather than Bitcoin itself. “If you want to speculate that Bitcoin is heading higher, buy some,” Weil advised. “To go long MicroStrategy’s stock is to wager that bizarrely inefficient markets will become even more so.”  

Charles Schwab intends to provide direct cryptocurrency investment options to its clients, according to Rick Wurster, the company’s president and incoming CEO. In an interview with Yahoo Finance, Wurster revealed that Schwab clients are already actively engaging in crypto markets through exchange-traded funds (ETFs), futures, and closed-end funds. “We also would like to directly offer crypto,” Wurster stated. “We’ve been waiting on a change in the regulatory environment … and we’re confident that we think that will come in short order.” Wurster admitted he has yet to purchase any digital assets himself, jokingly adding, “I have not bought crypto, and now I feel silly.” Wurster will take over as CEO on Jan. 1, 2025, succeeding Walt Bettinger, who led the firm since 2008. His leadership coincides with a surge in crypto market capitalization, which reached a record $3.45 trillion amid optimism over U.S. Securities and Exchange Commission Chair Gary Gensler’s planned departure in January. While the financial services giant has so far refrained from fully entering the crypto space, it maintained a neutral stance, contrasting with firms like Vanguard that restricted access to spot Bitcoin ETFs. Schwab said it’s ready to be “highly competitive” and “disruptive” when it enters the market, as first stated in 2021. Charles Schwab faces competition from established financial institutions like Fidelity and innovative trading platforms such as Robinhood and Webull. The company also explored artificial intelligence technologies to upgrade its wealth management services. Wurster highlighted that new AI capabilities improved operational efficiency and reduced response times for client inquiries. Schwab’s crypto strategy included investing in the broader digital asset ecosystem. The company was a key investor in EDX Markets, a crypto exchange launched in 2022 by a former Citadel Securities executive. It also introduced the Schwab Crypto Thematic Index (STCE) in the same year, an ETF tracking companies that could benefit from crypto and blockchain innovations. A recent Charles Schwab survey revealed that cryptocurrency has become the second most sought-after asset class among ETF investors, outranking fixed-income investments.

The UK Labour government plans to unveil a unified regulatory framework for cryptocurrencies in early 2025 to streamline oversight and address key areas such as stablecoins and staking. The announcement was made at London’s City & Financial Global Tokenisation Summit, reflecting the UK’s ambition to stay competitive in the global race to regulate the crypto industry. Economic Secretary to the Treasury Tulip Siddiq said that consolidating regulations into a single framework simplifies oversight and aligns with the industry’s needs. The framework will replace existing rules for stablecoins, which are currently governed by the UK’s payment services regulations, to better reflect their use as asset-backed digital currencies. Stablecoins have become a critical component of the digital asset ecosystem, offering faster and cheaper settlement for crypto trading, payments, and remittances compared to traditional banking systems. Additionally, the government intends to clarify the legal status of staking, which allows users to lock up tokens to support blockchain operations and earn rewards. Siddiq indicated that the government supports industry calls for staking to be treated as a technology service rather than a collective investment scheme, which would subject it to stricter financial regulations. The Labour government’s initiative comes after delays under the previous Conservative government, which planned to pass similar legislation earlier this year. Siddiq noted that addressing these areas in one comprehensive phase is “simpler and makes more sense.” Global competition drives UK’s regulatory push The UK’s move to regulate cryptocurrencies comes amid growing competition from jurisdictions like the EU, which is set to implement its Markets in Cryptoassets (MiCA) regulation by the end of 2024. Industry leaders have warned that the UK risks falling behind if it fails to establish clear crypto regulations. Innokenty Isers, founder of crypto platform Paybis, described the framework as a strategic move to attract innovation and economic opportunities. “The EU has already set the tone with MiCA, and if the UK doesn’t catch up, it risks missing out on the next wave of financial transformation,” Isers said.

USD strength dominates markets, driven by robust economic data, hawkish Fed signals, Eurozone struggles, and commodity reactions to evolving conditions. Persistent US Dollar Strength Drives Market Movements The US Dollar (USD) has maintained its bullish momentum, fuelled by multiple factors, including robust economic data and hawkish comments from Federal Reserve officials. Weekly Initial Jobless Claims fell to 213,000, indicating a resilient labor market, while Existing Home Sales rose by 3.4% in October. Federal Reserve Bank of Chicago President Austan Goolsbee’s suggestion that the pace of rate cuts might slow added to the USD’s appeal, signaling potential extended monetary policy tightening. Geopolitical tensions, such as escalating conflict between Russia and Ukraine, have further driven safe-haven flows into the USD. This strength has exerted significant downward pressure on major currencies like EUR/USD, which fell below 1.0500, and GBP/USD, which slid to its lowest level since May. Additionally, the US Dollar Index (DXY) reached a two-year high, emphasizing the currency’s dominance in global markets as traders await key PMI data for confirmation of economic resilience. Weak European Economic Indicators Weigh on the Euro The Euro faced significant bearish pressure as economic data painted a grim picture for the Eurozone. Preliminary Purchasing Managers Index (PMI) data revealed contractions in both Manufacturing and Services sectors, with the Eurozone Composite PMI dropping to 48.1 from 50. Germany, the bloc’s largest economy, saw its GDP for Q3 revised downward to a mere 0.1% growth, and its PMI data signaled the fastest contraction in nine months. France also reported its steepest economic contraction since January. These indicators highlight the Eurozone’s struggle with weakening economic activity, which could prompt further monetary easing by the European Central Bank (ECB). The Euro’s weakness was compounded by USD strength and geopolitical uncertainty. Markets are now watching for further downside risks, particularly if upcoming PMI data confirms a continued downturn in the services sector, potentially pushing the Euro to fresh lows against the USD. Global Commodity and Asset Reactions to Market Trends Commodities and other assets have reacted sharply to the strengthening USD and evolving global economic conditions. Gold (XAU/USD), a traditional safe-haven asset, extended its rally, closing its fourth consecutive day in positive territory and advancing toward $2,700. This surge is supported by inflationary expectations tied to US President-elect Donald Trump’s proposed expansionary policies and heightened geopolitical risks. Conversely, crude oil prices have declined over 1% as the strong USD dampens demand for dollar-denominated commodities. Market participants are also eyeing the upcoming OPEC+ meeting, where plans to delay production restoration could impact oil’s trajectory. Similarly, currency pairs like AUD/USD and GBP/USD have experienced bearish trends, influenced by weak domestic data and the USD’s overwhelming strength. Collectively, these movements underscore the interplay between global economic data, geopolitical developments, and market dynamics shaping asset valuations. . Top economic events for next week: FOMC Minutes (11/26/2024 19:00:00): This is the highest-impact event of the week, as it provides insights into the Fed’s thinking and potential future policy moves. RBNZ Interest Rate Decision, Monetary Policy Statement, and Press Conference (11/27/2024 01:00:00 – 02:00:00): These events are crucial for the New Zealand Dollar, as they will reveal the central bank’s stance on monetary policy. US GDP Data (11/27/2024 13:30:00): This release will provide important information about the health of the US economy and could have significant implications for the US Dollar. Eurozone CPI Data (11/28/2024 13:00:00): This data will be closely watched by the ECB, and could influence its future monetary policy decisions. ECB’s Lane Speech (11/25/2024 16:30:00 and 11/27/2024 18:00:00): These speeches could provide clues about the ECB’s future policy direction. German CPI Data (11/28/2024 13:00:00): This data will provide insight into inflationary pressures in Germany, the largest economy in the Eurozone. RBA Governor Bullock Speech (11/28/2024 08:55:00): This speech could provide clues about the RBA’s future monetary policy stance. Australian CPI Data (11/27/2024 00:30:00): This data will provide information about inflationary pressures in Australia. Japanese CPI Data (11/28/2024 23:30:00): This data will provide information about inflationary pressures in Japan. Eurozone GDP Data (11/29/2024 07:45:00): This data will provide information about the health of the Eurozone economy.   The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.

Given the strongly bullish US dollar sentiment seen across the currency markets today, EURUSD currency pair can be expected to fall to the next support level 1.0300.   – EURUSD broke powerful long-term support level 1.0500 – Likely to fall to support level 1.0300 EURUSD currency pair under bearish pressure after the earlier breakout of the powerful long-term support level 1.0500 (which has been steadily reversing the price from the start of 2023, as can be seen from the weekly EURUSD chart below). The breakout of the support level 1.0500 is likely to accelerate the active weekly downward impulse sequence (3), which started earlier form the major multiyear resistance level 1.1200. The active impulse sequence (3) belongs to the extended long-term downward impulse wave C from the middle of 2023. Given the strongly bullish US dollar sentiment seen across the currency markets today (on the safe have inflows into the US dollar), EURUSD currency pair can be expected to fall to the next support level 1.0300. EURUSD Technical Analysis The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.

Wirex has partnered with Banking Circle in order to enhance its financial operations across the globe and deliver a more flexible financial experience for both retail and business users worldwide. Banking Circle will provide a range of banking services that are crucial to Wirex’s continued global expansion and the enhancement of its financial ecosystem. These services will include: Global bank accounts for Wirex: Supporting the company’s global expansion by optimizing treasury operations and enabling more seamless management of fiat and digital currencies. New payment services to simplify user experience: Offering instant bank transfers and faster payment solutions, allowing users to send and receive funds effortlessly around the world. Settlement and FX solutions for Wirex: Facilitating smoother, real-time payment flows within Wirex’s expanding collaboration network. Liquidity management facilities: Ensuring the scalability and resilience of Wirex’s financial services as it grows its ecosystem globally. “A game-changer for global payments and financial services” Svyatoslav Garal, Global Head of Payments at Wirex, said: “We are proud to work with Banking Circle, whose leadership in the global financial infrastructure space is unmatched. By expanding our capabilities and providing greater access to seamless financial solutions, we’re reinforcing our commitment to bridging digital and traditional finance. This collaboration is a natural step in enhancing our global platform to create a more efficient experience for everyone.” Cindy Liu, Co-Head Global Account Management: “Working with Wirex is a key move in our goal to revolutionize global finance with efficient and transparent solutions. Wirex’s commitment to pushing the boundaries of fintech makes them the perfect fit to reach new heights in digital finance. By combining our strengths, we’re confident this collaboration will be a game-changer for global payments and financial services.” Wirex joined forces with Visa for crypto in UK and Europe Wirex and Visa recently joined forces to further the use of digital currencies in the UK and the European Economic Area (EEA). By combining the strengths of both companies, the collaboration explores new opportunities to leverage and integrate innovative Visa cards and reduce friction in payment experiences. A major highlight of this partnership is the launch of Wirex Pay, the modular Zero Knowledge (ZK) payment chain incubated by Wirex that revolutionizes how users manage and spend both crypto and traditional currencies. Standing as a crypto-native company holding Visa principal license capabilities for card issuance, Wirex will develop projects that integrate blockchain technology with traditional financial systems with the support of Visa. Wirex integrated ZeroFox’s advanced Dark Web Monitoring tool Wirex recently integrated ZeroFox’s advanced Dark Web Monitoring tool into its system, combining human and artificial intelligence to actively scan the Dark Web for potential risks in real-time, such as leaked data and compromised credentials. ZeroFox, a prominent US-based cybersecurity company, provides comprehensive visibility and protection across the surface, deep, and dark web. This collaboration enables Wirex to benefit from advanced monitoring capabilities, receiving detailed alerts about potential threats and their severity, facilitating a swift and effective response to incidents. One of the primary objectives of this initiative is to combat mule accounts, a significant concern in the financial industry. The integrated system excels in identifying and responding to suspicious account activities, thereby reducing the risk of financial fraud and bolstering the security of user transactions. It was in August 2023 that Wirex announced a partnership with Sumsub to integrate its Transaction Monitoring capabilities, Travel Rule compliance solutions for virtual asset transfers, and its KYC (Know Your Customer) software to verify the identity of new clients. By leveraging the full-cycle verification platform, Wirex will be able to step up its compliance efforts at a time of great regulatory pressure in the digital asset space, namely with the new AML requirements by FATF. The Financial Action Task Force (FATF) is enforcing that virtual asset service providers (VASPs) must adhere to Anti-Money Laundering (AML) regulations to uphold transparency and accountability standards. Sumsub’s solution enables secure Travel Rule information transfers between virtual VASPs, conducting all necessary KYC checks, AML screening, and verification orchestration in accordance with regulatory requirements and Wirex’s business needs. The Travel Rule solution can be easily integrated with Sumsub’s advanced transaction monitoring (KYT) solution. Transaction monitoring encompasses a flexible set of procedures that typically include analyzing sender/receiver profiles, calculating risk scores, and cross-checking KYC and transaction data. Sumsub’s Transaction Monitoring solutions assist Wirex in preventing financial fraud and maintaining compliance. Recent internal data revealed 70% of fraudulent activity occurs after the Know-Your-Customer (KYC) onboarding stage, highlighting the necessity for continuous monitoring.

Gary Gensler, chair of the U.S. Securities and Exchange Commission (SEC), will leave his position on Jan. 20, 2025, coinciding with the start of President-elect Donald Trump’s second term. “It has been an honor of a lifetime to serve…on behalf of everyday Americans and ensure that our capital markets remain the best in the world,” Gensler said. Gensler’s tenure, which began in 2021, has been marked by aggressive crypto enforcement, with over 100 regulatory actions against companies in the industry. He pushed for nearly all cryptocurrencies to register as securities, claiming many issuers fail to follow “common-sense rules of the road.” However, Gensler’s hardline stance made him a target for Trump, who pledged to replace him with a more crypto-friendly appointee as part of his broader plan to position the U.S. as the “crypto capital of the world.” Trump is reportedly considering Summer Mersinger, a Republican CFTC commissioner with a pro-crypto stance, to lead the Commodity Futures Trading Commission (CFTC). Additionally, Trump may create a White House post dedicated to cryptocurrency policy. Gensler’s departure follows the resignation of SEC enforcement chief Gurbir Grewal in October, another figure calling for aggressive oversight of the crypto industry. Despite criticism, Gensler pointed to the SEC’s approval of spot Bitcoin exchange-traded funds (ETFs) as evidence of his willingness to engage with the industry. Richard Farley, a well-known Wall Street attorney with extensive experience in leveraged buyouts, is also considered as a candidate to replace SEC Chair Gary Gensler. Other names being floated as possible replacements for Gensler include Dan Gallagher, Robinhood’s chief legal officer and former SEC commissioner; Chris Giancarlo, former Commodity Futures Trading Commission chair nicknamed “CryptoDad” for his pro-crypto stance; Robert Stebbins, former SEC general counsel; and current SEC Commissioner Hester Peirce, a known advocate for cryptocurrency innovation.

CMC Markets’ stock dropped 15% today, hitting its lowest level since June, as the UK-listed broker disappointed investors by not upgrading its full-year guidance. Many expected an upward revision ahead of its half-year results, but the company instead reaffirmed its forecast of £333 million in net operating income, in line with market expectations. The disappointment overshadowed otherwise strong financials. CMC’s H1 net operating income jumped by 45% compared to the same period last year, reaching £177.4 million. This growth was fueled by a surge in client trading activity and expansion in the institutional segment. Trading net revenue saw an even more dramatic rise, climbing 50% to £131.3 million. The group also reported a 46% boost in interest income, which hit £23.4 million, thanks to elevated global interest rates and a strong performance from its newly established Treasury Management and Capital Markets Division. The results marked a turnaround for CMC, with profit before tax reaching £49.6 million—a sharp contrast to the £2 million loss reported in the same period last year. This improvement was supported by disciplined cost management, as operating expenses (excluding variable remuneration) fell 9% year-on-year to £111.4 million. CMC has also rewarded shareholders with a 210% increase in its interim dividend, now standing at 3.10 pence per share. The listed broker reported progress in its institutional and B2B strategy, highlighted by a new partnership with challenger bank Revolut and “a promising pipeline of opportunities.” As part of the agreement, Revolut will offer some of CMC’s trading services through its app, with the underlying infrastructure provided by Cruddas’s company. The alliance came as the FTSE 250 trading business, founded by Conservative peer Lord Cruddas, has recently diversified into areas such as traditional stockbroking. Meanwhile, a partnership with ASB Bank in New Zealand will bring CMC’s technology to ASB-branded platforms, integrated with the bank’s systems. On the product side, the group continues to expand, with new offerings such as cash equities, options products, and the imminent launch of Cash ISAs on CMC Invest. The CEO of CMC Markets said that cost control remains a priority, with operating expenses for the full year expected to stay at £225 million. “We’re seeing robust growth across our key segments, driven by our investments in technology, partnerships, and innovation. This is a clear validation of our approach to enhancing profitability while continuing to expand our offering.”

Crypto entrepreneur Justin Sun has bought Maurizio Cattelan’s infamous artwork Comedian—a banana duct-taped to a wall—for $6.2 million at a New York auction. Tron founder said he plans to eat the banana, describing the act as part of a “unique artistic experience.” “This is not just an artwork; it represents a cultural phenomenon that bridges the worlds of art, memes, and the cryptocurrency community,” Sun wrote in a Nov. 21 X post. He plans to consume the banana in the coming days. The artwork was sold by Sotheby’s and includes instructions for replacing the banana as it rots and a certificate of authenticity. Bidding for the piece began at $800,000 and quickly escalated, with the final price far exceeding its $1–$1.5 million presale estimate. Sun outbid six others, paying $5.2 million plus $1 million in fees. Comedian consists of a real banana affixed to a wall with duct tape, accompanied by a certificate of authenticity and detailed instructions for replacing the fruit and tape as necessary. It is considered a reflection on modern values and the art market, according to Cattelan, who described it as a sincere commentary on “speed and business” dominating art fairs. This isn’t the first time Comedian has been eaten. In 2019, artist David Datuna consumed the banana after it sold for $120,000 at Art Basel Miami. In 2022, a student in Seoul ate the piece, claiming hunger after skipping breakfast. Sun’s purchase comes as he remains under scrutiny. The U.S. Justice Department is reportedly investigating him and Tether, while the SEC sued him in March 2023 over allegations of unregistered securities sales and wash trading of the Tron token, which Sun denies. The case involves allegations that the Tron Foundation, along with the BitTorrent Foundation and Rainberry (formerly known as BitTorrent), violated securities laws. The SEC alleges that the Chinese entrepreneur and his companies conspired to distribute billions of crypto assets and artificially inflate trade volumes in order to lure in investors. The federal agency also claims that Sun manipulated the price of BitTorrent’s BTT token. Tron’s defense argued that their main challenge focused on the third prong of the Howey test, which concerns the expectation of profits from the efforts of others. They claimed that the SEC’s request for an additional reply, or sur-reply, misrepresented their stance and was unwarranted.

EURCAD currency pair can be expected to fall to the next support level 1.4600 (former multi-month low from June). – EURCAD broke support level 1.4710 – Likely to fall to support level 1.4600 EURCAD currency pair under bearish pressure after the earlier downward reversal from the resistance level 1.4860 (former strong support from October, acting as the resistance after it was broken earlier this month). The downward reversal from the resistance level 1.4860 created the daily Japanese candlesticks reversal pattern Evening Star with the middle candle being the Japanese candlesticks reversal Shooting Star. The price just broke the support level 1.4710 – which should increase the bearish pressure on this currency pair in the coming trading sessions. Given the strongly bullish Canadian dollar sentiment seen across the FX markets today (on significant crude oil gains), EURCAD currency pair can be expected to fall to the next support level 1.4600 (former multi-month low from June). EURCAD Technical Analysis The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.

Exness, a global leader in multi-asset CFD brokerage and liquidity solutions, concluded its successful participation as a Bronze Sponsor at the Finance Magnates London Summit (FMLS:24), held from November 18 to 20 at Old Billingsgate, London. Exness’ expertise was also recognized on the FMLS:24 stage when it was awarded the “Best Retail FX Broker” award. This accolade highlights the company’s dedication to providing a superior trading experience, a commitment that extends to its institutional clients as well.  Attracting a vibrant assembly of professionals from the trading, fintech, payments, and digital assets sectors, the summit provided Exness with a prime platform to showcase its advanced B2B solutions, reinforcing its standing as a trusted partner in institutional finance. The summit offered Exness the opportunity to engage with key industry stakeholders and demonstrate the capabilities of its comprehensive B2B services, which include deep liquidity provision, and bespoke risk management tools designed to empower brokers and financial institutions worldwide.  One of the event’s many insightful talks was a panel discussion titled, “Swimming Naked? Liquidity Amid Market Hiccups,” where industry leaders including Pete Pelster, Exness Head of B2B Sales, addressed the challenges of maintaining liquidity during volatile market conditions. Plester’s insights emphasized the need for transparency, adaptability, and technology-driven strategies to support institutional clients. His contribution underscored Exness’ dedication to delivering stability and reliability for institutional clients navigating complex market conditions. Exness’ participation at FMLS:24 highlights its commitment to advancing the B2B landscape within the financial services industry. Reflecting on the event, David Morris, Exness UK CEO, shared, “Exness has always been recognized for deep liquidity, cutting-edge technology, and a client-centric approach. We are leveraging these strengths to empower brokers and financial institutions with the same level of excellence. FMLS:24 provided us with a platform to connect with key stakeholders and reinforce our commitment to the B2B space.” Exness is a global multi-asset broker that was founded in 2008 with the mission to reshape the online trading industry. Since its inception, the company’s goal has been to create the ultimate trading experience through large-scale investment in technology and infrastructure. Their fresh approach resonated with traders around the world, growing Exness into one of the most prominent retail brokers in the sector. With a strong balance sheet, Exness now brings its deep liquidity offering to brokers and other financial institutions.

US prosecutors charged five individuals for their roles in a hacking group accused of stealing $11 million in cryptocurrency and sensitive information from dozens of businesses and individuals. The California U.S. Attorney’s Office announced that the defendants used SMS phishing links and SIM-swapping techniques to steal login credentials for work and crypto exchange accounts. Court documents reveal at least 29 alleged victims of crypto theft, including one individual who lost more than $6.3 million after their email and crypto wallets were compromised. The group also targeted 45 companies across the U.S., Canada, India, and the United Kingdom, including an unnamed U.S. crypto exchange. Employees were sent fake text messages warning their accounts would be deactivated, prompting them to share sensitive credentials via phishing links. The accused are alleged members of the “Scattered Spider” hacking group, active from September 2021 to April 2023. Prosecutors named the defendants as Ahmed Elbadawy (23, Texas), Noah Urban (20, Florida), Evans Osiebo (20, Dallas), Joel Evans (25, North Carolina), and Tyler Buchanan (22, Scotland). Charges include conspiracy, wire fraud, and aggravated identity theft, with potential sentences of up to 20 years for the fraud-related counts. Buchanan faces an additional charge of wire fraud. The Scattered Spider group has been linked to high-profile cyberattacks, including the September 2023 hacks of Caesars Entertainment and MGM casinos. While it is unclear if the five defendants participated in those attacks, court documents reference “other co-conspirators” and “unindicted co-conspirators,” indicating ongoing investigations into additional suspects. Investigators, including the FBI and Police Scotland, traced Buchanan through details he provided while registering phishing websites. A search of his devices uncovered data from a U.S. crypto exchange and telecom company. SIM-swapping is a big concern in the crypto world, especially for those with a lot of valuable assets. This is because people in these circles are more likely to have valuable holdings that hackers want to target. Numerous online services, including email accounts, digital wallets, and cryptocurrency exchanges, offer users an added layer of security through SMS-based two-factor authentication. These services depend on the SIM card, which functions as a person’s unique identifier. However, relying solely on text-based two-factor authentication is a cybersecurity mistake. Telecommunications giant AT&T is set to return to court over allegations of failing to protect user information in a case involving a high-profile SIM swap hack. The legal battle began in 2020 when crypto investor Michael Terpin sued Ellis Pinsky, a teenager accused of stealing $24 million worth of cryptocurrency via a SIM swap that compromised Terpin’s crypto wallet security.

The American Financial Exchange (AFX) has partnered with Transaction Network Services (TNS) towards the full management and hosting services for AFX’s data center to support its marketplace and membership community consisting of more than 250 banks and financial institutions across the United States. TNS is a leading provider of infrastructure, connectivity, market data, and analytic services for the Financial Markets community, delivering a fully managed Infrastructure-as-a-Service offering. AFX to leverage TNS’ IaaS and expertise AFX is a self-regulated electronic exchange providing over 250 banks and financial institutions a marketplace for overnight unsecured interbank lending and borrowing. The transactions on AFX power AMERIBOR, a credit-sensitive benchmark interest rate that is the true reflection of the lending and borrowing costs for Main Street banks that represent approximately 25% of the U.S. banking sector’s total assets. Besides the access to a fully managed Infrastructure-as-a-Service solution, AFX will be able to leverage TNS’s expertise in infrastructure, connectivity, and market data in order to better facilitate overnight interbank lending and borrowing. In addition to the new TNS relationship, AFX has strong existing partnerships in place with Connamara Systems for the software development, Morningstar as Benchmark rate verification agenda, and RSM for the development of the network surveillance oversight. “AFX gains more flexibility and independence” John Shay, Chief Executive Officer at AFX, said: “By partnering with TNS, AFX gains more flexibility and independence, enabling us to provide increased optionality and better serve America’s community and regional banks. With the support of TNS, we remain steadfast in providing our member banks and financial institutions with the marketplace they deserve for their overnight unsecured interbank lending and borrowing needs. As we continue to grow and look to raise more capital in the months ahead, having good, reliable partners in place to be part of our offering is a key factor in our success.” Tom Lazenga, General Manager of TNS’ Financial Markets business stated: “We are proud to partner with AFX, an organization aligned with TNS’ commitment to providing fast and resilient solutions to the financial industry worldwide. We’re excited about the work we can do together.”

Binance launches its official verified WhatsApp channel, offering reliable updates and educational content to a global audience. Stay informed in a secure environment! Binance, the world’s largest cryptocurrency exchange by trading volume and users, has introduced its official WhatsApp channel, verified by the messaging platform. This move positions Binance as one of the first global crypto exchanges to establish a trusted presence on WhatsApp, which connects over two billion users worldwide. The verified WhatsApp channel serves as a reliable hub for Binance’s official updates, including company news, product announcements, events, and educational resources on Web3, blockchain, and cryptocurrency. By offering a secure environment, Binance aims to minimize the risk of scams and provide trustworthy information to its global audience. “Launching an official and verified channel on WhatsApp provides our community and news users with reliable information and resources, empowering them to explore the world of crypto through a trusted environment,” said Binance Chief Marketing Officer Rachel Conlan. “WhatsApp’s global reach offers us an incredible opportunity to connect with a broader audience in a familiar and widely used app helping to further our mission of financial freedom through crypto education and adoption.” Currently available in English, Binance’s verified WhatsApp channel complements its presence on other platforms like Telegram and Discord. This initiative helps combat fraudulent groups and scams impersonating Binance on WhatsApp. The company advises users to interact only with its verified channels, which can be verified here: Binance Official Verification. Users can subscribe to Binance’s verified WhatsApp channel for trusted updates: Join Here. By leveraging WhatsApp’s vast user base, Binance continues its mission to make crypto more accessible and secure for everyone. About Binance Binance is a global leader in blockchain technology and operates the world’s largest cryptocurrency exchange by trading volume and registered users. Trusted by over 240 million users across 100+ countries, Binance is recognized for its robust security measures, transparency, and high-speed trading engine. Binance offers a comprehensive suite of digital asset products and services, including trading, finance, education, research, payments, institutional solutions, and Web3 innovations. Dedicated to building an inclusive crypto ecosystem, Binance aims to enhance financial freedom and accessibility worldwide by leveraging cryptocurrency as a transformative tool. Learn more at Binance.

BitGo has announced the official launch of its Singapore operation designed to provide regulated and secure digital asset custody, trading, settlement, and token management services to the broader APAC region. The cryptocurrency firm obtained its Major Payment Institution License from the Monetary Authority of Singapore (MAS) in August 2024. “Highest quality products and services while maintaining strict regulatory standards” Youngro Lee, CEO of BitGo Singapore Pte. Ltd, said: “We are thrilled to launch BitGo Singapore and offer the APAC region a best-in-class suite of digital assets solutions and regulated infrastructure services. Our team is committed to providing our clients with the highest quality products and services while maintaining strict regulatory standards. We look forward to further strengthening the APAC digital assets ecosystem.” Albert Buu, co-Founder and CEO of Neutron Pay Inc, commented: “I am thrilled to announce our partnership with BitGo Singapore, a recognized leader in digital asset custody solutions. By leveraging BitGo’s robust custodial infrastructure, we aim to enhance our ability to serve businesses throughout Southeast Asia with reliable and secure Bitcoin and Lightning Network services. This collaboration marks a significant milestone in our mission to expand access to efficient, fast, and secure digital payments, empowering businesses in the region to unlock the full potential of Bitcoin-powered solutions.” Yoann Turpin, co-Founder of Wintermute, said: “We are excited to partner with BitGo as they expand their presence in Singapore, a market where openness to crypto and the speed of innovation create an ideal environment for growth. Having recently expanded our own footprint in the region, we see strong potential for collaboration in addressing the sophisticated needs of institutional players. By working together, we aim to build a more robust environment for institutions and drive meaningful growth across APAC’s digital asset markets.” Cold storage, electronic/voice trading, automated settlement, token management BitGo Singapore’s platform features secure, regulated cold storage as well as electronic and voice trading, automated settlement via BitGo Singapore’s Go Network, and a full-service token management solution: BitGo Singapore’s regulated custody offering supports over 1,100 digital assets–the broadest coverage of the top 100 tokens among custodians in the market. Leveraging decades of experience, multi-sig technology and backed by up to $250MM in insurance coverage, its custody offers unparalleled controls, security and speed for withdrawals. Clients can access deep liquidity directly from cold storage 24/7/365 through BitGo Singapore’s trading platform, which is available via API, UI, or voice trading. The platform relies on top-tier liquidity providers to ensure competitive pricing, optimal trade execution, and unmatched flexibility and speed for withdrawals. Go Network addresses industry needs by mitigating counterparty risk with highly efficient DVP settlement processes and access to exchange liquidity. By enabling instant fiat and crypto transfers along with exchange access without pre-funding, Go Network increases operational and cost efficiency for clients in the region. Built on BitGo’s advanced security infrastructure, BitGo Singapore’s token management solution offers foundations, protocols, and organizations in APAC an automated, user-forward, custody-native solution for efficient token vesting, unlocking, and on-chain activities in a compliant, insured environment. BitGo has operated in APAC since 2015, having forged strong partnerships with leading institutions across the region and supporting the growth of the digital assets industry. The company is an infrastructure provider of digital asset solutions, offering custody, wallets, staking, trading, financing, and settlement out of regulated cold storage. Founded in 2013, BitGo focuses exclusively on serving institutional clients. BitGo secures approximately 20% of all on-chain Bitcoin transactions by value and is the largest independent digital asset custodian.

FTX co-founder Gary Wang has been spared a prison sentence after cooperating with authorities and providing testimony against his former partner, Sam Bankman-Fried, at his criminal trial. Judge Lewis Kaplan of New acknowledged Wang’s cooperation and stated that he had done the “right thing.” Prosecutors described Wang as an exemplary cooperator who provided essential information about the fraudulent activities that led to FTX’s collapse in November 2022. The exchange filed for bankruptcy after a liquidity crisis revealed deep financial mismanagement and fraud tied to its affiliate, Alameda Research. Wang pleaded guilty to fraud charges in December 2022 and later testified about how Bankman-Fried secretly granted Alameda special privileges on the FTX platform. While Wang served as FTX’s chief technology officer, prosecutors said that Bankman-Fried ultimately made all major decisions, even overriding Wang’s objections. Wang’s defense argued that he only discovered the extent of the fraud, including Alameda Research’s misuse of FTX customer funds, after it was “well underway.” Wang testified that, under Bankman-Fried’s direction, Alameda Research was allowed to withdraw funds even if its account had a negative balance. This revelation was part of the evidence that contributed to Bankman-Fried’s conviction. Bankman-Fried, who co-founded FTX and Alameda Research with Wang, was sentenced in March 2024 to nearly 25 years in prison and ordered to repay up to $11 billion in losses. His conviction included charges of wire fraud, conspiracy, and securities and commodities fraud. Wang’s legal team portrayed him as a compassionate and trusting person who was “naive” to Bankman-Fried’s actions, describing him as someone who “allowed himself to become one of Bankman-Fried’s pawns.” They contrasted Wang’s situation with that of Nishad Singh, FTX’s former engineering director, who received three years of supervised release without prison time for his cooperation, and former Alameda co-CEO Caroline Ellison, who was sentenced to two years in prison after cooperating with prosecutors. Salame managed wire deposits and fiat currency conversions for FTX customers, participated in political contributions using Alameda funds, and led charitable initiatives in The Bahamas. His attorneys argue that his involvement was primarily operational rather than central to the fraud perpetrated by the key figures at FTX and Alameda.

According to CNBC, Morgan Stanley analysts have assessed the likely consequences of tariff policies proposed by Donald Trump during his presidential campaign, focusing on their effects on the U.S. economy and stock market. Key Proposals by the President-Elect: → A broad tariff of 10%–20% on all imported goods. → Additional tariffs of 60%–100% specifically targeting imports from China. Projected Impacts (per Seth Carpenter, Chief Global Economist at Morgan Stanley): → Potentially no room for interest rate cuts in 2025, with constrained economic expansion. → A possible deceleration of U.S. economic growth by 2026. → Increased inflationary pressures. → Strain on key sectors like automotive, electronics, machinery, construction, and retail, as manufacturers may pass higher costs to consumers. Stock Market Implications: Tariffs could dampen the appeal of U.S. equities by increasing borrowing costs for companies and reducing their investment attractiveness. Nasdaq 100 (US Tech 100 Mini) Analysis Technical analysis of the Nasdaq 100 on FXOpen highlights: → A wide upward channel dominating 2024 (highlighted in blue). → October saw prices cluster around the median line, forming a tighter channel between key resistance and support levels. → Post-election, prices spiked on 11 November before retreating to the median. The 21,000 level stands out as critical resistance, having briefly served as support before the price dipped. The question remains: will bears manage to sustain downward momentum and escape the median’s pull? Currently, bearish activity lacks confirmation on the chart, but any emerging signals could reinforce Morgan Stanley’s cautionary outlook. FXOpen offers spreads from 0.0 pips and commissions from $1.50 per lot. Enjoy trading on MT4, MT5, TickTrader or TradingView trading platforms! This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.

Trading Technologies has announced it will soon offer clients access to Cboe equity index options to address the rapidly growing demand for equity options. TT has long offered clients access to Cboe Futures Exchange (CFE) and more recently began providing access to Cboe FX, an over-the-counter market offering trading of spot foreign exchange, spot precious metals and FX non-deliverable forwards (NDFs). Slated for launch early in 2025, Trading Technologies will add Cboe equity index options on the TT platform to enable the firm’s broad client base of institutional market participants and professional traders to easily take positions in Cboe’s popular index products, including its flagship S&P 500 Index (SPX), Cboe Volatility Index (VIX), Russell 2000 Index (RUT) and Mini SPX (XSP) options contracts. “We’re seeing particularly strong interest from firms in the Asia-Pacific” Alun Green, EVP Managing Director, Futures & Options at TT, said: “TT has been a leader in exchange-traded derivatives throughout our existence. As we continue our expansion into new asset classes, U.S. equity options represent a significant part of the derivatives space. We’re eager to unlock new opportunities for our clients with Cboe’s hugely popular index options as a major first step in this diversification. Our clients want to participate via the powerful TT platform and trusted tools, and we’re seeing particularly strong interest from firms in the Asia-Pacific region, which are excited to access the markets through the after-hours session we’ll support.” Catherine Clay, Global Head of Derivatives at Cboe Global Markets, commented: “Our collaboration with TT is particularly timely as global demand for U.S. options continues to rise, with investors increasingly seeking exposure to the U.S. equity markets. By offering clients access to Cboe’s index options products, TT will further expand their customers’ trading capabilities, enabling access to some of the most liquid markets in the world – including SPX, RUT and VIX options – and the ability to efficiently gain and manage exposure to U.S. large and small cap equity markets and market volatility. As the leading global derivatives exchange, Cboe is excited to support TT’s expansion into U.S. equity options and broaden access to our markets and products for the global trading community.” Trading Technologies launched TT Accreditation In the meantime, Trading Technologies introduced a certification program, TT Accreditation, that provides traders and administrators with comprehensive, online, self-paced training modules to achieve certification in various aspects of the TT platform. The capital markets technology provider believes that accreditation can serve to improve trading capabilities by enhancing the user’s understanding of the platform’s functionality, enabling them to optimize TT’s tools, strengthen their credentials, and fortify their understanding of compliance requirements. Proprietary trading firms, banks, brokers, hedge funds, and energy and commodity firms, as well as individual retail investors, can leverage the program to ensure users are following proper protocols and demonstrating proficiency in their use of the platform.

In the world of automated forex trading, a new solution has emerged. Forexeko, developed by Dubai-based Avenix Fzco, brings specialized XAUUSD trading capabilities to the MetaTrader 4 platform’s M30 timeframe. This Expert Advisor combines sophisticated market analysis with robust risk management features. Technology at Work The heart of Forexeko lies in its analytical capabilities. Through price action analysis and technical indicators, the forex robot works to identify potential trading opportunities. Moving averages help smooth out market noise, while oscillators assist in detecting overbought or oversold conditions. This combination creates a comprehensive framework for market analysis. Candlestick pattern recognition adds another dimension to Forexeko’s capabilities. The system filters through various chart formations, focusing on established patterns while disregarding what it considers exotic candles. This selective approach aims to enhance the reliability of trading signals. Risk Management and Optimization Every aspect of Forexeko reflects a commitment to risk management. The system implements predefined Stop Loss and Take Profit levels for each trade, while maintaining a single-position approach to market exposure. Global stop levels provide additional protection against adverse market movements. Extensive optimization using historical tick data from 2016 onwards has shaped Forexeko’s development. This data, provided by Thinkberry SRL’s Tick Data Suite, enabled thorough testing and refinement of the system’s parameters. The optimization process focused on achieving an effective balance between drawdown control and system performance. The EA’s implementation showcases several key features: Price action evaluation for trend identification Moving average and oscillator integration for market analysis Pattern recognition for potential reversal signals Comprehensive risk controls including global stops Single-trade position management MetaTrader 4 platform compatibility XAUUSD-specific trading parameters 30-minute timeframe focus Into the Future with Forexeko The development of Forexeko represents a significant step in automated trading technology. Through its combination of technical analysis, pattern recognition, and risk management features, the system exemplifies the evolution of forex trading tools. As markets continue to evolve, such sophisticated approaches to automated trading highlight the increasing role of technology in modern forex markets. About Avenix Fzco Based in Dubai’s dynamic technology sector, Avenix Fzco has established itself as an innovative force in forex technology development. The company combines sophisticated analysis with user-friendly interfaces in their trading solutions. As Forexeko represents their latest advancement, Avenix Fzco continues to push technological boundaries while fostering a community of engaged traders. Visit their website to explore their latest innovation and access a demo version of Forexeko. https://forexeko.com/

OSTTRA has partnered with FIS to bring new transparency to the exchange-traded derivatives (ETD) post-trade lifecycle. Building on OSTTRA’s work with FIA’s DMIST (Derivatives Market Institute for Standards) initiative to improve standardization of ETD post-trade processing, the partnership will allow users to receive real time clearing status from 70+ global CCPs via FIS Connections. According to the announcement, the move will offer unparalleled transparency into the finality of give-ups and improved exception management capabilities. “We are shaping the future of listed derivatives trade processing” Meanwhile, FIS will provide the broker network with enhanced operational efficiency via STP of allocation instructions enriched with OSTTRA order IDs directly into the FIS Cleared Derivatives solution, allowing for increased automation and accuracy in middle office give-up/give-in processing. The two firms will provide rich data insights, enabling market participants to meet the FIA’s Derivatives Market Institute for Standards (DMIST) 30-30-30 standards for the timeliness of allocations and give-ups in the ETD market. This builds on OSTTRA’s pioneering work with DMIST to improve standardization of ETD post-trade processing. Joanna Davies, Managing Director, Head of Trade Processing, OSTTRA, commented: “This collaboration underscores the commitment of both firms to drive innovation that brings value to all parties of an ETD trade. Together with FIS, we are shaping the future of listed derivatives trade processing, providing new levels of transparency across the ETD post-trade lifecycle.” Andres Choussy, EVP Group President, FIS Trading and Asset Services, said: “At FIS, we’re delighted to collaborate with OSTTRA to help create an extensive network across buy-side and sell-side participants to optimize the exchange-traded derivatives (ETD) post-trade lifecycle. This collaboration is another proof point of our commitment to unlock capital markets technology to the world and sets a new standard for better collaboration and transparency. triBalance hits record initial margin savings triBalance, OSTTRA’s post-trade service that optimizes counterparty risk exposures and reduces the cost of funding IM and Capital requirements while mitigating systemic risk, has seen a record 107% increase in initial margin (IM) savings for its clients over the past 18 months. Doubling clients’ initial margin savings marks huge strides in how banks and investment managers manage their funds, the company stated. Initial margin (IM) is the collateral financial institutions set aside to secure exposures with other firms. Although IM acts as a safety net to ensure both sides of the trade can fulfill their obligations, this “safety money” can tie up significant liquidity and drive costs. OSTTRA’s triBalance aims to reduce the outstanding exposures facing counterparties and, as a result, the amount of IM firms that needs to be set aside, freeing up more resources for other trading activities. The firm revealed that, each quarter since mid-2023 has seen steady improvements in the amount of IM savings clients have achieved: In Q2 2023, the company’s clients saw a 57% boost in savings; by Q3 2023, that number increased by another 26%; by Q3 2024, savings were up 107% compared to where they started 18 months earlier.