BitGo, a U.S.-based wallet infrastructure provider and digital asset custodian, has received approval for a Major Payment Institution license from Singapore’s Monetary Authority of Singapore (MAS). BitGo clients now have access to buy and sell digital assets from the safety and security of its insured cold storage custody solution. BitGo’s subsidiary in Singapore, BitGo Singapore Pte. Ltd., will provide these regulated services after the complete license is granted. Singapore’s MAS allows entities with a Major Payment Institution license to conduct payment services without the usual transaction limits. These limits typically include a cap of 3 million Singapore dollars ($2.2 million) for any single payment service and a monthly limit of 6 million Singapore dollars ($4.4 million) for multiple payment services. BitGo said the license permits it to offer a wide range of payment services, including digital payment token services, without being constrained by transaction limits applicable to smaller entities. According to MAS data, BitGo joins 27 other MPI-licensed firms, including major crypto players like Coinbase, Crypto.com, and Ripple have also obtained complete MPI licenses in the country. BitGo’s acquisition of the MPI license follows the in-principle approval received in January 2024. With this license, BitGo is now authorized to provide regulated digital payment token services, such as custody and trading, within Singapore. Previously, BitGo served clients in Singapore and the Asia-Pacific region through the US South Dakota Trust for custody services and hot wallets, which are technology-based and not regulated products. “This license marks a new era for BitGo’s international operations, enabling us to deliver unparalleled digital asset solutions to our clients in Asia and beyond,” said BitGo Singapore CEO Youngro Lee. BitGo CEO Mike Belshe comments: “With this license, we can meet the rising demands of clients with a diverse set of needs, from fully regulated custody and trade to self-custody wallets. BitGo is the only company in the region offering the full set of services,” he said. In July 2024, Singapore’s updated Money Laundering National Risk Assessment highlighted risks associated with digital payment token service providers. Additionally, in April 2024, MAS announced amendments to the Payment Services Act to expand the scope of regulated services related to digital payment tokens.

Commission-free brokerage firm Robinhood reported solid second-quarter earnings on Wednesday, driven by a surge in interest in meme stocks and cryptocurrencies. The trading app, known for its appeal to retail investors, reported strong trading volumes, spurred by meme-stock influencer Keith Gill’s return to social media and renewed interest in highly shorted shares like GameStop (GME.N). The company’s number of monthly active users reached 11.8 million, a 9% increase compared to the period ending in June 2023. The brokerage’s transaction-based revenue surged 69% to $327 million in the quarter. Crypto revenues surged to $81 million, marking a 161% increase from the same period last year. This figure is double the transaction revenues earned from equities this quarter. Options remained the company’s largest revenue stream. Robinhood CEO Vlad Tenev addressed the regulatory landscape, stating, “In the U.S., there’s plenty of work to do and we believe we can be successful regardless of what administration ultimately ends up taking power in November or if it’s the same one.” Robinhood’s chief financial officer, Jason Warnick, added: “Regardless of kind of how the market backdrop plays out through the rest of the year, we are pretty optimistic that we are well-positioned to perform well,” Warnick said. The platform’s digital asset “notional” trading volume rose to $21.5 billion, reflecting a 137% jump from 2023 when leading cryptocurrencies like Bitcoin and Ether were trading at lower values. However, trading volumes for the quarter were down significantly compared to $36 billion in the first quarter of this year. In June, Robinhood acquired the cryptocurrency trading platform Bitstamp, which is described as “a globally-scaled crypto exchange, with over 50 active licenses and registrations internationally and customers across the EU, UK, US, and Asia.” The impact of the Bitstamp acquisition on Robinhood’s performance remains uncertain. The commission-free trading app will leverage the licenses of Bitstamp to offer cryptocurrency futures to its customers in the U.S. and Europe later this year. Despite the growing demand, Robinhood’s crypto business faces several challenges. On May 6, the company received a Wells notice from the U.S. Securities and Exchange Commission (SEC), indicating potential enforcement action against its crypto arm.

Indian cryptocurrency exchange WazirX plans to undo all trades that occurred following its withdrawal freeze on July 18, which was caused by a $235-million hack. “All users will have their portfolio balances on the WazirX platform restored to what they were on 18 July 2024, 1 p.m. IST,” the exchange stated, adding that the process would be conducted “over the next few days.” WazirX stated that all users’ portfolio balances would be restored to their state as of July 18, 2024. The decision to reverse account balances and undo certain trades aims to ensure an equitable outcome for users following the abnormalities from the July hack. WazirX will cancel trades between July 18 and July 21 to guarantee fair treatment for all users. Any fees and referrals arising from these trades will also be reversed. 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. 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.

Binance is set to list Toncoin (TON) and open trading for four spot pairs at 10 a.m. UTC on Thursday. The newly listed pairs are TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY, according to a statement from the crypto exchange. Users can deposit TON to Binance in preparation for the listing, with withdrawals set to begin at 10 a.m. UTC on Friday. Binance noted that the TON listing fee is 0 BNB. A seed tag will be applied to TON, requiring users to pass quizzes every 90 days on the Binance spot platform to access trading. These quizzes ensure users are aware of the risks associated with trading such tokens. Binance warns that TON poses higher than normal risks and may be subject to price volatility. As such, it advises users to exercise risk management and conduct thorough research before trading. Users in Canada, Cuba, Crimea, Iran, Japan, the Netherlands, North Korea, Syria, the U.S., and Ukraine are not eligible to trade these pairs. The move comes shortly after Binance hinted about possibly adding Hamster Kombat ($HMSTR) to the world’s largest digital asset ecosystem. The move, which is yet to be confirmed, generated excitement among traders and investors eagerly anticipating the airdrop and exchange listing. Binance previously launched TON/USDT perpetual futures trading in March. The TON blockchain, which has seen rapid growth due to its close collaboration with the messaging app Telegram, claims to have 5.8 million monthly active on-chain wallets. In February, Telegram announced ad revenue sharing, with profits split 50/50 with channel owners and paid out in TON. Tether launched its USDT stablecoin on the TON network in April, with the supply of USDT on TON quickly surpassing $500 million. The recent surge in TON activity was driven by popular Telegram mini-games like Notcoin, Hamster Kombat, Yescoin, and Catizen. As of August 7, the seven-day moving average of TON daily active addresses reached over 444,000, fueled by these games that allow users to earn in-game currencies potentially convertible into real token airdrops on the TON network. However, a recent study showed that out of the 30 tokens Binance listed year to date, only one managed to stay in the green, while the rest are deep in the red.

Swiss finance platform Brighty App has launched its dedicated AI-powered investment management service. The platform aims to provide users with data-driven investment strategies to maximize their wealth. Using this platform, Brighty App users will be able to invest in tailor-made portfolios with a single click.  Over the past few years, AI has been rapidly redefining investment management practices, offering tailored financial advice, customized portfolios, and personalized savings plans. Current trends in AI-driven financial technology highlight the increasing demand for automated, data-driven investment solutions. In 2022, 88% of users engaged with chatbots; by 2027, one in four businesses is expected to rely primarily on chatbots for customer service inquiries. Brighty App’s new feature addresses the evolving needs of today’s smart investors by offering sophisticated AI-driven strategies that adapt to market conditions. This solution gives Brighty users a competitive edge, incorporating machine learning to analyze market trends and optimize returns. This automated management ensures that investments remain aligned with the user’s financial goals. The platform also offers commission-free investing. So, users can maximize their returns without worrying about fees eating into their profits. Brighty Invest AI analyzes millions of data points, including market trends, news, and investor behavior to create the best investment opportunities. This continuous monitoring ensures that portfolios are always optimized for maximum returns. Investors can diversify their portfolios across various sectors such as Momentum, Industrial, Nasdaq, S&P 500, Energy, Real Estate, and Dividends. The AI-crafted portfolios have previously shown returns as high as 21% annually. Advanced algorithms back each portfolio and investment strategy to analyze market data and identify optimal investment opportunities.  Brighty App PRO users can easily invest in relevant portfolios and strategies with just one click. This user-friendly feature makes it simple for anyone to start investing immediately without getting caught up in complex administrative processes.  To further promote real-time investments, Brighty’s platform supports instant deposits and withdrawals.  “Our new AI-powered investment platform is designed to offer a smart and seamless investment opportunity for everyone. By customizing portfolios and strategies based on each user’s risk preferences, our platform ensures that every investor can find an approach shaped to their unique financial goals,” said Nikolay Denisenko, co-founder of Brighty App. “For our users, investing becomes easy, highly efficient, and adaptable to market changes.” The platform is powered by Boosted AI, a leading AI software purpose-built for advanced investment management. Boosted AI’s backtested Dynamic Stock Screening and Factor Timing machine learning modules provide continuous market analysis, helping investors make informed decisions and optimize their portfolios for maximum returns. Brighty Invest AI makes traditional investments more accessible and comprehensive for general users. Even novice traders will be able to make informed decisions using the platform’s curated insights and data-driven investment strategies. Users can download the Brighty App today and start investing instantly.  About Brighty App Brighty App is a Swiss fiat & crypto finance platform that was built by a team of seasoned Swiss bankers and ex-Revolut software developers.  Brighty app blends Swiss banking principles with a crypto-friendly and community-driven attitude to manage digital funds via one app hassle-free. One of its key features is its ability to handle both fiat and cryptocurrencies through virtual and physical payment cards. Users can spend, transfer, and manage their assets in one place, with the option to earn up to 10% yearly interest on cryptocurrency deposits. Brighty app’s mission is to build a bridge between traditional digital banking and crypto with its high-yield earning opportunities, making money work again. Brighty app is available for users from any EU and EEA countries on App Store and Google Play. 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.

Binomo has launched a new feature: 1v1 or one-on-one trading, a format that allows each platform user to have a match with another trader and maximize their trading skills in just 15 minutes. The SVG-registered offshore retail FX/CFD broker has gone live with 1v1 competitions to make trading even more interesting for every Binomo user as they are able to further learn the limits of their abilities. Up to 30 trades within 15 minutes Any trader with a Standard account or higher and a minimum of $15 (or equivalent in local currency) to cover the entry fee can participate in 1v1. The challenge is to make up to 30 trades within 15 minutes and score more points than the rival. The winner takes everything, including the opponent’s entry fee. To join a match, visit the “Tournaments” section on binomo.com, click “1v1”, and “Find rival”. The system will automatically find an opponent, and 1v1 will start. How 1v1 matches work Throughout 1v1, participants will score points based on their trading results: 2 points for each successful trade or 1 point for each unsuccessful/closed trade without profit. The participant with the most points wins. In a tie, both participants will have their entry fees refunded to their real accounts. The trade amount and the chosen assets are irrelevant; pure trading skills determine the winner, the online trading platform explained. Currently, 1v1 is available on the Binomo web version, including in the mobile browser via the app. Binomo is a member of The Financial Commission Binomo holds a Category A membership with The Financial Commission since 20 May 2018, which protects customers with up to €20.000 per complaint in the case of conflict with the brokerage firm. Binomo offers a modern trading interface, over 70 financial assets, and 30 advanced analytical tools. It provides free video tutorials, easy-to-use strategies, and a demo account so that any trader can make informed decisions and achieve their financial goals. Binomo is a retail FX/CFD broker registered in the St. Vincent and Grenadines, offering derivatives trading products covering asset classes such as FX, Crypto, Stocks, and Commodities. 

Standard Chartered has invested in United Fintech, the London headquartered neutral digital transformation platform catering to banks, hedge funds, and asset managers. Founded and led by fintech industry veteran Christian Frahm, United Fintech acquires and forms partnerships with fintech companies in the capital markets space, creating a fintech one-stop-shop. StanChart joins Citi and BNP Paribas, who initially invested in February 2024, as well as Danske Bank, who followed in May. “Thrilled to have them complete our circle of global investors” The investment aligns with Standard Chartered’s goal to advance digital transformation in capital markets, wholesale banking, wealth management, and broader financial services. Standard Chartered will gain Board observer rights and, upon meeting certain preconditions, will receive a rotational Board seat. This position will allow Standard Chartered to share expertise and influence the platform’s strategic decisions. Geoff Kot, Global Head, CIB Business Platforms & Partnerships at Standard Chartered, said: “We have been impressed by the growth in United Fintech’s portfolio of innovative, engineering-led technology companies and share their vision for how technology can transform and disrupt market structure and infrastructure. We look forward to partnering with them as we continue on our journey of digital transformation.” Christian Frahm, CEO and Founder of United Fintech, said: “The investment underscores Standard Chartered’s commitment to accelerate digital transformation and highlights their forward-thinking approach to collaborative innovation. As an Asia-focused multinational bank with an expansive footprint in Asia, Africa, Middle East, Europe and Americas, we are thrilled to have them complete our circle of global investors, joining Citi and BNP Paribas, who initially invested in February 2024, as well as Danske Bank, who followed in May.” United Fintech offers Athena, CobaltFX, FairXchange, Netdania, and TTMzero United Fintech recently opened a new office in the Dubai International Financial Centre (DIFC) in a strategic expansion into the UAE spearheaded by Athena, one of United Fintech’s partner companies. Recognizing the UAE’s critical role as a hub for financial technology, the industry-neutral Digital Transformation platform for banks and FIs wants to address the increased market demand in the region, where the West meets the East. The fintech specialist says it is already seeing significant interest, namely for Athena’s full front-to-back OMS/PMS solution. Employing over 160 people in eight countries, including the UK, Denmark, Spain, and the USA, United Fintech provides access to an extensive range of products from five capital markets software companies: Athena, CobaltFX, FairXchange, Netdania, and TTMzero. United Fintech recently announced an executive reshuffle.

Options Technology has opened a new Toronto office at 141 Adelaide Street W, situated in the city’s financial district, giving even closer proximity to clients and partners. The market infrastructure solutions provider is expanding its Toronto operations as part of its strategic growth in North America and continued commitment to its clients and partners across the Canadian financial markets. The news comes as the latest in a series of exciting developments for Options, including its partnership with DiffusionData, its achievement as Digital Realty’s EMEA Partner of the Year and Equinix’s Tech Trailblazer awards. “Northern Irish-based businesses like Options are flourishing in Ontario” With over a decade of experience in foreign exchange technologies and E-trading platforms, Robert Strawbridge, VP Head of Canada, has been instrumental in driving Options’ success in the region, the firm stated. Robert Strawbridge, VP Head of Canada, said: “We are thrilled to announce the major expansion of our Toronto office, a testament to the incredible dedication and talent of our team here. Our Toronto staff, along with those who contribute from other locations, are truly exceptional, embodying the spirit of innovation and excellence that drives our success in the Canadian market. This expansion not only strengthens our presence but also underscores our commitment to investing in our people and the vibrant community of Toronto.” Michael Fedchyshyn, Interim CEO and VP of strategies & Business Solutions at Invest Ontario, commented: “Options’ rapid growth and evolution since opening their first Canadian headquarters in 2020 highlight the significant opportunities available here. Northern Irish-based businesses like Options are flourishing in Ontario, thanks to the competitive business environment and world-class talent the province offers. We extend our best wishes to Options for continued success and growth in their new office space.” Options Technology is a financial technology company at the forefront of banking and trading infrastructure. The Belfast-headquartered firm serves clients globally with offices in New York, London, Belfast, Cambridge, Chicago, Hong Kong, Tokyo, Singapore, Paris, and Auckland. The company equips the trading industry with the hottest trends in global technology, including high-performance Networking, Cloud, Security, and AI (Artificial Intelligence). Options Technology recently partnered with Magtia and Trader Evolution, achieved a new Microsoft Cloud Security specialization, partnered with Dukascopy and oneZero.  oneZero tapped Options’ normalized market access data model Options Technology recently expanded its partnership with oneZero to build upon the existing integration between oneZero and Options Activ’s consolidated data service. The goal is to streamline the experience for mutual customers with bespoke API connectivity between Options’ multi-asset class normalized and historical market data, and oneZero’s multi-asset class liquidity, aggregation and risk management solutions which facilitate tens of millions of trades per day. oneZero customers will leverage Options’ normalized market access data model on the oneZero Hub to better distribute pricing and risk across a wider range of asset classes with an accelerated time to market.

Cboe is eyeing the launch of options on Cboe Volatility Index (VIX) futures, with plans to begin trading on Cboe Futures Exchange, LLC (CFE) on October 14. Listed on front-month VIX futures, VX’s options-on-future structure is designed to offer a new way to manage market volatility as Cboe expands its VIX complex to address global demand for hedging tools. Options on VIX futures are based on front-month VIX futures The new options on VIX futures (VX) will provide similar utility to securities-based VIX Index options, which allow investors to manage or gain exposure to broad U.S. equity market volatility. The difference is that options on VIX futures are based on front-month VIX futures. With futures as the underlying asset, these options will be CFTC-regulated, enabling a wide array of market participants that are restricted from accessing U.S. securities-based options to use this product to express their views on equity market volatility. Options on VIX futures will be European-style (can only be exercised at expiration) and will physically settle into front-month VIX futures. The new options are expected to complement the existing VIX Index options, providing customers with more choice in expiration dates and enabling more granular hedging strategies. Users of options on VIX futures may be able to hedge those positions using front-month VIX futures and standard VIX Index options. The new options on VIX futures will be exclusively listed and traded on CFE, joining other prominent volatility products, such as Cboe Volatility Index (VIX) futures and the planned launches of Cboe S&P 500 Variance (VA) futures and Cboe S&P 500 Dispersion Index (DSPX) futures. “With the U.S. election quickly approaching…” Rob Hocking, Head of Product Innovation at Cboe, said: “As the pioneer in volatility trading, Cboe continues to expand its VIX complex with additional products and services targeted at helping market participants better manage portfolio risk and trade volatility. Given the increased trading activity we’re seeing in VIX options and the strong demand for hedging tools this year, we’re especially excited to expand our volatility toolkit to include these new options on VIX futures and our planned relaunch of variance futures coming in late September. With the U.S. election quickly approaching, which has historically been a meaningful volatility catalyst for markets, we expect these tools will help meet customer demand to effectively manage risk.” Catherine Clay, Head of Global Derivatives at Cboe, commented: “We expect options on VIX futures will complement our existing product suite, appealing to a broad group of users, including Commodity Trading Advisors, customers of Futures Commission Merchants, and market participants currently active in VIX exchange-traded products and in Cboe’s SPX option and VIX product ecosystems. By listing these options on Cboe’s U.S. futures exchange, CFE’s global network of FCMs and brokers can trade them using the same connections and memberships already established for trading VIX futures, thereby enhancing ease and accessibility.”

Eventus has partnered with ANCORD, Brazil’s National Association of Securities, Foreign Exchange and Commodities Brokers and Dealers. Through this partnership, the provider of comprehensive, at-scale trade surveillance and financial risk solutions will make its Validus platform available to members of ANCORD. Brazil’s BSM ordered brokers to set up trade surveillance system The move follows actions taken earlier this year by BSM, the self-regulatory arm of the Brazilian stock exchange B3, to impose strict market operations monitoring guidelines, requiring all brokerages in Brazil to implement and manage their own trade surveillance system. The BSM has required firms to independently monitor their own trading activity to detect regulatory infractions such as insider trading, wash trades, layering, spoofing, front running and more. In addition, Validus enables clients to adapt quickly to regulatory changes as they occur and to increasing volumes of data at times of unusual market activity. Eventus Validus for Brazil’s securities, FX, commodities brokers ANCORD members – which include securities brokers, FX brokers, and commodities brokers – will be able to quickly implement Validus as their trade surveillance solution and benefit from the ability to adapt Validus to their needs, with ready-to-use solutions as well as extensive automation and functionality for more complex use cases. According to Eventus, the pricing for ANCORD members is an exclusive offering. Travis Schwab, Chief Executive Officer at Eventus, said: “We’re honored to work with ANCORD to extend the reach of Validus into Latin America and make the platform an essential tool for brokers in Brazil as it is for financial institutions throughout North America, Europe, the Middle East and Africa, and the Asia-Pacific region. “Brazil has long been focused on protecting investors and ensuring that firms prevent, detect and root out bad behavior. Our Validus platform is proven in many of the most demanding trading environments globally, and brokers in Brazil can now tap into our expertise and high-performance technology to not only meet regulatory requirements but bring significant efficiencies to their compliance programs.” Validus monitors stocks, options, futures, FX, fixed income, and crypto With a client retention rate of close to 100%, Eventus has a wide range of clients, including Tier 1 banks, brokers, futures commission merchants (FCMs), proprietary trading firms, exchanges and other market venues, buy-side institutions, energy and commodities trading firms and regulators. Validus monitors stocks, options, futures, foreign exchange (FX), fixed income and digital assets. Eventus has a large team of financial markets and regulatory affairs professionals who work closely with clients to solve their unique compliance challenges. The company offers coverage not only of the Brazilian markets, but of more than 100 other global markets and trading venues. With clients on six continents, Eventus has won more than 40 awards and honors worldwide over the past six years for its Validus platform and service.

Bitstamp and Stripe have teamed up to allow consumers across the EU to easily purchase cryptocurrencies directly. These are two of the most trusted and reliable fintech brands in the world. The crypto exchange pioneer joined forces with Stripe to support the financial infrastructure platform’s fiat-to-crypto onramp across the EU. An expansion of Bitstamp-as-a-service Stripe onramp is a customizable widget that developers can embed directly into their app or website, providing users with a seamless checkout experience optimized for cryptocurrency conversion. This allows near-instant settlement of crypto transactions. Developers can integrate Stripe’s crypto onramp into their products with just a few lines of code, while Stripe and Bitstamp handle the underlying complexity. With this partnership, Bitstamp will manage the fiat currency to cryptocurrency conversion and transfers to consumers. This integration represents an expansion of Bitstamp-as-a-service, further solidifying cryptocurrency’s role in the digital payments ecosystem. Stripe’s crypto onramp supports various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Stellar (XLM), and USD Coin (USDC). “How best to serve the needs of our users and their customers in the EU” Jean-Baptiste Graftieaux, Global CEO of Bitstamp, said: “We’re immensely proud to have been chosen to partner with Stripe – one of the biggest and most trusted players in the payments space. It’s a testament to our own record for safety, reliability, and security.” John Egan, Head of Stripe Crypto, commented: “Bitstamp’s long-standing reputation as a trusted partner made them an easy choice for us when considering how best to serve the needs of our users and their customers in the EU.” Robinhood agreed to acquire Bistamp for $200 million Robinhood Markets is planning to offer cryptocurrency futures to its customers in the U.S. and Europe later this year. The commission-free trading app will leverage the licenses of Bitstamp, a crypto exchange it agreed to buy last month for $200 million, once the transaction closes next year. Robinhood plans to introduce CME-based futures for Bitcoin and Ether in the U.S. However, a spokesperson for the company stated, “We have no imminent plans to launch these offerings.” The acquisition of Bitstamp, expected to close next year, will allow Robinhood to use Bitstamp’s licenses to offer perpetual futures for Bitcoin and other tokens in Europe. These plans have not been publicly announced and come from anonymous sources, according to Bloomberg. A crypto derivatives contract is a financial instrument whose value is based on an underlying cryptocurrency asset. It enables traders to speculate on price movements without owning the asset. If Robinhood begins offering crypto derivatives, it will compete directly with Coinbase, which is already active in the crypto derivatives market.

Online trading platform moomoo has appointed Michael McCarthy as the new Chief Commercial Officer of its Australian subsidiary, Moomoo AU. A well-known commentator in the Australian financial markets, Michael McCarthy brings over four decades of industry experience and leadership to the role.  Michael McCarthy was Chief Market Strategist at CMC Markets Michael McCarthy joins Moomoo AU from Number13Black, where he was Trader/Director, but he is mostly known for his prior roles as Chief Strategy Officer at Tiger Brokers (AU) and Chief Market Strategist at CMC Markets. The new CCO of moomoo AU is a trading, communications, and education professional, involved in profitably trading, dealing, and managing FX, interest rate, commodity, and equity markets since 1983, with a specialization in derivatives since 1993. McCarthy is a former AOM market-maker and SFE registered representative who has held ASXD level II accreditation and series 7 license from SEC NY. He is ASIC accredited RG146 (Financial Advisor) and RG105 (Responsible Manager). He’s been a regular on ABC Newsradio, BBC, Bloomberg, ChannelNewsAsia, Nine, SBS, SKY, and TEN. “Advancing financial literacy and market understanding” “In my extensive career, I’ve seen many investors feel overwhelmed by the sheer volume of information available on companies and stocks. The internet is brimming with data, but knowing where to look and how to interpret it is a daunting task. AI technology allows us to present information in a way that is both contextual and user-friendly, making it easier for investors to navigate and make informed decisions,” McCarthy commented. “Moomoo’s innovative platform and dedication to customer success resonate with my own commitment to advancing financial literacy and market understanding. I look forward to working with the talented team at moomoo to drive growth and deliver exceptional value to our clients in Australia.” McCarthy will report to Biyi Cheng, Head of moomoo Australia. “Michael’s dedication to investor education aligns perfectly with moomoo’s commitment to empowering traders through knowledge,” Cheng stated. “Michael’s strategic insights and leadership have consistently delivered exceptional results, making him the ideal choice to helm moomoo’s local operations.” As Chief Commercial Officer, McCarthy will be responsible for leading moomoo’s strategic direction, market expansion, and customer engagement across the region. Moomoo leverages artificial intelligence to provide an intuitive investing experience suitable for both beginners and experienced traders. The platform has gained significant popularity over the past two years, indicating a critical market need for comprehensive yet manageable trading options. Moomoo Australia now directly linked to ASX Earlier this year, Moomoo AU initiated CHESS-sponsored trades, enabling Australian investors to directly access and own shares on the Australian Securities Exchange (ASX) with minimal trading fees starting from AUD $3 per trade. CHESS, the Clearing House Electronic Subregister System used by the ASX, provides a secure method of managing shareholdings and transactions. Moomoo’s integration with CHESS sponsors adds an extra layer of security for client assets, in addition to existing measures like client funds segregation and SIPC insurance for US assets. Moomoo’s offering in Australia includes access to over 22,000 shares and ETFs across Australia, the US, and Hong Kong markets, along with competitive trading fees and a suite of professional-level features and tools. The platform also offers AI-powered capabilities, access to global news, and free investment courses, aiming to cater to investors across all levels.

Ripple has been fined $125 million as part of its protracted legal battle with the U.S. Securities and Exchange Commission (SEC), according to a recent court filing. A federal judge has ordered the XRP issuer to pay the fine after finding that its institutional sales violated federal securities laws. “The SEC’s motion for remedies and the entry of final judgment is granted in part and denied in part,” stated the filing signed by Judge Analisa Torres. “The Court shall enter a final judgment enjoining Ripple from further violations of the securities laws and imposing a civil penalty of $125,035,150.” In July, Ripple CEO Brad Garlinghouse indicated that he expects a resolution of the outstanding legal issues “very soon.” District Judge Analisa Torres, of the Southern District of New York, imposed the civil penalty on Wednesday following a previous ruling that 1,278 institutional sale transactions by Ripple breached securities regulations. The penalty is well below the $1 billion in disgorgement and prejudgment interest, plus $900 million in civil penalties, initially sought by the SEC. In her decision, Judge Torres reiterated her earlier stance that Ripple’s programmatic sales of XRP to retail clients through exchanges did not violate federal securities laws. The SEC’s attempt to appeal this aspect of the ruling during the ongoing case was unsuccessful. The court’s order includes an injunction against future violations of federal securities laws by Ripple. Judge Torres said that while she is not concluding that Ripple has committed any violations post-lawsuit, there is a likelihood of future infractions. She stated, “The Court finds that Ripple’s willingness to push the boundaries of the Order evinces a likelihood that it will eventually (if it has not already) cross the line.” As part of the injunction, Ripple must file a registration statement if it intends to sell any securities. The SEC is expected to appeal the July 2023 ruling now that the final judgment has been issued, following the judge’s previous denial of the SEC’s motion for an interlocutory appeal. Ripple and the SEC had settled charges involving CEO Brad Garlinghouse and other executives after the interlocutory appeal was denied. Following the announcement of the judgment, the price of XRP increased by approximately 2%, rising 3 cents. A U.S. federal court judge ruled in July that a civil securities lawsuit against Ripple Labs can proceed, denying the company’s bid for summary judgment in a case alleging its CEO, Brad Garlinghouse, violated California securities laws. In the 2017 interview on Canada’s BNN Bloomberg, Garlinghouse stated he was “very, very long” on XRP, but the lawsuit claims this was misleading because he “sold millions of XRP” throughout that year.

CoinShares, a leading crypto asset manager, reported impressive post-tax profits of nearly £404 million ($513.1 million) for the second quarter, a dramatic increase from £10 million in the same period last year. The solid performance comes despite a $481.4 million loss on the fair value of digital assets due to market downturns, with Bitcoin, the largest cryptocurrency, dropping by 12% during Q2—its largest decline since Q4 2022. After accounting for this depreciation, CoinShares’ comprehensive income for Q2 was $32.6 million, a massive jump from $6.3 million in Q2 2023. The firm’s assets under management nearly doubled, rising from $2.7 billion to $5.3 billion. Asset management fees also more than doubled to $28.45 million, buyoed by acquiring the exchange-traded fund (ETF) unit of Nashville-based Valkyrie. This acquisition expanded CoinShares’ ETP business into the U.S. market. CoinShares is a European investment company specializing in digital assets, that delivers a broad range of financial services across investment management, trading, and securities. Revenue and FTX claim boost CoinShares reported a 110% increase in revenue for Q2, reaching £22.5 million ($28.5 million), up from £10.7 million ($13.5 million) in the previous year. A key contributor to this growth was the sale of CoinShares’ claim on FTX bankruptcy proceedings, which yielded a 116% return, netting £31.32 million ($39.78 million). Initially, the claim was valued at £26.6 million ($33.78 million) at the time of FTX’s collapse. Conversely, CoinShares wrote down its investment in FlowBank SA after the Swiss Financial Market Supervisory Authority (FINMA) declared it bankrupt, resulting in a £21.8 million ($27.6 million) loss. CoinShares decided to fully impair this holding, similar to its treatment of FTX assets in 2022. CoinShares’ adjusted EBITDA for Q2 was £26.6 million ($33.7 million), bringing the year-to-date total to £60.8 million ($77.2 million), up 133% year-over-year and a 235% growth year-to-date. The company also reported one of its best quarters for net flows since 2021, with $67 million in inflows through its European physical exchange-traded products (ETPs). These ETPs offer exposure to cryptocurrencies backed by physical assets like Bitcoin, Ether, Litecoin, and staked coins such as Solana. The CoinShares Physical Bitcoin ETP alone captured $55 million in inflows, the highest among all Bitcoin ETPs in Europe for Q2. However, CoinShares’ Physical Staked Ethereum ETP saw $15 million in outflows, a trend observed across most ETP issuers in Europe. The recently acquired spot Bitcoin ETP from Valkyrie Funds raised an additional $44 million in Q2, aligning with the overall industry slowdown. Headquartered in Jersey, where it is by the Jersey Financial Services Commission, CoinShares has offices in France, Sweden, Switzerland, the UK, and the US. The company is also regulated by the Autorité des marchés financiers in France; and in the US by the Securities and Exchange Commission, National Futures Association, and Financial Industry Regulatory Authority.

The Cyprus Securities and Exchange Commission (CySEC) has slapped Exelcius Prime Ltd with a hefty €740,000 fine for several breaches of the Investment Services and Activities and Regulated Markets Law of 2017. The Cypriot watchdog provided a breakdown and specific details for the regulatory action, saying its decision was taken, based on a range of issues, from giving investment advice without authorization to poor operational standards. Exelcius Prime, had its CySEC license suspended back two years ago, got a €45,000 fine for unauthorized investment advice. The operator of the now-defunct FX retail brand 1Markets also faced a €60,000 penalty for insufficient board commitment, lack of collective experience, and not having at least two qualified individuals directing the business. A massive penalty of €240,000 was specifically levied for non-compliance with section 17’s organizational requirements. This included not having adequate policies and procedures, failing to review financial instruments for target-market needs, poor client service monitoring, and not providing necessary records to CySEC. CySEC also fined Exelcius Prime €120,000 for not managing conflicts of interest between employees and clients and imposed another €110,000 fine for “not acting honestly, fairly, and professionally in client dealings, as required by section 25(1).” “A fine of €100.000 for violation of section 25(3)(a) of the Law, as the Company did not ensure that all information addressed to clients or potential clients was fair, clear and not misleading, taking into account the practices of the persons that communicated with the clients,” the statement reads. Lastly, two €20,000 fines were given for not assessing the appropriateness of investment services for clients and for setting up a branch in the Czech Republic without informing CySEC. CySEC said earlier that a key focus of its activity this year was the audit of promotional materials from over 35 CIFs. Where misleading content was identified, CIFs were directed to amend their promotional materials to ensure accuracy towards investors. CySEC’s rigorous supervisory audits resulted in administrative sanctions totaling nearly €2.2 million in 2023, with a single CIF facing sanctions of €1 million. Over the last three years, the watchdog has imposed €6 million in sanctions for CIFs legislative breaches.

Amazon (AMZN) released its second-quarter report on Thursday, delivering mixed results. While earnings per share exceeded expectations, revenue fell short of forecasts. The company attributed the sales decline to external factors such as the Olympics and news coverage. Consequently, Amazon lowered its sales guidance for the third quarter, disappointing investors. This news sent AMZN shares tumbling, creating a significant bearish gap on Friday. The downward pressure continued into Monday. However, a glimmer of hope emerged as buyers stepped in on Monday afternoon, halting the decline. While AMZN remains below its July peak by over 20%, the recent price action suggests potential stabilization. Technically, AMZN has traded within a relatively narrow range since late 2023, indicating a balance between buyers and sellers. The recent drop has brought the price back to the lower boundary of this range, a level that has historically provided support. The importance of psychological price levels cannot be overstated. The recent breakdowns below $200 and $190 highlight the market’s sensitivity to these round numbers. Looking forward, AMZN may continue to consolidate around its current level, with resistance potentially emerging at the $166.66 mark. A false breakdown below $150 could also be a possibility. Despite the recent challenges, Wall Street analysts remain optimistic about Amazon’s long-term prospects. The average price target for AMZN stands at $223.60, suggesting a potential upside of over 38%. While the near-term outlook for AMZN is uncertain, the stock’s long-term fundamentals remain strong. Investors should carefully monitor price action and news developments for clues about the stock’s future direction. 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.

Temenos has announced the passing of George Koukis, the company’s founder who established Temenos on 16 November 1993. The fintech company has gone on to become one of the top private and retail banking software developers globally. George Koukis had been active in the software industry for more than 40 years, and was Chairman of the Board of Directors of Temenos until July 2011. Temenos born out of GLOBUS acquisition Having acquired the rights to GLOBUS, the successful banking software platform developed by a team of technical and banking experts in 1988, George Koukis and co-founder Kim Goodall rebranded the company to Temenos. Temenos went public in 2001 and is listed on the main segment of the SWX Swiss Exchange. In the same year, Temenos also acquired a mainframe core banking application which was originally developed by IBM and aimed at high-end retail banks which now marketed as Temenos Core Banking. Temenos launched its T24 banking package in September 2003 after three years of development and in 2021 the company launched its collaborative fintech marketplace, Temenos Exchange. Today, Temenos’ business operations span globally across the Middle East, Africa, Asia-Pacific, Europe, North America and Latin America and partners with some of the biggest banks, fintechs, payment providers and more in the world. Temenos launched Responsible Generative AI solutions Temenos continues to innovate and enhance its capabilities. As part of its AI-infused banking platform, Temenos recently launched Responsible Generative AI solutions, which integrate with Temenos Core and Financial Crime Mitigation (FCM). The aim is to improve the way banks interact with their data, boosting productivity and profitability to realize substantial return on investment. After investing extensively in R&D to support its AI initiatives, Temenos first developed its patented Explainable AI (XAI) solutions and now has come up with Generative AI for banking, which generates unique insights and reports, and can be applied in customer and middle office operations or product development. The new solutions help banks augment the power of their users and their expertise with the insights drawn from Explainable and Generative AI. They can be deployed as standalone for banks, connecting with their existing core systems with minimal integration. The firm explained that, in core banking operations, Temenos Generative AI enhances user workflows, journeys, and day-to-day queries, enabling banks to revolutionize productivity in product creation and account management. In regard to Financial Crime Mitigation, Temenos Generative AI empowers business users to extract intelligence from data using free text. For example, it can inform where tuning can be applied to improve Straight Through Processing (STP).

Transak has launched wire transfers as a new payment method for US users to purchase cryptocurrencies, enhancing accessibility and convenience for cryptocurrency enthusiasts across the nation. This initiative aims to provide more versatile payment methods, thereby improving the overall user experience. Transak seeks to support universal accessibility across various currencies and payment types, ensuring that every user can find a convenient method for engaging in crypto transactions. For many US users, wire transfers, synonymous with bank transfers, make this addition a natural fit for their financial habits. Transak onboarded 13 partners including Binance.US Transak is said to be the first and only fiat-to-crypto on-ramp to offer wire transfers, setting a new standard for user choice and flexibility. This payment method has already demonstrated its appeal for high-value transactions. Compared to other methods on the platform, wire transfers have a 16x higher average order value, with a minimum order requirement of $2,000, highlighting their potential for substantial cryptocurrency investments. One compelling aspect of wire transfers on Transak is their cost-effectiveness. With a fee of 1%, they offer a more economical option compared to other US payment methods such as credit cards and Apple Pay. Since their introduction, wire transfers have garnered considerable interest among Transak’s partner network, with 13 partners onboarded, including Binance.US. Transak has ensured that wire transfers are readily available to a broad spectrum of US users. Anyone who has completed level 2 KYC verification can access this payment option and purchase up to $25,000 worth of cryptocurrencies daily, provided they meet the minimum transaction threshold of $2,000. “Being the first to offer wire transfers for crypto purchases is a significant milestone for Transak” Yeshu Agarwal, Co-Founder, Transak, said: “Being the first to offer wire transfers for crypto purchases is a significant milestone for Transak. This achievement reflects our commitment to innovation and providing our users with more convenient and secure payment options. We’re thrilled to lead the way in expanding accessibility and enhancing the user experience in the crypto space.” Data from Transak’s UK operations show that bank transfers achieve four times the transaction volume compared to other methods like cards and Apple Pay. Implementing wire transfers for cryptocurrency transactions involves intricate processes, from handling bank transfers to ensuring accurate fund reconciliation. The multi-step process of adding beneficiaries, sending funds, and approving transactions adds layers of verification. This complexity makes wire transfers particularly secure due to the high intent required, significantly reducing the risk of fraud. While all payment methods come with strong security measures, wire transfers stand out for their additional security features.

TS Imagine has made its RiskSmart X’s CCP Margin Calculator available to the sell-side. The leading global, cross-asset provider of trading, portfolio, and risk management solutions for financial institutions first launched RiskSmart X last year. With RiskSmart X, users were able to assess how much margin they should require from their buy-side clients. “RiskSmart X was purpose-built for prime brokers, risk managers and operations executives” Currently, RiskSmart X’s coverage includes 33 clearinghouses, over 50 global exchanges, and 13 methodologies. Calculations are updated throughout each trading day, and TS Imagine will continue to expand its coverage based on client needs and developments within global financial markets. TS Imagine is uniquely placed to offer extensive coverage within RiskSmart X’s CCP Margin Calculator. With this update, the CCP Margin Calculator allows users to also assess how much margin will be required from their exchange counterparts. Andrew Morgan, President and Chief Revenue Officer of TS Imagine, said: “We live in uncertain times and within this backdrop, our clients value clarity and preparedness. RiskSmart X was purpose built for prime brokers, risk managers and operations executives at sell-side institutions. It allows users to assess and manage their risk exposure to various counterparts, and prepare for shifting regulatory requirements, audits and government inquiries.”

Interactive Brokers has opened access to listed derivatives on Bursa Malaysia, which has been actively promoting growth and participation from retail investors, especially the younger generation. Clients of the automated global electronic broker can now trade Crude Palm Oil Futures (FCPO) and FTSE Bursa Malaysia KLCI Futures (FKLI) alongside global stocks, options, futures, currencies, bonds, funds, and more from a single unified platform. IBKR adds Crude Palm Oil and FTSE Bursa Malaysia futures FCPO is a Ringgit Malaysia (MYR) denominated Crude Palm Oil Futures Contract traded on Bursa Malaysia Derivatives, providing market participants a global price benchmark for the Crude Palm Oil Market since October 1980. For over 40 years, FCPO has been actively used by edible oils and fats industry players as a risk management solution, as well as by fund managers and financial institutions for managing price fluctuations in the market. FKLI is a Ringgit Malaysia (“MYR”) denominated FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) Futures Contract traded on Bursa Malaysia Derivatives, providing market participants exposure to the underlying FBM KLCI constituents. Both institutional and retail investors actively use FKLI in their respective trading portfolios. “IBKR clients can trade on over 150 markets” Interactive Brokers offers global market access, advanced technology, and competitive pricing, benefiting self-directed individual and institutional investors. In addition to Crude Palm Oil and FTSE Bursa Malaysia KLCI futures, Interactive Brokers plans to add other Bursa Malaysia products in the future. David Friedland, Head of APAC for Interactive Brokers, said: “The introduction of Bursa Malaysia listed derivatives underscores our commitment to expanding the breadth of products available on our platform. Interactive Brokers clients worldwide can trade on over 150 markets using a broad array of tradable instruments, and we are pleased to add these new products to further improve our clients’ trading opportunities and strategies.” Bursa Malaysia, one of the largest bourses in ASEAN, has successfully attracted global brokerage firms to its roster of securities and derivatives broker members as part of its efforts to grow retail participation. As of Q1 2024, local retail investor participation in the securities market stood at 22%, while participation in the derivatives market stood at 17% for FKLI and 25% for FCPO respectively. The new dynamics are also attracting the wider trading industry to Malaysia. Webull just launched its discount brokerage in the country, providing access to trade Bursa Securities and Bursa Derivatives alongside US-listed stocks and exchange-traded funds (ETFs) via the Webull Malaysia app. Last month, the broker secured a Capital Markets Services License for Dealing in Securities (restricted to listed securities) and Dealing in Derivatives from the Securities Commission Malaysia. IBKR’s ForecastEx has gone live IBKR recently announced that its new CFTC-regulated subsidiary, ForecastEx, has gone live with its Forecast Contracts on upcoming economic data releases and climate indicators. Forecast Contracts through ForecastEx facilitate a unique trading approach, allowing investors to hedge against or express conviction on the outcome of key economic and climatic events. The contracts provide a direct method for investors to protect their portfolios from volatility related to economic indicators or climate patterns. They are especially relevant for those invested in cyclical stocks and sectors like industrials, consumer discretionary, and real estate, which are highly sensitive to economic fluctuations. If an investor believes an event will occur, such as an increase in the US Consumer Price Index above a specific value, they can buy a “yes” contract. Conversely, if they think the event will not happen, they can purchase a “no” contract. Contract purchase prices range from $0.02 and $0.99. The value of these contracts will continue to fluctuate based on market participants’ evolving judgment of probabilities, directly reflecting the collective market view of the likelihood of the event. Upon the event’s resolution (e.g., when the US Bureau of Labor Statistics announces the CPI), the contract settles at a predefined value — $1 for a correct answer and $0 for an incorrect one. ForecastEx contracts have weekly, monthly, quarterly, and annual durations. Interactive Brokers will pay interest at 0.5% under the prevailing Fed Funds rate on the closing market value of positions. Income interest accrues daily and is paid monthly, currently at a rate of 4.83% APR.