Broadridge has announced the integration of several asset servicing functions into a single, real-time, multi-currency platform across capital markets, wealth management, asset management, and global custody. The global fintech leader stressed that the move is a ground-breaking innovation set to transform traditionally fragmented activities and extends well beyond existing industry asset servicing solutions to include tax and performance reporting, cost basis, proxy, class actions, reclaims and a truly global custody platform. According to the company, the streamlined solution enhances automation, drives straight-through processing benefits, leverages a common data ontology to optimize AI utilization and improves operational accuracy, speed and risk mitigation. Broadridge claims that its new modular platform will help redefine the financial industry’s conventional approach to asset servicing (the range of administrative and operational functions that support the management and maintenance of investment assets). Broadridge Global Asset Servicing: “A major shift in asset servicing” Michael Alexander, President of Wealth Management at Broadridge, said: “Broadridge’s new unified platform represents a major shift in asset servicing. Changes like the transition to T+1 and eventual T+0 settlement cycles and the rise of AI strategies are driving the demand for real-time, standardized data and streamlined, end-to-end operations. Companies have long struggled with challenges such as high costs, delays in processing, risk evaluation, data reconciliation and sub-par service levels. With our trusted expertise and transformative technology, we are uniquely positioned to create a single, best-in-class solution that addresses these issues head-on and can help our clients operate more efficiently in an increasingly digital and data-driven environment.” Broadridge Global Asset Servicing combines over 18 components to deliver unprecedented functionality and a “single gateway” data integration approach. The solution streamlines the management and maintenance of financial assets, facilitating their safekeeping, accurate transaction processing, and compliance with regulations. Broadridge Global Asset Servicing features: Modular design to seamlessly support onboarding and the overall experience. Ability for institutions to consolidate and reconcile data more efficiently across the entire business, eliminating friction and minimizing financial and reputational risk. Simplified tech stack to help users realize straight-through processing across the asset servicing ecosphere. Consolidated, real-time data supports advanced, generative artificial intelligence to provide predictive and operational analytics, driving efficiency and real-time decision making. The platform is powered by real-time advisor and customer event notifications with a full omnichannel communications system that minimizes decision-making time and reduces risk. Its seamless interoperability transforms asset servicing operations, eliminates workarounds, and reduces risk. The modular design allows organizations to select the components needed today and effortlessly deploy additional capabilities as requirements evolve.

This preview of weekly data looks at USOIL and XAUUSD where economic data coming up later this week are the main market drivers for the near short-term outlook. Highlights this week: British inflation rate, Fed interest rate decision, BoE interest rate, Japanese inflation, BoJ interest rate Wednesday: UK inflation rate at 06:00 AM GMT. The consensus is for a pause at the current level of 2.2%. If the publication comes out higher than expected then the pound might find some short-term support against its pairs. On the other hand, if the figure is lower than expected it could influence a more dovish stance from the Bank of England on their next meeting. Fed interest rate decision at 18:00 GMT is broadly expected to be the first rate cut since the beginning of the ticketing by the central bank. According to the Fedwatch tool there are 41% chance of a 0.25% cut and 59% of a 0.50% cut. Participants are focusing closely on what the comments in the subsequent press conference will be in an effort to get some hints as to the future direction of monetary policy. Thursday: The Bank of England decides on their interest rate at 11:00 PM GMT. The general expectation is that the central bank will hold their rate stable at 5% but in the event that we witness another rate cut it could put some pressure to the quid in many of its pairs, especially against the US dollar whereas in the unlikely event of a hike it might give some support on the British pound in the aftermath of the release. Japanese inflation rate at 23:30 GMT. The expectations for the month of August is that the rate could go up to 3% from the previous 2.8%. This might be somewhat bullish news to the market participants trading the yen. Friday: Bank of Japan Interest rate decision at 04:00 AM GMT. The market consensus is that the rates will remain static at 0.25% while in the unlikely scenario of any shift away from this figure will most certainly create volatility on the yen pairs. US OIL daily Oil prices rose slightly on Monday, with U.S. crude oil prices trading around the $68 price area. Gains were limited by weak Chinese economic data and ongoing demand concerns. Despite easing supply disruptions as Gulf of Mexico oil production resumed after Hurricane Francine, about 20% of oil and 28% of natural gas production remain offline. The market is focused on the U.S. Federal Reserve’s interest rate decision, with traders expecting a rate cut, possibly 50 basis points, which could affect oil demand. Chinese industrial output and fuel demand have slowed, increasing bearish sentiment in the oil market. Speculators are also taking short positions in Brent crude as demand fears grow. On the technical side, the price is testing the support of the 161.8% of the daily Fibonacci retracement level after finding sufficient support on the lower band of the Bollinger bands. The faster moving average (50-days) is trading below the slower (100-days) moving average validating the overall bearish trend in the market while the Stochastic is near the extremely oversold level hinting that there might be a bullish correction in the coming sessions. If this becomes reality then the first area of possible resistance might be seen around the $72 price area which consists of the area just below the 78.6% of the daily Fibonacci retracement as well as the area of price reaction in early and late August. Gold-dollar, daily Gold prices extended gains and were recording a new peak around $2,589-$2,590, as investors just built on rate-cut hopes from the Federal Reserve. The rise of gold as a perceived safe-haven asset, while U.S. bond yields may remain at lower levels and the US dollar softer due to political uncertainty also ahead of the U.S. economic month elections, coupled with increasing geopolitical risks keep supporting gold but positive global market mood capped further gains. The next likely source of volatility, and guidance on the future direction for gold prices comes from this week’s FOMC meeting as well as policy meetings this week by both the Bank of England (Thurs) and Bank of Japan (Fri). From a technical point of view, the price hit a new all-time high pushing the Stochastic oscillator to the extreme overbought level possibly hinting at a potential bearish correction in the near short term. On the other hand, it would not be strange for the oscillator to remain in extreme overbought level for a prolonged period of time if we don’t see a new catalyst in the market to create selling pressure. The moving averages validate the overall bullish trend in the market for gold and no other major indications are there to support a bearish reversal for the time being. Disclaimer: the opinions in this article are personal to the writer and do not reflect those of Exness or Finance Feeds. 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 investment or financial advice or an offer to invest. 

The U.S. Securities and Exchange Commission (SEC) has issued an order against Flyfish Club, LLC for conducting an unregistered offering of crypto asset securities through the sale of non-fungible tokens (NFTs). Flyfish, based in New York City, raised approximately $14.8 million by selling around 1,600 NFTs between August 2021 and May 2022. The NFTs were intended to fund the construction and operation of a members-only restaurant called “Flyfish Club.” According to the SEC, the Flyfish NFTs were marketed as investment contracts, allowing buyers to resell them at potentially appreciated values. Investors were also told they could generate passive income by leasing the NFTs. Flyfish allegedly failed to register the NFTs as securities, in violation of Sections 5(a) and 5(c) of the Securities Act of 1933. The SEC’s order mandates that Flyfish cease and desist from future violations, pay civil penalties totaling $750,000, and destroy all NFTs in its possession within ten days. Flyfish has also agreed to assist the SEC in distributing relief to affected investors. This action highlights the SEC’s increasing focus on the regulation of NFTs as securities when marketed as investment opportunities​(33-11305). SEC Commissioners Hester Peirce and Mark T. Uyeda say “overreach” SEC Commissioners Hester Peirce and Mark T. Uyeda expressed sharp dissent regarding the agency’s enforcement action against Flyfish Club, LLC for its sale of non-fungible tokens (NFTs). In a joint statement titled “Omakase: Statement On In The Matter Of Flyfish Club, LLC,” the commissioners criticized the SEC’s decision to classify the utility-based NFTs as securities. “For curmudgeonly commissioners like us, crypto enforcement feels a bit like a trip to a restaurant for a meal, Omakase style. Omakase translates to, “I’ll leave it up to you.” This directive is wonderful in the hands of a renowned chef, but disastrous in the hands of a crypto-obsessed Commission. Leaving crypto to be addressed in an endless series of misguided and overreaching cases has been and continues to be a consequential mistake. By its very nature, Omakase dining requires a deep level of trust. Americans should be able to extend a similar trust to our regulators. Today’s settled enforcement action with Flyfish Club for its sale of non-fungible tokens (“NFTs”) is just the latest dish that undermines trust in Chef SEC. Accordingly, we dissent,” said the letter of dissent. Peirce and Uyeda argued that Flyfish’s NFTs were designed as membership tokens for a yet-to-open exclusive dining club, with no allegations of fraud in the SEC’s findings. Flyfish Club raised $14.8 million through the sale of NFTs, which offered access to its dining and Omakase experiences, including resale and leasing options. The dissenting commissioners contended that these NFTs were utility tokens, not securities, as they offered tangible benefits rather than being primarily investment vehicles. They criticized the SEC’s broad application of the Howey test, which deems investment contracts as securities when there is an expectation of profit based on others’ efforts. Peirce and Uyeda argued that Flyfish NFTs provided real utility—exclusive dining access—and that the mere potential for resale profit should not automatically trigger securities regulation. They further questioned whether the SEC’s intervention would ultimately harm Flyfish Club members by complicating the sale of their memberships. “The Commission, with the many demands on its time and resources, inexplicably has decided to focus on membership in an exclusive dining club. This case is not one in which the Commission alleges fraud; it finds only that Flyfish Club should have registered its sale of membership NFTs as securities transactions. “In our view, the NFTs here are utility tokens, not securities, and statements by the founders and NFT purchasers that a successful restaurant would cause the NFT price to rise do not change that. While a member potentially could earn a profit by leasing or selling her token, the NFT has a concrete use: you need it to eat at the Flyfish Club. The Order slaps the Howey label on these NFTs because “Investors in Flyfish NFTs had a reasonable expectation of obtaining future profits based on the managerial and entrepreneurial efforts of Flyfish and its principals.” To the contrary, Howey is inapt because holders of Flyfish NFTs had a reasonable expectation of obtaining in the future wonderful culinary experiences and other exclusive membership experiences based on the managerial and entrepreneurial efforts of Flyfish and its principals. Whether their expectations will be met should not be judged by a securities regulator. Might someone who moved out of the area or moved on to a new phase of life decide to sell her membership? Sure. And might—as the Order states—many purchasers have purchased the NFTs with speculative intent? Sure. A well-known artist who sells a limited set of numbered prints may be selling to a couple who wants to display her art in their home, or to someone who wants to turn around and sell it for a profit and is making a bet on the artist’s future. The intent of a buyer cannot transform a non-security into a security. Will Flyfish Club members really be better off now that the Commission is making it much harder to sell their memberships?”, the SEC Commissioner questioned. The commissioners also expressed concern over the impact on creativity and innovation, stating that NFTs offer new opportunities for creators to monetize their talents. They urged the SEC to provide clear guidance rather than overreaching regulation, allowing creators and businesses to experiment with NFTs without fear of enforcement action. “The securities laws are not needed here, and their application is harmful both in the present case and as future precedent. The Flyfish NFTs were simply a different way to sell memberships. Why shouldn’t a chef be able to sell memberships to eat at her kitchen table and to collect royalties on resales of those memberships? NFTs offer a promising way to allow creative people—such as chefs, musicians, or visual artists—to monetize their talent and a potentially efficient way for selling access to experiences and communities. Experiments like Flyfish Club are not a threat to the American investor. Creative people should be able to experiment with NFTs without having to consult a high-priced tea-leaf reader—ahem, lawyer. The Commission can change its menu to include a healthy serving of guidance to give non-securities NFT creators the freedom to experiment.” The securities laws are not needed here, and their application is harmful both in the present case and as future precedent. The Flyfish NFTs were simply a different way to sell memberships. Why shouldn’t a chef be able to sell memberships to eat at her kitchen table and to collect royalties on resales of those memberships? NFTs offer a promising way to allow creative people—such as chefs, musicians, or visual artists—to monetize their talent and a potentially efficient way for selling access to experiences and communities. Experiments like Flyfish Club are not a threat to the American investor. Creative people should be able to experiment with NFTs without having to consult a high-priced tea-leaf reader—ahem, lawyer. The Commission can change its menu to include a healthy serving of guidance to give non-securities NFT creators the freedom to experiment. Their dissent concluded with a critique of the SEC’s approach to NFTs, comparing it to a poorly executed “Omakase” meal—highlighting the dangers of leaving crypto enforcement to regulators without providing clear and sensible direction.

Adaptive Financial Consulting has been selected by Bullish as a fintech partner to increase the digital asset exchange’s trading capacity and boost throughput as it looks to scale and meet growing business demand. Bullish has signed a multi-year deal with the trading technology provider to replace the exchange’s incumbent messaging vendor technology with Aeron Premium and to receive support and professional services. Aeron Premium is Adaptive’s enterprise-grade product complementing the Aeron open-source technology, offering additional software components for performance, security, and resilience – crucial in cloud environments. Being a cloud-native exchange built on Google Cloud’s infrastructure, Bullish sourced Adaptive’s Aeron Premium services directly through Google Cloud Marketplace. Bullish enhanced capacity and security since going live with Adaptive’s Aeron Premium Since going live with Adaptive’s Aeron Premium, Bullish has improved its throughput and capacity, achieved near zero downtime high availability, and enhanced security. Bullish has improved its exchange throughput and capacity by adopting Aeron. This allows for more orders per second and reduces order entry round-trip time, ensuring better access to liquidity for participants. Google Cloud infrastructure, combined with Aeron’s resiliency model, ensures near-zero downtime and high availability for Bullish’s 24/7 exchange. This setup simplifies maintenance, enhances failover processes, and improves customer availability. With Aeron Premium’s advanced security features, Bullish adds an extra layer of protection. Aeron data frames are encrypted during transmission, and client order information remains encrypted throughout the entire order processing flow. Bullish aims to utilize further Aeron Premium components for clustering and resilience to create a more flexible and maintainable infrastructure. This will enable the exchange to perform hot upgrades in a 24/7 market, significantly reducing maintenance challenges. “Swapping out the messaging middleware within an active exchange is no mean feat” Alan Fraser, Head of Platform Infrastructure at Bullish, said: “As a cloud-native exchange, we believe that the future of finance is firmly rooted in the cloud. Bullish was already using Adaptive’s FIX engine and we also have strong ties with Google Cloud. The synergy between our companies provided a solid foundation for collaboration. This strategic partnership allows us to leverage Adaptive’s ongoing Aeron performance testing and optimizations on Google Cloud, aligning with Bullish’s cloud-native approach. “Swapping out the messaging middleware within an active exchange is no mean feat. Leveraging Adaptive’s support services provided us with invaluable expertise and assurance, significantly mitigating the risk associated with upgrading to a more scalable architecture,” Fraser concluded. Matt Barrett, CEO and co-founder of Adaptive, said: “We are thrilled to see our technology play a crucial role in Bullish’s mission to provide a superior trading experience. Aeron technology is specifically designed to handle very large data volumes with minimal latency, ensuring 24/7 high availability, not only in traditional on-premises environments but more importantly on the public cloud, providing a robust backbone for Bullish’s 24/7 trading operations.” Aaron Walters, Exchange and Ecosystem Strategy, Google Cloud, said: “Google Cloud’s collaboration with Adaptive and Bullish underscores how our technology is empowering digital exchanges to scale and innovate at speed. By building its cloud-native platform on Google Cloud, Bullish was able to rapidly integrate Adaptive’s solutions through Google Cloud Marketplace, accelerating its ability to meet the evolving demands of the digital asset market.”

Frank Richard Ahlgren III, pleaded guilty to filing a tax return that underreported his capital gains from the sale of bitcoin, according to the U.S. Department of Justice. Ahlgren, an early bitcoin investor, failed to accurately report his cryptocurrency profits, leading to a significant tax loss to the Internal Revenue Service (IRS). Ahlgren faces a maximum sentence of three years in prison Between 2017 and 2019, Ahlgren underreported or did not report the sale of over $4 million worth of bitcoin. In 2015, Ahlgren purchased around 1,366 bitcoins when the cryptocurrency was valued at under $500 each. By October 2017, he sold 640 bitcoins for approximately $3.7 million, using the proceeds to buy a home in Park City, Utah. However, when filing his 2017 tax return, Ahlgren inflated the cost basis of the bitcoins to reduce his capital gain liability. In addition, Ahlgren sold more than $650,000 worth of bitcoin in 2018 and 2019, but failed to report these transactions on his tax returns for those years. The total tax loss to the IRS due to Ahlgren’s actions exceeded $550,000. Ahlgren now faces a maximum sentence of three years in prison, along with possible supervised release, restitution, and monetary penalties. His sentencing will be determined by a federal district court judge based on U.S. Sentencing Guidelines. The case is being investigated by the IRS Criminal Investigation Division and the Texas Office of Attorney General. The Department of Justice’s Tax Division, along with the U.S. Attorney’s Office for the Western District of Texas, are handling the prosecution. IRS demands that any crypto transaction over $10,000 be reported U.S. authorities are tightening regulations on cryptocurrency transactions, intensifying their focus on capital gains from Bitcoin and other digital assets. This move follows the rise in cryptocurrency trading and the significant gains often associated with it. Recent amendments to the tax code now require taxpayers to report all crypto transactions, including trades, sales, and even airdrops. The IRS introduced these regulations to close the tax gap resulting from underreported crypto earnings. For the 2024 tax season, the IRS demands that any crypto transaction over $10,000 be reported, following new rules from the bipartisan infrastructure bill signed into law in 2021. This includes reporting personal details such as the sender’s name, address, and social security number for transactions conducted through crypto exchanges or custodians. This change aims to increase transparency and compliance, as many early adopters of crypto had avoided declaring their substantial profits. Moreover, crypto owners must now use Form 8949 and Schedule D to record every transaction, calculating gains and losses based on the holding period (short or long-term). This requires accurate records of the cost basis and transaction dates to ensure proper taxation. As IRS scrutiny increases, non-compliance risks steep penalties, including felony charges in extreme cases. The authorities’ intensified efforts reflect the growing importance of crypto regulation as these assets become more integrated into the broader economy. As a result, investors and traders need to stay updated on their obligations to avoid penalties​.

Vantage has updated its copy trading platform to provide traders with greater control and flexibility as part of the CFD broker’s efforts to simplify and enrich the trading process, offering improved options for traders to manage their investments. The FX and CFD broker’s copy trading platform now includes up to 10 personalized trading strategies, customizable settlement periods, and the ability to trade using different account types and currencies interchangeably. The updates to the trade copier will allow an ECN account set to INR to seamlessly copy trades from a Swap-free account operating in USD. Vantage has also decided to extend its previous promo code offer. Users can download the Vantage App and use promo code EARN10 to claim their bonus. “We aim to support the success of both copy traders and Signal Providers” The enhanced copy trading functionality allows traders to create up to 10 customized strategies, each with unique instruments, methods, and profit-sharing ratios. Users can replicate multiple portfolios from the same Signal Provider, and trading between different account types and currencies is now effortless. Transparent settlement statements are accessible on a daily, weekly, or monthly basis, or for customised periods. Lian Jie, Head of Global Business Intelligence and Strategy at Vantage Markets, said: “We are thrilled to offer our traders more control and choices with these new features. By enhancing flexibility and providing tailored solutions, we aim to support the success of both copy traders and Signal Providers.” Vantage Markets (or Vantage) is a multi-asset broker offering clients access to a nimble and powerful service for trading Contracts for Difference (CFDs) products, including Forex, Commodities, Indices, Shares, ETFs, and Bonds. Complementing these updates is the second part of Vantage’s vibrant video series, which highlights the active trading community on the platform and celebrates the new features available. “Our new video and feature updates are a testament to our commitment to delivering a superior trading experience,” Jie added. Vantage launched multiple copy modes Vantage recently launched multiple copy modes to provide traders with greater flexibility to diversify their copy trades and refine their trading strategies. The retail FX/CFD broker stated its copy trading feature was designed for both those transitioning from traditional 9-5 roles and seasoned traders seeking more dynamic trading methods. The two additional modes cater to various risk appetites: For risk-averse traders who prefer a more controlled approach, the Fixed Lots mode allows them to set a specific volume for each copied trade, aiming for greater consistency. The Fixed Multiple mode is designed for those who wish to dynamically adjust their strategies based on market conditions, enabling them to multiply the original order size by a pre-set factor, providing a tool to manage their risk exposure more effectively. The team has also introduced significant improvements to the interface, broader search filters to pair ideal traders together, and released a new series of video guides to educate their clients.

Memecoins have been a fixture in the cryptocurrency world since 2013, when Dogecoin ($DOGE) first emerged as a playful spin-off of Bitcoin. With a Shiba Inu dog as its mascot, Dogecoin began as a joke but quickly gained traction thanks to internet culture and celebrity endorsements. Other memecoins, such as Shiba Inu ($SHIB) and Floki Inu ($FLOKI), followed in its footsteps, growing in popularity by relying on viral marketing, humorous branding, and a loyal community of enthusiasts. Despite their humor-driven origins, memecoins have also been notoriously volatile and speculative. Lacking the clear use cases of more established cryptocurrencies like Bitcoin and Ethereum, memecoins have primarily been regarded as risky assets, with price movements fueled by hype and internet trends rather than inherent value. Utility tokens vs Memecoins Utility in digital assets refers to how a cryptocurrency can be used for a practical purpose within a blockchain ecosystem. For example, Ethereum allows developers to build decentralized applications (dApps) on its platform, while tokens like Chainlink enable smart contracts to access real-world data. In contrast to this, most memecoins have traditionally offered no real utility. Their primary goal has been to generate attention, often serving as a speculative play to drive up their market capitalization. Critics argue that they are little more than marketing stunts designed to attract investors seeking short-term gains. Memecoins are often designed to generate buzz, not to serve as functional tools within a blockchain ecosystem. This is where they diverge from “utility tokens,” which are meant to facilitate specific activities like staking, governance, or providing access to services on a network. For the majority of memecoins, their value is driven by community engagement, social media trends, and occasionally the endorsement of celebrities or influencers. When the hype fades, so does the value of these tokens, leading many to label them as highly speculative and risky investments. WOMIO, MemeBet, and Flockerz claim to be useful Despite the notorious non-utility nature of memecoins, several projects are trying to break the mold by promising real-world utility. WOMIO, MemeBet, and Flockerz are three memecoins that claim to offer more than just hype. WOMIO: A multichain memecoin platform, WOMIO ($WOMIO) provides tools for creators and investors. Its key feature is allowing projects to launch tokens across multiple blockchain networks, making it easier for new memecoins to emerge. Investors can stake WOMIO tokens and earn a share of each newly launched memecoin. While WOMIO promotes itself as offering “multichain memes,” the real question remains whether this staking mechanism and multichain support offer significant utility beyond attracting more speculative tokens. MemeBet: A gambling-focused memecoin, MemeBet ($MEMEBET) merges online gambling with memecoin culture. The platform allows users to wager on traditional casino games and sports, all powered by memecoins. Integrated with the Telegram messaging app, MemeBet promises easy, anonymous access with no Know Your Customer (KYC) requirements. While it sounds innovative, MemeBet’s core offering—enabling gambling through memecoins—still raises questions about whether it can establish lasting value or is simply another way to attract attention. Flockerz: Calling itself “the people’s memecoin,” Flockerz ($FLOCK) offers a decentralized governance model through its Vote-To-Earn DAO system. Token holders can vote on project decisions and earn rewards for participating. By emphasizing community involvement and staking rewards, Flockerz aims to distinguish itself as a memecoin with real user engagement. However, governance rewards are not a new concept in the crypto world, making it unclear whether Flockerz’s features truly set it apart from the broader DeFi space. These three memecoins claim to provide utility in an effort to differentiate themselves from their non-utility counterparts. WOMIO pitches its multichain tools and staking system, MemeBet taps into the online gambling market, and Flockerz promotes community governance. Each project claims to offer more than just speculation, promising tangible benefits to their users. While WOMIO, MemeBet, and Flockerz are attempting to prove that memecoins can offer utility, skepticism remains high. Memecoins are, at their core, built on attention and viral marketing rather than the robust utility that more established digital assets provide. Although these projects may introduce novel features, it’s hard to shake the sense that they are still memecoins at heart—more about generating buzz than revolutionizing the blockchain space. Still, with the rapid pace of innovation in crypto, who knows? Perhaps one of these projects will buck the trend and usher in a new era of utility-driven memecoins. For now, though, the burden of proof lies squarely on their shoulders.

Bybit has secured a provisional (non-operational) approval for a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). The crypto exchange is now closer to being able to provide virtual asset exchange services for retail, qualified investors, and institutional users in Dubai, the location of the company’s global headquarters. “Dubai is the ideal place to advance digital currencies and foster growth in this exciting industry” Helen Liu, Chief Operating Officer of Bybit, said: “Dubai’s strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector. With its robust regulatory framework and commitment to becoming a blockchain capital, Dubai is the ideal place to advance digital currencies and foster growth in this exciting industry.” Bybit expects to be granted full Operational Approval in the jurisdiction soon, once the thorough licensing process is completed. The digital asset exchange has been engaged in a constructive dialogue with the regulator to meet the requirements for the Provisional Approval effectively. Dubai has been Bybit’s international headquarters since 2022 as the jurisdiction increasingly becomes one of the top financial hubs in the world and established a clear regulatory framework for the emerging industry. Bybit secured advisory role with DMCC Crypto Hub Bybit recently renewed its partnership with the Dubai Multi Commodities Crypto Centre (DMCC) as the firm transitioned from a key ecosystem partner to an advisory role with DMCC Crypto Hub. From August 2024 to July 2025, Bybit will serve as a DMCC Ecosystem and Advisory Partner, offering strategic guidance to the DMCC Crypto Center and its members on essential initiatives. To further enhance Dubai’s standing as a leading global crypto hub, Bybit and the DMCC Crypto Center will co-host two major industry events this year: a global hackathon and a flagship conference. The hackathon aims to foster innovation by supporting developers in creating Web3 projects, while the conference will position Dubai as a center for thought leadership by bringing together industry experts and key opinion leaders. In its new advisory capacity, Bybit will leverage its extensive industry knowledge to influence the future of Dubai’s crypto and Web3 sectors. This collaboration highlights Bybit’s continued commitment to supporting Dubai’s vision of becoming a global leader in the crypto and Web3 space. Additionally, Bybit launched its key sponsorship of the Blockchain for Good Alliance (BGA) at Blockchain Life in April in Dubai, a non-profit organization that collaborates with a network of organizations, projects, and individuals dedicated to leveraging blockchain technology to address global social, environmental, and economic challenges. In November, the Crypto Content Creator Campus for KOLs in the crypto industry will go live with the support of Bybit, which has initiated various industry projects in the region.

Adobe Inc. (ADBE) shares took a significant hit on Friday, following the release of its third-quarter financial results. Despite beating analyst expectations on both earnings per share and revenue, the company’s disappointing fourth-quarter forecast sent the stock tumbling over 8%. Technical Analysis • Upward Channel: Prior to the earnings report, Adobe’s stock was trading within an upward channel, suggesting a bullish trend. • Resistance Test: The price had reached the median line of this channel, which acted as resistance. • Psychological Break: The stock briefly broke above the $500 psychological level but was unable to sustain the gains. Outlook While the disappointing forecast may continue to weigh on ADBE’s stock price, there are signs that bulls may be starting to re-enter the market. The Friday candle closing above its midpoint suggests that some investors viewed the price drop as a buying opportunity. Potential Support Levels • $500: The psychological level of $500 could provide support. • Lower Channel Boundary: The lower boundary of the upward channel may also act as a support level. Analyst Consensus According to TipRanks, analysts have an average price target of $620 for ADBE stock over the next 12 months, implying a potential upside of 15% from current levels. 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.

Welcome to our weekly roundup, where we dive into all the latest buzz in the Forex, Fintech, and cryptocurrency scenes. We’ve got you covered with a rundown of the week’s top events and trends in these dynamic sectors, so you can stay in the know and ahead of the game. FX Market RoboMarkets goes all in on stock trading, shuts down FX/CFD offering in Europe RoboMarkets has announced it will end its retail FX/CFD operation in Europe, regulated by CySEC, while maintaining its institutional business in the EU. Read More XBTO on its way to secure Abu Dhabi’s FSRA license for crypto services in MENA XBTO has received in-principle approval (IPA) from Abu Dhabi’s Financial Services Regulatory Authority (FSRA) to operate in the UAE. Read More ASIC suspends Olritz’ license over inactivity despite firm claiming $150 million AUM The Australian Securities and Investments Commission has suspended the Australian Financial Services (AFS) Licence of Olritz Financial Group Pty Ltd. Read More Tickmill launches US elections traders hub ahead of market volatility Tickmill has introduced the “US Elections – Traders Hub,” a new resource to help traders navigate market volatility in the run-up to the November 2024 U.S. presidential election. Read More Unregulated FX derivatives platforms come at a cost for traders, says FXPA The benefits of unregulated FX derivatives trading venues come at the expense of reduced customer protections resulting from a lack of comprehensive regulatory oversight, according to a white paper published by The Foreign Exchange Professionals Association (FXPA). Read More SEC allows eToro to offer Bitcoin, Bitcoin Cash, and Ether without a license eToro USA LLC has agreed to pay $1.5 million to settle charges put forth by the Securities and Exchange Commission, which claimed the social trading platform operated an unregistered broker and unregistered clearing agency in connection with its trading platform that facilitated buying and selling certain crypto assets as securities. Read More   Crypto Markets The future of digital currency: Insights from Circle CEO Jeremy Allaire In the latest episode of The VALR Podcast, Jeremy Allaire, Co-Founder and CEO of Circle, discussed the future of Circle and the broader digital currency landscape with Farzam Ehsani. Read More Crypto-Asset Reporting Framework (CARF): Good or bad for crypto? The global rise of digital assets has prompted a wave of regulatory developments aimed at ensuring transparency, security, and compliance in the crypto space. Read More Hamster Kombat lists token on Bybit, Bitrue, and OKX The team behind the popular Telegram-based game Hamster Kombat announced that its token, HMSTR, will be listed on several cryptocurrency exchanges following an upcoming airdrop. Read More U.S. urges Nigeria president to release detained Binance executive The U.S. government is pressing Nigerian officials to release Tigran Gambaryan, a Binance executive detained in the country for seven months, amid reports of deteriorating health and increased calls for his release. Read More FTX’s Bankman-Fried paid $150M to Chinese officials to unlock $1B U.S. prosecutors have reportedly connected Ryan Salame, the former co-CEO of FTX, to accounts under the names of Thai prostitutes in a bid to unfreeze funds tied to FTX and Alameda Research. Read More Judge halts Kalshi’s 2024 election contracts pending hearing Prediction market Kalshi’s attempt to offer contracts tied to the U.S. 2024 election has been paused until after a hearing on Thursday. Read More U.S. state regulators secure refunds for investors in Lydian.World metaverse Securities regulators from 12 U.S. states have reached a settlement to reimburse investors who lost money in a scheme involving the Lydian.World metaverse, cryptocurrency, and tokenized ownership of a metaverse skyscraper. Read More Venmo and PayPal users can now transfer crypto with Ethereum names Venmo and PayPal users will now be able to transfer cryptocurrencies using Ethereum Name Service (ENS) names, a feature expected to reach over 270 million users in the United States. Read More Sam Bankman-Fried partner seeks leniency, argues for no jail time Caroline Ellison, the former CEO of Alameda Research, has requested that the court refrain from imposing jail time, proposing a sentence of time served with a period of supervised release instead. Read More Trump-Harris debate signals crypto may not be a key issue for voters In the heated Trump-Harris debate yesterday, the US Presidential candidates clashed on major topics such as the economy, foreign policy, gun control, and immigration. Read More MoonPay enters Australia with AUSTRAC registration for crypto payments MoonPay has registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) to provide digital currency exchange services in Australia. Read More

The Hong Kong Securities and Futures Commission (SFC) is consulting industry participants on whether to introduce a new licensing regime for cryptocurrency over-the-counter (OTC) services. The proposed regime would see the SFC working alongside the Customs and Excise Department (C&ED) to oversee companies offering crypto OTC trading services. According to the South China Morning Post, the initial proposal suggested that the C&ED would solely handle regulations and licensing for OTC services. However, the SFC is now considering broader involvement and has recently reached out to companies providing OTC trading services for their views on the implementation of new licensing requirements, including for cryptocurrency custodian services. Discussions on these licenses are still in their early stages. The SFC has also released an “alert list” that names suspicious virtual asset trading platforms and unlicensed entities that may be targeting Hong Kong investors. This list includes entities flagged since January 2020. Hong Kong has been positioning itself as a global cryptocurrency hub, attracting investors and businesses to the digital assets industry. As of June 1, operating an unlicensed virtual asset trading platform (VATP) in Hong Kong became a criminal offense. Currently, only two virtual asset trading platforms, Hash Blockchain and OSL Digital Securities, hold full licenses to operate in Hong Kong. Other crypto exchanges, including Crypto.com, Bullish, HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixin.com, EX.IO, YAX, WhaleFin, and Matrixport HK, have yet to receive full operational licenses. Hong Kong’s regulator said it has identified unsatisfactory practices at several cryptocurrency exchanges applying for full licenses, following on-site inspections. The report highlights concerns that some crypto firms are overly dependent on a limited number of executives to manage the custody of client assets, while others have not adequately safeguarded against cybercrime risks. The SFC may revoke the “deemed-to-be-licensed” status or reject license applications for platforms that fail to address “critical deficiencies” identified during inspections. The inspections are part of the SFC’s efforts to regulate crypto trading platforms, with 12 entities, including OKX and ByBit, having already withdrawn their applications. Currently, OSL and HashKey are the only fully licensed exchanges in Hong Kong. In May, crypto exchanges IBTCEX and QuanXLab withdrew their applications, initially filed in February 2024. The next day, Huobi HK, a crypto exchange with links to HTX, also withdrew its application. The reasons behind these withdrawals were not disclosed on the SFC’s website. Gate.HK also stopped new user registrations and deposits, and delisted all tokens. All cryptocurrency exchanges that have not applied for a license must cease operations in Hong Kong. Currently, less than 20 crypto exchanges are lined up for a Hong Kong’s VATP license. The most recent application was submitted by Bitcoin World Technology Limited on behalf of the “bitcoinworld” crypto exchange on May 17.

Fed balances rate cut against inflation risks. Market bets on aggressive easing. USD weakens as investors anticipate lower rates.   1. Federal Reserve Interest Rate Cut Expectations The Fed’s Balancing Act The Federal Reserve is facing a delicate balancing act as it navigates the complexities of the US economy. On one hand, there are signs of a slowdown in economic activity, as evidenced by the softer-than-expected Producer Price Index (PPI) data. This suggests that inflation pressures may be easing, providing the Fed with some flexibility to cut interest rates. On the other hand, the Fed remains cautious about the potential for inflation to rebound. While the headline PPI has moderated, core inflation, which excludes volatile food and energy prices, has remained relatively sticky. This indicates that underlying price pressures may still be persistent. Market Speculation The market’s expectations for a rate cut have been amplified by the release of the PPI data. The CME FedWatch Tool, which tracks the market’s expectations for future Fed policy, shows a significant increase in the probability of a 50 basis point rate cut in September. This suggests that investors are increasingly confident that the Fed will take more aggressive action to stimulate the economy. Impact on the US Dollar The anticipation of a rate cut has weakened the US Dollar. As investors anticipate a less supportive monetary policy environment for the greenback, they have been selling it in favor of other currencies. This has helped to boost the Euro and other currencies that are seen as less risky. 2. ECB Monetary Policy and Eurozone Economic Outlook A Cautious Approach The European Central Bank (ECB) has taken a cautious approach to its monetary policy. While the ECB has lowered its benchmark interest rate, it has refrained from providing a clear indication of future rate cuts. This uncertainty has left the market speculating on the timing and magnitude of further easing. Economic Challenges The Eurozone economy is facing several challenges, including weak industrial production and declining price pressures. These factors could influence the ECB’s future monetary policy decisions. If the Eurozone economy continues to struggle, the ECB may need to provide more stimulus to support growth and prevent deflation. Impact on the Euro The ECB’s cautious approach and the challenges facing the Eurozone economy have weighed on the Euro. While the Euro has strengthened against the US Dollar due to the Fed’s expected rate cut, its overall performance has been mixed. 3. Global Economic Uncertainty and Risk Appetite Geopolitical Tensions Ongoing geopolitical tensions, such as the ongoing trade dispute between the United States and China, can impact global risk sentiment and currency markets. When investors are more risk-averse, they may seek safe-haven currencies like the US Dollar, while a more risk-on environment can favor the Euro. Market Volatility Increased economic uncertainty can lead to higher market volatility, which can impact currency trading and exchange rate movements. When markets are volatile, it can be difficult to predict which currencies will perform well. Currency Correlations The Euro and US Dollar are often correlated with global risk sentiment. When investors are more risk-averse, they may seek safe-haven currencies like the US Dollar, while a more risk-on environment can favor the Euro. Top Economic Events for next week: 1. NY Empire State Manufacturing Index     - Date: 09/16/2024     - Impact: Medium     - Currency: USD     - Description: This index measures the health of the manufacturing sector in the New York region. A higher-than-expected reading can signal economic expansion. 2. ZEW Survey – Economic Sentiment (EUR)     - Date: 09/17/2024     - Impact: Medium     - Currency: EUR     - Description: A survey of institutional investors and analysts that shows economic expectations for the Eurozone. Positive sentiment suggests future economic growth. 3. Retail Sales (MoM) (USD)     - Date: 09/17/2024     - Impact: High     - Currency: USD     - Description: This report reflects consumer spending trends by measuring the change in the total value of retail sales in the U.S. Consumer spending drives a large portion of economic activity. 4. Consumer Price Index (YoY) (GBP)     - Date: 09/18/2024     - Impact: High     - Currency: GBP     - Description: A key inflation indicator, this measures the annual change in the price of goods and services in the UK. High inflation might prompt the Bank of England to adjust interest rates. 5. Fed Interest Rate Decision (USD)     - Date: 09/18/2024     - Impact: High     - Currency: USD     - Description: The U.S. Federal Reserve announces its decision on interest rates. Changes in rates can influence borrowing costs, inflation, and economic activity globally. 6. BoC Consumer Price Index Core (YoY) (CAD)     - Date: 09/17/2024     - Impact: High     - Currency: CAD     - Description: This index measures core inflation in Canada, excluding volatile items like food and energy. It’s an important gauge of inflationary pressure. 7. BoE Interest Rate Decision (GBP)     - Date: 09/19/2024     - Impact: High     - Currency: GBP     - Description: The Bank of England will announce its interest rate decision, impacting the cost of borrowing, inflation, and economic growth in the UK. 8. Employment Change s.a. (AUD)     - Date: 09/19/2024     - Impact: High     - Currency: AUD     - Description: This measures the number of employed people in Australia. A rising figure suggests a stronger economy and may impact interest rate decisions. 9. BoJ Interest Rate Decision (JPY)     - Date: 09/20/2024     - Impact: High     - Currency: JPY     - Description: The Bank of Japan's decision on interest rates influences economic growth, inflation, and market sentiment in Japan. 10. Gross Domestic Product (QoQ) (NZD)      - Date: 09/18/2024      - Impact: High      - Currency: NZD     - Description: This measures the change in the value of all goods and services produced by the New Zealand economy. A strong GDP growth indicates a healthy 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.

The U.S. government is pressing Nigerian officials to release Tigran Gambaryan, a Binance executive detained in the country for seven months, amid reports of deteriorating health and increased calls for his release. Secretary of State Antony Blinken and the U.S. ambassador to Nigeria have been privately urging the Nigerian government to free Gambaryan on humanitarian grounds. Efforts have intensified since June, following a visit to Gambaryan by U.S. congressional representatives French Hill (R-Ark.) and Chrissy Houlahan (D-Pa.). Last week, a video emerged showing Gambaryan, who is reportedly suffering from a herniated disc, malaria, and pneumonia, without access to medical care. Lawyers for Gambaryan, a U.S. citizen and former IRS agent now serving as Binance’s compliance chief, are pushing the State Department to designate him as “wrongfully detained.” Gambaryan and his colleague Nadeem Anjarwalla were detained in Nigeria in February after traveling to the country for a meeting with officials, who they claim misled them. Initially charged with money laundering and tax evasion, the latter charge was later dropped. Two State Department officials cited by The New York Times described Gambaryan’s detention as a “significant factor” in the deteriorating relations between the U.S. and Nigeria. U.S. authorities are reportedly in contact with top Nigerian officials, including the president, finance minister, attorney general, and trade minister, to negotiate his release. Gambaryan appeared in court last week seeking bail to obtain medical care. If granted, he could be released in October when his trial is set to begin. He has denied any wrongdoing. Nigeria accuses Binance, the world’s largest cryptocurrency exchange, of contributing to the naira’s decline by facilitating $26 billion in illegal cross-border transfers. Binance has since ceased support for the Nigerian currency and also faces tax evasion charges in the country. Binance CEO Richard Teng has called for Gambaryan’s release, arguing that he is a mid-level employee and should not be held responsible for the company’s actions. Gambaryan was previously known for his role as a lead investigator in the takedown of the Silk Road darknet market and BTC-e crypto exchange, both linked to money laundering activities.  

Chainlink cryptocurrency be expected to rise further toward the next resistance level 12. – Chainlink reversed from strong support area – Likely to rise to resistance level 12.7 Link cryptocurrency recently reversed up with the daily Japanese candlesticks reversal pattern Bullish Engulfing from the strong support area located between the pivotal support level 9.00 (which stopped the previous sharp downward impulse wave i at the start of August, as can be seen from the daily Link chart below) and the lower daily Bollinger Band. The upward reversal from this support zone stopped the previous short-term impulse wave 3 of the multi-month downward impulse wave (3) from the end of May. Given the strength of the nearby support level 9.00 and the improvement of the sentiment that can be seen across the crypto markets recently, Link cryptocurrency be expected to rise further toward the next resistance level 12. LINK 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.

Crypto exchange Kraken has requested a jury trial in response to a lawsuit brought against it by the U.S. Securities and Exchange Commission (SEC), according to a court filing on Thursday. A California judge ruled last month that the SEC’s case against Kraken, alleging the exchange violated federal securities laws by failing to register as a broker, clearinghouse, or exchange, will proceed to trial. Similar rulings have been issued in SEC cases against other major crypto exchanges, including Binance and Coinbase. The SEC filed its lawsuit against Kraken in November 2022 in the Northern District of California, seeking a permanent injunction to prevent further securities violations, as well as disgorgement of alleged “ill-gotten gains” and other civil penalties. The SEC identified 11 tokens—ADA, ALGO, ATOM, FIL, FLOW, ICP, MANA, MATIC, NEAR, OMG, and SOL—as unregistered securities. In Thursday’s filing, Kraken denied any illegal conduct and presented 18 defenses in response to the SEC’s allegations. The exchange’s legal argument centers on its interpretation of the Securities Act and the Exchange Act, arguing that neither act includes digital assets under its provisions. Kraken argues that it was never required to register with the SEC, as it does not operate as an exchange, broker-dealer, or clearing agent within the definitions set forth in the Exchange Act. Kraken further claims that the SEC lacks the authority to regulate the exchange, stating, “The digital assets themselves cannot be the investment contracts because they carry none of the rights and obligations of a share of stock, a bond, or any other financial asset that Congress has said is subject to SEC regulation.” The filing also acknowledged that Kraken offers services such as listing over 220 crypto assets, margin trading, an over-the-counter trading desk, instant buy features, and customer applications, but says that these activities do not classify the platform as a securities exchange, clearing agency, or broker-dealer. Kraken accused the SEC of acting without due process and fair notice, arguing that the regulatory action infringes upon its First Amendment rights.  

This week, the market was informed about the latest development in US inflation. And although the somewhat higher core rate did not really meet the market’s wishes, it continues to dream of massive interest rate cuts by the Fed. While the Fed rate is still at 5.5%, the US Treasury with a term of over two years already indicates a market yield of just above 3.5%. One wonders whether the market is not too optimistic about interest rates… The oil price (Brent crude) has a very high correlation with inflation expectations. In fact, the falling oil price indicates that inflation will continue to fall. So far so good… We can also observe a correlation between the inflation trend (CPI) and the commodity indices… The economic trend also shows a certain weakness, see the development of the ISM Manufacturing Index. This is confirmed by the massive drop in the Copper/Gold ratio.. This ratio increases when the economy is doing well, thanks to a rising Copper price. But due to the increasing uncertainty, the price of Gold is currently rising and reducing the ratio. However, lower interest rates also mean a weaker US dollar with a relatively high degree of certainty. The potential for interest rate cuts, or rather the fantasy of interest rate cuts, has recently led to a weak greenback. This chart provides two pieces of information: The Gold/Silver ratio is highly correlated with the currency and should continue to fall. Secondly: The US dollar basket, an important indicator of the trend of the US currency, is now about to fall below the 100 mark. This is a renewed sell signal in terms of sentiment. But it is also a sell signal for the technical analysts, because it means that the low from August 2023 has been undercut… However, a lower US dollar makes imports more expensive for the USA. Simply put, if the US dollar falls by 5 %, imported products also become 5 % more expensive. And the USA imports a lot. We recall the inflation cycle shown in one of the last issues of Pretiorates’ Thoughts. The low point should be reached at the end of 2024 before inflation could start to rise again… The question may therefore be asked: Will it really be possible for the FED to cut interest rates as much as the market is currently pricing in? After all, it can hardly be assumed that rising inflation would be ignored and not combated with high interest rates… 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.

MicroStrategy, the business intelligence and software firm led by CEO Michael Saylor, has acquired 18,300 Bitcoin between August 6 and September 12, according to a Form 8-K filing with the U.S. Securities and Exchange Commission (SEC). The latest transaction, valued at $1.11 billion, was made at an average price of $60,408 per Bitcoin, including expenses and fees. This acquisition brings MicroStrategy’s total Bitcoin holdings to around 244,800 BTC, currently worth approximately $14.14 billion. Since its first Bitcoin purchase on August 11, 2020, MicroStrategy has steadily expanded its holdings, acquiring BTC at an average price of $38,585 per coin, with a cumulative investment of about $9.45 billion. Despite mixed reactions from financial analysts, the firm has continued its aggressive acquisition strategy. To finance the recent purchase, MicroStrategy sold 8.05 million company shares, raising $1.11 billion by September 12. The capital generated from these sales was directly allocated to expanding the firm’s BTC portfolio. On August 10, MicroStrategy held 226,500 BTC, acquired at an average cost of $37,000 per BTC, giving the company $13.77 billion in Bitcoin reserves. At that time, Bitcoin’s price was around $60,500, resulting in unrealized profits of $5.39 billion. Since its initial Bitcoin investment, MicroStrategy has significantly outperformed the S&P 500 index, with its stock price rising by more than 1,000%, far exceeding the returns of the broader market. In its Q2 earnings call, MicroStrategy posted losses of $5.74 per share on a quarterly revenue of $111.4 million, a 7% decline year-over-year. Meanwhile, the world’s largest corporate Bitcoin holder, revealed a net loss of $123 million in Q2, a slight improvement from its net loss of $137 million in the same quarter of 2023. The frim shared that its total holdings of 226,500 Bitcoin had been acquired for $8.5 billion at an average price of $36,821 per Bitcoin. MicroStrategy also unveiled a new key performance indicator called “Bitcoin Yield,” representing the percentage change over time in the ratio between the firm’s Bitcoin holdings and its diluted outstanding shares. Diluted shares outstanding include all of the company’s common stocks and any additional shares created from convertible notes or exercising stock options. MicroStrategy said its BTC yield currently stands at 12.2% year-to-date, noting that it would target a rate of between 4%–8% annually over the next three years. “The Company uses BTC Yield as a KPI to help assess the performance of its strategy of acquiring bitcoin in a manner the Company believes is accretive to shareholders,” it said in a statement.

UTONIC Protocol has achieved a $100M Total Value Locked (TVL) milestone with TON’s first restaking solution, offering TON restakers new ways to enhance yield and support The Open Network’s ecosystem. UTONIC Protocol, supported by key contributors in The Open Network (TON) ecosystem, including TonStake, iZUMi Finance, InfStones, SatLayer, and StakeStone, has reached a significant milestone with $100M in Total Value Locked (TVL). UTONIC allows TON restakers to earn multiple types of yield, including native validator yield, Actively Validated Services (AVS) yield, and farming incentives. This initiative also promotes innovation within the ecosystem by improving network security, which benefits various projects like cross-chain bridges, oracle networks, and sidechains. UTONIC’s approach aims to decentralize TON’s blockchain, fostering shared security and creating a stronger ecosystem. How Does it Work? UTONIC enables users to extend the security of the TON blockchain to additional applications by repurposing their staked TON. Through the reallocation of these staked assets, users can secure Actively Validated Services (AVS) within the UTONIC platform. This process involves granting additional enforcement rights over their staked assets, with optional supplementary slashing conditions designed for specific services, such as data availability protocols, cross-chain bridges, and oracles. These conditions help maintain the integrity and security of all participants and the relevant applications. The UTONIC protocol operates as a marketplace where developers can encourage operators to allocate their restaked TON to secure various services. This method offers a more efficient alternative to traditional approaches, where applications often need to issue tokens as rewards for validators and build a trust network from scratch. By leveraging restaked TON assets, UTONIC significantly reduces the time and capital required to establish a new trust network. Restaking Methods Native Restaking: Stakers can restake by depositing their TON into UTONIC smart contracts. These tokens are then used in participating TON staking, allowing operators to restake the assets on UTONIC. LST Restaking: Stakers also have the option to restake by depositing their Liquid Staking Tokens (LSTs) into UTONIC smart contracts. Operators will then restake these LSTs, which have already been staked in other protocols, on UTONIC. UTONIC will issue a liquid restaking token (LRT) known as uTON as a receipt for restaked TON in the UTONIC Protocol. Additionally, co-incentives from partners will be available to uTON users across decentralized finance (DeFi), sidechains, and other platforms within the TON ecosystem. For more technical details, UTONIC has submitted a proposal to TON Research. You can access the proposal here: [Implementing TON Restaking: The UTONIC Approach. The Product-Market Fit of UTONIC As The Open Network continues to expand, restaking TON tokens becomes increasingly important for enhancing the ecosystem’s security and scalability. This approach allows existing staked assets to secure additional decentralized applications (dApps) and services, as many native applications will continue using a hybrid structure of on- and off-chain methodologies to reach a broader user base. By leveraging the network’s existing validators, the restaking approach offers a more flexible and economically efficient infrastructure without the need for additional resources. DeFi-Focused Background and Partners The UTONIC Protocol team has a strong background in decentralized finance (DeFi) and has recognized the growing need for restaking solutions. Drawing inspiration from projects like EigenLayer, UTONIC combines innovation with TON’s specific use cases, empowering both validators and individual token holders to enhance the security and scalability of local dApps. Key protocols and players in the TON ecosystem, such as TonStake, iZUMi Finance, InfStones, SatLayer, and StakeStone, have partnered with UTONIC Protocol to provide advisory and technical support. Envisioning the Future of TON Blockchain through Restaking The crypto industry is currently experiencing a period of slow user growth and limited adoption, partly due to the global economic downturn. However, The Open Network’s blockchain has gained traction through the adoption of mini-apps on Telegram, and there is growing speculation that it will continue to onboard millions of new users in the future.

ATFX Connect, the trading name of AT Global Markets (UK) Limited (“ATFX”), announces the addition of Non-Deliverable Forwards (“NDFs”) to its product portfolio. This additional offering will provide the company’s global client base with access to pricing and currency markets in Asia and LATAM. This significant addition means that ATFX Connect, the institutional arm of AT Global Markets (UK) Limited, can provide its global customer base with enhanced liquidity and transparency across a wider range of products. This reflects increasing demand from its clients for electronic trading capabilities in NDFs, and the ability to automate and offer streaming prices, thus allowing clients to participate more effectively in this space. Wei Qiang Zhang, the Managing Director of ATFX Connect, shared his excitement about the new addition: “This is a testament to the firm’s unwavering commitment to our global client base. By offering electronic pricing and access to NDFs, we are meeting the evolving needs of our clients. Our focus on automation and real-time streaming prices means greater liquidity and transparency and reflects our dedication to innovation and excellence in serving our institutional clients.” The electronification of NDFs has become key in the institutional market as demand from the Buy side has transitioned away from voice execution, and market participants now seek a more automated approach, allowing for greater liquidity and transparency when trading. This launch shows ATFX Connect’s commitment to offer clients more dynamic and systematic solutions and reflects its strong partnerships with the LPs, who continue to support ATFX globally. Get in touch with the ATFX Connect sales team to find out more at www.atfxconnect.com About ATFX Connect ATFX Connect is a trading name of AT Global Markets (UK) Limited, which is authorised and regulated by the Financial Conduct Authority. ATFX Connect’s bespoke liquidity offerings are available to institutions, hedge funds, broker-to-broker, family offices, asset managers, and High-Net-Worth Individuals. ATFX Connect supports institutional clients by providing them with direct market access to liquidity from T1 banks and non-bank providers in Spot FX, Precious Metals, and CFDs. In addition, the flexible infrastructure enables ATFX to manage aggregation and pricing and allows integration with any third-party platform. AT Global Markets (UK) Limited is part of the ATFX Group. 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.

Ant International has signed a three-year strategic partnership with Tottenham Hotspur to become the Premier League club’s Global Payment Solutions and Digital Wallet Partner. The Chinese digital payment and financial technology firm has been taking advantage of the sports sponsorship market to grow its brand awareness at a time of fast expansion in the UK and Europe. Ant International has a rich portfolio of experience in driving digital engagement through football, having sponsored both the UEFA Euro 2020 and 2024 tournaments. Alipay+, Antom and WorldFirst gain exposure via Tottenham Hotspur The partnership sees Ant International, together with its business brands Alipay+, Antom, and WorldFirst, become the exclusive Official Global Payment Solutions and Digital Wallet Partner of Tottenham Hotspur, and Alipay+ the first Official Training Wear Sleeve Partner for both the men’s and women’s teams. The company’s digital technology solutions brand Alipay+ and merchant payment services brand Antom will provide a seamless payment experience for fans at the club’s stadium and on e-commerce platforms, using payment methods widely used in the Asia-Pacific (APAC) region. Ant International will also support the Tottenham Hotspur’s on activations to drive growth of and engagement with our fanbase in the APAC region via its partner digital payment apps, including Alipay. “Football has the power to transcend borders” Yang Peng, Chief Executive Officer, Ant International said: “Football is a game that can be enjoyed by everyone and has the power to transcend borders, bringing people together. This aligns with Ant International’s mission in our globalization – leveraging technological innovation to provide individuals and small businesses with greater access to inclusive financial services. “Tottenham Hotspur has the forward-looking vision of leveraging cutting-edge technologies to enhance the fan experience. We resonate with the Club’s ‘To Dare is To Do’ spirit and look forward to working closely with Tottenham Hotspur to engage with its global fanbase through our innovative payment and digitalisation solutions, inspiring the 1.6 billion consumers served by Alipay+ and its partners through the sport and the Club.” Daniel Levy, Chairman, Tottenham Hotspur said: “The Club and Ant International are fully aligned as we look to deepen connections with our football fans through digital interactions. We shall also be supporting the growth in awareness of the Ant International brand across our extensive global platforms as an elite Premier League Club. “Ant International, together with its ecosystem associates, brings a wealth of experience in digital fan engagement in football following its partnerships during the two most recent UEFA European championships. We are excited to work with them to enhance the digital experience for our fans in-Stadium and online – and further engage our fanbase across the APAC region.” BNP Paribas and Ant to strengthen WorldFirst in SEPA BNP Paribas and Ant International have recently joined forces to enhance cross-border payment solutions for merchants and consumers in Europe. BNP Paribas will work with Alipay+, the cross-border mobile payment and digitalization technology solutions operated by Ant International, to enable thousands of merchants that use BNP Paribas’ acquiring service across Europe to accept payments from more than 25 international mobile partners via Alipay+. The two sides also agreed to work together to strengthen WorldFirst’s participation in the Single Euro Payments Area (SEPA) scheme. WorldFirst, Ant International’s one-stop digital payment and financial services platform for global businesses, will reinforce its participation in SEPA to enable businesses to make online cross-border payments and fund transfers more seamlessly within the SEPA Zone. BNP Paribas will sponsor WorldFirst’s participation in the SEPA scheme, allowing WorldFirst to leverage the bank’s expertise and products to expedite its integration and onboarding onto SEPA. WorldFirst’s clients will be able to access payment schemes under SEPA in real-time and automate treasury payments to optimise their operations. In addition, BNP Paribas will explore innovations in tokenized deposits for global treasury management with Ant International, through the latter’s Whale platform. The collaboration aims to improve the efficiency and speed of global fund settlements through the use of tokenized deposits. Ant International will leverage BNP Paribas’ infrastructure to further develop its Whale platform, a next-generation treasury management solution that utilises blockchain technology innovation, including advanced encryption and AI, to improve the efficiency and transparency of fund movement between bank accounts for better global liquidity management.