When someone thinks about kicking off a financial business, local regulations can play a big role in the whole process. These rules can either be a helping hand or a real headache, depending on whether they’re friendly or strict. In other words, if you don’t take the time to wrap your head around the local laws and rules, you might stumble right out of the gate. Whether it’s permits, licenses, or compliance standards, the details you learn today can  impact your business tomorrow. So, understanding the local landscape really becomes essential for making your dream of launching a business a reality. You want to set yourself up for success, and knowing the rules helps you avoid unwanted surprises down the road. The Local Landscape Each area has different regulations, and that means it will require some digging to find out what applies to your business. If you plan to set up a financial service in New York, for example, you will face loads of regulations from the state’s Department of Financial Services. You will need to submit various forms and possibly even undergo frequent audits. On the flip side, starting a financial business in a less regulated area could mean easier access to market entry and lower costs. Many entrepreneurs flock to Michigan to start an LLC for this reason; the regulations aren’t as strict compared to other states, which makes it easier to kick things off. However, it’s still very important to know the steps to start an LLC in Michigan. First, you need to pick a catchy name that isn’t already taken, then file the Articles of Organization with the state. Don’t forget to get your Operating Agreement in place and apply for any necessary licenses or permits. With a bit of planning, you can set your business up for success without the usual headaches. Cost Considerations You need to understand local regulations because they can impact the costs of starting a financial business. From the initial registration fees to those pesky ongoing compliance costs, you might be surprised at how quickly it all adds up. Throw local regulations into the mix, and those expenses can skyrocket before you even know it. You definitely do not want to get hit with unexpected costs that catch you off guard, especially when you are trying to get your business off the ground. That’s why it pays to have a solid understanding of the regulations in your area. This way, you can budget smartly and plan for those expenses ahead of time. A little research now can save you a lot of headaches later, helping you stay on track without draining your wallet. Talent Pool and Employment Regulations Local regulations also play a big role in the talent pool and how businesses handle employment rules. Some places have stricter labor laws, meaning they have higher minimum wages, longer working hours, and more requirements for employee benefits. This can make it tricky when trying to hire the right people for your financial business. For instance, cities like San Francisco have higher pay rates and tougher rules for benefits compared to smaller towns, making it tough for new businesses to keep costs down. While these regulations help create a better workplace for employees, they can also limit how flexible you can be when hiring. You definitely don’t want to miss out on great talent, but you also want to avoid emptying your wallet just to keep up with salaries and benefits. It comes down to finding that sweet spot where you can attract the right people without going broke in the process.  Community Trust and Reputation Another often-overlooked part of local regulations is how they affect how people see your business and the trust they have in you. When you comply with local laws, it shows that you take your responsibilities seriously and care about doing things the right way. This kind of commitment builds a solid reputation in the community, and that’s key for any business. In other words, when customers see that you follow all the rules, they feel more confident giving you their hard-earned cash. They are more likely to trust you because they know you’re operating ethically and not cutting corners. Also, positive word-of-mouth can go a long way. If your business gains a reputation for being trustworthy, you can bet that happy customers will tell their friends and family about their great experiences. It creates a ripple effect that attracts even more business. So, when you position yourself as a business that plays by the rules, you’re not just checking off boxes—you’re building a loyal customer base that feels good about choosing you.  So, when you think about launching that financial business, remember: knowing the regulations can make all the difference between success and stumbling along the way. 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.

Aurora Labs introduces a Bitcoin Light Client and Relayer, bridging Bitcoin and NEAR Protocol to enable new decentralized finance (DeFi) opportunities and enhance web3 interoperability. Aurora Labs has launched the Bitcoin Light Client and Relayer, creating the first connection between the Bitcoin network and the NEAR protocol. This integration is set to enable new DeFi opportunities and enhance interoperability within the web3 ecosystem. The Bitcoin Light Client, developed by Aurora Labs, functions as a smart contract on the NEAR network. This integration allows NEAR-based dApps to verify Bitcoin transactions, ensuring access to the most current Bitcoin blockchain state. The light client is a foundational component of an upcoming Bitcoin bridge, which will facilitate the use of Bitcoin assets within the NEAR ecosystem. Aurora Labs also released a Relayer Service, designed to keep the light client synchronized with the Bitcoin network. This service acts as a bridge, continually updating the NEAR smart contract with the latest Bitcoin transactions, ensuring smooth and continuous interoperability. In conjunction with these developments, Proximity Labs introduced a chain signature service for NEAR. This service is pivotal for creating native Bitcoin bridges, enabling BTC transfers to and from the NEAR network. The launch of the Bitcoin Light Client marks a significant advancement toward a unified web3 experience, facilitating seamless asset transfers between Bitcoin and NEAR. This release sets the stage for innovative applications, broadening the possibilities for developers working on NEAR. The forthcoming Satoshi Bridge will enable direct BTC deposits into NEAR and interactions with NEAR dApps, further enhancing this integration. Beyond simply bringing BTC onto NEAR, this bridge will support the integration of Rune and Ordinals, paving the way for new DeFi applications that combine the strengths of both Bitcoin and NEAR. Aurora Labs’ CEO, Alex Shevchenko, commented, “There’s significant untapped potential in the Bitcoin ecosystem. NEAR Chain Signatures are a solid step, but unlocking Bitcoin’s full potential requires the ability to read and act on its state. That’s why we developed a trustless Bitcoin Light Client as a smart contract. Together with Chain Signatures, we’re enabling Bitcoin’s entry into the DeFi world.” Kendall Cole, founder of Proximity Labs, added: “The BTC light client is a critical part of the Bitcoin stack that NEAR now enables. When combined with chain signatures, developers will be able to create an entirely new set of applications for Bitcoin users, including money markets, DEXs, launchpads, stablecoins, and more, all with seamless user experiences.” After laying the groundwork, Aurora Labs is transferring the project to NEAR One, the research and development hub focused on NEAR Protocol’s infrastructure, to ensure its continued growth and innovation. About Aurora Labs Aurora Labs is the driving force behind Aurora, a cutting-edge network of Virtual Chains designed to leverage NEAR’s scalability and robust infrastructure. This platform facilitates the seamless deployment of preconfigured blockchains, making it easier for developers to build and scale decentralized applications. Aurora integrates a high-performance Ethereum Virtual Machine (EVM), the trustless Rainbow Bridge, and advanced Cross Contract Call technology, ensuring full Ethereum compatibility while enabling a broader multichain ecosystem. Aurora Labs is at the forefront of innovation, paving the way for a more connected and efficient blockchain environment. Website | Aurora Cloud | Developer Portal | Forum | GitHub | Twitter | Telegram |  LinkedIn | YouTube | 

The British Columbia Securities Commission (BCSC) has wrapped up its investigation into an alleged $13-million fraud involving a now-defunct cryptocurrency trading platform based in Nanaimo, ezBtc. ezBtc and its founder, David Smillie, have been accused of defrauding customers by misappropriating around 13 million Canadian dollars ($9.5 million) of their cryptocurrency investments. The platform, which claimed to store users’ crypto investments in cold storage, went offline in 2019 and was dissolved in 2022. During its operation, ezBtc amassed over 2,300 Bitcoin and more than 600 Ether from investors. The BCSC panel revealed that nearly one-third of these funds—935.46 Bitcoin and 159 Ether—were diverted to Smillie’s exchange accounts or used for gambling. Despite ezBtc’s assertion that “over 99 percent” of customers’ crypto assets were stored in “cold storage” or offline, the commission says that the company did not actually hold these assets and that many of the displayed holdings were fictitious. The panel noted that Smillie’s actions led to massive losses, preventing customers from withdrawing their assets. Sanctions against Smillie are expected to be imposed by September 24 and could include monetary penalties and market participation bans. The probe also revealed that the platform’s daily balance between 2016 and 2019 did not exceed 11 bitcoin and 20 Ether, leading to customers being unable to withdraw the assets they believed were stored on the platform. Smillie did not attend the hearing but was represented by a lawyer. Meanwhile, crypto adoption in Canada remains sluggish, with only 3% of the population using digital currencies for daily transactions, as Canadians continue to favor cash and card payments. Earlier in May, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a hefty fine on Binance for non-compliance with money laundering regulations. The regulatory body cited two specific breaches: Binance’s failure to register as a foreign money services business and its failure to report a single virtual currency transaction exceeding $10,000. Binance said earlier that the new guidance issued for cryptocurrency exchanges in Canada, which relates to stablecoins and investor limits, has made it “no longer tenable” for the company to operate in the country.

X Open Hub is gearing up to make a significant impact at FMPS:24 in Sydney, showcasing its cutting-edge liquidity solutions and industry expertise. Join them at the International Convention Centre from August 27-29, 2024, where they will reveal their innovative offerings and engage in a valuable panel discussion featuring CEO Michał Copiuk. X Open Hub, a prominent leader in providing liquidity solutions, has announced its participation as an official exhibitor at FMPS:24, a major event in the online trading, fintech, and crypto sectors within the Asia-Pacific (APAC) region. The inaugural FMPS:24 will be held at the International Convention Centre (ICC) in Sydney, Australia, from August 27 to 29, 2024. This high-profile event is set to gather a diverse group of professionals, including C-level executives, financial institutions, fintech firms, and industry influencers, to discuss the latest trends, challenges, and opportunities within the financial markets. X Open Hub’s involvement underscores its commitment to expanding its presence and influence in the APAC region. Prominent Exhibition Space At FMPS:24, X Open Hub will occupy a key location in the exhibition hall, specifically at Booth #33. This strategic placement is intended to maximize brand visibility and facilitate meaningful interactions with a wide range of summit attendees. The booth will serve as a hub for X Open Hub’s presentations and discussions, providing an opportunity for visitors to engage directly with the company’s representatives. Being centrally located within the expo floor, X Open Hub’s team will be well-positioned to foster connections, explore potential collaborations, and showcase their latest technological advancements and services. Advanced Liquidity Solutions on Display At FMPS:24, X Open Hub will showcase its state-of-the-art technologies to a diverse audience of industry professionals and enthusiasts, further solidifying its role as a key player in the global financial sector. As a highly trusted liquidity provider for brokers and banks worldwide, X Open Hub delivers solutions built on a solid foundation, ensuring smooth operations for businesses of all sizes. The company’s servers are strategically located in the world’s largest data centers, offering unmatched reliability and efficiency. During the event in Sydney, X Open Hub will present its comprehensive range of services, which include secure risk management controls, bespoke liquidity solutions, and detailed post-trade reporting. These features are designed to enhance transparency and effectiveness in trading. Additionally, X Open Hub will highlight its capacity to provide deep liquidity with superior order book depth across a wide array of financial instruments. Attendees will also learn about the various integration options available, such as FIX protocol, API, and MT4/MT5 bridge or gateway. Exclusive Panel Discussion with X Open Hub CEO Adding to its prominent role at FMPS:24, X Open Hub CEO Michał Copiuk will participate in a significant panel discussion titled “By The Book: The Liquidity Landscape, Seen from Asia.” This panel is scheduled to take place on August 29, from 12:30 to 13:30 at Centre Stage. The discussion will delve into important topics related to the evolving liquidity landscape, such as the proliferation of Primes and Connects, the current approaches of banks and NBLPs towards retail flows, and key considerations for liquidity agreements involving brokers, Points of Presence (PoPs), and Liquidity Providers (LPs). Michał Copiuk’s insights will provide a valuable perspective on these pressing industry issues. Explore Partnership Opportunities in Sydney FMPS:24 offers attendees a valuable opportunity to engage with X Open Hub representatives, gain insights into market trends, and explore strategies for navigating the ever-evolving financial landscape. X Open Hub recognizes the critical role of strategic partnerships in driving growth and invites potential partners to discuss collaboration opportunities during the event. To make the most of their time at FMPS:24, X Open Hub encourages attendees to schedule meetings in advance through this link. This proactive approach will ensure a personalized experience, allowing for tailored discussions and solutions that align with specific business needs and objectives. By booking one-on-one sessions with X Open Hub representatives, participants can benefit from customized insights and recommendations, helping them make informed decisions and achieve their strategic goals.  About X Open Hub X Open Hub is a premier provider of CFD liquidity solutions, offering a comprehensive range of over 5,000 financial instruments. This extensive portfolio includes more than 2,500 stocks and ETFs traded on 16 major global exchanges, over 60 currency pairs, more than 50 cryptocurrencies across 9 exchanges, over 30 indices, and leading commodities.  The company boasts over 100 partnerships across more than 25 countries and operates with licenses from multiple regulatory bodies, including the FCA, CySEC, KNF, IFSC, DFSA, and FSA. These licenses enable X Open Hub to deliver compliant broker solutions with effective risk-sharing mechanisms. Committed to meeting diverse client needs, X Open Hub provides customized solutions designed to help clients achieve their business objectives. Stay connected with X Open Hub for live updates and exclusive content from the FMPS:24 event by following their social media channels on LinkedIn and Facebook.

Tools for Brokers, a software developer for FX brokers, has parted ways with its Head of Business Development Asia, Sergei Gruzin. Sergei lands at the software development and services arm of GMI Group, Finstek, as Chief Commercial Officer. The aggregation and bridging technology provider connects platforms, institutional brokerages and liquidity providers in order to enable brokers to control their trading environment. Sergei appointment supports the company’s focus on developing long-term partnerships and strong customer relationships. It also comes as many technology providers seek to fill a gap in the market by facilitating access to its services and infrastructure. Finstek offers a range of solutions, including MT4/MT5 White Label services, MT4/MT5 bridging, order routing, execution, aggregation, risk management, warehousing solutions, reporting, and other fintech SaaS products. Sergei originally joined Tools for Brokers in 2017. Most recently, he was tasked with leading the local offices across Asia, supporting the team and working closely with TFB’s key customers. In his latest role, he was responsible for identifying and developing new business opportunities, as well as expanding the company’s presence in the APAC region. Established in 2009, Tools for Brokers provides software solutions to brokerage firms in foreign exchange and cryptocurrency trading. The company is also a provider of risk management utilities such as a Broker Business Intelligence (BBI), which gives additional instruments for analysis and reporting across MT4/MT5 platforms. Tools for Brokers’ flagship product ‘Trade Processor’ combines a liquidity bridge and a market-making order pool for offering the features necessary to manage an entire brokerage business. Brokers can use the product to improve liquidly management while trading forex and cryptocurrencies. It provides connectivity with multiple liquidity providers and options for several sessions with one provider, as well as three levels of access for users and managers of the system.

Kelp DAO introduces the Kelp Gain Vault, a new program offering integrated Layer 2 access and streamlined airdrop participation. Discover how this innovative approach enhances earning potential and simplifies reward management. Kelp DAO, a platform focused on liquid restaking, is launching the ‘Kelp Gain Vaults‘ program. This initiative aims to boost the earning potential from airdrops and rewards for restakers and users by providing the first integrated access to multiple Layer 2 (L2) airdrops within a single strategy. The Kelp Gain Vault simplifies participation in airdrop opportunities by offering a single-click access to diverse reward strategies. The program will initially feature the Airdrop Gain Vault, a specialized vault designed to facilitate participation in airdrops across various L2 protocols without the need for managing individual positions. The vaults use smart contracts to handle asset deployments and optimize airdrops and rewards. Users deposit assets into the vault and receive a synthetic token in return. These assets are allocated to selected reward opportunities, with the vault’s strategy manager making periodic adjustments to maximize returns and manage risks. This method ensures broad access to L2 airdrops and leverages DeFi composability with the synthetic token. “The Kelp Gain Vault is a leap forward in user experience, reward optimization and leveraging DeFi composability,” said Amitej G, Co-founder of Kelp DAO. “By focusing on targeted strategies and integrating with both L2 protocols and mainnet DeFi yields, we are providing users with a comprehensive, automated solution to maximize rewards potential. This collaboration with our range of partners ensures users benefit from streamlined access to high-growth opportunities with minimal effort.” The Airdrop Gain Vault allows users to deposit assets such as ETH or rsETH, which are then bridged to partner L2s to maximize airdrop potential. The vault also integrates with mainnet DeFi yields, enabling users to participate in various DeFi strategies through a single synthetic token, agETH. Additionally, users can further enhance yields with the synthetic reward-bearing token, which can be utilized on Pendle and other DeFi protocols for fixed yields and airdrop speculation. The launch of the Kelp Gain Vault is in collaboration with August, a platform specializing in smart contract infrastructure, and Tulipa Capital, the lead strategy partner for the Airdrop Gain Vault. L2 and DeFi partners involved include Linea, Karak, Scroll, Pendle, Across, LZ, Spectra, Lyra, and several decentralized exchanges (DEXs). This launch represents a notable step forward in automated reward management and investment strategies within the industry. To access the vault, click this link.  About Kelp DAO Kelp DAO is a prominent liquid restaking protocol, having surpassed $1 billion in total value locked (TVL) as of June 2024. With over 250,000 ETH managed across 45,000 restakers, Kelp DAO is a leader in the industry. It was the first to introduce its liquid restaked token (LRT) on the Ethereum mainnet and has been a pioneer in integrating liquid restaking with liquid staking tokens. Currently, Kelp DAO supports liquid restaking for both native ETH and liquid staking tokens (LSTs) across the Ethereum mainnet and eight Layer 2 (L2) networks.

The Internet Computer Protocol (ICP) has announced a major update with the integration of threshold-Schnorr signatures and on-chain Bitcoin block headers. This upgrade significantly enhances Bitcoin’s functionality and offers developers new tools to build advanced Bitcoin-native applications. Learn how this milestone opens up innovative opportunities in the blockchain space. The Internet Computer Protocol (ICP), a cutting-edge decentralized blockchain network designed to enhance Web3 capabilities beyond traditional blockchains and smart contracts, has reached a major milestone with the successful integration of threshold-Schnorr signatures and on-chain Bitcoin block headers. This integration, part of the Deuterium milestone, represents a significant advancement in blockchain technology and opens up new possibilities for Bitcoin-based applications. Bitcoin is experiencing a substantial transformation, evolving from its traditional role as digital gold into a crucial infrastructure for a decentralized economy. This shift is underscored by recent statistics: Runes and BRC20 tokens are now generating three times the transaction volume compared to regular BTC transactions on the network. Furthermore, the Bitcoin ecosystem has seen over 68 million Ordinals inscriptions with a total transaction fee of $459 million, and more than 15 million Runes transactions, indicating a significant increase in builder and user activity. Despite this progress, the Bitcoin network’s lack of native support for smart contracts has been a significant hurdle for developers looking to build innovative solutions. The Deuterium milestone addresses this issue by introducing two key functionalities: – Threshold-Schnorr Signing: With this update, ICP smart contracts can now directly generate Schnorr signatures. This capability allows for the decentralized inscription of Runes, the recording of Ordinals, the direct handling of BRC-20 tokens on Bitcoin Layer 1, signing of Taproot transactions, and much more. These enhancements enable a wider range of applications and use cases that were not previously feasible on the Bitcoin network. – On-Chain Bitcoin Block Headers: Prior to this milestone, ICP supported only Bitcoin’s UTXO set. The Deuterium update extends this integration by providing access to the complete content of Bitcoin blocks. This is becoming increasingly important as new meta protocols use block headers to store additional data, making this feature a valuable addition for developers. Lomesh Dutta, VP of Growth at the DFINITY Foundation, said, “Most Bitcoin meta protocols, like Ordinals and BRC20, use Taproot transactions that rely on Schnorr signatures. With tSchnorr, ICP smart contracts can now natively sign Bitcoin transactions, enabling developers to create a wide range of use cases like etching runes, DeFi lending markets backed by Ordinals, or infrastructure such as decentralized indexers. We’re already seeing a major surge in developers adopting tSchnorr, and we believe this will significantly accelerate development in the Bitcoin ecosystem.” Here’s how specific projects within the ICP ecosystem are set to benefit from these new features: – Omnity Network: The integration of threshold-Schnorr signatures will significantly enhance Omnity’s capabilities. It will allow Omnity to manage Bitcoin Taproot assets and establish connections with other blockchains, such as Solana and Osmosis, which use the ed25519 signature scheme. The Bitcoin Canister block header data enabled by the Deuterium milestone will also enable Omnity to verify Bitcoin blocks independently from public RPC services, ensuring a high level of trustlessness and reliability. Louis Liu, the founder of Omnity Network, said, “Omnity currently employs Chain Key, ECDSA, Bitcoin integration, EVM RPC canisters, and is building a Solana spoke in anticipation of the Deuterium Milestone. We’ve created the first on-chain indexer for Bitcoin meta protocols and will use Bitcoin Canister block header data from the Deuterium Milestone to verify blocks from public RPC services, ensuring trustlessness by removing reliance on these services. We’re also undoubtedly excited to be able to support BRC20.“ – Bioniq: With a user base of over 50,000 active members, Bioniq plans to utilize threshold-Schnorr signatures to facilitate seamless cross-chain asset transfers. As the first Layer-2 solution for Bitcoin Ordinals, Bioniq aims to improve the efficiency of trading, minting, and displaying Bitcoin-based digital art and collectibles, while maintaining minimal transaction fees and rapid finality. Bioniq CEO Bob Bodily commented, “Building Bitcoin applications on ICP has been fantastic due to the incredible Bitcoin integration protocol primitives on ICP, like the threshold ECDSA signing subnet and the Bitcoin light node running fully on chain. And now, with the upcoming Deuterium milestone, we get a threshold Schnorr signing subnet too along with block headers in the BTC light node.” – Helix Markets: The new threshold-Schnorr signatures will allow Helix users to trade ICP tokens and other assets seamlessly, without the need for asset bridging or wrapping. This enhancement positions Helix to integrate with major and rapidly growing crypto ecosystems like Solana, potentially reaching up to 10 million active users and $56 billion in monthly trading volume. “With the Threshold Schnorr module on the Internet Computer, we’ve finally cracked the code to seamless cross-chain interactions,” said the Helix Markets Co-founder Gorazd Ocvirk. “Our canisters can now hold and spend Bitcoin and Solana like they’re just another asset in the digital realm. It’s like having a universal translator for blockchains, allowing us to communicate and transact with ease. And the secret key? It’s like a riddle wrapped in an enigma, keeping our digital assets safe and sound.” These advancements demonstrate that it is now possible to securely access Bitcoin’s liquidity and user base without relying on asset bridging or wrapping. Developers interested in creating Bitcoin-related applications can explore available bounties and visit the DFINITY developer forum for further information and support. About the Internet Computer Protocol (ICP) The Internet Computer Protocol (ICP) is a decentralized cloud 3.0 solution designed to enable developers to create and manage services and enterprise systems directly on a public blockchain network. ICP offers unmatched scalability, allowing applications to run efficiently on a global scale. Services built on ICP benefit from a high level of security and immutability, ensuring they are tamper-proof. This protocol facilitates seamless, trustless interactions with both traditional web 2.0 platforms and other blockchain networks. Its design emphasizes speed, cost-efficiency, and energy conservation, setting a new standard for decentralized networks in the Web3 era.

At Foresight 2024 Hong Kong, VALR CMO Ben Caselin explored the evolving patterns of crypto adoption in emerging markets compared to established hubs like Hong Kong. Ben Caselin, Chief Marketing Officer of VALR, the Pantera-backed cryptocurrency exchange, delivered a keynote speech at Foresight 2024 Hong Kong on August 11th. His presentation focused on the distinct patterns of cryptocurrency adoption in emerging markets. Caselin highlighted the differences in crypto adoption between regions like Hong Kong and various countries in Africa, Asia, and Latin America. While Hong Kong is recognized as a center for cultural and financial innovation, both historically and in the Web3 era, emerging markets such as El Salvador and South Africa are developing their own crypto hubs. He outlined three key areas of crypto transformation: cultural, financial, and monetary. Hong Kong is noted for its cultural advancements in Web3, NFTs, and community development, as well as its financial innovations like Bitcoin and Ethereum ETFs. In contrast, emerging markets are seeing a more significant shift in financial and monetary practices. “These regions are witnessing a rapid shift towards financial participation through crypto,” Caselin explained. “We’re seeing a surge in remittances, payments, and the development of new financial infrastructure to make it easier to hedge against domestic conditions. Moreover, the potential for monetary transformation, including a decoupling from established fiat currencies, is more pronounced in emerging markets.” Caselin noted VALR’s role in driving this transformation. “Our platform is facilitating institutional and corporate participation in the crypto economy, enabling access to innovative financial products and services,” he said. “We believe that by providing robust infrastructure and supporting local fintechs, we can accelerate the adoption of digital assets and improve financial well-being for millions of people.” About VALR Established in 2018, VALR is a leading global cryptocurrency exchange catering to over 1,000 corporate and institutional clients, as well as nearly 700,000 traders worldwide. Based in Johannesburg, VALR is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa and is approved to operate in Europe. The exchange has also received initial approval from Dubai’s VARA. VALR has raised $55 million in equity funding from notable investors, including Pantera Capital, Coinbase Ventures, and Avon Ventures, affiliated with Fidelity Investments.

A United States appeals court has partially reversed the dismissal of a proposed class-action lawsuit against Binance.US, which alleges that the exchange unlawfully manipulated the price of the Hex token. The decision from the U.S. Court of Appeals for the Ninth Circuit revives the claims made by plaintiff Ryan Cox against Binance.US and CoinMarketCap. In the original lawsuit filed in 2021, Cox accused Binance Capital Management and Binance.US of artificially suppressing HEX’s ranking on CoinMarketCap, a cryptocurrency price-tracking platform owned by Binance. Cox claimed that this manipulation led to a lower trading price for HEX, while Binance’s own cryptocurrencies were ranked more favorably. The case was initially dismissed by a district court in February 2023 on the grounds that Cox failed to provide sufficient connections between Binance.US and Arizona, where the lawsuit was first filed. The district court concluded that it lacked jurisdiction over the case, adding that it did not have the authority to adjudicate the matter. However, the appeals court disagreed with this conclusion. The panel of three judges ruled that the district court does have jurisdiction over the U.S.-based defendants since they have sufficient contacts with the United States as a whole. The court noted that because each company is incorporated or has a principal place of business in the U.S., they meet the requirements for due process. The appeals court also found that Cox’s claims of price manipulation against Binance.US were justifiable and ordered that these claims be remanded for further legal proceedings. This case adds to the ongoing legal challenges facing Binance, including a lawsuit filed by the SEC against HEX’s creator, Richard Heart, for allegedly violating federal securities laws and defrauding investors. The SEC claims that Heart used investor funds for personal luxury purchases rather than for developing or marketing the HEX token. Binance.US has recently appointed Martin Grant, a former chief compliance and ethics officer at the Federal Reserve Bank of New York, following the resignation of founder Changpeng Zhao from his role as chair. The exchange is currently engaged in a legal battle with the SEC, which escalated last year with allegations similar to those faced by other platforms such as Coinbase and Kraken. Binance.US CEO Norman Reed, formerly the exchange’s general counsel, remains optimistic about the outcome, criticizing the SEC for not providing clear guidance on which digital assets are considered securities.

Tether, the issuer of the world’s largest stablecoin, USDT, said it plans to defend itself against what it calls “shakedown” litigation brought by the bankrupt crypto lender Celsius. The lawsuit, filed in the U.S. Bankruptcy Court of the Southern District of New York, demands that Tether either return 57,428.64 Bitcoin (BTC) or pay the equivalent value, amounting to approximately $3.3 billion at current prices. Celsius alleges that Tether made “preferential and fraudulent transfers” of Bitcoin during the market downturn in mid-2022, just before Celsius filed for bankruptcy. According to the lawsuit, Tether demanded and received additional collateral from Celsius to secure its position, which Celsius argues was done to shield Tether from the impending bankruptcy. Tether, however, disputes these claims, stating that the Bitcoin was liquidated at Celsius’ direction and with its consent at June 2022 prices. Tether CEO Paolo Ardoino responded to the lawsuit on X, asserting that the legal action is baseless and that Tether’s actions were in full compliance with their contract. He added that Tether will fight the lawsuit “till the end” to set an example against what he describes as “shameless money grabs.” Celsius also seeks $100 million in damages for alleged breaches of contract, claiming that Tether applied Celsius’ Bitcoin collateral at a lower-than-market value, which they argue should be recovered for the benefit of Celsius’ estate. Tether, on the other hand, claims that its financial position remains strong, with consolidated equity of nearly $12 billion as of June 30, assuring that Tether token holders will not be impacted by the lawsuit. Last year, Tether dismissed reports suggesting that it received a $2 billion loan from the bankrupt cryptocurrency lender Celsius. At the time, Paolo Ardoino responded to the Celsius examiner’s report that claims the USDT issuer borrowed money from the troubled lender, alongside Three Arrows Capital and Alameda Research. The report by former prosecutor Shoba Pillay notes that Celsius notionally had credit limits for its borrowers, but Alameda, Tether, 3AC and others all exceeded those ‘limits’. Tether’s peak borrowing from Celsius was $2 billion and was considered an “existential risk” internally at Celsius. The report specifically mentioned Celsius’s loans to Tether as twice its credit limit, adding that the lender wouldn’t survive a Tether default. “The Tether exposure eventually grew to over $2 billion -a number so large that in late September 2021, that exposure was described to the Risk Committee as present[ing] an ‘existential threat’ to Celsius,” it further reads. CIO Ardoino suggested that the document either made a typographical error or a mischaracterization, actually meaning “Celsius loans from Tether” instead of “Celsius loans to Tether.” Tether said the loan taken out by embattled crypto lender Celsius has been fully liquidated without a loss. According to the statement, Tether’s lending activity with Celsius had always been overcollateralized as with any other borrower and has no impact on the company’s reserves. The announcement also described the decision to liquidate the collateral to cover the loan as a part of the original terms of the agreement between the two entities.  Tether also said it reconfirmed these terms with Celsius in writing before the start of the liquidation event. While Tether’s portfolio did include an investment in Celsius, the issuer said it represents a minimal part of its shareholder’s equity and there was no correlation between this investment and USDT reserves.  

OPEC+ cuts, tight supply drive oil prices up; dollar steady ahead of key data; recession fears, geopolitical tensions cloud global outlook.   Oil Prices Surge Amidst OPEC Cuts and Tightening Supply The global oil market is experiencing a notable upward trend, primarily driven by the concerted efforts of OPEC+ nations to reduce production. Saudi Arabia, as the leading member of OPEC, has taken the lead in curtailing output, resulting in a significant tightening of supply. This strategic move has directly contributed to the surge in oil prices. Russia’s complementary production cuts have further amplified the impact. To exacerbate the situation, OPEC’s downward revision of demand growth projections has exacerbated the imbalance between supply and demand, bolstering oil prices. While these factors have been the primary drivers of the rally, the upcoming IEA report, which often provides a contrasting market outlook, could introduce volatility into the market. US Dollar Holds Steady Amidst Economic Data Expectations The US dollar has maintained relative stability, trading near a critical level as market participants await key economic data for directional cues. The upcoming release of the US Consumer Price Index (CPI) is particularly anticipated, as it will provide vital insights into inflation trends. A deceleration in inflation could fuel expectations of interest rate cuts by the Federal Reserve, potentially exerting downward pressure on the dollar. Conversely, persistent inflationary pressures may strengthen the greenback. The intricate relationship between inflation, interest rates, and the dollar’s value will continue to shape market dynamics. Notably, the US Dollar Index (DXY) is currently trading near a key level, indicating potential for significant movement in either direction. Global Economic Headwinds and Geopolitical Tensions Cast a Shadow The global economy is navigating a complex landscape marked by uncertainty and potential headwinds. The specter of a US recession looms large, contributing to a cautious market sentiment. Simultaneously, escalating geopolitical tensions, particularly in the Middle East, have introduced additional volatility. This confluence of factors has driven investors towards safe-haven assets like gold, as they seek to mitigate risks. As the situation evolves, it is imperative for market participants to closely monitor these developments to assess their potential impact on various asset classes and overall market dynamics. Furthermore, the potential for a deepening crisis in the Middle East, as suggested by recent reports, could exacerbate market volatility and further drive investors towards safe-haven assets. The ongoing situation in the region remains a key risk factor for global markets. Additionally, the US Treasury’s upcoming auctions of short-term bills may also influence market sentiment, especially given the recent volatility in bond yields. While equity markets have shown a relatively calm start to the week, the potential for market fluctuations remains as investors digest recent events and anticipate upcoming economic data. Main Economic Events for this week: USDA WASDE Report (08/12/2024 16:00 USD) Impact: Low Description: The USDA’s World Agricultural Supply and Demand Estimates (WASDE) report provides crucial updates on the supply and demand for major crops. It affects agricultural markets and can influence commodity prices, impacting inflation and economic conditions in sectors reliant on agriculture. Monthly Budget Statement (08/12/2024 18:00 USD) Impact: Medium Description: This report details the US government’s budgetary spending and revenue. It provides insights into fiscal policy and can impact financial markets, especially if there are significant deviations from expected budgetary targets. RBNZ Interest Rate Decision (08/14/2024 02:00 NZD) Impact: High Description: The Reserve Bank of New Zealand’s (RBNZ) decision on interest rates affects New Zealand’s monetary policy. An interest rate hike or cut can influence inflation, economic growth, and the exchange rate of the New Zealand dollar (NZD). Claimant Count Change (08/13/2024 06:00 GBP) Impact: High Description: This indicator measures the change in the number of people claiming unemployment benefits. A high increase may signal weakening labor market conditions, impacting economic growth and policy decisions. Consumer Price Index (CPI) (08/14/2024 12:30 USD) Impact: High Description: The CPI measures changes in the price level of a basket of consumer goods and services. It is a key indicator of inflation and can influence Federal Reserve monetary policy, financial markets, and overall economic sentiment. Gross Domestic Product (GDP) (08/14/2024 09:00 EUR) Impact: High Description: GDP measures the total economic output of a region. It is a crucial indicator of economic health and growth. Higher or lower than expected GDP figures can significantly impact market expectations and economic policies in the Eurozone. Employment Change (08/13/2024 06:00 GBP) Impact: High Description: This report indicates changes in employment levels over a specified period. It provides insight into labor market conditions and economic performance, influencing monetary policy and market sentiment. 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.

EURJPY currency pair can be expected to rise further toward the next resistance level 162.60 – EURJPY rising strongly inside impulse 1 – Likely to reach resistance level 162.60 EURJPY currency pair recently reversed up from the support area located between the multi-month support level 154.45 (which has been reversing the price from last October, as can be seen from the daily EURJPY chart below) and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Morning Star Doji – which stopped the C-wave of the previous ABC correction (B) from April. Given the strength of the aforementioned support area and the strongly bullish euro sentiment seen across the FX markets today, EURJPY currency pair can be expected to rise further toward the next resistance level 162.60 (former double bottom from April). EURJPY Technical Analysis The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.

Belize-based FX and CFDs brokerage Scope Markets has become Scope to reflect the culmination of its extensive business transformation after it was acquired by Rostro Group. Scope said in a press release shared with FinanceFeeds that the new corporate name would better encompass what it does. The rebranding shows that the company has completely evolved into an all-encompassing financial services provider and paves the way for the introduction of a new suite of products to serve a broader range of customers. The broker has introduced a new log as part of the rebranding process. Pavel Spirin, CEO of Scope Markets, commented: “At Scope Markets, we’re passionate about democratising investing and making financial markets accessible to everyone in a personalised way. This has always been core to our proposition. The new brand acts as a springboard that will help us break down the barriers to entry further and give more customers the ability to gain  unfettered access to the wider financial universe.” Michael Ayres, CEO of Rostro Financials Group, added: “Whilst this rebrand marks the final stage as we complete the integration of Scope  Markets into Rostro Group, it’s also a pivotal time when it comes to the future of the  brokerage. In line with our broader ambitions at Rostro to e ect change in financial  inclusion at a global level, we will be launching further enhancements to our internal  product set and the wider customer experience. With a genuine ecosystem of  financial expertise to hand, we want to give every market participant access to make,  manage and invest their money.” Last year, Rostro Financials Group, a fintech group focused on capital markets and digital assets, completed the acquisition of Scope Markets. The financial details of the transaction were not disclosed, but Rostro has bought the retail broker in an all-cash deal. Scope Markets , which is domiciled in Belize and regulated by the International Financial Services Commission (IFSC), was controlled by UAE-based entrepreneur Serkan Ismailoglu. The Middle East-focused broker also operates regulated entities in Africa, Cyprus and Mauritius. Rostro is led by Michael Ayres, the former chief operating officer at Equiti Capital. Prior to Equiti, Ayres, who has over 15 years of experience in the forex industry, was the operations director at GKFX.

A growing number of industry leaders across the crypto and fintech sectors, including companies like Gemini, Crypto.com, and Robinhood, as well as influential blogger Scott Alexander, have voiced strong opposition to a proposed rule change that could ban political prediction markets. The proposed rule was proposed by the U.S. Commodity Futures Trading Commission (CFTC) and has garnered support from figures like Elizabeth Warren and other Democratic lawmakers. It seeks to clarify that certain “event contracts” related to political contests, awards, and athletic competitions would be prohibited from trading by CFTC-registered entities. The lawmakers argue that such contracts could exacerbate existing issues in the U.S. political system, particularly as the 2024 election approaches. In response, stakeholders in the crypto and fintech industries have pushed back, arguing that the rule change would deny Americans access to valuable markets and represents regulatory overreach. Cameron Winklevoss, co-founder of Gemini, called for the CFTC to withdraw the proposed rule and engage with industry stakeholders to build trust. Steve Humenik, Senior Vice President at Crypto.com, also argued that the CFTC should not exceed its regulatory authority. Other voices opposing the rule include Robinhood, Dragonfly Capital, and Scott Alexander, who have all raised concerns about the CFTC’s jurisdiction and the potential impact of the proposed ban on the industry. Coinbase Chief Legal Officer Paul Grewal also warned that the proposed rule could ban a wide range of prediction contracts, such as those involving Nobel Prizes or the Oscars, without clear reasoning. Grewal noted that the broad definition of “gaming” in the proposal could have unintended negative effects on emerging markets regulated by the CFTC. Coinbase and other crypto firms donated to the Commonwealth Unity Fund, a new super political action committee (PAC) established by attorney James Murphy. The donation seeks to unseat anti-crypto Senator Elizabeth Warren and support pro-crypto lawyer John Deaton. In a detailed letter to the CFTC, Coinbase urged the agency to withdraw the proposal and collaborate with academics, industry leaders, and policymakers to develop a more balanced approach. Grewal criticized the proposal’s approach to evaluating contracts as exceeding the CFTC’s statutory authority and failing to recognize the public benefits of prediction markets. The debate comes as event markets like Kalshi and Polymarket gain popularity, allowing users to bet on outcomes of future events, including U.S. elections. However, CFTC Chair Rostin Behnam voiced concerns that allowing such contracts could push the agency beyond its Congressional mandate. The news also comes amidst Coinbase’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), which also questions whether tokens sold on the exchange should be considered securities. It alleges that the largest U.S. cryptocurrency exchange has violated securities laws by facilitating the trading of at least 13 crypto tokens that should have been registered as securities.

Ripple Labs kicked off the first tests of its USD-pegged stablecoin, Ripple USD (RLUSD), on the XRP Ledger (XRPL) and Ethereum mainnets. The company plans to deploy this fiat-backed token on additional blockchain networks in the future. Ripple Labs has assured that RLUSD will be overcollateralized, with each unit backed 1:1 by USD reserves or short-term cash equivalents in a bank. To ensure transparency, the firm promised third-party audits and monthly reports on the reserves. Ripple also confirmed its ongoing commitment to both XRP and RLUSD, dismissing rumors that it might shift focus away from XRP. The stablecoin is currently in beta testing with enterprise partners, and Ripple cautioned against any scams offering early access to RLUSD, which is not yet available for purchase or live trading. This development follows a recent legal ruling in which Judge Analisa Torres imposed a $125 million penalty on Ripple Labs in the SEC’s lawsuit against the company. Ripple CEO Brad Garlinghouse described the penalty as a “victory,” particularly as the SEC had sought a much larger $2 billion fine. Garlinghouse recently suggested on a podcast that the U.S. government is targeting Tether, sparking concerns of a looming regulatory crackdown. Tether CEO Paolo Ardoino criticized Garlinghouse for spreading “fear about USDT” and called his remarks hypocritical, especially since Ripple itself is currently under investigation by the U.S. Securities and Exchange Commission (SEC). He pointed out that Ripple is also planning to launch its own stablecoin in 2024, which could compete with Tether’s USDT. Following the ruling, the price of XRP surged by 26%, reaching $0.64. Despite this positive momentum, Ripple’s Q2 2024 XRP Markets Report highlighted a 65.6% drop in transaction volume on the XRP Ledger, alongside a notable increase in the average cost per transaction. Earlier in June, Ripple acquired digital asset custodian Standard Custody, which will be pivotal to its planned rollout of a USD-backed stablecoin and its broader ambitions in real-world asset tokenization. Ripple’s ambition goes beyond its current payment network, eyeing a broader role in the financial sector by enabling institutions to use blockchain for various services.

Coinbase raised concerns about the U.S. Commodity Futures Trading Commission’s (CFTC) proposed rule to ban certain event contracts, arguing that the move could stifle innovation without sufficient justification. In a post on X, Coinbase Chief Legal Officer Paul Grewal said he supports the CFTC’s mission to maintain the integrity of the U.S. derivatives market. However, he warned that the proposed rule could ban a wide range of prediction contracts, such as those involving Nobel Prizes or the Oscars, without clear reasoning. Grewal noted that the broad definition of “gaming” in the proposal could have unintended negative effects on emerging markets regulated by the CFTC. The CFTC’s proposal was introduced in May and seeks to ban event contracts related to political contests, gaming, war, terrorism, and other sensitive areas. This follows pressure from lawmakers, including crypto-skeptic Sen. Elizabeth Warren, who argue that allowing bets on elections could undermine public trust in the democratic process. Coinbase and other crypto firms donated to the Commonwealth Unity Fund, a new super political action committee (PAC) established by attorney James Murphy. The donation seeks to unseat anti-crypto Senator Elizabeth Warren and support pro-crypto lawyer John Deaton. In a detailed letter to the CFTC, Coinbase urged the agency to withdraw the proposal and collaborate with academics, industry leaders, and policymakers to develop a more balanced approach. Grewal criticized the proposal’s approach to evaluating contracts as exceeding the CFTC’s statutory authority and failing to recognize the public benefits of prediction markets. The debate comes as event markets like Kalshi and Polymarket gain popularity, allowing users to bet on outcomes of future events, including U.S. elections. However, CFTC Chair Rostin Behnam voiced concerns that allowing such contracts could push the agency beyond its Congressional mandate. The news also comes amidst Coinbase’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), which also questions whether tokens sold on the exchange should be considered securities. It alleges that the largest U.S. cryptocurrency exchange has violated securities laws by facilitating the trading of at least 13 crypto tokens that should have been registered as securities.

Plum has partnered with AdClear.ai, a platform focused on providing marketing compliance solutions, particularly within the gambling and financial sectors. The platform helps organizations ensure their marketing communications are clear, accurate, and compliant with relevant regulations. AdClear.ai specializes in areas like sports betting, gaming, and lotteries, and supports companies in creating promotional materials that adhere to strict industry guidelines. In the case of Plum, AdClear.ai will help the investment platform to enhance consumer protection by ensuring clear, accurate communications and minimizing risk in marketing and promotional materials. Plum, known for its innovative financial solutions, serves a rapidly growing customer base. By leveraging adclear.ai’s robust marketing compliance solution, the app is well-supported in creating easily comprehensible, precise communications that empower customers to achieve the best outcomes. “Mitigating risk in marketing communications and maintaining high standards” Peter Simai, Head of Compliance at Plum, said: “We are excited to work with adclear.ai to help us to be more efficient and support us in our constant aim to ensure that our financial promotions are fair, clear, and not misleading at all times. Our collaboration with adclear.ai underscores our joint commitment to consumer protection. By mitigating risk in marketing communications and maintaining high standards, we’re excited to strengthen internal operations and elevate customer communication.” Plum is a financial services app designed to help users manage their money more effectively. It offers features like automatic savings, budgeting tools, and investment options. Plum analyzes users’ spending patterns and automatically sets aside small amounts of money into savings, helping them save without thinking about it. In addition to savings, Plum also provides tools for managing bills, tracking expenses, and investing in a range of funds, making it a comprehensive financial management platform. Plum is particularly popular among younger users who seek a simple and automated approach to managing their finances. UK Consumer Duty requires products to deliver good outcomes for consumers AdClear.ai plays a significant role in helping businesses comply with the UK’s Consumer Duty regulations, which mandate that firms ensure their products and services deliver good outcomes for customers. The Consumer Duty requires that companies not only provide clear, fair, and non-misleading communications but also take proactive steps to avoid causing foreseeable harm to consumers. AdClear.ai’s marketing compliance tools are valuable in this context as they assist firms in reviewing and refining their marketing materials to meet these stringent standards. By using AdClear.ai, companies can ensure that their promotions are not only compliant but also transparent and customer-focused, which aligns with the principles of the Consumer Duty. This helps firms mitigate risks associated with non-compliance, such as fines or reputational damage, while also promoting trust and transparency with consumers​.  

To celebrate Octa‘s 13th birthday, the broker’s experts share 13 time-tested trading tips, each rooted in extensive research of traders’ real-life experiences. These 13 recommendations are divided into three articles covering five general approaches, five specific skills, and three authentic stories of successful Forex traders. Below is the second article in the series, showcasing five specific skill sets that will positively impact your results and speed you up towards consistent gains. According to the experts at Octa, a broker with globally recognised licences, trading in the financial markets is a skill-based activity that rewards a systematic approach and deliberate acquisition of knowledge. This is especially true for the Forex market with its high liquidity and numerous factors impacting price fluctuations. Below are five specific skill sets that will help you better understand the mechanics of the trading process and step up your results. Fundamental analysis There are two generic types of analysis in trading: fundamental and technical. These terms may look daunting to a non-specialist, but the gist of it is simple. Understanding both types of analysis is instrumental in successfully navigating the practical aspects of trading. This knowledge is a launchpad for your future gains. In the case of fundamental analysis, you evaluate an asset’s value by examining related economic, financial, and regulatory factors such as GDP growth, interest rates, inflation, and unemployment rates. Fundamental analysis aims to understand the underlying forces driving market prices, providing a long-term perspective that helps make informed trading choices. In Forex, the number of contributing factors for each currency pair is limited. Because of that, any trader can learn and use fundamental analysis to their advantage by learning the ins and outs of fundamental analysis and applying it in their trading sessions. 2. Technical analysis Technical analysis involves examining historical price movements and trading volumes to forecast future market behaviour. Seasoned traders use charts and statistical indicators to identify patterns and trends and use this information to predict future price movements. This method assumes that all relevant information is already reflected in the price and that past trading activity can predict future movements. By analysing price action and market psychology, technical analysts aim to make informed decisions on entry and exit points, enhancing their trading strategies with insights derived from market behaviour and historical data. In Forex trading, the number of potentially applicable indicators and patterns is quite large, and integrating the ones relevant to you in your strategy may be challenging for emerging traders. To help them, Octa has recently introduced a dedicated analytical toolkit embedded into its trading platform, OctaTrader. This feed of actionable expert insights can be tailored to the trader’s needs. OctaTrader now has an analytics hub that consistently supports the decision-making process and helps you save time on research while making data-driven decisions. 3. Portfolio diversification In trading, you need to be flexible and adaptable. Fine-tuning your strategies as you go, putting the less successful assets on hold, and doubling down on those that brought you profit will help you stay afloat regardless of market conditions. The first step to achieving this consistent and fluid state is to diversify your asset portfolio. Portfolio diversification allows traders to mitigate risk and enhance potential returns. By holding a mix of currencies, commodities, or other tradable instruments, you can reduce the impact of adverse movements in any single asset or economic region, capitalising on market movements and opportunities. 4. Security With scams and financial fraud rising worldwide, traders should take a proactive stance towards securing their funds. Instead of trusting online gurus and murky promotions advertised through unverified second-party channels, the experts at Octa recommend choosing a financial broker with extensive experience and global presence. A long and successful track record allows brokers to develop expertise in securing the clients’ funds and personal data. Among other qualities, a trustworthy broker should provide its clients with segregated accounts—in other words, not to use its clients’ capital for operational purposes. Account segregation prevents any financial malpractices on the broker’s side and empowers traders by freeing them from any concerns regarding the safety of their personal information and capital. Other crucial qualities of a reliable broker include transparent trading conditions and responsive and competent customer service. Both are extremely important in delivering a stress-free trading environment where traders can thrive and make progress towards their financial goals. 5. Strategy Octa has interviewed some of its clients who started strong in Forex trading and are well on their way to their long-term financial goals. Most of them list a sound strategy as a primary driver of their success. In Forex, strategy—not luck—is the magical ingredient that turns trading into a consistent source of supplementary income that many successful traders use to cover their day-to-day needs. If you rely on intuition alone, you won’t be able to take stock of your outcomes and devise the measures required for improvement. Strategy makes trading comprehensible and gives you control over your decisions. Strategising in trading includes choosing a time frame that suits your temperament, picking assets that match your financial goals, and developing a set of criteria you will use for opening and closing orders. Of course, when it comes to details, things are not quite as easy as that. Still, the generic benefits of strategising are undeniable: it allows you to turn chaos into order and start paving your way to success. Conclusion The next article will conclude the series with three real-life examples of traders successfully putting our 13 tips into practice. Three of Octa’s clients will tell you about their trading journeys. Where did they start? Where are they headed? What is it that drives them? Read the third article to peek into three successful traders’ mindsets. 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.

Yesterday, in a historic judgment with a $12.7 billion settlement, the CFTC entered a consent order in its litigation against FTX and Alameda Research. The settlement deal was, in fact, reached last month but court approval was still pending. FTX misconduct due to the absence of crucial regulation over digital assets The settlement agreement concludes a 20-month-long lawsuit over a $8 billion fraud exposed after the precipitous collapse and shocking bankruptcy of FTX, which resulted in the loss of over $10 billion in customer funds. Investigations into FTX’s demise revealed a concerning lack of customer protections, including commingling of customer funds, using customer funds to extend a line of credit to an affiliate, and investing customer funds in nonpermitted investments through an affiliate, among others. CFTC Commissioner Kristin Johnson commented on the origins of the FTX fraud. “Customers and the public were not alerted to FTX’s ongoing misconduct due to the absence of crucial regulation over digital assets needed to establish appropriate risk management mechanisms to address conflicts of interest and other related issues, a lack of transparency, and inadequate oversight. “From the beginning, FTX and Alameda had significant conflicts of interest issues stemming from their vertically-integrated market structure. A gap in regulation, however, allowed these issues to go unaddressed. “Bankman-Fried founded Alameda in November 2017, as a digital asset trading and investment firm. In late 2018, he and other Alameda employees began to build what would ultimately become FTX, a centralized digital asset trading platform. Once FTX was launched, no later than May 2019, Alameda began operating as the primary market maker on FTX’s trading platform. Bankman-Fried controlled both FTX and Alameda, serving as a signatory on core corporate agreements and bank accounts for both entities. Throughout their operations, FTX and Alameda regularly shared employees, office space, systems, communication channels, and accounts. FTX and Alameda relied on each other’s personnel, assets and resources to conduct their operations. FTX and Alameda also regularly transferred large amounts of assets between the entities, often without documentation or effective tracking.” “Custodians must segregate and separately account for customer funds” The CFTC Commissioner continued by discussing the need for account segregation and reporting within the digital asset space. “I have raised the alarm, time and time again, about conflicts of interest and other concerns in emerging asset classes and the urgent need for the Commission to adopt a holistic rule that addresses these issues. “At the core of customer protection rules is the fundamental principle that custodians must segregate and separately account for customer funds that they receive to margin, guarantee or secure the trades of the customer. A custodian is strictly prohibited from commingling customer funds with its own funds and from using or investing customer funds in violation of the CEA and Commission regulations. “Disclosures, reporting and examinations are critical to creating transparency into business operations and functions and enabling customers and the public to have proper oversight over business conduct. It is imperative that the Commission and other regulators have proper oversight and transparency into the digital asset and cryptocurrency ecosystem.” The consent order, among other obligations, imposes: $8.7 billion in restitution; $4 billion in disgorgement; A permanent injunction prohibiting FTX and Alameda from engaging in further violations of the charged Commodity Exchange Act (CEA) and Commission regulations; and A permanent injunction prohibiting FTX and Alameda from trading for themselves or others, soliciting or accepting funds for trading, registering or claiming an exemption from registration with the Commission in any capacity, or acting as a principal of any registered person. “We must prioritize efforts to protect customers in markets with regulatory gaps” CFTC Commissioner Kristin Johnson commented on the settlement deal and what it means for the digital asset space and the wider financial services industry as the emerging asset class gets adopted despite the regulatory gaps. “I commend the Commission’s Division of Enforcement and the Commission on today’s landmark resolution. Yet, much work is left to be done. Going forward, we must prioritize efforts to protect customers in markets with regulatory gaps, where customers may be at higher risk due to the absence of adequate safeguards,” Johnson said. “I have called on the Commission before, and I do so again today, to take urgent action to adopt a holistic rule that directly addresses concerns such as conflicts of interest, risk management, transparency, and oversight. Every market for every asset subject to the Commission’s jurisdiction must have effective customer protections including, for example, segregation of customer funds, property, and assets.” CFTC Commissioner reminds trust is cornerstone in derivatives markets The CFTC Commissioner continued, “The vibrancy of derivatives markets depends on customers’ ability to trust that their funds will be safely held by custodians. Customers must be assured that their hard-earned money will not be misused, lost, or worse yet, stolen, by those whom they have entrusted with its safekeeping. In the absence of trust, the custodial relationship cannot thrive, derivatives markets suffer, and the entire financial system is harmed. Customer protection rules, in particular those rules protecting customer funds, are therefore crucial to the vibrancy of derivatives markets and a well-functioning financial system. “As directed by the CEA, the Commission has developed, adopted, and implemented rules that protect customers in derivatives markets, including rules that protect customer funds, property, and other assets held by a custodian. Such rules require custodians to segregate and separately account for customer funds. A custodian may not commingle customer funds. “As additional safety measures, custodians must also meet certain minimum capital requirements, file periodic and annual financial reports, maintain books and records, be subject to examinations, and comply with a host of other obligations. These measures are intended to promote transparency, monitor and manage risks, and enable oversight over the activities of custodians. “Notwithstanding the Commission’s customer protection rules and efforts to preserve customer funds, customers have experienced significant losses in both heavily regulated markets as well as emerging markets, such as in the digital asset and cryptocurrency space. The rise of retail participation in emerging markets adds to the urgency of ensuring that customer funds are protected and that the integrity and stability of our markets is maintained.”

Sav, a UAE-born fintech, received an in-principle approval for a Category 4 license from the Dubai Financial Services Authority (DFSA). This key milestone will enable Sav to provide consumers with regulated services upon the issuance of the full DFSA license, reinforcing its vision to be the ultimate money companion for the mass affluent. Sav’s platform allows users to seamlessly manage their finances alongside a rewarding prepaid card. Upon receiving the DFSA license, Sav will be able to expand its offerings to include investments, money services, and debt management. “Enhancing how users interact with their money” Purvi Munot, CEO of Sav, said: “We are delighted to receive this in-principle approval. Many of the UAE’s mass-affluent grapple with fragmented finances spread across multiple platforms, leading to unnecessary complexities and delays in decision-making. This endorsement empowers us to streamline and innovate, bringing all financial solutions under one roof, enhancing how users interact with their money. Our mission at Sav is to serve as the ladder to wealth, helping consumers get rid of snowballing debt and fostering financial cognizance and responsible consumption.” Mithil Ajmera, co-founder and COO at Sav, commented: “We’re committed to building a sustainable business that consistently adds value for our users and stakeholders. We’re laser-focused on execution and resolute in our goal to create a world-class, well-governed, global fintech.” When the in-principle approval conditions are met, Sav will receive the DFSA license of Category 4 with the following financial services: arranging money services, advising on and arranging deals in investments, and, advising on and arranging deals in credit.