Indian cryptocurrency exchange WazirX canceled all open orders and returned the corresponding INR and crypto assets to users’ balances. According to a statement released on X, the move is part of the exchange’s ongoing efforts to address issues related to INR and crypto balances after a massive cyberattack last month. WazirX halted trading on its platform following a $230 million exploit on July 18, which led to widespread disruption. In the aftermath, the exchange proposed a recovery program, dubbed a “socialized loss strategy,” which was met with criticism from the crypto community. Speculation at the time suggested that North Korea’s notorious Lazarus Group was responsible for the exploit. Recovery of assets following such attacks is rare, further complicating the situation for the beleaguered exchange. Earlier in August, WazirX said it plans to reverse all trades that occurred after the withdrawal freeze it implemented on July 18 in response to the attack. The exchange stated that the decision was made to “protect the integrity of our platform and facilitate an equitable outcome for users” affected by the incident. Interestingly, Google’s cybersecurity subsidiary Mandiant reportedly confirmed that WazirX’s laptops were not compromised during the cyberattack, providing some reassurance about the integrity of the exchange’s internal systems. The hack resulted from discrepancies between data displayed on the digital custody platform Liminal and the actual transaction contents on WazirX. The attacker reportedly stole at least $100 million in Shiba Inu and $52 million in Ether, accounting for 45% of WazirX’s reserves. WazirX co-founder Nischal Shetty proposed two paths forward for the exchange following the breach. accessing 55% of their funds without the ability to withdraw but with priority for any potential recovery funds, or accessing 55% of their funds with the ability to withdraw but with secondary priority. The remaining 45% would be converted to USDT and locked. The proposal met with backlash, prompting both WazirX and Shetty to clarify in subsequent posts that the poll was not legally binding and was intended to gauge user opinions on the best way forward. Shetty reiterated that the poll was not binding but defended the option of socializing the losses. He argued that this approach would allow the exchange to re-open and continue operations while exploring other options for recovering the lost tokens and reimbursing affected users. However, many criticized this approach, arguing that it unfairly penalizes users for the breach. CoinDCX co-founder Sumit Gupta stated that the company should first absorb the losses before passing them on to customers. “Making customers directly absorb the 45% losses is utter nonsense. The poll options are also framed in a manner to protect the business first and not the customers,” Gupta added. The breach targeted WazirX’s multisig wallet on the Ethereum network. Over 200 different crypto assets were stolen, including Shiba Inu, Ethereum, Polygon, and PePe memecoin. In response, WazirX has paused all withdrawals, acknowledging the security breach and describing it as a “force majeure event” beyond its control.

Grayscale Investments has just rolled out a new fund for Avalanche’s native token, AVAX, adding to its expanding lineup of digital asset investment products. The new Grayscale Avalanche Trust gives accredited investors a way to tap into Avalanche, a smart contract platform known for its focus on scalability, security, and its unique three-chain setup. The introduction of the Avalanche Trust comes at a time of growing interest in publicly tradeable cryptocurrency products. This trend gained momentum in January when the U.S. Securities and Exchange Commission (SEC) approved the first Bitcoin ETFs for trading in the U.S. Grayscale is a key player under Digital Currency Group that has been leading the charge in making digital assets accessible to mainstream investors. The company’s Bitcoin Trust was one of the first to switch to an ETF structure, and just recently, the Grayscale Ethereum Trust (ETHE) also transitioned into an ETF format. Avalanche is a layer-1 blockchain network that made headlines recently with its real-world asset (RWA) tokenization. This means turning physical assets like real estate or fine art into digital tokens on the blockchain. At the same time, Franklin Templeton is expanding its blockchain-integrated money market fund to the Avalanche network, launching the Avalanche Trust. “Through its key strategic partnerships and unique, multi-chain structure, Avalanche is playing a pivotal role in the advancement of RWA tokenization,” said Grayscale’s head of product and research, Rayhaneh Sharif-Askary. This new Avalanche Trust is the latest addition to Grayscale’s growing lineup of over 20 crypto investment products. However, the product is not exchange-traded and is available only to qualified investors. It follows recent launches of other Grayscale trusts, including ones for MakerDAO’s MKR token and native tokens from Bittensor and Sui. Grayscale, the world’s largest crypto fund manager with over $25 billion in assets under management, also offers private single-asset funds for other tokens like Basic Attention Token (BAT) and Chainlink (LINK). Dave LaValle, Grayscale’s global head of ETFs, hinted at more growth in the crypto ETF space, with plans for more single-asset products as well as diversified crypto indexes on the horizon. “We’re going to see a number of more single-asset products, and then also certainly some index-based and diversified products,” LaValle noted.

Monero cryptocurrency can be expected to rise further toward the next resistance level 170.00. – Monero broke resistance area – Likely to rise to resistance level 170.00 Monero cryptocurrency recently broke through the resistance area located between the pivotal resistance level 158.65 (which stopped the previous short-term impulse wav i at the start of this month, as can be seen from the daily Monero chart below) and the 61.8% Fibonacci correction of the downward ABC correction 2 from the end of July. The breakout of this resistance area accelerated the active short-term impulse wave iii of the sum-impulse 3 of the intermediate impulse wave (3) from the start of July. Given the clear daily uptrend the improvements in Monero sentiment that can be seen across the cryptocurrency markets today, Monero cryptocurrency can be expected to rise further toward the next resistance level 170.00 (which stopped the previous waves B and 1). MONERO 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.

Former FTX executive Ryan Salame asked a New York court to dismiss any indictment against his partner, Michelle Bond, related to campaign-finance violations. His legal team has also requested the court vacate Bond’s conviction from May, arguing that prosecutors reneged on a promise made during plea negotiations. Salame pleaded guilty in September to charges of conspiring to make unlawful political contributions and operating an unlicensed money-transmitting business. He was previously the co-CEO of FTX’s Bahamian subsidiary and worked closely with former FTX CEO Sam Bankman-Fried. Salame was sentenced to seven and a half years in prison. He was scheduled for sentencing on August 29 but requested a delay until October 13 to undergo urgent surgery following a dog attack. According to a letter submitted to Judge Lewis Kaplan, Salame was “mauled by a German Shepherd” on June 29. According to court documents, Salame’s lawyers claim that the U.S. government used plea negotiations to “threaten” Bond, the mother of his child, and promised to cease their investigation into her if Salame accepted a plea deal. However, the government has since resumed its investigation into Bond and is pursuing an indictment, which Salame’s legal team argues is a breach of the agreement. “The government failed to abide by its word, recently resuming its investigation into Bond and pursuing an indictment against her,” the lawyers stated. The U.S. Attorney’s Office for the Southern District of New York has not commented on the matter, but Salame publicly shared the court document on social media platform X. Salame was previously the co-CEO of FTX Digital Markets and worked closely with former FTX CEO Sam Bankman-Fried, who was sentenced in March to nearly 25 years in prison after being convicted of fraud. Interestingly, Bond launched a think tank called Digital Future in June, focused on digital assets and AI regulation. The organization plans to work with stakeholders and policymakers to push for policies that “enhance the integrity and stability of the financial marketplace.” 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 Sam Bankman-Fried.

NinjaTrader has appointed Tobin McDaniel as President, who joins the US futures trading brokerage after 15 years of experience in the retail trading and investing spaces, most recently serving as Head of SoFi Invest. Previously, he held high-caliber positions at Charles Schwab, where he led a portfolio of products to better serve self-directed investors, bringing personalization to investing. This included growing Schwab’s digital advice business to $50B+ in AUM, in addition to launching the company’s innovation lab. NinjaTrader eyes fast-growing retail futures trading community NinjaTrader has been experiencing tremendous growth institutional support for the retail futures trading community has never been stronger, and NinjaTrader has been leveraging this new dynamic by partnering with exchanges on innovative new products and developing quality education designed for newer traders. Such efforts have been helping to fuel the next level of exponential growth for NinjaTrader as it addresses increasing demand for accessible futures trading amongst retail investors. Martin Franchi, CEO at NinjaTrader, said: “Tobin brings an impressive array of experience scaling consumer driven companies in the fintech space. His industry expertise and passion to serve the individual investor will help us further our ultimate goal of providing the best tools, support, and experiences to the fast-growing retail futures trading community, bringing NinjaTrader to the next level.” Tobin McDaniel, President of NinjaTrader, said: “NinjaTrader is focused on creating the premier futures trading experience for every investor, and I look forward to working with the team to move the company’s mission forward. Providing better user experiences, more content, and tools will help ensure that traders of all experience levels have the guidance they need to make smarter investment decisions, particularly for newer retail traders looking to enter the futures space.” Founded in 2003, NinjaTrader has evolved into an industry leader supporting over 1.7 million traders around the globe. It was in 2021 that the company launched a non-clearing Futures Commission Merchant to provide access to futures trading for retail users. The provider of trading software and brokerage services introduced NinjaTrader Clearing, LLC, to cater to self-directed traders and simplify access to global futures markets with its FCM. NinjaTrader hired four new executives in May In May, NinjaTrader added four experienced executives to its leadership team as part of its efforts to enhance the futures trading platform amid increased interest from retail traders. To make its expansion strategy come true, NinjaTrader will now rely on these four new executives, playing the roles of Executive Vice President of Growth, Chief Technology Officer, General Manager of Evaluation Services, and Vice President of Product. For these roles, the financial technology and brokerage company hired Ryan Pitylak, Aditya Nishandar, John O’Neil, and Michael Krafft. Ryan Pitylak joined NinjaTrader as Executive Vice President of Growth. A veteran executive with over 15 years of experience in marketing, strategy, and operations, Pitylak previously held key roles at ZenBusiness, where he was pivotal in driving the company’s valuation to $1.7 billion and securing over $275 million in funding. His know-how will be invaluable to build offerings focused on trader education, social experiences, and partner networks, according to the announcement. Aditya Nishandar joined the futures trading platform as Chief Technology Officer after a successful career supporting trading at Goldman Sachs for 12 years, where he served as the Senior Director of Carta Liquidity, leading a team of engineers in building and maintaining a regulated marketplace for private stock trading. John O’Neil joined NinjaTrader as General Manager of Evaluation Services to build experiences for retail proprietary traders. His extensive background includes futures trading as he led FXCM through a period of rapid growth and global expansion, through to its transition from a private firm to a $1 billion public company. Michael Krafft joined as Vice President of Product after roles at TrueML, Alight Solutions, and American Express, where he drove innovation, developed machine learning-powered decision engines, and delivered impactful client-facing applications and solutions.

USD/MXN refers to the exchange rate between the US dollar and the Mexican peso, reflecting the amount of Mexican pesos required to buy one US dollar. As an exotic currency pair, USD/MXN tends to be less liquid compared to major pairs, primarily due to Mexico’s status as a developing economy. Despite this, the USD/MXN offers traders opportunities due to its volatility and the economic relationship between the US and Mexico. USD/MXN Trading hours and key factors Traders can engage with USD/MXN from Sunday evening to Friday afternoon in the US, with the highest trading volume typically occurring during morning hours. This period aligns with the release of key US economic data, such as employment figures and inflation rates, which influence market activity. The trading hours for the Mexican peso also align with US equity and futures markets. Economic ties and influences on USD/MXN The value of the Mexican peso is closely linked to Mexico’s natural resources, particularly oil. Mexico is among the top 15 oil producers globally, and fluctuations in oil and gas prices impact the peso’s value, which, in turn, affect the USD/MXN exchange rate. Additionally, the peso’s performance is interconnected with other Latin American currencies, such as the Colombian peso and the Brazilian real, both heavily reliant on petroleum exports. The USD/MXN exchange rate is influenced by various factors, including economic policies in both Mexico and the United States. The two countries share extensive economic ties, with Mexico being the largest trading partner for US goods and the second-largest export market. The US-Mexico-Canada Agreement (USMCA), which replaced NAFTA in 2020, plays a crucial role in shaping the trade relationship and, consequently, the USD/MXN exchange rate. Impact of central bank policies and oil prices on USD/MXN Central bank decisions, particularly those related to interest rates, also affect the USD/MXN exchange rate. For instance, when the Bank of Mexico raises interest rates, it can increase demand for peso-denominated assets, strengthening the peso against the US dollar. Conversely, changes in US Federal Reserve policies can influence the value of the dollar, impacting the USD/MXN exchange rate. Global energy prices are another key factor. Both the US and Mexico are major crude oil producers, and fluctuations in oil prices can lead to changes in the USD/MXN exchange rate. Typically, rising oil prices may weaken the US dollar relative to the peso, as oil-exporting nations’ currencies tend to appreciate. What to monitor when trading USD/MXN USD/MXN traders should closely follow economic data releases from both countries, such as GDP growth, employment statistics, and inflation rates. Key institutions to monitor include the US Federal Reserve, the Bank of Mexico, and Mexico’s National Institute of Statistics and Geography (INEGI). Oil-related events, like OPEC meetings and US oil inventory reports, can also offer clues about possible changes in the USD/MXN exchange rate. Latest Developments: USD/MXN rises after retail sales slump Most recently, USD/MXN pair rose after a sharp drop in Mexican retail sales raised concerns about the country’s economic outlook. Mexico’s statistics agency, INEGI, reported a strong decline in retail sales, both on a monthly and annual basis. The disappointing data added to fears of economic slowdown, with mid-month inflation expected to show a mixed picture—core inflation rising slightly while the headline rate edges lower. On the U.S. front, USD/MXN gained strength as the Bureau of Labor Statistics revised nonfarm payrolls figures down by 800,000, boosting confidence in the greenback. Wall Street reacted positively, with major indexes trading in the green. Fitch Ratings issued a warning regarding Mexico’s growing debt, which is expected to exceed 51% of GDP, posing risks to the country’s sovereign rating. The agency highlighted the fiscal strategy and governance reforms under the incoming administration of Claudia Sheinbaum as critical factors for Mexico’s creditworthiness, a positive factor for USD/MXN uptrend. Fitch also cautioned that proposed judicial reforms could harm Mexico’s institutional profile, with consequences becoming clearer once the reforms are enacted. Conclusion Grasping the factors that impact the USD/MXN currency pair, like economic relationships, central bank actions, and global oil prices, is crucial for traders dealing with this exotic pair. Keeping up with economic news in both the US and Mexico can help traders make smarter decisions and possibly benefit from the volatility that often comes with USD/MXN trading.

Prop trading firm The Funded Trader today said it is still working to get its business back on track and has made some headway with payouts. After taking a pause on March 28, the prop trading firm updated its community on August 21, 2024, about the progress they’ve made. “Over the past five months, we have been working diligently to stabilize our operations, relaunch our products, and fulfill our commitment to all traders who have continued to support us by purchasing new challenges and redeeming coupons from our relaunch,” the statement reads. The Funded Trader claims it managed to process 30% of the payouts owed to traders and 55% of affiliate payouts. Plus, 70% of accounts that were owed to traders have been restored. The firm is also addressing issues related to accounts breached due to inactivity in 2024 and is currently reviewing 2023 activities to identify more traders eligible for account restoration. That said, there are still some big problems that need fixing. These include accounts breached on March 28 without receiving compensation, wrongful account breaches on the DXtrade platform due to server errors, and the reassessment of affiliate payouts and those denied due to risk reviews. “Please be aware that while we are currently operating without live chat, our ticketing system is fully functional, and our dedicated team is working around the clock to address your concerns. We appreciate your patience and confidence as we work to resolve these issues and improve our product offerings,” the company explains. The latest update follows earlier announcements where The Funded Trader detailed measures it has taken to get things up and running again. The company mentioned that pending withdrawals would go through Rise Works, with payments sent to crypto addresses submitted before March 28. The platform also added new cryptocurrency options like TRC20, ERC20, and Polygon to their dashboard. Even with the progress, the firm admits that it’s taking longer than expected, and there’s still a lot to do. To improve customer support, The Funded Trader launched a new ticketing system to better handle user inquiries. The company also shared that they’re transitioning to new ownership in the Cayman Islands, with future profits aimed at supporting operations or charitable causes. In the lead-up to today’s update, The Funded Trader faced a lot of criticism from users who reported account closures and breaches, especially after the firm paused payouts for an ‘internal audit.’ The prop firm blamed some of their issues on a move away from MetaTrader platforms, following MetaQuotes’ crackdown on unlicensed services for U.S. retail clients. Because of these challenges, PropFirmMatch, a site that rates proprietary trading firms, suspended The Funded Trader from its recommendations due to reports of account access issues, unwarranted drawdown violations, and long delays in trade executions. The Funded Trader has promised extra compensation to affected traders and is working on resolving the issues while trying to rebuild trust with its community. The Funded Trader, known for providing capital to traders willing to navigate “volatile markets” under its “stringent guidelines”, has been a key player in the prop trading industry. However, early signs of trouble began to surface in January when customers reported experiencing slippage in their trades, followed by a slew of complaints regarding payout denials and other operational issues on platforms such as Trustpilot. These incidents have raised alarms and questioned the firm’s reliability and transparency.

Mercado Pago, the digital banking arm of Argentine e-commerce giant Mercado Libre (MELI), is rolling out a stablecoin in Brazil, pegged to the U.S. dollar. The initiative puts Mercado Libre, Latin America’s largest company, at the forefront of the region’s growing crypto market. The company stated that Brazilian users of Mercado Pago will be able to buy and sell the Meli Dollar stablecoin using their account balances in Brazilian reais without any transaction fees. This development follows Mercado Libre’s August 2022 launch of Mercado Coin, a cryptocurrency that allows users to make purchases on the platform and receive cashback. Prior to this, the company integrated Paxos’ blockchain infrastructure into Mercado Pago, enabling Brazilian users to trade and hold bitcoin, ether, and Paxos’ stablecoin, USDP. Mercado Pago’s stablecoin transactions will be facilitated by Ripio, a Latin American cryptocurrency company that runs a trading platform and digital wallet. Ripio had previously worked with Mercado Pago on the development of Mercado Coin. Mercado Pago also partnered with US stablecoin issuer Circle to enable more than 2 million users in the country to access and use the USDC stablecoin for payments and savings. Mercado Pago, reportedly the largest online payment platform in Latin America, initially launched its crypto trading service in December 2021 in Brazil.  Further, in November 2022, it entered the Mexican market, where it says the first month of operation brought as many as 150 thousand users to the app. Now, Mercado Pago is looking for a similar bump in Chile as the e-commerce platform proceeds with its gradual rollout in what the company’s President Osvaldo Gimenez calls “aggressive growth”. The move comes months after Coinbase laid out its strategy to build a tech hub in Latin America. Following this acquisition, Coinbase’s next steps will be to expand outside of Brazil, hopefully finding acquisitions in Chile, Colombia, Mexico and Argentina.

Binance and its former CEO, Changpeng “CZ” Zhao, are facing a new class-action lawsuit from three cryptocurrency investors. The investors allege that Binance failed to prevent money laundering, which they claim has made it impossible for them to recover their stolen assets. The lawsuit was filed in the United States District Court for the Western District of Washington, Seattle, and alleges that thieves used Binance to launder stolen crypto, making the assets untraceable. The plaintiffs argue that one of blockchain technology’s key features is its ability to permanently and traceably record transactions. They claim that without platforms like Binance enabling money laundering, authorities could potentially recover stolen crypto by tracking the blockchain trail. The lawsuit alleges that Binance’s role in laundering these assets violates the Racketeer Influenced and Corrupt Organizations (RICO) Act. Bill Hughes, senior counsel at Consensys, doubts the plaintiffs’ ability to prove their case but acknowledged that the lawsuit puts Binance in a tough spot. He pointed out that if the case advances to discovery or trial, it could have severe implications for the crypto industry, particularly regarding the effectiveness of blockchain analytics and the potential for recovering assets on-chain. India’s Financial Intelligence Unit (FIU) has already imposed a fine of 188.2 million rupees ($2.25 million) on Binance for operating in violation of local anti-money laundering (AML) regulations. Binance has also faced regulatory actions in other jurisdictions; in May, Canada’s anti-money laundering agency fined the exchange $4.38 million for AML rule violations. CZ, who pleaded guilty in November 2023 to violating U.S. money laundering laws and resigned as Binance CEO as part of a settlement, is currently serving a four-month prison sentence. Additionally, Binance is facing other legal challenges, including a lawsuit from the U.S. Securities and Exchange Commission (SEC) alleging misleading practices and inflated trading volumes.

Devexperts has announced that it will add US futures on crypto, forex, indices, and commodities to DXtrade’s prop trading capabilities. DXtrade is Devexperts’ flagship white-label trading platform for brokers. DXtrade XT, which is available off-the-shelf or as partly or fully customizable, will now enable prop firms to offer US futures to their clients around the world. “There is high demand for futures trading technology” Jon Light, Head of OTC Platform, commented: “There is high demand for futures trading technology, with the high growth prop segment exploring new horizons. As such, we are happy to be able to offer US futures contracts, in addition to our CFD capabilities. Devexperts is in a unique position, offering futures data from dxFeed in addition to trading functionality. We also stand out through our ability to guide clients into the brokerage business with advice and expertise.” Proprietary trading firms provide traders with the opportunity to invest using the firm’s capital. Traders who succeed earn a share of the profits, while the firm retains a portion. To assess a trader’s potential, firms often use virtual funds to evaluate their performance in a challenge. DXtrade’s trading simulator helps firms manage these challenge accounts through their prop trading CRM/Portal, which integrates via API. Available risk settings include maximum account position limits, custom trading day schedules, and automatic liquidation of open positions at session end. The platform allows real-time monitoring of traders’ performance and rule compliance. It also supports account creation, transactions, and group management. Additionally, DXtrade offers access to dxFeed, a data solutions and index management provider by Devexperts. This includes Level 1 and 2 US and EU futures data, along with compliance and subscription management support. According to Devexperts, DXtrade can be set up within weeks and includes a dedicated account manager. The platform is accessible on both web and mobile, featuring quick order entry, position monitors, trading journals, and advanced charting. Supported order types include stop market, stop limit, and trailing stop. Devexperts’ Evgeny Sorokin on opportunities within prop trading space A recent feature article by FinanceFeeds delves into the opportunities arising within the prop trading space. Among others, we spoke with Evgeny Sorokin from Devexperts, who pointed out that prop trading opens up new audiences previously unreachable, thanks to the lack of regulation around aggressive marketing for contests and simulated trading. This opportunity for growth comes with the added benefit of potentially increasing the overall size of the market for the industry. “An attractive window of opportunity has opened up in the prop trading space — particularly for retail brokers,” Soroking said. “The lack of regulation around aggressive marketing for contests and simulated trading means brokers can tap into new audiences that weren’t reachable before. Trading competitions flatter the intellectual gamblers, those who consider themselves to be the elites of the trading world. These individuals pride themselves on their extensive market knowledge, viewing themselves as the experts. “In many ways, traders who participate in evaluations and contests are similar to the traders who are engaged with retail forex. Brokers are very much accustomed to serving this clientele. Funded programmes grow the overall size of the pie for the industry. Some of the contestants will stay in trading even if the prop saga ends,” Soroking continued. “The firms that are used to adapting to maintain a competitive edge will be able to take advantage easily by offering a slightly different product. Only a gentle adjustment rather than a loud change would be required. The perfect scenario for brokers, right? However, firms will need to tread carefully and weigh up several risks.” The Devexperts executive kept going: “Let’s start with the obvious: compliance. If the regulator deems props unfit under the new framework, the firms could be outlawed overnight. Brokers looking to invest in the creation of a prop trading wing will need to consider how they feel about this Sword of Damocles. “On the other hand, if the broker is experienced, they have a mature operational structure with reliable marketing, sales, compliance, dealing, and other functions. They have mastered trading platforms, CRMs, MIS, BI, and back-office software. They have a web of PSPs, LPs, etc. In this case, launching a retail prop is an exercise with a working weight. So shutting it down shouldn’t hurt too much, as the firm is back to their core brokerage business. The investment in this product would still be written off though, and the loss could be significant. “On the other hand, prop trading firms come in so many shapes and sizes: market signals, competitions, etc. As long as trading on demo accounts is permitted, it’s really hard to define what the prop trading business is, and therefore, hard to ban it. Regulatory bodies will be implementing new controls, and props will be encumbered with processes and reports. This will inevitably lead to breaches, with corresponding penalties. Brokers need to decide if they want to open themselves up to this scrutiny. “Prop trading is currently shrouded in marketing that sometimes pushes alluring golden ticket-style campaigns, attracting a certain type of customer, and thus creating a certain type of stigma. “In the same way that a gambler with poor strategies or irrational expectations tends to be vocal towards the house when they lose, calling ‘‘scam’’ from the rooftops; inexperienced traders who are disenchanted with prop firms because they were banking on fast returns, create a cloud of negativity over the industry. “Then there are bad actors. We saw this dynamic play out with ICOs and binaries, and again with retail traders during the rise of forex and crypto trading. “The broker’s reputation will need to hold up and be ready to withstand fires of this nature. One could argue that props could be launched under a different brand — a kind of damage control. We see that many retail brokers conduct their funded trading programmes under a separate entity and a brand. “Finally, there are risk management challenges. Risk management is often overlooked in the unregulated and synthetic environment. Mistakes in the platform configuration, loopholes in the trading terms & conditions, or lack of risk management policies, may bite you, especially when the market suddenly moves. The firm may suffer from unexpected payouts or losses that they never projected or accounted for. “Additionally, many systems that are currently in use are tailored for regular trading, and while there is a big intersection with props setup, risk management is one field where nuances matter the most. While the prop trading playing field has undeniably evolved into a favorable environment for brokers, firms will need to consider their threshold for withstanding the fallout associated with the risks laid out here.”

US labor market data revision expected to show overstated job creation, leading to downward DXY revision and EUR/USD rally. FOMC minutes also likely to support dovish Fed stance, further weakening USD.   Revision of US Labor Market Data The revision of US labor market data is a much anticipated event by the market, as it is expected to show that job creation has been overstated since last summer. This could lead to a significant downward revision of the US Dollar Index (DXY) and a rally in the EUR/USD currency pair. Commerzbank’s FX Analyst Antje Praefcke notes that the revision could be the biggest since 2009, which is why the market is focusing so much on it. Key points: The revision is expected to show that job creation has been overstated since last summer. This could lead to a significant downward revision of the US Dollar Index (DXY). A downward revision of the DXY could lead to a rally in the EUR/USD currency pair. Commerzbank’s FX Analyst Antje Praefcke notes that the revision could be the biggest since 2009. If the revision shows that the labor market data had been overstated since last summer, the market could feel more confident in its assumption that the Fed will have to cut the key interest rate quickly and sharply, as the labor market has already cooled longer and more sharply than everyone had previously assumed. Federal Open Market Committee (FOMC) Minutes The FOMC minutes are released eight weeks after each meeting, and they provide insight into the thinking of the Federal Reserve policymakers. The markets are expecting the minutes to show that the Fed is dovish and that it is likely to cut interest rates in September. This could put further downward pressure on the USD and boost the EUR/USD. The FOMC minutes will be released on Wednesday, August 21st at 20:00 CET. Key points: The FOMC minutes are released eight weeks after each meeting. The FOMC minutes provide insight into the thinking of the Federal Reserve policymakers. The markets are expecting the minutes to show that the Fed is dovish and that it is likely to cut interest rates in September. A dovish Fed could put further downward pressure on the USD and boost the EUR/USD. The FOMC minutes will be released on Wednesday, August 21st at 20:00 CET. Outlook for the US Economy The outlook for the US economy is a key factor in the currency markets. The markets are currently pricing in a slowdown in the US economy, and this is putting downward pressure on the USD. However, some analysts believe that the slowdown may not be as severe as the markets are currently expecting. The revision of US labor market data and the FOMC minutes are both supportive of a EUR/USD rally, as they suggest that the US economy is weakening and that the Fed is likely to cut interest rates. Key points: The outlook for the US economy is a key factor in the currency markets. The markets are currently pricing in a slowdown in the US economy. A slowdown in the US economy could put downward pressure on the USD. Some analysts believe that the slowdown may not be as severe as the markets are currently expecting. The revision of US labor market data and the FOMC minutes are both supportive of a EUR/USD rally, as they suggest that the US economy is weakening and that the Fed is likely to cut interest rates.   Main Economic Events for this week: FOMC Minutes (Wednesday, August 21st at 18:00 GMT): This is arguably the most significant event of the week. The minutes from the Federal Reserve’s July meeting will provide insights into the central bank’s thinking and potential future policy moves. Impact: High, Currency: USD Jackson Hole Symposium (Thursday, August 22nd): This annual event features speeches from central bank officials, including Fed Chair Jerome Powell. Powell’s speech will be closely watched for clues about the Fed’s interest rate outlook. Impact: High, Currency: USD Nonfarm Payrolls Benchmark Revision (Wednesday, August 21st at 14:00 GMT): This revision will provide a more accurate picture of job growth in the US. A significant revision could impact the Fed’s rate hike expectations. Impact: Medium, Currency: USD HCOB Composite PMI (Thursday, August 22nd): This composite index measures the overall health of the Eurozone economy. A stronger-than-expected reading could support the Euro. Impact: High, Currency: EUR BoJ Governor Ueda Speech (Friday, August 23rd): The Bank of Japan Governor’s speech will provide insights into the central bank’s monetary policy stance. Any indications of a potential policy shift could impact the Yen. Impact: High, Currency: JPY 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.

WTI crude oil can be expected to rise further toward the next resistance level 76.00. – WTI crude oil reversed from powerful support area – Likely to rise to resistance level 76.00 WTI crude oil recently reversed up from the powerful support area located between the multi-month support level 72.50 (which has been reversing the price from the start of February, as can be seen from the daily WTI crude oil chart below) and the lower daily Bollinger Band. The upward reversal from this support area stopped the previous minor correction ii, which belongs to the impulse wave 3 of the intermediate impulse wave (3) from the end of last year. Given the strength of the aforementioned support area and the improvements in sentiment that can be seen across the crude oil markets today, WTI crude oil can be expected to rise further toward the next resistance level 76.00. WTI crude oil chart 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.

Upvest is set to expand its product offering by embedding Deutsche Bank’s banking infrastructure into its services. The move comes on the heels of a partnership between the two, which will give Upvest’s clients access to comprehensive end-user cash management solutions, virtual IBANs, and foreign exchange services through Deutsche Bank. Upvest is an European investment infrastructure provider based in Berlin, Germany. The firm provides an Investment API that enables businesses to build great investment experiences, tailored to their customers’ needs – seamless, secure, and across international borders. By embedding Deutsche Bank’s banking infrastructure, Upvest is adding the following capabilities: Cash management: Via Deutsche Bank’s banking capabilities, Upvest will handle cash management solutions, allowing financial service providers to optimise liquidity, streamline operations, and improve financial control. Virtual IBANs: Upvest can now offer instant and easy payment solutions via Deutsche Bank’s innovative virtual IBANs solution. It also enables instant matching of incoming pay-ins to accelerate the investment process. Foreign exchange (FX) services: The partnership will allow Upvest to offer state-of-the-art currency exchange services, based on its Investment API. Deutsche Bank’s integrated workflow solution reduces costs for Upvest clients. It also enables seamless real-time currency conversions for international investments, ultimately improving the overall end-user experience. “The strongly growing neo-broker segment is the ideal fit” Galina Kersten, Head of Tech & FinTech Sales EMEA at Deutsche Bank, commented: “Providing our services to the Berliner fintech Upvest as one of the leading scale-ups in the capital market investment area aligns with our dedicated commitment to supporting tech and fintech innovation. We look forward to working closely with Upvest to enable pan-European, instant, and API-based solutions in payments, FX, and beyond. The strongly growing neo-broker segment is the ideal fit to experience the innovation power of Deutsche Bank”. ‍Martin Kassing, CEO and co-founder of Upvest, added: “We are thrilled to join forces with Deutsche Bank, a global leader in banking. Specifically, the fintech know-how, flexibility, and tech focus of the Deutsche Bank team will support us in achieving our ambitious growth plans. With their comprehensive banking solutions, we are well-positioned to further enhance our product offering and deliver unparalleled value to our clients”. Plum tapped Upvest for ETF trading Plum recently tapped Upvest to add ETF trading across its EU markets. The expanded offering enables customers to invest in diversified funds by geographical region, sector and asset class, as well as tracking multiple stock market indices from around the world. Powered by Upvest, Plum’s European ETF offering consists of EUR-denominated ETFs, including fractional shares. The Easy ETF range, accessible without a paid subscription, consists of three globally diversified ETFs tailored to different risk levels to help customers start their investment journey. The rest of the ETFs are available with Pro and Premium subscriptions, with more than 40 carefully selected funds on offer in total, such as CAC 40, S&P 500 US, and the Artificial Intelligence ETF. Upvest partnered with BlackRock Upvest recently partnered with asset management titan BlackRock. Together, the firms aim to make investing more accessible to millions of Europeans. The partnership is sealed with a €30 million funding round in which BlackRock participated, along with existing Upvest investors. The collaboration brings together BlackRock’s extensive asset management expertise with Upvest’s revolutionary API-based investment infrastructure. The joint venture aims to expedite the development of modern, user-friendly investment experiences, which wealth managers, banks, and fintechs can deploy within months, not years. The European landscape has seen a surge in first-time investors flocking to digital platforms. These platforms primarily offer low-cost, transparent products like ETFs. Estimates project the number of ETF savings plans across Europe to burgeon from 4.9 million in 2021 to about 20 million by 2026. Upvest has become a forerunner in providing low-friction investment infrastructure. Its API facilitates fractional investments across asset classes, including ETFs, stocks, and mutual funds, allowing investors to start with as little as €1. The technology is scalable, inviting both emerging fintechs and established financial institutions to benefit from reduced transaction costs and streamlined operations. The partnership is poised to reshape the investment landscape by setting new standards for how investments can be made more accessible. While Upvest already counts some of Europe’s largest fintechs among its clients, the endorsement and financial backing from BlackRock undoubtedly elevate its potential to a new level.

CLS, a global provider of foreign exchange (FX) settlement services, reported an increase in average daily traded volumes for July 2024. The daily volume reached USD 2.15 trillion, reflecting an 8.2% growth compared to July 2023. Lisa Danino-Lewis, Chief Growth Officer at CLS, highlighted the rise in FX swap and spot volumes as key drivers. “In July 2024, we saw average daily traded volumes of USD 2.15 trillion, an increase of 8.2% compared to July 2023. Over the same period, FX forward volumes decreased by 14.1%, while FX swap volumes and FX spot volumes were up by 14% and 2.7%, respectively.” The figures represent a continued upward trend from the previous month, June 2024, where the total average daily traded volume was USD 2.259 trillion, indicating a slight month-on-month dip. This increase in FX trading activity underscores the ongoing dynamism in global currency markets, with market participants increasingly turning to CLS for reliable settlement services amidst fluctuating market conditions. The recent rise in FX swap and spot volumes, coupled with a decline in FX forward volumes, can be attributed to several market dynamics and broader economic factors. FX Swap Volumes Profitability and Market Making: The FX swap market has seen significant growth due to its profitability, particularly through the dollar basis premium. Banks engage in FX swaps not only for hedging but also for arbitrage and market making, allowing them to manage currency exposure more effectively. Additionally, technology advancements have made it easier for banks to automate and manage these short-term instruments, further driving volume growth. Regulatory Considerations: The expansion in FX swaps is also linked to regulatory factors. Banks use FX swaps to adjust their balance sheets without affecting Basel III ratios, which is essential for maintaining regulatory compliance while still engaging in profitable dollar lending​. FX Spot Market Volatility and Hedging: Spot market volumes have risen partly due to increased market volatility and the need for immediate hedging in response to geopolitical and economic uncertainties. The spot market allows for rapid adjustments to currency positions, which is particularly important in a year marked by varied global economic performance, such as the differing trajectories of major economies like the U.S. and China​. FX Forward Volumes: Economic and Interest Rate Uncertainty: The decrease in FX forward volumes can be attributed to the uncertain global economic outlook, particularly with respect to interest rates. With central banks around the world, including the U.S. Federal Reserve, adopting unpredictable monetary policies, market participants have become less inclined to commit to longer-term forward contracts. This uncertainty has led to a preference for more flexible instruments like swaps and spot transactions​. These trends reflect the complex interplay between profitability, regulatory pressures, technological advancements, and macroeconomic uncertainty, all of which are shaping the current FX market landscape.

The National Futures Association has ordered Ikigai Strategic Partners LLC and its principal Anthony Robert Emtman to jointly pay a $150,000 fine. The self-regulatory organization for the U.S. derivatives industry, including on-exchange traded futures, retail off-exchange foreign currency, and OTC derivatives, has fined the Puerto Rico-based commodity pool operator following the alleged violations: Ikigai Strategic permitted one of the pools the firm operates to make a prohibited advance of pool assets to an affiliate that Emtman and another Ikigai Strategic principal own. Ikigai and Emtman acted contrary to high standards of commercial honor and just and equitable principles of trade regarding the prohibited advance by engaging in conduct that placed the firm’s and Emtman’s interests above their obligations to the pool and its participants. Ikigai Strategic commingled pool funds with the assets of another pool, failed to provide necessary disclosures to pool participants and failed to comply with recordkeeping and reporting obligations. Ikigai Strategic and Emtman failed to supervise the firm’s operations and its employees. Ikigai Strategic has agreed to settle with the NFA by paying the $150,000 fine without either admitting or denying the alleged violations. Sigma Broking fined $150,000 in May A previous $150,000 fine was ordered upon Sigma Broking Limited in May because the brokerage allegedly failed to conduct annual anti-money laundering audits, failed to keep written pre-trade communications readily accessible, and failed to supervise. Sigma Broking is a UK-based financial services firm that provides brokerage services. It operates as an interdealer broker, facilitating transactions between financial institutions. The firm offers a range of services, including trading in derivatives, foreign exchange, and commodities. The brokerage firm is known for its expertise in options and other derivative products, providing liquidity and market-making services. It also offers bespoke trading solutions tailored to the needs of its clients, which include banks, hedge funds, and other financial institutions. Sigma Broking operates as an execution-only IB in the United States and specializes in providing block futures and options cleared on US and non-US institutional clients. The NFA’s Business Conduct Committee, which reminded that the broker has a history of failing to conduct its required AML audits and miscalculating its adjusted net capital (ANC), found in March 2023 that Sigma failed its AML and ANC obligations once again. The decision, issued by an NFA Hearing Panel, is based on the committee’s complaint. Sigma Broking settled with the NFA while neither admitting nor denying the allegations in the complaint. In its Decision, the Hearing Panel found that Sigma Broking failed to conduct annual anti-money laundering audits, in violation of NFA Compliance Rule 2-9(c); failed to keep written pre-trade communications readily accessible, in violation of NFA Compliance Rule 2-10(a); and failed to supervise, in violation of NFA Compliance Rule 2-9(a). Sigma Broking recently enhanced its partnership with ION, enabling its customers to route orders to the London Metal Exchange (LME) more efficiently. Sigma, known for its brokerage services to institutional clients, has incorporated ION’s XTP Execution suite (XTP-E) into its offerings. This suite is recognized for its effectiveness in executing listed derivatives trades. Established in 2008, Sigma has expanded into multiple asset classes, including commodities and global equity execution. It became a Category 1 Ring Dealing member of the LME in 2022, marking a significant milestone in its growth.

Stablecoin issuer Tether has minted another 1 billion USDT tokens on the Tron network, pushing its total issuance to $33 billion over the past year. The latest minting occurred on August 20, with blockchain data revealing the transfer of the new tokens to Tether’s treasury wallet on Tron. On-chain analytics platform Lookonchain reported that Tether’s treasury wallet has minted 33 billion USDT in the last year, with 19 billion on Tron and 14 billion on Ethereum. The newly minted coins follow a similar transaction on Ethereum on August 13, where Tether added another 1 billion USDT. Tether CEO Paolo Ardoino explained on X that the Ethereum mint was an “inventory replenish,” meaning the tokens were authorized but not immediately issued, to manage liquidity and meet future issuance requests. This move by Tether is akin to the traditional financial practice of inventory replenishment, where companies stock up on goods in anticipation of future demand without causing surplus inventory. In Tether’s case, this involves creating new USDT that are stored in the company’s treasury as reserves, not immediately released into the market, and therefore not part of the USDT’s total market capitalization. However, these transactions raise eyebrows among some industry observers, with skepticism about the transparency of Tether’s practices. Some commentators questioned the decision-making process behind these large mints and suggested impacts on the Bitcoin market, drawing speculative links between Tether’s USDT issuance and Bitcoin price movements. As of August 19, Tether’s transparency page showed that only $36 million USDT tokens on Tron were “authorized but not issued,” highlighting the strong demand for the stablecoin on the network. Tron currently holds a 37.9% share of the total stablecoin market, with over $61 billion in stablecoins on the blockchain. Tether’s consistent minting activity suggests a need to maintain a sufficient supply to meet ongoing demand, particularly on the Tron network, which continues to lead in stablecoin supply.

Mango Markets, Solana’s once-prominent decentralized crypto exchange, is preparing to settle with the U.S. Securities and Exchange Commission (SEC) over allegations that it violated numerous securities laws. The governing body behind Mango Markets, Mango DAO, launched a vote on Monday for a “SEC settlement offer proposal” that would see the group pay hundreds of thousands of dollars in fines, destroy its MNGO tokens, and seek their delisting from other trading platforms. While the SEC has not yet accepted the proposal, the vote already has enough support to pass. If the agency agrees to the settlement, Mango Markets’ future could be highly uncertain. The obsolescence of the MNGO governance token, which investors use for voting on key matters such as token listings, buybacks, and debt repayments, raises questions about the platform’s ability to function. Mango Markets has struggled to recover from the damage inflicted by opportunistic trader Avraham Eisenberg’s “highly profitable trading strategy” in October 2022, which drained the protocol of $110 million. Before Eisenberg’s fraud and manipulation trial, Mango Markets faced a “regulatory inquiry.” In addition to the SEC, Mango Markets is under investigation by the Department of Justice and the Commodity Futures Trading Commission. However, the current settlement proposal only addresses the SEC’s investigation, which alleges that Mango DAO sold an unregistered security and that Mango Labs, the developer of Mango Markets, acted as an unlicensed broker. A related entity, Blockworks Foundation, is also facing similar regulatory claims. The proposed settlement would see Mango DAO neither admit nor deny wrongdoing while paying a fine of $223,228. Mango DAO’s treasury currently holds nearly $2 million in USDC and other assets, though the practical value of these assets was not immediately clear. During Solana’s 2021 bull run, Mango Markets made headlines by selling $70 million worth of MNGO tokens to the public. At the time, the sale was closed to U.S. investors, likely to avoid regulatory scrutiny, a strategy that has not protected it from the current legal challenges.

State Street said it will focus on tokenization rather than cryptocurrency custody, citing ongoing U.S. regulatory challenges. The global custody bank, managing $44.3 trillion in assets, has teamed up with Taurus, a Swiss company specializing in cryptocurrency custody and tokenization, to offer digital asset services. This move comes as State Street expects a more favorable regulatory environment in the United States. State Street’s decision comes in response to the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (SAB 121), which places strict restrictions on banks looking to hold customers’ crypto assets. The bulletin mandates that banks hold substantial capital reserves to offset the risks of managing digital assets. Donna Milrod, State Street’s chief product officer and head of Digital Asset Solutions, voiced strong opposition to SAB 121, stating that it could prevent banks from effectively handling crypto assets. “While we’re starting with tokenization, that’s not where we’re ending,” Milrod said in an interview. “As soon as U.S. regulations help us out, we will be providing digital custody services as well. We know how to be a custodian. We don’t do that on our balance sheet. We do that off-balance sheet. They’re not our assets.” State Street, the 12th-largest bank in the U.S., has a history of involvement in the cryptocurrency sector. In July, it partnered with Galaxy Asset Management to launch exchange-traded funds (ETFs) that provide exposure to crypto firms. In 2021, the firm established a new unit dedicated to digital assets, tokenization, and cryptocurrency. That said, State Street plans to go live with tokenized versions of traditional assets, with the first client expected to be named shortly thereafter. Tokenization, which offers benefits such as 24/7 trading and optimized collateral management, is seen as a promising alternative while regulatory hurdles persist. Lamine Brahimi, co-founder and managing partner of Taurus, said that the partnership could help U.S. financial markets catch up to Europe, which has been ahead largely because of fewer regulatory roadblocks like SAB 121. State Street has a long-standing involvement in blockchain technology, previously collaborating with crypto custody firm Copper before the latter shifted its focus to its ClearLoop settlement system. The bank’s eventual goal is to expand its services to include digital asset custody once the regulatory environment in the U.S. becomes more conducive.

Brent crude oil prices have plummeted over 3.5% in just two trading days, with prices dipping below $77 per barrel. This sharp decline is being attributed to a confluence of factors, primarily the easing of geopolitical tensions in the Middle East. Israel’s recent acceptance of a proposal aimed at resolving disputes with Hamas has dampened market concerns about supply disruptions in the region, a key driver of oil price volatility. Additionally, a growing shift towards electric vehicles in China, a major oil consumer, has raised concerns about declining petrol demand, according to ANZ Bank analysts. Technical indicators suggest that Brent crude is approaching a critical support level established in 2023. The price action exhibits bearish characteristics, including a 50% retracement of the previous downward move, false breakouts at recent highs, and large, lower-closing candlesticks, indicative of waning bullish momentum. These technical signals, coupled with the prevailing fundamental headwinds, increase the likelihood of a sustained price decline, potentially leading to a new monthly low for Brent crude. 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.

The U.S. Securities and Exchange Commission (SEC) has reportedly raised concerns with potential Solana ETF issuers about the cryptocurrency possibly being classified as a security. Citing sources familiar with the situation, The Block reported that related 19b-4 filings were pulled from the Cboe BZX exchange’s website. The SEC’s concerns resulted in the rejection of the 19b-4 forms, which are essential for ETF approval. These forms, typically filed by exchanges on behalf of issuers, were not submitted to the Federal Register, which would have triggered the SEC’s formal review process. Without these filings, the approval process for Solana ETFs cannot proceed, relieving the SEC from immediate pressure to make a decision. Over the weekend, the 19b-4 filings were no longer visible on the Cboe website and had not been added to the Federal Register. Although the S-1 registration statement for VanEck’s Solana ETF is still available on the SEC’s EDGAR filing system, the S-1 filing for 21Shares no longer appears in search results, though the direct link remains active. The SEC’s stance on Solana was not unexpected, as the agency previously labeled Solana as a security in various court filings. Issuers are now considering new filings or amendments to the 19b-4 forms to argue more effectively that Solana should not be classified as a security. “We are unable to comment on the regulatory process at this time. We remain committed to expanding investor access to cryptocurrencies in the U.S. market and around the world,” said Audrey Belloff, head of communications at 21Shares. While Bitcoin and Ethereum ETFs have successfully cleared regulatory hurdles and started trading, market analysts have remained skeptical about the chances for Solana ETFs. Nate Geraci, president of investment advisor The ETF Store, suggested that Solana ETFs are unlikely to gain approval under the current Biden Administration. Bloomberg Intelligence’s ETF expert James Seyffart also said that Solana ETFs might only have a chance of approval in 2025, contingent on a change in the White House and SEC administration.