After a two-year stint at a small fintech, Alexis Fauth has decided to return to a major institution in the world of traditional finance. Deutsche Bank has hired the data science and foreign exchange (FX) specialist for the position of Head of Market Data Methodology.Former Citi Exec Joins Deutsche BankFor six years, Fauth was associated with Citi, one of London's banking powerhouses. He initially served as a quantitative analyst, and then worked for nearly three years as a director in the FX Data Science Desk.Two years ago, he decided to leave the large corporate structure for financial fintech Tradefeedr, where he worked as Head of Data Science. Tradefeedr, with fewer than ten employees, specializes in providing FX trading analytics and data sharing services.However, it appears that Fauth missed traditional banking and decided to trade Tradefeedr for Deutsche Bank, where he has held the role of Head of Market Data Methodology since August, also in London.Before this, he served as a Quantitative Analyst at a London-based subsidiary of S&P. In that role, he headed a team responsible for creating XVA models for Fixed Income, hybrid derivatives pricing, and counterparty credit risk models.Other Exec MovesBuilding on the Deutsche Bank hire, several other notable executive moves have recently shaken up the financial industry landscape.DNA Payments, a prominent player in the payments sector, has strengthened its leadership team by appointing a new Chief Financial Officer, Preete Janda. Janda brings extensive experience from Trust Payments, where the executive previously served as Finance Director. In another development, Zara FX has bolstered its business development efforts by recruiting Christiana Lazaridou from Scope Markets. The new Chief Business Development Officer is expected to leverage her industry expertise to drive Zara FX's expansion and market penetration strategies. Liquidnet, a global institutional trading network, has made a bold move by creating a new multi-asset division and appointing Balraj Briah to lead it. The new division head, with a rich background from Citi and Nomura, brings a wealth of trading experience across various asset classes. This article was written by Damian Chmiel at www.financemagnates.com.

After months of anticipation, the Finance Magnates Pacific Summit (FMPS) is officially underway with the Networking Blitz Opening Party in Sydney! As one of the most important networking events of the year in Australia, tonight’s party offered a wide range of opportunities for participants who were present at Cargo Bar Darling Harbour.Tonight’s Networking Blitz was just the prelude for the next two days of exhibition and content, part of a full gamut of activities, entertainment, and more in store for attendees. Some of the biggest names across multiple industries were spotted in attendance, all of whom were able to enjoy the sunset in downtown Sydney while relaxing over drinks and snacks.The Blitz was of particular importance for individuals looking to network and connect with industry leaders, many of whom were on sight for face-to-face conversation. These types of events are instrumental for speaking to potential partners who can help expand any business.Professional networking events such as this are also very conducive to idea sharing and the exchanging the latest insights. With top-tier talent and the largest brands in attendance, participants were spotted engaging in discussions over drinks about industry trends, learning from others’ experiences, and gaining insights that could influence 2025 strategies and beyond.FMPS Doors Open Tomorrow!This networking party is the kickoff for FMPS, having helped broaden attendees’ circle of contacts and setting the tone for a prosperous two days of exhibition and content. August 28-29 will be featuring tons of curated content for all attendees across both Centre Stage and the Exchange Stage.FMPS will be welcoming attendees from around the world, together with regional providers, brands, and of course, investors and traders. Participants are encouraged to check out the detailed content agenda for the next two days, where they can find any pertinent sessions or workshops of interest.The event features content across four industry verticals, including online trading, fintech, payments, and crypto. These will be represented at length with in-depth panels, workshops, keynotes, and much more. Stay tuned for more updates over the next two days, live from Sydney, Australia! This article was written by Jeff Patterson at www.financemagnates.com.

Finance Magnates has arrived on the shores of Australia with the first Finance Magnates Pacific Summit (FMPS:24). On the eve of the two-day event, the Networking Blitz at the Cargo Bar on Sydney’s Darling Harbour brought the attendees together.Finance Magnates events are known for bringing the retail trading industry together under one roof. They are the perfect spot for networking, providing a chance to meet potential clients and greet existing ones.The rather casual Networking Blitz is when industry executives mix business with fun, setting the mood for the hectic two-day schedule. The evening party at the iconic venue in Sydney has already set the tone for the FMPS attendees.The Networking Blitz party in Sydney brings together all the influential people, not only from the Southern Hemisphere but from across the globe.What’s Tomorrow?Tomorrow morning (Sydney time), the first Finance Magnates event in the land of Kangaroos will kick off. The day is already lined up with keynote speeches, panel discussions, interviews, and much more.Don’t miss the booths where companies showcase their products and services.Stay tuned for live coverage of the event! This article was written by Finance Magnates Staff at www.financemagnates.com.

The Fall will be here before you know it and with it comes the Finance Magnates London Summit (FMLS). Now in its thirteenth year, this premium event will be returning once again to Old Billingsgate on November 18-20. This includes the annual tradition of the London Summit Awards, one of the most anticipated elements of the entire event. Every FMLS concludes with the recognition of these unique honors, which over the past decade have emerged as the most reputable and important for branding, visibility, and transparency. These awards help showcase the most exceptional companies and brands, recognizing outperformance and leadership in multiple industries. London Summit Awards have no equal, with the victors determined entirely by industry peers that are registered to FMLS:24. Of note, these are never bought, and bestow key titles across several categories. The awards cover the top performers in the institutional space across multiple verticals, including online trading, crypto, fintech, and payments. London Summit Awards 2024 – The Industry’s Most Transparent HonorsLondon Summit Awards have a long and rich history, routinely ranking as the highest honors that a company can earn during the year. Nominations will be running until October, which means you still have time to nominate your brand and be in the running this November. This process is designed to provide the entire industry with an equal voice in deciding the winners each year, without the interference of judges or third parties.FMLS:24 awards feature a singular nomination round, making the stakes higher than ever before. Participants must be registered to cast their vote, so if you have not already done so, now is your chance. Make sure to sign up today and enjoy early bird pricing or join the conversation surrounding the London Summit Awards 2024.After you have registered, participants are encouraged to head over to the nominations page, where you can login and begin the process that is easier than ever. All registered users are eligible to nominate any brand they wish for each category, with upwards of 27 different awards up for grabs.The nominations process will be live until the of October and will be immediately followed by the online voting round. During this subsequent voting period, thousands of industry participants cast their vote to decide who will take home the prestigious titles. Do not delay as October will be here before you know it and users can only register for brands that have been nominated.The full terms and conditions of the awards can be accessed via the following link. Why You Cannot Afford to Miss FMLS:24 this FallFMLS:24 will be drawing the biggest talent, speakers, brands, and thousands of attendees to one of the world’s key financial hubs in London. This landmark event is expected to build on last year’s record attendance, aiming for upwards of 3,500+ attendees, 130+ speakers, and 150+ exhibitors from around the world. Prospective attendees can expect to network and learn from leading companies and key decision makers in four distinct industry verticals. As is the case in each London Summit, the event will kick off with the annual Networking Blitz Opening Party on November 18. This unique networking event and evening of revelry will set the stage for a productive two days of a jam-packed content track and exhibition where anything can happen! FMLS:24 has in store two full days of content across three stages, Centre Stage, Innovate, and Inspire Stage. These will feature curated panels, workshops, fireside chats, seminars, and more. If you have not already done so, make sure to familiarize yourself with the event’s full agenda, which is still taking shape.See you in London this November! This article was written by Jeff Patterson at www.financemagnates.com.

Webull UK, a digital investment platform, has announced the launch of options trading for its users. This new feature is designed for sophisticated, active traders who seek to profit from fluctuations in share prices while managing risk. Exchange-Traded Options LaunchOptions trading on Webull UK offers limited counterparty risk due to exchange trading, reducing the likelihood of price manipulation by a single market maker.This development comes shortly after the introduction of Webull Savings, which allows UK users to access various savings accounts and facilitates the rapid transfer of funds between trading accounts and banks."We are pleased to offer options trading for our users, fulfilling the high demand we've received for the offering since our initial launch," said Nick Saunders, CEO of Webull UK. "Few brokers in the UK offer retail clients access to listed derivatives. Our clients value the fact they can speculate without betting against their broker and use options to try to make money in rising or falling markets."Exciting News! Options Trading is just around the corner at Webull. Launch the Webull app and sign up for our waitlist to get early access. Options are complex, high-risk products and are not appropriate for all investors. You may lose all of your invested capital. pic.twitter.com/4JprUqWG5t— Webull UK (@WebullUK) August 14, 2024Webull Launches 24-Hour TradingWebull has introduced a 24-hour stock trading feature in Thailand, making it the first brokerage in the country to offer continuous trading. Thai investors can now trade US-listed equities and ETFs around the clock, including during US overnight trading hours. This follows a similar launch in Malaysia, where Webull began offering 24-hour trading in May 2024 to enhance access to US markets. Additionally, Webull UK has unveiled a new feature called Webull Savings, which integrates savings and investment capabilities into one platform, as reported by Finance Magnates. This allows users to compare interest rates, deposit money into various bank accounts, and move funds between trading and banking within a single account, simplifying asset diversification and investment management. This article was written by Tareq Sikder at www.financemagnates.com.

Revenue for publicly traded Bitcoin (BTC) and other cryptocurrency miners on Wall Street has fallen by 12%. This continues the negative reaction to April's halving, which reduced block rewards, coupled with low network fees and rising production costs. According to the latest JPMorgan report, this is making it difficult for miners to maintain profitability.Bitcoin Miners Earning Less, Reports ShowA few months ago, the fourth Bitcoin halving event took place, reducing the rewards received by miners from 6.25 BTC to 3.125 BTC. As a result, miners receive half as much revenue for their work, and the competition for mining new BTC has significantly intensified."The 4th Bitcoin halving event cut the number of daily coins mined (and all else equal, the daily revenue opportunity) in half, resulting in lower margins and profitability across our coverage universe," commented Reginald Smith and Charles Pearce in the JPMorgan report.The study's authors also point out significantly higher energy costs, which negatively impact the realized profitability of individual publicly traded miners. For Marathon Digital (MARA), the largest Bitcoin miner on Wall Street, these costs have already doubled in 2024 compared to 2023. The situation is similar for other publicly traded miners.An example is BitFufu, whose mining costs jumped by 168% over the year, resulting in a significant 75% cut in net profit. On average, producing one Bitcoin cost the company $33,000.Larger players are dealing with this problem by acquiring smaller ones, leading to significant industry consolidation. We've seen at least a few examples of such moves in recent months. One of them was CleanSpark, which decided to acquire a Bitcoin mining site in Wyoming."Cash-rich miners like Riot Platforms and Cleanspark acquired other miners with turn-key facilities to increase near-term hashrate and increase their power pipeline," JPMorgan added.Miners' Earnings Down 12%In a separate report prepared by VanEck, we read that BTC miners' total daily revenue fell by 12% month over month to $27.4 million. Comparing this result with last year's figures, it's an almost 60% decrease.Surprisinly, VanEck is generally positive and suggests not paying too much attention to these values."While Bitcoin mining revenues have faced challenges due to post-halving block reward reductions and low network fees, many publicly traded Bitcoin miners are outperforming this year by capitalizing on opportunities in AI and high-performance cloud computing," VanEck explains in its latest report.Many publicly traded miners seek their chances in the AI and HPC sectors, which can provide higher margins per megawatt than traditional cryptocurrency mining.“AI companies need energy, and bitcoin miners have it,” VanEck's head of digital assets research, Matthew Sigel, commented. “As the market values the growing AI/HPC data center market, access to power—especially in the near term—is commanding a premium.”Bitcoin Miners are Shifting to AI & HPC, Unlocking New Revenue Through Strategic ArbitrageWe Estimate a $38B Net Present Value Opportunity by Converting 20% of their Collective Capacity by 2027. (For context, the combined market cap of the stocks we looked at is $19B.)? pic.twitter.com/hudE7PbXH2— matthew sigel, recovering CFA (@matthew_sigel) August 16, 2024Examples of such moves have been evident since last year. For instance, HIVE Blockchain rebranded to HIVE Digital to better reflect the evolving nature of its business.VanEck also notes that the pace of BTC sell-offs by miners is slowing, and transfer volumes from their treasuries to exchanges have fallen by 21% over the month. This is said to signal "stabilization from miners after their post-halving selling increased significantly in June and July." This article was written by Damian Chmiel at www.financemagnates.com.

AXE Securities, a contracts for differences (CFDs) broker operating from the Bahamas, has become the latest to enter the fast-growing prop trading industry by acquiring The Forex Funder (TFF). The prop firm was previously owned by Tommy Cobain, an influencer trader with 148.1K followers on X (formerly Twitter).The acquisition, which was announced today (Tuesday), was strategic and will allow the broker to broaden its range of services. However, the broker refused to reveal the exact financial details of the deal, only mentioning “it’s a few million” dollars.The Forex Funder is registered in Dubai, and AXE Securities acquired it under its Hong Kong-registered holding company.“This acquisition aligns with our goal to provide traders with the best possible tools and resources to succeed in the financial markets,” said Tahsin Haykal, Managing Director of AXE Securities. “We are confident that our combined expertise will improve the trading experience for all TFF clients.”? Big news, TFF community! We’re excited to announce that @AXEsecurities has successfully acquired The Forex Funder! This strategic move strengthens our capabilities and expands our reach within the global trading world.Stay tuned for more updates as we work together to bring…— The Forex Funder (@TheForexFunder) August 26, 2024Prop Trading Firm BuyoutsThe acquisition of The Forex Funder came amid an ongoing trend of buying out stressed prop trading firms. Recently, Sway Funded acquired the now-closed prop firm Karma Prop Traders. Astra Capital also surprised the industry by revealing its intentions “to acquire any prop firm that shuts down or pauses operations, taking on all their traders” and onboarding them to its platform.Meanwhile, several prop firms have recently shuttered or suspended their operations, citing various reasons. Indigo Trader Funding, Funds For Traders, Funded Engineer, and True Forex Funds are only a few prop trading brands that have ceased operations.“By integrating TFF into our portfolio, we are not only expanding our reach but also reinforcing our dedication to supporting traders at every level,” added Domantas Mocevicius, Managing Director of AXE Securities.Over 6,000 Active TradersWhen it comes to The Forex Funder, they have a good social media presence with 126.7K followers on X (formerly Twitter), 81.6K followers on Instagram, 10.5K subscribers on Telegram, 10.2K subscribers on YouTube, and over 5.4K followers on TikTok. However, the Discord link on its website is broken, showing the message “this invite may be expired or you might not have the permission to join.”AXE revealed that the prop firm has over 6,000 active traders and 600 funded accounts. However, it has a 2.7 rating on Trustpilot, which is categorised as ‘poor’. The rating is based on the reviews from 1,591 users as of press time.The acquisition of The Forex Funder also led to the replacement of the prop trading firm's management, but it will continue to operate as an independent brand. Haykal and Mocevicius have taken over as the new management. AXE revealed to Finance Magnates that Haykal will oversee the prop trading firm’s day-to-day operations and will also focus on expanding its market presence, driving growth, and ensuring the long-term sustainability of the business. Mocevicius, on the other hand, will be responsible for improving the firm’s infrastructure, ensuring robust risk management practices, and enhancing compliance frameworks This article was written by Arnab Shome at www.financemagnates.com.

DNA Payments has appointed Preete Janda as its new Chief Financial Officer. The company, an independent payment provider in the UK and EU, made this decision to strengthen its finance and leadership teams. Janda is a chartered accountant with experience across various sectors, including technology, payments, e-commerce, retail, and media. Her background includes developing finance and tax functions, as well as implementing financial strategies aimed at driving growth.Veteran Finance Leader AppointedJonda recently worked as Group Finance Director at Trust Payments for eight months. Prior to that, she was CFO & Chief of Staff at Zodia Custody for nearly three years, where she led the finance and HR functions, facilitated funding rounds, and drove international expansion. She strengthened the finance function, implemented growth strategies, and ensured regulatory compliance. Before Zodia Custody, she spent over a year as Finance Director at Paymentsense, leading a team of 15, implementing an ERP system, and launching a card acquiring product. Earlier, she held the position of Head of Global Finance at Fathom for nearly two years.New CFO Drives DNAAt DNA Payments, Janda will lead the finance department. She will focus on creating a finance function that supports the company’s transformation and expansion. Janda will also join the Executive Committee and work closely with the CEO on financial matters.“Janda’s exceptional leadership and strategic financial acumen will be invaluable as we continue to execute our growth plans, which include expanding our product offerings and our market presence both in the UK and internationally,” Jan-Pieter Lips, Chief Executive Officer at DNA Payments, said.“Since its inception in 2018, DNA Payments has experienced phenomenal growth and I’m confident that with Preete on board, we will further accelerate our momentum.”Earlier, DNA Payments and IoT company SUNMI have announced a partnership, as Finance Magnates reported. The collaboration aims to enhance their UK card payments solutions, focusing on sectors like Retail, Hospitality, F&B, and Stadia, and support growth in the UK&I payments sector. This article was written by Tareq Sikder at www.financemagnates.com.

Following the overwhelming number of nominations for both Brokers (B2C) and Fintechs (B2B) categories of the UF AWARDS APAC 2024, the Voting Round is now open. Calling the entire industry to cast their vote for their favourite brokerage or fintech brand or one they deem to be the most deserving, this is the final and decisive stage of the battle for a renowned industry title.Between 26 August - 6 September, anyone eager to make a difference in online trading and fintech is welcome to do so by following this link.Why voting mattersThe UF AWARDS have established themselves as a high quality standard for the online trading and fintech industries, regionally as well as globally. Building on this, the UF AWARDS APAC serve as an indicator of the best and most trusted fintechs and brokers in Asia-Pacific.Brand memorability, industry recognition, and honour across Asia are instrumental to any brand’s success in the region. And this is exactly what the UF AWARDS APAC grant the winners.Filtering the most deserving B2B (Fintechs) and B2C (Brokers) brands, the Voting Round helps propel the best to the top. As every vote counts, the online trading industry is filled with anticipation. Here are some of titles to be won:Brokers (B2C):● BEST BROKER - APAC● BEST TRADING EXPERIENCE - APAC● MOST TRUSTED BROKER - APAC● BEST TRADING PLATFORM - APACFintechs (B2B):● BEST CONNECTIVITY PROVIDER - APAC● BEST PAYMENT GATEWAY - APAC● BEST WHITE LABEL SOLUTION - APAC● BEST B2B LIQUIDITY PROVIDER - APAC● And many more…View all awards here and cast your vote! Industry innovation is in your hands. It’s time to drive the online trading and fintech industries forward.How to voteAs a reminder, only registered users of the UF AWARDS website can vote. Interested participants are encouraged to register (if they have not already done so) and cast their vote before 6 September, when the Voting Round closes.The voting process involves 3 simple steps, and remember you can vote once in multiple categories:● Register on the UF AWARDS APAC 2024 website● Select the categories available and choose the brand you wish to support in each category● Click ‘SUBMIT’ to confirm your vote.The voting procedure is followed by the strict verification and validation of the nominees. Designed by the organisers to ensure transparency and fairness, these final stages of the Voting Round culminate with the winners’ announcement at the official awards ceremony.Crowning the winnersThe conclusion of the Voting Round is marked by the eagerly awaited UF AWARDS APAC 2024 Ceremony held at Centara Grand & Bangkok Convention Centre in Bangkok, Thailand. This event will celebrate the finest in online trading and fintech, with the top performers being called to the stage.Graced by C-level executives and industry visionaries, the UF AWARDS APAC Ceremony is set to offer the perfect blend of business and pleasure, allowing participants to unwind and enjoy the electrifying atmosphere. See you there! This article was written by FM Contributors at www.financemagnates.com.

The world’s first trading platform to provide instant funding to its users, Ufunded.com, has made another pivotal move in their disruptive journey by natively integrating TradingView into their platform.Ufunded.com is committed to product-led-growth and is fully in alignment with TradingView's mission of empowering traders, which has led them to a user base of over 60 million users. TradingView is where the world charts, and therefore, this native integration within Ufunded.com's platform was inevitable, accomplishing yet another leap forward for its user base.Ufunded.com’s users can now chart and trade their provided funding (up to $1m per user) on TradingView’s advanced charts, which have been natively integrated and now serve as the platform’s primary charting engine. It adapts and merges seamlessly with the other features of the all-in-one platform, like the personal performance dashboard, as well as the automated trading journal. Users can chart and make technical analysis on TradingView charts, they can also execute orders and trade right from the charts with their allocated funding, resulting in a seamlessly interconnected all-in-one trading environment. Besides advanced charting and trading straight from charts, the stop-loss and take-profit functionality is available in-chart and upon execution, as well as multi-charting, 14+ chart types, 20+ timeframes, 90+ drawing tools and 100+ pre-built indicators. Moreover, the platform also supports TradingView’s native Account Manager, where the trader can manage his positions from. Upon opening and closing positions, the trades will instantaneously reflect in Ufunded.com’s built-in trading performance dashboard, as well as in the trading journal, exhibiting how seamless this integration has been developed for the user. Since inception, Ufunded.com has been exclusively user-centric, carefully listening to its own user base, advisors and key opinion leaders, who can voice their wishes via the public roadmap, influencing the further development of the platform by suggesting and voting on requests.The data feed (providing users real-time market quotes on the 1000+ stocks, major forex pairs, commodities and metals that are tradable on the platform) remains to be powered by Cboe, a resilient and reliable provider in the global exchange industry which is - besides all the user-driven features - another testament to the platform’s dedication, a choice which is fueled by the mission of empowering and liberating traders through aligned incentives. The recent opening of Ufunded.com’s headquarters, housing anomaly traders, as well as the ecosystem’s strategic subsidiaries, is the ultimate testimony that the invite-only platform is long term committed to the vision of standing at the helm of innovation, inevitably becoming the leading funded trading platform.About Ufunded.comUfunded.com is part of a disruptive fintech ecosystem. The trading platform leverages machine learning, deep learning, and artificial intelligence to generate alpha derived from their users, who receive funding (up to $1m individually) to trade on the platform. The platform includes advanced charting tools powered by TradingView, a personal performance dashboard, a trading journal, and AI-driven real-time market sentiment analysis. The platform operates on an invite-only basis, only accessible through a group of hand-selected leading trading communities. This article was written by FM Contributors at www.financemagnates.com.

The Securities and Exchange Commission (SEC) has taken swift action against two brothers accused of orchestrating a $60 million cryptocurrency Ponzi scheme that defrauded over 80 investors in the US.SEC Charges Brothers in $60 Million Crypto Ponzi SchemeJonathan Adam and Tanner Adam, along with their respective companies GCZ Global LLC and Triten Financial Group LLC, are at the center of the SEC's neweset emergency asset freeze. The regulatory body alleges that the brothers operated a sophisticated fraud scheme from January 2023 to June 2024, promising investors monthly returns of up to 13.5% through a non-existent crypto bot.According to the SEC's complaint, the Adam brothers claimed to have developed a proprietary trading tool capable of identifying arbitrage opportunities in cryptocurrency markets. They allegedly told investors their funds would be utilized in a lending pool to facilitate "flash loans" for these arbitrage trades, assuring them that their investments were safe barring a global market collapse.“As we allege, the Adam brothers promised their investors high returns on a crypto investment that did not exist, and then used investor funds to make Ponzi-like payments and to purchase designer goods, recreational vehicles, and million-dollar homes,” said Justin C. Jeffries, Associate Director of Enforcement in the SEC’s Atlanta Regional Office.Tanner Adam allegedly used the money to pay off a $30 million Miami condominium, while Jonathan Adam reportedly spent at least $480,000 on various vehicles and recreational equipment. SEC also claims that Jonathan Adam misrepresented his background to gain investor trust, failing to disclose three prior convictions for securities fraud.The complaint, filed in the US District Court for the Northern District of Georgia, charges the Adam brothers and their companies with violating antifraud provisions of federal securities laws. The SEC is pursuing permanent injunctions, disgorgement of ill-gotten gains with prejudgment interest, and civil penalties.Not the First, Not the LastThe SEC's actions in recent years demonstrate that the cryptocurrency market is a tempting target for potentially fraudulent trading schemes. As Bitcoin's price rises and adoption grows, more retail investors are eager to profit from cryptocurrencies. Unfortunately, these individuals are increasingly falling victim to scammers.Earlier this year, the SEC uncovered a crypto Ponzi scheme called HyperFund that allegedly raised up to $1.89 billion from investors. The agency brought civil and criminal charges against its founder, Xue Lee, for claiming to offer "guaranteed high returns" from supposed crypto asset mining operations and partnerships with Fortune 500 companies.In mid-August, the Commission imposed a $650 million fine on NovaTech for fraud, further eroding investor confidence in the crypto market. NovaTech exploited victims' religious faith through social media, Telegram, and WhatsApp messages, often in Haitian Creole. The scheme's leader, Cynthia Petion, branded herself as "Reverend CEO" and claimed NovaTech was "God's vision.”Even more concerning, a July study by Cyvers reveals that only 24% of stolen cryptocurrencies are returned to victims. Three out of four crypto thieves and fraudsters typically escape punishment, having amassed over $1 billion in the first half of the year alone. This article was written by Damian Chmiel at www.financemagnates.com.

Plus500 Ltd announced today (Tuesday) a new share buyback program totaling up to $110 million. It follows a recently completed $100 million buyback initiative announced in February and is part of a larger $185.5 million shareholder return package unveiled in the company's H1 2024 results few weeks ago.Plus500 Launches Next Share Buyback ProgramThe newest share buyback, reflects the Group's robust financial position, cash generative business model and ongoing ability to deliver strong shareholder returns over the medium-term,” the company commented in the annoucenement. Plus500 has a long history of buying back its own shares from the market. Such actions usually have two goals: increasing value for shareholders and allowing the company to use excess cash effectively. For publicly traded companies, this is also an opportunity to gain tax benefits, improve financial ratios, and consolidate ownership."As of 30 June 2024, the Group held over $1bn of its own cash on its balance sheet for the first time, enabling it to pursue organic and inorganic growth initiatives, whilst also delivering attractive and sustainable returns to shareholders,” Plus500 added.Under the program's terms, Plus500 is authorized to repurchase up to 5,694,522 shares. The buyback will be executed in open market transactions and managed by Panmure Liberum Limited, operating under pre-defined parameters without discretionary input from Plus500 or its board members.The program will run from today until March 31, 2025, with the company retaining the right to continue purchases during any closed periods within this timeframe. All repurchased shares will be classified as treasury shares, with no dividend rights or voting privileges at general meetings.How Do Plus500’s Financial Results Look?Recent financial data for Plus500 reveals a mixed performance. In the second quarter of 2024, the company generated revenue of $182.6 million, marking a 14% increase compared to the same period last year. However, this figure represents a 15.3% decrease from the $215.6 million earned in the first quarter of 2024.EBITDA followed a similar pattern, rising 11% year-over-year to $81.3 million but falling 20.7% compared to the previous quarter. The quarter's EBITDA margin stood at 45%, which is 2 percentage points lower than the same quarter in the previous year.On a positive note, Plus500 saw growth in its customer base. Between April and June, the company added 24,810 new customers, an improvement from the 22,248 new customers acquired during the same period in 2023.Plus500 maintains a high revenue per client metric, currently at $3,115. However, it's worth noting that the company has been surpassed in this regard by another publicly traded firm in London, CMC Markets, whose value has increased to $5,816. This article was written by Damian Chmiel at www.financemagnates.com.

The Commodity Futures Trading Commission (CFTC) has ordered Bank of New York (BNY) to pay a $5 million civil penalty for repeatedly failing to report millions of swap transactions correctly and inadequately supervising its swap dealer business.Bank of New York Mellon Fined $5 Million for Swap Reporting FailuresThe enforcement action, announced yesterday (Monday), addresses violations that occurred between 2018 and 2023. During this period, BNY failed to accurately report at least five million swap transactions to a registered swap data repository, breaching both CFTC regulations and a prior order issued against the bank in 2019.CFTC's Division of Enforcement Director Ian McGinley emphasized the importance of accurate reporting in the regulatory framework for swaps. "It is essential that swap dealers get this right," he stated.„In that vein, I commend BNY for its extensive cooperation, remediation, and decision to retain an independent compliance consultant to assist the bank in improving its compliance program and preventing the reoccurrence of misconduct,” McGinley added.The order also highlights BNY's failure to supervise its swap dealer business properly. The bank lacked written policies or procedures to monitor voice communications of its associated persons (APs) and e-communications in languages other than English, which are necessary to ensure compliance with CFTC regulations.As part of the settlement, BNY has agreed to retain an independent compliance consultant to review and advise on its compliance program. This decision and the bank's self-reporting and substantial cooperation with the investigation contributed to a reduced civil monetary penalty..@CFTC Orders The Bank of New York Mellon to Pay $5 Million for Swap Reporting and Supervision Failures and Violation of a Prior CFTC Order: https://t.co/68TjTlW7pF— CFTC (@CFTC) August 26, 2024Wisconsin Man Fined $75,000 for Unregistered Commodity Trading Advisor ActivitiesIn a separate action also on Monday, CFTC has ordered Mark Hendershott of Wisconsin to pay a $75,000 civil monetary penalty for operating as an unregistered commodity trading advisor (CTA).According to the CFTC order, Hendershott provided hedging advice and trading services related to agricultural futures contracts to farmers without proper registration between May 2018 and June 2021. His activities included offering tailored advice on using futures contracts to hedge crop production and directly placing trades in clients' accounts.The order states that Hendershott developed a client base by contacting prospective farmers and charged a flat fee for his services. He assisted clients in opening trading accounts and managed various aspects of those accounts, including fund transfers and margin issues.The CFTC found that Hendershott met the criteria requiring CTA registration, as he held himself out as a CTA and provided commodity trading advice to more than 15 persons in a 12-month period while using interstate commerce to conduct his business. This article was written by Damian Chmiel at www.financemagnates.com.

With the commencement of the 2024–2025 football season, Coinbase has expanded the scope of its existing partnership with German football club Borussia Dortmund (BVB). The sponsorship deal was originally agreed upon in July 2022 and will be in place for the next three years.Announced today (Tuesday), the crypto exchange and the football club have geographically expanded their cooperation to include Europe and Singapore, thus extending beyond Germany. The original and the enhanced deal was brokered by SPORTFIVE.A “Long-Term Commitment”“The extension of our partnership once again demonstrates Coinbase's long-term commitment to Germany's most likeable football club,” said Jan Sell, CEO of Coinbase Germany. “We are excited to expand our partnership beyond Germany to reach BVB fans in other markets.”Under the previous terms, the US-headquartered crypto exchange gained advertisement rights at BVB’s official stadium, Signal Iduna Park, with a capacity of 81,365, including branding on the perimeter banners and cam carpets.With the expansion of the sponsorship deal, Coinbase will now showcase its brands in all substitutions at home games, and the perimeter banners will be displayed to spectators throughout Europe, the Middle East, and Africa.Additionally, the crypto exchange and BVB will jointly advertise in sports media and produce content to be posted on the football club’s social media channels, which have 20.9 million followers on Instagram, 15 million followers on Facebook, 4.4 million followers on X (formerly Twitter), and 1.3 million subscribers on YouTube.The Season of New Sports Sponsor Kicks OffBallspielverein Borussia 09 e. V. Dortmund, commonly known as Borussia Dortmund, is one of the top football clubs in Germany and Europe. Based in Dortmund, the club was established in 1909 and has won several domestic and international titles over the years.The crypto exchange further highlighted that it would “make greater use of the BVB brand on its own channels,” which include its website, social media, and email marketing. It will also distribute information about top matches to its customer base.Coinbase is the top cryptocurrency exchange in the United States and one of the few publicly listed companies in the industry. Between April and June, the exchange generated $1.4 billion in revenue and a net income of $36 million.“The brand partnership between Coinbase and BVB began as a small test balloon and is now already going into its second extension,” added Carsten Cramer, Managing Director of Borussia Dortmund. “With each new step, we have deepened and expanded our cooperation: additional regions, additional advertising media and a longer time horizon.”Coinbase’s partnership with BVB was strategic, as it inked the deal during its European expansion phase. The exchange received authorisation from Germany's BaFin in 2021 to provide cryptocurrency custody services, following approvals in Italy and the Netherlands in 2020.Apart from the BVB deal, Coinbase also sponsors the National Basketball Association (NBA) with a multi-year partnership deal and is also the exclusive partner of the Women's National Basketball Association (WNBA), NBA G League, NBA 2K League, and United States Basketball. This article was written by Arnab Shome at www.financemagnates.com.

The alleged misconduct of the Commodity Futures Trading Commission (CFTC) in the My Forex Funds case has now caught the attention of US lawmakers. Last week, Republican Senator from Iowa, Charles Grassley, sent a letter to Rostin Behnam, the Chairman of the CFTC, asking about the “process and procedure” of the regulator’s administrative proceedings and whether the agency has initiated disciplinary action against the staff involved in the misconduct.Misconduct by the CFTC StaffAlthough the letter, issued on 22 August, did not explicitly mention My Forex Funds by name, it included details of the lawsuit. The agency sued the company in August last year and then froze its and its CEO’s assets, claiming misappropriation of funds. However, those payments were made to the tax authorities, leading the court to unfreeze a significant portion of the assets.My Forex Funds now alleges that the CFTC knowingly lied to the court to obtain the asset freeze order and is seeking a sanctions order against the regulator. The evidentiary hearing for the sanctions order against the regulator is scheduled for 19 and 20 September.The Senator's latest letter also highlighted the criticisms made by CFTC Commissioner Caroline D. Pham against the “false, misleading, and incomplete information” provided by the regulator in court and the agency’s inability to conduct internal reviews or hold anyone accountable for this misconduct."It’s alarming that CFTC staff have engaged in this misconduct and that the CFTC has apparently failed to hold those employees accountable, particularly when the misconduct has resulted in depriving individuals of their property without due process," the Senator pointed out.The Regulator Must be TransparentNow, the 90-year-old Senator is asking the regulator’s Chairman why it took “six months for CFTC leadership to be notified about the aforementioned misconduct and admonishment by the court” and to reveal other examples of such misconduct that the staff failed to inform the leadership about.The Senator's questionnaire also seeks details of the “internal review of the misconduct” and the “imposed disciplinary and other corrective action” if they have been taken.Behnam succeeded Heath Tarbert as Chair of the US regulator that oversees the country's futures and derivatives markets. His political stance aligns with the Democratic party, while Commissioner Pham, according to a Bloomberg report, comes from the Republican sect. For proper functioning, 2 out of the 5 Commissioners are usually appointed with allegiance to the opposition party.“From 2021 to the present, has the CFTC received allegations related to CFTC staff providing false, misleading, or incomplete information in court, administrative, or other proceedings?” the letter by Senator Grassley added. “If yes, list and describe, in detail, each complaint and the misconduct involved. In these instances, was disciplinary or other corrective action taken? If yes, provide, in detail, the disciplinary or other corrective action taken. If not, why not?” This article was written by Arnab Shome at www.financemagnates.com.

The Securities and Exchange Commission (SEC) has charged Abra, a crypto asset platform operated by Plutus Lending LLC, for allegedly failing to register its retail crypto asset lending product, Abra Earn. The SEC’s recent charges also include allegations that Abra operated as an unregistered investment company, raising concerns about investor protection and regulatory compliance.Claims of Unregistered Investment CompanyAccording to a statement by the SEC, Abra launched Abra Earn, a program allowing US investors to lend their crypto assets in exchange for variable interest rates, in July 2020. This program amassed significant traction, with $600 million in assets at its peak, nearly $500 million of which came from US investors. The SEC alleged that Abra marketed the program with the promise of “auto-magically” earning interest while exercising discretion over how to generate income from these assets. The SEC contends that Abra Earn constituted a security, which should have been registered according to federal securities laws.According to the SEC, Abra held more than 40% of its total assets, excluding cash, in investment securities, including crypto assets loans to institutional borrowers. This threshold necessitates registration under the Investment Company Act of 1940, which Abra allegedly ignored.By June 2023, Abra had begun winding down its Abra Earn program, instructing US-based customers to withdraw their crypto assets. Despite this, the SEC proceeded with its charges, citing violations of the Securities Act of 1933 and the Investment Company Act of 1940.Civil PenaltiesTo settle these charges, Abra has reportedly agreed to an injunction prohibiting further violations of the registration provisions outlined by the SEC. The company will also pay civil penalties, the amounts of which are to be determined by the court. Abra did not admit or deny the SEC’s allegations as part of the settlement.The SEC’s Office of Investor Education and Advocacy has previously issued bulletins warning investors about the risks associated with crypto asset interest-bearing accounts, highlighting the importance of due diligence in this volatile market.In June, Abra and its CEO, William Barhydt, settled with 25 state financial regulators in the US for operating a crypto business without the required approvals. The platform was accused of offering crypto trading and investing services without any license. The settlement ordered Abra to return over $82.1 million in crypto to US customers in each of the settling states and cease crypto activities in the region. This article was written by Jared Kirui at www.financemagnates.com.

The Securities and Exchange Commission (SEC) has rewarded two whistleblowers whose tips and cooperation were instrumental in a major enforcement action over $24 million. According to the regulator, this case underscores the vital role whistleblowers play in unveiling misconduct that might otherwise remain hidden.Timely InformationThe first whistleblower, who initially reported the misconduct, was awarded $4 million. Their timely information prompted the SEC to open an investigation. However, the second whistleblower received a larger share, $20 million. Their detailed insights and ongoing cooperation were also crucial in securing a successful outcome, particularly in a case involving complex actions overseas.Commenting about the award, Creola Kelly, the Chief of the SEC’s Office of the Whistleblower, said: “Today’s awards highlight the incredible public service provided by whistleblowers. The information would have been difficult to obtain in the absence of the whistleblowers as it pertained to conduct occurring abroad.”Today we announced awards of more than $24 million to two whistleblowers whose information and assistance led to an SEC enforcement action and an action brought by another agency. https://t.co/mpYKWeJnFs pic.twitter.com/bxfzxHfJ37— U.S. Securities and Exchange Commission (@SECGov) August 26, 2024The SEC’s whistleblower program is entirely funded by monetary sanctions imposed on securities law violators. Payments are made from an investor protection fund created by Congress, ensuring that the program does not draw from taxpayer money. Whistleblowers can receive between 10% and 30% of the monetary sanctions collected, provided the total exceeds $1 million. The SEC’s recent $24 million payout demonstrates the effectiveness of its whistleblower program, the commission mentioned.Other RewardsSimilarly, the SEC awarded a whistleblower $37 million last month for providing important information in another enforcement action. The agency mentioned that the whistleblower provided unique information unknown to the SEC, significantly assisting in the investigation.The unidentified individual reportedly conserved valuable SEC assets and time by meeting with the enforcement staff and highlighting potential witnesses and documents. Their action was reportedly crucial in the enforcement action and returned millions to affected investors.Kelly mentioned: “Today's award illustrates the importance of the SEC's whistleblower program, as the whistleblower's information helped the agency return millions of dollars to harmed investors.” This article was written by Jared Kirui at www.financemagnates.com.

A Nigerian judge will hear a money laundering case involving the cryptocurrency exchange Binance and two of its executives next week. The hearing was moved to an earlier date following a request by the defense. Originally scheduled for October 11, the court date is now set for September 2, according to the prosecutor.Binance Denies Laundering AllegationsBinance is accused of laundering over $35 million. The charges also extend to two of its executives: Tigran Gambaryan, a U.S. citizen and head of financial crime compliance, and Nadeem Anjarwalla, a British-Kenyan regional manager for Africa.Both Binance and Gambaryan have denied the charges. Anjarwalla, however, fled Nigeria before the trial and has not been detained. Gambaryan, on the other hand, has been in Nigerian custody since February. His health has reportedly worsened during his detention, according to his wife, Yuki Gambaryan. She has appealed to the Nigerian government to drop the charges on humanitarian grounds and has sought assistance from the US government to secure her husband's release. In addition to the money laundering charges, Binance is also facing accusations of tax evasion.Nigerian judge to hear money laundering case against Binance next week https://t.co/GnIG3oQDop pic.twitter.com/vvSbgZZGt4— Reuters World (@ReutersWorld) August 26, 2024Trading in Naira SuspendedThe Nigerian government has held Binance partly responsible for the country's currency struggles. Cryptocurrency platforms, including Binance, have become popular for trading the Nigerian naira amid chronic dollar shortages, leading to the naira's sharp decline. In response to a government crackdown on crypto exchanges, Binance announced in March that it would cease all transactions and trading in naira.Meanwhile, NBA star Jimmy Butler and crypto YouTuber Ben Armstrong, known as “BitBoy,” have agreed to settle a class action lawsuit related to the promotion of alleged unregistered securities sold by Binance, as reported by Finance Magnates. The total settlement amounts to $340,000, with Butler agreeing to pay $300,000 and Armstrong $40,000, as reported by CoinTelegraph. Both individuals continue to deny any wrongdoing despite the settlement. This article was written by Tareq Sikder at www.financemagnates.com.

MoneyGram International has enlisted Josh Gordon-Blake as Chief Digital Officer. Gordon-Blake, formerly the Chief Operating Officer at Pangea, will now oversee MoneyGram's digital strategy.Expansion of MoneyGram OnlineAccording to the company, he will focus on the development and global expansion of MoneyGram Online. Reporting directly to Alex Holmes, MoneyGram's Chairman and CEO, Gordon-Blake will also join the executive leadership team, bringing his extensive fintech experience to the forefront.Commenting about the appointment, Holmes said: “We are excited to welcome Josh to the MoneyGram team and utilize his breadth of experience to fast-track the growth of our modern fintech platform and suite of digital products and services. With his impressive track record in fintech innovation and entrepreneurial leadership, I am confident that Josh will not only build on our outstanding progress but also propel us to new heights of success.”Gordon-Blake's appointment reportedly aligns with MoneyGram's vision to accelerate its digital business, particularly through MGO, which has become a cornerstone of the company’s digital operations. MGO is renowned for its digital services, including cross-border money transfers, bill payments, and cryptocurrency transactions. Gordon-Blake will lead the enhancement of these services, aiming to expand market reach and improve customer engagement.Industry Veteran At Pangea, Gordon-Blake oversaw the company’s acquisition by Enova International in 2021. His new role will encompass managing existing digital services and exploring new opportunities in cryptocurrency integration and product innovation.“The opportunities ahead, fueled by best-in-class technology, existing international reach, and scalable infrastructure, are immense. I look forward to working with this talented team to deliver digital solutions that meet the evolving needs of customers globally,” Gordon-Blake added.Meanwhile, Trustly collaborated with MoneyGram early this year to foster connectivity among users globally. This collaboration aims to introduce cardless payment options for users in Europe.Sara Vassar, the Chief Product Officer at MoneyGram, said about the partnership: “For over eight decades, MoneyGram has been at the forefront of innovative, secure, and convenient global money transfer solutions, meeting the dynamic needs and preferences of our customers. We’re excited to partner with Trustly to continue to streamline the money transfer process for more consumers across Europe.” This article was written by Jared Kirui at www.financemagnates.com.

Bitpanda Technology Solutions and CoinMENA have partnered to expand crypto trading services in the Middle East. Licensed as a crypto asset platform under the Central Bank of Bahrain and Dubai Virtual Asset Regulatory Authority (VARA), CoinMENA aims to utilize Bitpanda’s digital infrastructure to meet a growing crypto demand among users. Expanding Crypto Asset OfferingsAccording to the official announcement, this partnership promises to enhance trading efficiency and broaden the range of crypto assets available to users. CoinMENA’s partnership with Bitpanda Technology Solutions has promised to deliver several key benefits to its users. This integration reportedly ensures that users receive optimal prices for their trades, leading to a smoother and more reliable trading experience. Additionally, this collaboration reportedly addresses one of the most requested features from CoinMENA’s user base, the rapid addition of new crypto assets to the platform.?NEW Partnership Announcement?CoinMENA partners with @Bitpanda_global Technology Solutions to enhance trading efficiency and expand crypto-asset offeringCoinMENA Co-Founders @DinaSaman_ and @tabbaa4 statement: "We are excited to partner with Bitpanda Technology Solutions,… pic.twitter.com/oivhZPGpdK— CoinMENA | كوين مينا (@CoinMENA) August 26, 2024The partnership with Bitpanda enables CoinMENA to integrate a range of crypto assets into its platform, offering its users a more comprehensive selection. According to the company, this move aligns with the increasing demand for diversified crypto asset portfolios in the region, particularly as the MENA region continues to emerge as a hub for crypto innovation.Currently, Bitpanda serves a global clientele, including some of the world’s renowned financial institutions. Its partnership with CoinMENA is expected to strengthen its presence in the MENA region. In June, Bitpanda reported that its user base surpassed 5 million retail investors. The step followed a significant growth period in the second quarter when the number of retail traders expanded by 25%.Bitpanda Expands User BaseThe crypto exchange reportedly added another million users in just the past 12 months, highlighting a growing interest in crypto trading across Europe. Bitpanda also disclosed an expansion of its partnership with Deutsche Bank to offer real-time payment solutions in Germany.This partnership reportedly supports transactions through an API-based account solution, enabling Bitpanda access to German IBANs. This initiative is Bitpanda’s step to boost user experience and strengthen its position as a crypto trading platform in Europe. This article was written by Jared Kirui at www.financemagnates.com.