Capital.com announced today (Monday) it will no longer charge overnight funding fees on non-leveraged contracts for difference (CFDs) trades for stocks and cryptocurrencies. The change eliminates certain fees for traders who maintain positions beyond a single trading day, potentially benefiting those who prefer longer-term strategies.Capital.com Eliminates Overnight Fees on Non-Leveraged Stock and Crypto CFDsThe decision comes as Capital.com observes a shift in retail trader behavior towards extended holding periods, particularly in stock and cryptocurrency markets. According to the company's data, 89% of all non-leveraged overnight positions in Q2 2024 were in stocks and cryptocurrencies, compared to just 28% in commodities."Our data shows that retail traders are moving beyond day-trading to experiment with different trading styles, including taking longer-term positions in popular stocks and cryptocurrencies," said Dana Massey, Chief Product Officer at Capital.com. "To support them in this journey, we have taken the decision to remove funding adjustments for non-leveraged CFD trades on shares and cryptocurrencies."The platform's data reveals that traders holding overnight stock positions typically maintain them for up to 7 days, while cryptocurrency traders average 4 days. In contrast, positions in indices and commodities are usually closed after just 3 days.With 0% overnight funding on popular markets like shares and cryptocurrencies, our traders have peace of mind to explore longer-term, investment style strategies without worrying about the additional cost burden,” added Massey.The new policy, effective immediately, applies only to overnight funding on 1:1 leverage CFD trades for shares and cryptocurrency markets. Trades using other leverage ratios or on different markets remain unaffected.Capital.com, which saw client trading volumes exceed $1 trillion in 2023, continues to adapt its offerings to meet the changing demands of retail traders. Among the mentioned changes was the July partnership with TradingView, a popular charting platform aimed at offering traders access to more advanced charts.Personnel Changes at Capital.comRecently, Capital.com has been notably active in the job market, alongside introducing new product updates. Last week, Patricia Lyn Dixon revealed on LinkedIn her recent appointment as the Global Head of Programmatic at Capital.com. She joins from Amazon Ads where she spent over two years as a Programmatic Solutions Consultant.Earlier this month, the broker also welcomed Tarek Mahassen as the new Head of Risk for the MENA region. His move concludes a two-year period at Revolut where his final role was Group Senior Operational Risk Manager. Prior to that, Mahassen handled business risk management at a prominent London-based fintech company.In another significant development this June, Campbell MacPherson announced that he has taken on the role of Chief Executive Officer for Capital.com’s operations in Australia. Before joining Capital.com, MacPherson was the Regional Director of Sales at FactSet, where he led initiatives to expand the company’s reach across various asset classes in the Pacific region. This article was written by Damian Chmiel at www.financemagnates.com.

Plus500 (LON: PLUS) generated revenue of $182.6 million in the second quarter of 2024, which increased 14 per cent year-over-year. However, the figure dropped by 15.3 per cent when compared to the $215.6 million generated in the first three months of the year.EBITDA also followed the same trend, improving by 11 per cent to $81.3 million year-over-year and declining by 20.7 per cent quarter-over-quarter. The quarter's EBITDA margin was 45 per cent, 2 percentage points lower than the corresponding quarter of the previous year.The Impact of EURO 2024Justifying the numbers, the London-listed brokerage pointed out that financial market activity was dull towards the end of the quarter due to the UEFA EURO 2024 Football Championship, which was expected given previous trends.“During the first six months of 2024, Plus500 delivered excellent financial and operational progress despite difficult market conditions,” said David Zruia, Chief Executive Officer at Plus500.“Revenue and EBITDA increased meaningfully year-on-year, highlighting the inherent resiliency and strength of the Group's differentiated business model. This underpins our continued focus on our stated strategy of expanding into new markets, developing new products, and deepening relationships with our customers.”The trading update today (Monday) further revealed that the Israeli broker added 24,810 new customers between April and June, compared to 22,248 new customers in the corresponding quarter of 2023.Furthermore, the company still boasts a healthy balance sheet with over $1 billion in cash.A Strong OutlookAs for the outlook, the broker is anticipating its revenue and EBITDA for the ongoing financial year to be in line with the current market expectations, which are $697.8 million and $314.6 million, respectively.“Plus500 remains well positioned to capitalise on both short-term market conditions and the longer-term growth trends in its end markets,” Zruia added. “In the short term, our increasingly diversified offering and intuitive trading platforms allow customers to access a wide variety of products, services, and features across multiple markets. Over the medium term, we will continue to invest in our strategic roadmap initiatives, which are enabled by our class-leading technology, deep customer engagements, and robust financial position.” This article was written by Arnab Shome at www.financemagnates.com.

After a record-high number of executive moves last week, this week saw a slight drop in the number of appointments, promotions, and exits. In this week's segment, notable moves came from FX, proprietary trading, and investment platforms.Notably, former Amazon Consultant joined Capital.com as Global Head of Programmatic; Finalto recruited Digital Marketing Expert Grant Ellis from CMC Markets; GCEX strengthened UAE presence with a new Non-Executive Director; Capital.com hired Revolut's Tarek Mahassen as Head of Risk in MENA; MetaQuotes welcomed TopFX's former executive Rami Fleifel as Sales Manager; prop trading giant FTMO strengthened c-suite with a new CFO and Head of Legal; Marex's former Director Tim Cunningham joined Liquidnet; TradingView targets Australia expansion with a new Director of Growth. Take a look at our executive move segment for this week as we highlight the most important executive appointments, promotions, and exits from notable brands.Executive Moves of the WeekFormer Amazon Consultant Joins Capital.com as Global Head of ProgrammaticCapitcal.com appointed Patricia Lyn Dixon as Global Head of Programmatic. Previously, Dixon worked at Amazon Ads as a Programmatic Solutions Consultant for over two years. Before Amazon, she was the Buyer Lead for the UK and Nordics at Magnite for one and a half years. Besides that, Dixon also held various roles at Omnicom Media Group. She was the Director of Programmatic AV and later the Operational Business Director for one and a half years. She started at Omnicom as a Senior Programmatic Video Manager nearly a year ago. Her career began at Videology, where she spent nearly four years.Discover more about Capitcal.com's appointment of Patricia Lyn Dixon as Global Head of Programmatic. Finalto Recruits Digital Marketing Expert Grant Ellis from CMC MarketsFinalto hired CMC Markets' Former Digital Marketing Manager, Grant Ellis, to serve in the same capacity. Ellis has been with CMC Markets for nearly two years as the Digital Marketing Manager, leading the development of strategies to acquire leads and manage marketing campaigns.She previously served as the Digital Marketing Manager for the London-based Kingfisher Insurance. The marketing expert has also worked for other brands, including Cogora, Zinc Media Group, and GP Acoustics. In a similar move, Finalto onboarded Daniel Leis as the Sales Director in February, joining the company's London offices.Display more about Finalto's hire of CMC Markets' former Digital Marketing Manager, Grant Ellis. GCEX Strengthens UAE Presence with New Non-Executive Director OnboardGC Exchange FZE, the Dubai-based arm of the GCEX Group, named Saeed Al Darmaki as the Non-Executive Director as part of its efforts to expand its presence in the UAE. Al Darmaki's will focus on the company's expansion. Currently, GC Exchange FZE is operating in the country as a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA).Headquartered in London with physical offices in Copenhagen, Glasgow, Zug Crypto Valley, and Kuala Lumpur, GCEX opened its Dubai offices in mid-2022 and subsequently obtained the local license. Currently, Al Darmaki is currently the CEO of Sheesha Finance and co-founder of the Alphabit investment fund. He also holds advisory roles in several other companies in the country.Find out more about Al Darmaki's onboarding as a Non-Executive Director at GCEX and the firm's effort to expand its presence in the UAE. Capital.com Hires Revolut's Tarek Mahassen as Head of Risk in MENACapital.com brought Tarek Mahassen as Head of Risk for the MENA region, ending his two-year tenure at Revolut, where he most recently served as the Group Senior Operational Risk Manager. Earlier, Mahassen was the Business Risk Manager at the London-based fintech giant. Commenting about his career move, Tarek Mahassen said: "After two and a half amazing years at Revolut, it's time for a new chapter in my journey. I'm thrilled to announce that I'll be joining Capital.com as Head of Risk MENA and moving to Dubai. A huge thank you to my incredible colleagues and mentors at Revolut. Your support, collaboration, and the memories we've created together have been truly special."Reveal more about Capital.com's appointment of Tarek Mahassen as the Head of Risk for the MENA region. MetaQuotes Welcomes TopFX's Former Executive Rami Fleifel as Sales ManagerRami Fleifel, the former Head of Support and Back Office at TopFX joined MetaQuotes as the Sales Manager. Fleifel recently served as the General Manager of Fondex, a forex and CFD company based in Cyprus. While at TopFX, he also held the role of Head of Support for EMEA.Fleifel has held other key roles in notable industry brands, including Spotoption Exchange, AFX Group, and IronFX Global. At AFX Group, he was the Business Development Manager for a year, while at IronFX Global, he served as the Account Manager. This latest appointment comes as Metaquotes expands its product offering, including the recent launch of the MetaTrader 5 platform beta build 4330.Identify more about the transition of Rami Fleifel to MetaQuotes as Sales Manager. Exclusive: Prop Trading Giant FTMO Strengthens C-Suite with New CFO and Head of LegalFTMO onboarded Radek Dyntar as the Chief Financial Officer and also hired Eva Svobodová as the Chief Legal Officer. These appointments came as the Czech prop trading firm gears up to launch brokerage services. The firm has named Michael Kamerman as the Chief Executive of its brokerage division.This latest appointment comes as the group expands its operations. The number of registrations on FTMO have jumped by 30 percent year-over-year in the first three months of 2024, according to the data by the company. Early this year, it bought a marketing agency eVisions following the acquisition of fintech company Quantlane last year. Learn more about FTMO's new top management and the expansion of the firm's operations. Marex's Former Director Tim Cunningham Joins LiquidnetLiquidnet, the global institutional investment network connecting asset managers with liquidity, appointed Tim Cunningham as the new Managing Director of Outsourced Foreign Exchange Trading and Sales. Until recently, Cunningham was based in the New York City Metropolitan Area, where he spent six months as a Director at Marex.The Veteran executive has also worked with notable brands in the industry, such as Saxo Bank, Societe Generale, American Express, and Cowen Prime Services. Cunningham was a Director at Cowen Prime Services for more than three years. Prior to that, he served as the Director of FX Sales at BTIG for more than four years.Show more about Marex's former Director, Tim Cunningham's move to Liquidnet.TradingView Eyes Australia Expansion with a New Director of GrowthCharting and market analysis firm TradingView strengthened its Asia-Pacific team with the appointment of Sam Grecner as the Director of Growth for Australia. Based in Melbourne, Grecner has already assumed the role. In his ten-year-long career, Grecner has worked with multiple financial services brands, including Pepperstone.TradingView is one of the most used tools by traders for retail and institutional traders. Its popularity was notable during the pandemic when retail trading demand skyrocketed. Its easy-to-use charts and market analysis tools soon made it one of the most visited financial services platforms globally, with over 70 million users across 190 countries.Discover more about the appointment of Sam Grecner as the Director of Growth for Australia. This article was written by Jared Kirui at www.financemagnates.com.

My Forex Funds Investigation Rattled by CFTC Commissioner Exposing Staff MisconductCommodity Futures Trading Commission (CFTC) Commissioner Caroline Pham issued a statement calling for immediate action to address alleged misconduct by CFTC staff in an ongoing enforcement case against Traders Global Group, the operator of the proprietary trading firm My Forex Funds (MFF).In her statement, Commissioner Pham expressed concerns over allegations made in a motion that reportedly accuses CFTC staff of making false statements to the court over a six-month period. For MFF, this could be a turning point in the case that has been ongoing since last September, as the proprietary trading firm has consistently suggested that the commission may have misinterpreted some of the payments it made, which led to the freezing of its assets.Breaking: My Forex Funds Seeks Sanctions against the CFTCHowever, the legal representatives of Traders Global Group, operating as My Forex Funds, are seeking sanctions against CFTC. In a motion filed this week, the lawyers allege that the regulator knowingly misrepresented facts and its “staff acted in bad faith.”The motion, which is part of the ongoing litigation against MFF and its CEO, Murtuza Kazmi, highlighted the alleged misrepresentation by the regulator against Debtbox as grounds for the sanctions. Much of the allegations were based on earlier claims that the CFTC knowingly misrepresented some tax payments while suing My Forex Funds and its CEO for fraud. Earlier, the court later unfroze the majority of Kazmi's assets.CFTC / Traders Global Group (MyForexFunds)2 Public Statements & Remarkshttps://t.co/hesi6o18Wqhttps://t.co/CB1bSibwlG pic.twitter.com/HLUc8Pj7Fp— FundTraders (@FundTraders) July 3, 2024CFDs Broker ThinkMarkets Launches Its Own Prop Trading BrandThe influx of retail brokers in the prop trading space continues, as ThinkMarkets became the latest to launch prop trading services this week under the brand ThinkCapital. Although the broker has yet to announce anything officially, the prop trading brand's website is already live.Australia-headquartered ThinkMarkets has become one of the many forex and contracts for differences (CFDs) brokers offering prop trading services and technically funded trading services. The trend started with Axi, OANDA, and Hantec Markets and was later joined by IC Markets, Traders Trust, and Trade.com.Prop Trading Chaos: SI World Shuts Down, while The Prop Trading AU Teases ComebackAt the same time, chaos continues to rock the prop trading industry as SI World, a brand operated by the UK-based Stocknet Institute, announced its "permanent closing" this week. Interestingly, at the same time, Australia’s The Prop Trading AU teased a comeback one and a half years after being accused of fraud.Stocknet Institute announced the closure of its prop trading business with a notice on its social media channels addressing its clients. "After much consideration and strategic planning, we have decided to formally begin the process of winding down our operations with the goal of permanently closing," the announcement read. The company has already stopped engaging new clients and disabled the purchasing of challenges.pic.twitter.com/uHKmKdoxyw— Stocknet Institute (@siworldio) July 4, 2024Prop Firm Funding Pips Reports DDoS Attack: Payouts amid DisruptionsElsewhere, Funding Pips, another proprietary trading firm, faced significant disruptions this week due to a Distributed Denial-of-Service (DDoS) attack. The attack reportedly affected various operational processes throughout the day. However, the firm reassured its users that efforts are underway to restore normalcy swiftly. Specific issues addressed include minimal email communication from the application. Additionally, some users have reported multiple accounts on the trading platform that are not visible on the dashboard. These accounts are slated for removal, while new account creation following successful payments through crypto providers has been temporarily blocked. NAGA Slashes Staff by 40% amid Mounting Losses of €61M in 2023Despite a significant revenue decline, a notable deepening of net loss, and 40% staff cuts in 2023, the supervisory board of the publicly listed NAGA Group is satisfied with the results achieved over the past year. According to company representatives, they managed to "achieve the planned turnaround in earnings" through a positive change in EBITDA and cost reduction.The consolidated statement of comprehensive income published by NAGA shows that revenues dropped 32% from €57.6 million reported in 2022 to €39.7 million in 2023. The results turned out to be worse than the preliminary outcomes that the company reported at the beginning of this year. Gross profit fell to €31.9 million from €48.5 million, and net loss deepened by almost 40% from €44.1 million to €60.9 million last year.ActivTrades Becomes Loss-Making as 2023 Revenue Almost HalvedStill on financial results, the revenue of ActivTrades, a London-headquartered forex and CFDs broker, plunged to £27.5 million in 2023 from the previous year’s £50.2 million, a decline of 45.2%. Further, the broker turned a net loss of £5.8 million, down from a profit of almost £16.3 million.However, ActivTrades ’s sales cost did not follow the revenue decline, remaining at £2.8 million, compared to £2.9 million in 2022. Administrative expenses last year increased by 17 percent to £34.4 million. Interestingly, the broker earned a substantial £2.7 million as interest income, 350% higher than the previous year.BUX Quietly Shuts Down Its Cyprus-Regulated CFDs PlatformBUX, the Dutch neobroker fully owned by ABN AMRO, closed down its contracts for difference (CFD) platform, Stryk, to focus “more on mid and long-term investing via the BUX app.” The company also allowed customers to migrate their accounts to AvaTrade, another CFDs broker.Explaining the decision to close the platform, BUX highlighted that it has been increasing its focus on long-term wealth creation,, and the “decommissioning of Stryk completes the strategic pivot.” It also seeks to enable the company to “streamline operations and allocate resources more efficiently.” The regulatory environment also played a role in this decision.Number of Active Leveraged Traders in the UK Is on Decline, but More Continues TradingThe number of leveraged traders who trade margin forex, contracts for differences (CFDs), and financial spread betting in the United Kingdom dropped to 173,000 at the end of May, a decline of 5 percent over the previous 12 months. This figure has been declining since May 2021, when the number of active leveraged traders hit 275,000.According to the 2024 UK Leverage Trading Report published by Investment Trends, the decline was attributed to subdued new client acquisition and modest reactivation of dormant clients. However, on the positive side, the overall client quality, meaning those who continued to trade, jumped to 124,000 from 110,000 over consecutive years.Italian Traders Flex Muscles in FX/CFD Market with Highest Portfolio Size and MarginsItaly's leverage trading market has emerged as one of the most valuable in Europe, according to a new report from financial services research firm Investment Trends. Traders manage larger portfolios and utilize higher margins per trade compared to their continental counterparts. The 2024 Italy Leverage Trading Report reveals that Italian traders, with an average age of 51, are committing higher margins per trade and maintaining larger portfolio sizes than traders in other European countries. According to data provided by Investment Trends, the average margin per trade for Italian traders is approximately €1,500. Although the number of Italian FX/CFD traders is one of the smallest in Europe, standing at around 32,000, their transactions have one of the highest average values.Digital Bank Revolut Reports 95% Revenue Jump, Record £344M ProfitAccording to the financial report published this week, the London-based fintech giant Revolut announced a significant leap in profitability for 2023 and expressed confidence in obtaining a UK banking license. The firm reported a pre-tax profit of £438 million for 2023, marking a substantial turnaround from its £25.4 million loss in the previous year. This financial milestone came as Revolut continued its pursuit of a full UK banking license, a process that has been ongoing for over three years. The company's revenue surged by 95% to £1.8 billion, compared to £922 million reported a year earlier. Interest income now accounts for approximately 28% of total revenue. Revenues are expected to be even higher in the future, as the company plans to generate $370 million from advertisements alone by 2026.Circle Becomes First Stablecoin Issuer to Comply with MiCA RegulationsCryptocurrency firm Circle is now registered as an electronic money institution (EMI) in France. This registration grants the company the license to become a compliant stablecoin issuer under the European Union's cryptocurrency regulations. Circle, known primarily for its USD Coin (USDC) stablecoin, received the e-money license from the French banking industry regulator.This makes Circle the first global stablecoin issuer to comply with the European Union's Markets in Crypto-Assets (MiCA) regulatory framework. With this approval, Circle will issue its USDC and Euro Coin (EURC) tokens in the EU, adhering to MiCA's stablecoin regulatory requirements.Singapore Grants Paxos Full Approval to Issue StablecoinsSingapore issued the blockchain technology firm Paxos full approval, allowing the New York-based firm to offer digital payment token services through its entity, Paxos Digital Singapore Pte. Ltd. This approval from the Monetary Authority of Singapore (MAS) enables Paxos to issue stablecoins under the upcoming stablecoin regulatory framework. Paxos has now expanded the number of markets where it is authorized to issue stablecoins, including the US and the UAE. The firm has chosen DBS Bank, Southeast Asia's largest bank by assets, as its primary banking partner for cash management and the custody of stablecoin reserves.ESMA Releases Second Final Report on MiCA: European Commission to ReviewThe European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has published the second Final Report under the Markets in Crypto-Assets Regulation (MiCA). This report covers eight draft technical standards aimed at providing more transparency for retail investors and clarity for providers on the technical aspects of disclosure and record-keeping requirements.Have you seen our proposals?? #ESMA made 2⃣0⃣recommendations for more effective & attractive capital markets in ??→ https://t.co/1VQyN57ni9.3 dimensions? citizens? companies? EU regulatory & supervisory frameworkFactsheet → https://t.co/L3ZT4iVhD7CC: @EU_Finance pic.twitter.com/dwtWmsqB6o— ESMA - EU Securities Markets Regulator ?? (@ESMAComms) July 3, 2024 Additionally, the standards include data protocols to facilitate supervision by National Competent Authorities (NCAs). The final report includes the following draft technical standards: sustainability indicators for crypto-asset consensus mechanisms, business continuity measures for crypto-asset service providers (CASPs), trade transparency, content and format of order books, and record-keeping by CASPs.Robinhood Eyes Bitcoin Futures Launch in Europe and USRobinhood Markets, the popular commission-free trading platform, is making moves to expand its cryptocurrency offerings and geographical reach. The company has launched its services in Hawaii, Puerto Rico, and the US Virgin Islands, while simultaneously exploring the possibility of introducing cryptocurrency futures trading in both the United States and Europe.The expansion into Hawaii comes on the heels of a regulatory change by the state's Department of Commerce and Consumer Affairs, which no longer requires cryptocurrency services to obtain a money transmitter license to operate in the state. This move has opened the door for Robinhood to tap into a market previously known for its strict financial regulations.Binance Scales Back: Turkish Language to Be Phased Out for ComplianceMeanwhile, Binance has been monitoring regulatory developments in Turkey. The company believes in working with regulators to ensure a compliant environment for users and supports the development of a regulatory framework to safeguard the ecosystem. The company is taking necessary measures to ensure legal compliance in Turkey and globally.Turkey's new crypto framework is a positive step forward for the industry.At #Binance, we support these developments and will keep collaborating with regulators for a secure, compliant crypto ecosystem.More details here ⤵️ https://t.co/1ueOliKUYd— Binance (@binance) July 2, 2024Binance.com will remain accessible from Turkey. However, services will be adjusted. The Turkish language option will be gradually turned off within three months, and marketing activities for Turkish users will be completely halted.You Won't Believe How Much Hackers Stole from Crypto in Just 6 MonthsAccording to a new report from blockchain security firm CertiK, the cryptocurrency and decentralized finance (DeFi) sectors suffered a staggering $1.19 billion in losses due to hacks, scams, and exploits in the first half of 2024.The "Hack3d: The Web3 Security Quarterly Report" for Q2 and H1 2024, released this week, paints a sobering picture of the crypto industry's ongoing security challenges. Phishing attacks emerged as the most damaging vector, accounting for $497.7 million in losses across 150 incidents.FSMA Reports 44% Rise in Fraud Complaints with Half Linked to Crypto ScamsLastly, the Financial Services and Markets Authority (FSMA) released its dashboard for the first semester of 2024 this week. The dashboard provides statistics and an overview of the main trends regarding investment fraud.The latest edition of the dashboard highlights several key points. Fraudulent trading platforms and cryptocurrency scams still represent about half of the reports about unlawful activities received by the FSMA. Earlier, FSMA warned of risks posed by prop trading firms, targeting consumers with promises of risk-free trading opportunities but leading to financial traps. This article was written by Jared Kirui at www.financemagnates.com.

This accolade is not only a testament to our hard work but also a celebration of the trust and loyalty we receive from our clients. We are deeply thankful for your continued support, which drives us to reach new heights of excellence every day.We are beyond excited to announce that TradingPRO has once made a dazzling impact on the global stage by clinching the prestigious "Best Forex Spreads Global" award for the fifth (5) time at the illustrious UF Awards in Limassol, Cyprus. This phenomenal achievement highlights our unwavering commitment to delivering unparalleled trading conditions to our valued clients.Securing the "Best Forex Spreads Global" award for the fifth time is a monumental milestone for TradingPRO. It symbolizes our relentless dedication to offering the most competitive spreads, top-notch trading conditions, and exceptional customer service in the industry. The UF Awards ExtravaganzaThe UF Awards event in Limassol was a dazzling affair, bringing together the crème de la crème of the Forex industry. It provided a magnificent platform to celebrate innovation, excellence, and extraordinary achievements. The atmosphere was electrifying, filled with anticipation and excitement as industry leaders gathered to honour the top performers.Reflecting on the event, I am incredibly proud of TradingPRO's accomplishments. The cognition we received is a shining testament to our team's dedication and our clients' unwavering support. The event offered a fantastic opportunity to network with other industry professionals, exchange groundbreaking ideas, and celebrate the remarkable advancements in our field. A vision for the Future This prestigious award ignites our ambition to continue setting the gold standard in the Forex industry. At TradingPRO, we are committed to pushing the boundaries of what's possible, always prioritizing our clients' best interests. We will continue to innovate, enhance our services, and ensure that our clients enjoy the most exceptional trading experience. Our journey is far from over. This award is a significant milestone, but it also marks the beginning of an exciting new chapter. We are thrilled about the future and look forward to achieving even greater heights with you by our side. To our incredible team, thank you for your trust and steadfast support. This award belongs to all of us. Together, we have made TradingPRO a beacon of excellence in the Forex industry, and together, we will continue to reach for the stars. Here's to many more triumphs and groundbreaking achievements in the future. Thank you for being an integral part of our journey. This article was written by FM Contributors at www.financemagnates.com.

ViCA.Chat, an AI-powered Virtual Compliance Assistant, is set to develop regulatory compliance consulting. Developed collaboratively by ComplyMAP Group's AI engineers and Complyport's compliance consulting teams, ViCA represents a significant leap forward in governance, risk, and compliance support services.Real-Time SupportViCA provides real-time assistance across UK and EU regulatory frameworks, emphasizing efficiency and precision. Drawing on Complyport's 22 years of regulatory expertise, ViCA utilizes specialized databases and AI training tools to function as a seasoned compliance consultant.ViCA's refinement process includes human support, feedback loops, and quality assurance sessions to ensure businesses receive instant updates and access to current regulatory information.? Excited to share that #ViCA has been exhibiting at the #iFXExpo this week! ViCA is Your Virtual #Compliance Assistant, powered by #AI, simplifying compliance with real-time support for UK & EU #regulations.Try ViCA for FREE today> https://t.co/drJiCgGfY1 pic.twitter.com/xlhUioJFx5— Complyport Limited (@complyport) June 20, 2024"With ViCA, compliance insights become available to all. No longer are regulated firms and responsible people overly dependent on advisors and compliance consultants,” commented Luis Parra, Managing Director of ViCA.“Through ViCA, the financial system will not only meet but exceed regulatory standards. Moreover, the level of information made available to the public will benefit society as a whole, in its interactions with the financial services sector.”Adaptable Regulatory SolutionsCentral to ViCA's service is its access to proprietary regulatory interpretations, historical data, and structured compliance documentation. Using advanced scraping capabilities, ViCA extracts relevant data from designated websites to offer comprehensive compliance insights across various industries.ViCA seamlessly adapts to the needs of fintech startups, law firms, financial institutions, regulatory bodies, insurance providers, and compliance consultants. Its user-friendly interface simplifies navigation and regulatory data analysis, optimizing the compliance workflow.ViCA's cost-effective approach reduces reliance on traditional consulting expenses, making it an attractive option for businesses seeking efficient compliance solutions without compromising accuracy or depth of regulatory knowledge. This article was written by Tareq Sikder at www.financemagnates.com.

KuCoin's Visa debit card KuCard has added support for multiple virtual and physical cards starting July 1, 2024, the company announced today (Friday). This latest offering will enable users to manage multiple cards and access a cashback program.Eying Flexibility in Personal FinanceKuCard promises enhanced financial flexibility for personal use, managing family expenses, or keeping separate cards for different spending categories. This feature reportedly allows for enhanced budgeting, improved expense tracking, and easier access to funds. Additionally, users can access KuCard's crypto-to-fiat conversion and cashback rewards.To mark this launch, KuCard has reportedly unveiled a limited-time offer ending on July 7, whereby users can apply for a second virtual card for free or a second physical card for EUR 9.99. This promotion is reportedly available on a first-come, first-served basis.Launched in November 2023, KuCard is a Visa debit card that simplifies financial transactions by automatically converting cryptocurrencies into local currency at the point of sale. The platform recently introduced cashback programs offering up to 3% on purchases for all cardholders. KuCard is compatible with Google Pay and Apple Pay and can be used anywhere Visa is accepted. Initially available in the European Economic Area (EEA), the card aims to promote the adoption of blockchain technology by enabling users to use their cryptocurrency for everyday purchases, online shopping, and ATM withdrawals.Other Developments at KuCoinThis latest development comes amid the crypto exchange’s new tax policy for its Nigerian users. A few days ago, KuCoin announced that it would impose a 7.5% value-added tax (VAT) starting July 8 on transaction fees for users with Know Your Customer (KYC) information registered in Nigeria.However, the crypto exchange clarified that the new tax policy only applies to the fee charged per transaction and not the overall transaction amount. In February, KuCoin collaborated with Revolut on a new method for purchasing digital assets using euros. This collaboration enables users to acquire various cryptocurrencies listed on the cryptocurrency exchange through Revolut Pay.KuCoin’s partnership with Revolut seeks to simplify the process of acquiring crypto for European users. Revolut Pay enables users to convert euros to a variety of supported cryptocurrencies. This partnership addresses the growing demand for easy access to digital assets, especially amidst the ongoing surge in the value of Bitcoin. This article was written by Jared Kirui at www.financemagnates.com.

The Securities and Exchange Commission (SEC) Nigeria has alerted the public about ongoing fraud attempts targeting investors and the online community.These scammers are impersonating the Director General of the Commission, Emomotimi Agama, in an effort to deceive individuals into sharing personal information and making unauthorized payments.SEC Nigeria Warns PublicThe Commission has emphasized that neither the Director General nor any staff member will request personal information regarding investments through online platforms, phone calls, or emails. The public is urged to verify the identity of anyone claiming to be from SEC Nigeria.Official communications from the Commission will always come from verified email addresses, the official website, social media handles, and phone numbers. SEC Nigeria advises the public to stay vigilant and report any suspicious activities to the appropriate authorities.Impersonation Fraud Alerts: CySEC, FSMAEarlier, the Cyprus Securities and Exchange Commission (CySEC) has issued a warning about fraudsters impersonating its employees, as reported by Finance Magnates. This time, a fake Instagram account, cysec_cy, with over 14,100 followers, has been identified. The account fraudulently offered dispute resolution services to traders, redirecting them to the genuine CySEC website but using a misleading email address that closely resembles the CySEC domain. This warning followed an alert from CySEC about individuals falsely presenting themselves as CySEC officers and creating counterfeit websites with similar names. CySEC urges the public to remain vigilant against these scams.Last year, Belgium’s Financial Services and Markets Authority (FSMA) issued a warning about increasing impersonation fraud. Fraudsters used the FSMA's name and logo to deceive consumers and engage in recovery room fraud. They pretended to be regulatory employees, contacting investment fraud victims with promises of recovering their losses in exchange for a fee. The FSMA identified three fraudulent email addresses used to trap victims, which were cleverly designed to mimic the regulator's domain. This article was written by Tareq Sikder at www.financemagnates.com.

When traveling from Malaysia to Indonesia or conducting business between these two neighboring countries, obtaining the best exchange rates is crucial. Whether you're converting US Dollars (USD) to Indonesian Rupiah (IDR) for personal or professional reasons, maximizing your money through favorable exchange rates can significantly impact your budget. This guide offers practical tips and strategies to help you get the most out of your money when converting USD to Indonesian Rupiah.Understanding Exchange RatesBefore diving into tips and strategies, it’s essential to understand what exchange rates are and how they work. Exchange rates fluctuate based on economic factors such as inflation, interest rates, political stability, and economic performance. The rate at which one currency can be exchanged for another is determined by the foreign exchange market, which is a decentralized global marketplace.Monitoring Exchange RatesUse Online ToolsTo get the best exchange rates, start by monitoring them regularly. Several online tools and websites provide real-time exchange rate information. Websites like XE, OANDA, and Google Finance offer current exchange rates and historical data. By keeping an eye on these rates, you can identify trends and decide the best time to convert your money.Currency Converter AppsThere are numerous currency converter apps available for smartphones. These apps not only provide real-time exchange rates but also offer features like rate alerts. You can set a preferred rate, and the app will notify you when the USD to IDR exchange rate reaches that level. This way, you can make informed decisions on when to exchange your money.Timing Your ExchangeWatch for Market TrendsExchange rates can fluctuate significantly within short periods. By understanding market trends and economic indicators, you can anticipate changes in exchange rates. For example, if you notice that the Malaysian economy is performing well or there are positive political developments, the USD might strengthen, leading to a better exchange rate against the Rupiah.Avoid Peak Travel SeasonsExchange rates can be less favorable during peak travel seasons, such as holidays and school vacations. During these times, the demand for foreign currency increases, often leading to higher rates. If possible, plan your currency exchange during off-peak seasons to get a better rate.Choosing the Right Exchange ServiceBanks vs. Money ChangersWhen it comes to exchanging money, you have several options, including banks and money changers. Banks typically offer reliable and safe services but might not provide the best rates. On the other hand, money changers, especially those located in busy commercial areas or near tourist spots, can offer more competitive rates. However, it’s essential to choose reputable money changers to avoid scams and hidden fees.Online Exchange ServicesOnline exchange services are becoming increasingly popular due to their convenience and competitive rates. Companies like TransferWise (now Wise) and Revolut offer online currency exchange services with lower fees and better rates compared to traditional banks. These services also provide the convenience of transferring money directly to your bank account or a recipient's account in Indonesia.Avoiding Hidden FeesCompare FeesDifferent exchange services come with varying fees and charges. When comparing exchange rates, also consider the fees involved. Some services might offer attractive rates but charge high fees, negating the benefits of the better rate. Always compare the total cost, including any service fees, to determine the best option.Beware of Dynamic Currency ConversionWhen using credit or debit cards abroad, you might be offered the option of paying in your home currency instead of the local currency. This is known as Dynamic Currency Conversion (DCC). While it might seem convenient, DCC often comes with unfavorable exchange rates and additional fees. Always opt to pay in the local currency to avoid these hidden costs.Utilizing Forex Cards and Travel CardsForex CardsForex cards are prepaid cards loaded with foreign currency. They offer competitive exchange rates and can be a convenient way to carry money while traveling. Forex cards are widely accepted and can be used for transactions and ATM withdrawals. They also protect you from exchange rate fluctuations as the rate is fixed at the time of loading the card.Travel CardsTravel cards, such as multi-currency travel cards, allow you to load multiple currencies onto a single card. These cards offer competitive exchange rates and can be used like debit or credit cards. They are ideal for frequent travelers who visit multiple countries, including Malaysia and Indonesia.Hedging Against Currency FluctuationsForward ContractsIf you are conducting business and need to exchange large sums of money, consider using forward contracts. A forward contract allows you to lock in an exchange rate for a future date, protecting you from adverse currency fluctuations. This strategy is particularly useful for businesses that need to budget and plan for future expenses.Currency OptionsCurrency options provide the right, but not the obligation, to exchange money at a predetermined rate on or before a specified date. This financial instrument can be useful for managing currency risk and ensuring you get a favorable rate. However, it’s essential to understand the complexities and costs involved in trading currency options.Diversifying Currency HoldingsHolding a Mix of CurrenciesDiversifying your currency holdings can be a strategic way to mitigate risk. By holding a mix of currencies, you can take advantage of favorable exchange rates and reduce the impact of adverse currency movements. This strategy can be particularly useful for businesses with international dealings and individuals with frequent travel plans.Investing in Foreign Currency AccountsSome banks offer foreign currency accounts, allowing you to hold and manage money in different currencies. These accounts can be beneficial for frequent travelers and businesses engaged in international trade. By holding a Rupiah account, for example, you can take advantage of favorable exchange rates and avoid conversion fees when traveling or conducting business in Indonesia.Seeking Professional AdviceFinancial AdvisorsIf you are dealing with significant amounts of money or complex financial transactions, consider seeking advice from a financial advisor. Financial advisors can provide insights into market trends, exchange rate forecasts, and risk management strategies. Their expertise can help you make informed decisions and maximize your money.Currency SpecialistsCurrency specialists or foreign exchange brokers can offer personalized services and better rates compared to traditional banks. These specialists have access to wholesale exchange rates and can provide tailored solutions based on your specific needs. They can also offer advice on the best times to exchange money and strategies to mitigate currency risk.ConclusionMaximizing your money when converting US Dollars to Indonesian Rupiah involves understanding exchange rates, monitoring trends, and choosing the right exchange services. By timing your exchanges, avoiding hidden fees, and utilizing tools like forex cards and forward contracts, you can secure the best rates and make the most of your money. Whether you're traveling, conducting business, or investing, these tips and strategies will help you navigate the complexities of currency exchange and ensure you get the best value for your USD.Remember, these strategies can also apply when you need to convert euros to dollars or pesos to US dollars, as the principles of monitoring rates, comparing services, and avoiding fees are universally applicable across different currency exchanges. This article was written by FM Contributors at www.financemagnates.com.

The trustee of the now-defunct cryptocurrency exchange Mt. Gox confirmed today (Friday) that repayment to some of the creditors in Bitcoin and Bitcoin Cash has been initiated. This was part of the rehabilitation plan after the exchange was shut down in 2014. The notice by the rehabilitation trustee, Nobuaki Kobayashi, further detailed that “repayments to other rehabilitation creditors will be promptly made” after conditions like confirmation of the registered accounts and other repayment agreements are met.Rehabilitation after 10 YearsAt its peak, Mt. Gox was the largest Bitcoin exchange, handling 70 per cent of all global Bitcoin transactions. However, it shuttered its services as it could not recover from the impact of its hack. The former CEO of the exchange was additionally convicted in a Japanese court for tampering with exchange records. The exchange shuttered its operations in February 2014, yet the trustee took ten years to initiate refunds to the victims. Earlier, the trustee delayed the rehabilitation process several times.The repayment process to the creditors began last year, as many creditors confirmed receiving payment via bank transfer in Japanese yen. Interestingly, many received the payments twice, resulting in the trustee sending emails to such creditors asking for a refund for the excess amount.Bitcoin Is DownMeanwhile, Bitcoin's fiat value has tumbled in recent days and is now trading below $55,000. Notably, the cryptocurrency peaked at about $74,000 earlier this year, meaning its value went down by over 25.6 per cent.I promised, if #BITCOIN dumps to $54,000I will give $10,000 BTC to 5 people So as promised I will be giving away $10,000 to 5 person today.Rules: like, retweet, follow me ?* If you’re not following with bells, you will be disqualified.Proof will be posted in 24 hours pic.twitter.com/7OwgrYFTsc— Sam Belfort (@morpheuswhale) July 5, 2024According to on-chain analysts, the Mt. Gox trustee recently moved 47,228 BTC, signalling the commencement of the payout. Although analysts suspect that the recent market downturn is due to Mt. Gox’s rehabilitation plan, there is optimism that the market will absorb the sell-off pressure. This article was written by Arnab Shome at www.financemagnates.com.

Patricia Lyn Dixon has announced on LinkedIn her new position as Global Head of Programmatic at Capital.com. Previously, she worked at Amazon Ads as a Programmatic Solutions Consultant for over two years. Dixon's Career JourneyBefore Amazon, she was the Buyer Lead for the UK and Nordics at Magnite for one and a half years. Dixon also held various roles at Omnicom Media Group. She was the Director of Programmatic AV and later the Operational Business Director for one and a half years. She started at Omnicom as a Senior Programmatic Video Manager for nearly a year.Her career began at Videology, Inc., where she spent nearly four years. She served as Manager of Platform Management EMEA for nine months. Prior to that, she was a Senior Platform Management Specialist for eight months and a Platform Management Specialist for five months.Dixon holds a degree in Mathematics and Statistics with Management from Brunel University London.Capital.com Appoints Key ExecutivesMeanwhile, Capital.com has appointed Tarek Mahassen as Head of Risk for the MENA region, concluding his two-year role at Revolut, as reported by Finance Magnates. He was the Group Senior Operational Risk Manager. Previously, Mahassen was the Business Risk Manager at the London-based fintech company.Additionally, Capital.com named Campbell MacPherson as the CEO of its Australian operations. MacPherson was formerly the Regional Director of Sales at FactSet, focusing on the Pacific region. His role involved managing strategic growth initiatives for bank and wealth clients and providing services to key regional accounts.In other changes, Capital.com appointed Rupert Osborne as CEO of Capital.com UK Limited. Osborne succeeded Kypros Zoumidou, who became the Group CEO.Capital.com also reported total client trading volumes exceeding $1.2 trillion in 2023. This represents a 53% increase compared to the previous year and marks the first time client trading volumes have surpassed $1 trillion since the company's inception in 2016. This article was written by Tareq Sikder at www.financemagnates.com.

Paytiko provides an advanced payment management software that is ideal for all online businesses. Its software combines unique features that reflect the entire lifecycle of an online transaction, ensuring comprehensive coverage from approval through to settlement reporting. This broad range of payment features makes the entire process of managing transactions from start to finish simpler, easier, more secure, and faster. Yet Paytiko takes this one step further by offering its products and services via defined pricing plans and single API integration methods. This makes their payment dashboard more accessible and user-friendly to enterprises looking to combat the endless web of payments. With all this–along with other reasons; it is no wonder how Paytiko has become a trailblazer in the fintech sphere. This article will examine in depth what Paytiko has accomplished thus far to be considered a payment industry leader as well as its future objectives to preserve their leadership stance.Payment Service ProvidersPaytiko has over 500 PSP driven integrations with financial institutions worldwide, unifying an enterprise’s payments across all market geographies. PSP-driven integrations, refers to the process of integrating a payment provider's services into a merchant's platform. These integrations can manage large transactions, allowing merchants to focus on their primary goals. Other benefits include the fact that PSPs can often enable speedier implementation and a more streamlined integration procedure, thereby requiring less technical expertise. Additionally, they can also lower risk by shouldering PCI compliance and fraud prevention responsibilities and providing robust security measures. Finally, PSPs enable global reach at scale by providing easy access to various payment methods based on location and regional payment expertise, to facilitate international expansion.Due to the aforementioned benefits, Paytiko has chosen to partner with global PSPs such as PayPal, Google Pay, Stripe, MyFatoorah, NetCents, and many others. Paytiko stays ahead of the curve by offering a diverse array of payment providers and constantly searching for new partners to work with. It does so to constantly be able to provide its clientele with robust payment options across their preferred market networks, which helps businesses adhere to their client preferences and needs. Doing so also allows Paytiko to feature the most advanced payment methods and options out there, ahead of its competitors.Pay Ins & Pay OutsNo matter how many processors a business uses, Paytiko provides merchants with an easy way to navigate incoming and outgoing online transactions. Through unique views on their dashboard, businesses can distinctly view and understand inbound and outbound transactions without getting them confused with other monetary paths. This is coupled with a smart color-coded classification of payment statuses, unique identification numbers for each transaction, as well as concise transactional data such as processor used, date, time, payment method, payment holder, country of origin, currency, settlement amounts, and amounts in alternative currencies. Within their pay in tab, Paytiko makes it easy to correlate disputes, chargebacks, declined, errored and voided transactions against deposits. Paytiko understands the need for personalization as each business is unique. As such, merchants can easily customize their dashboard to fit their business’s needs and style, with filtration of data headers, column layout, and additional accessibility layout features.By offering such a clear breakdown and differentiation between inbound and outbound transactions, Paytiko spearheads payment management. Unlike other orchestration platforms, Paytiko makes it simple for businesses to differentiate and understand the types of funds coming in and out through status identifiers and other identifying features as mentioned previously. This greater understanding enables businesses to track their bottom line more precisely, as well as giving them a more comprehensive payment overview. All this is essential for financial record keeping.RefundsPaytiko distinguishes itself from other payment orchestration platforms, by offering merchants a segmented view of their refunded transactions, separate from that of other outgoing activities. This area, within the Paytiko dashboard, offers the same transactional identification markers and data as discussed in the earlier Pay Ins and Pay Outs section. Here, merchants can execute refunds per customer, currency, payment processor, and more. Additionally, one can also process refunds directly through the Pay Ins section, allowing for more direct and precise navigation of returns. Through this distinct view, complex data, and complete customization make managing refunds easier. The added benefit of being able to easily distinguish them from other outgoing activities enables a higher level of business productivity. Overall, their unique refunds section demonstrates Paytiko’s attention to detail and ability to understand business needs.Reporting & ReconciliationTo sum its products and services, Paytiko takes charge in its reporting abilities. Via pertinent parameters like currency, country, payment type, payment processor, CRM account, and card type, merchants may thoroughly analyze an entire payment flow using the Paytiko report tools. Here, Paytiko elegantly breaks down, combines, and examines transactions in terms of approval ratio, overall net amounts, withdrawals, total refused, processor, method, and additional factors into concise charts, graphs, and numerical figures for highest comprehension. Additionally–as with all of its sections; Paytiko allows for full customization, through filters that allow merchants to view data and important indicators based on a particular status, location, period range, and more. Overall, this comprehensive reporting allows for transactional data to be tracked at both a macro and micro level, by using real-time analytics, an intuitive interface, charts and images, and many other metrics.On the other end of the spectrum, merchants can confidently use Paytiko to effortlessly gather and compute the total amount owed from each connected provider. The use of filters on payment options, time, date, and other information, ensures precision and efficiency. Merchants are further empowered with the ability to make presets of the external data they wish to reconcile inside Paytiko's environment through simple uploads of Excel data sheets. Businesses can compare their data directly, ensuring the accuracy and reliability of their net sums. This is particularly beneficial for businesses dealing with a variety of currencies, markets, and payment providers. In both instances, of reporting and reconciliation, Paytiko has made the entire world of financial management and bookkeeping accessible and simpler. New FeaturesStepping away from its foundations, Paytiko has recently added a plethora of new features that just add to or enhance its systems. Additions such as Pay By Link, Fee Calculator, Payment Method Order, Sticky PSPs, a new UI for PSP Selection, and Smart Routing, are just the beginning for this firm. Paytiko is constantly on the move and in the works towards forging new partnerships with PSPs, updating its UX/UI, and building improvements for its merchant client base. Additionally, Paytiko poises itself towards PR advancements as well, through its attendance at industry leading expos, garnering of awards, and being featured in leading publications. All this clearly demonstrates how Paytiko keenly listens to its client’s needs and acts towards fulfilling and even exceeding them.Throughout this entire article, it is clear to see how Paytiko is pushing boundaries in the digital payment landscape. The company has developed a platform accommodating over 3,000 merchants from various industries. Their technology offers previously unheard-of ease and transparency as a single payment interface for B2B and B2C transactions. Looking ahead, the company plans to expand its toolkit with more sophisticated analytics and reporting features and new products like merchant bank accounts and direct payment processing through an internal ecosystem to improve its unique selling points. This article was written by FM Contributors at www.financemagnates.com.

The industry-leading brand of DOGE and Litecoin mining machines announced a new product line at the recent Mining Disrupt 2024 conference.FoundationLogic, the fabless semiconductor design company behind high-performance ElphaPex Dogecoin (DOGE) + Litecoin (LTC) miners, took center stage at Mining Disrupt 2024 in Miami, Florida, held from 24-26 June.At the event, FoundationLogic unveiled its new product line for silent home miners.Like the pro ElphaPex DG 1/DG 1+ models, the new device, dubbed ElphaPex DG Home 1, is powered by the Proof-of-Work (PoW) Scrypt algorithm, offering dual DOGE and LTC rewards. Designed for a new era of home mining, ElphaPex DG Home 1 promises silent, low-maintenance, yet performant DOGE + LTC mining ensured by water-cooling technology. Set to be released in Q4, 2024, the new model boasts a hashrate of 2000M, power of 620W and power efficiency of 0.31JM. Upon launch, ElphaPex DG Home 1 will be available for immediate purchase through the ElphaPex official website. ElphaPex DG Home 1 drew an immediate reaction from crypto mining insiders, with some of the industry’s major influencers sharing photos on social media as soon as the model was showcased. Specifically, they described the new water-cooled miner as “silent, powerful, and efficient”. “This new silent home miner embodies our commitment at ElphaPex to be everyone’s miner partner, regardless of the scale of operations” said Ben Weng, VP of Product at FoundationLogic. “We were pleased by the enthusiastic response we saw at the conference, as many visitors wanted to get one on the spot. Luckily, it won’t be long before everyone can start dual mining DOGE and Litecoin from the comfort of their homes”. “ElphaPex products have achieved a remarkable milestone in the DOGE & Litecoin mining chip industry and we’re excited to launch this new product into mass production” said Charles Song, Executive VP at Samsung Foundry. “I believe this is just the beginning of a very bright future for ElphaPex”.In addition to launching its newest product, FoundationLogic made a strong impression at the event, drawing attention from industry insiders and influential figures.As the main sponsor of Mining Disrupt 2024, the Scrypt mining hardware company hosted the official opening party and operated one of the event's busiest booths, featuring engaging activities and giveaways.Another standout at the conference was FoundationLogic’s keynote presentation.During the keynote, the company’s representatives emphasized their commitment to advancing Scrypt mining, highlighting its growing potential for miners. This is particularly significant in light of bitcoin’s recent halving, which has posed challenges across the industry due to reduced rewards. They also pointed out several key advantages of Scrypt hardware over SHA-256 hardware, including better cash flow, ROI, and equipment lifecycle.Another highlight of the presentation was the success of the ElphaPex DG 1+, an ASIC miner launched earlier this year at Blockchain Life 2024 in Dubai. As FoundationLogic's flagship model, it has set a new standard in the market and continues to dominate the Scrypt mining sector with a hashrate of 14000M, power of 3920W and efficiency of 0.28JM.Considering recent price trends and the increasing availability of reliable Scrypt mining hardware provided by FoundationLogic, leveraging DOGE’s meme advantage alongside LTC’s solid track record may offer a strategy for mining operations this year.About FoundationLogicFoundationLogic is a Singapore-based fabless semiconductor design company dedicated to revolutionizing the cryptocurrency mining industry. With a focus on innovation and reliability, FoundationLogic utilizes state-of-the-art ASIC chips designed in-house and subjects its products to rigorous field testing. Through its flagship ElphaPex series (http://elphapex.com/), FoundationLogic empowers mining enthusiasts and professionals with cutting-edge, accessible machines, setting new standards for efficiency and performance in the field. This article was written by FM Contributors at www.financemagnates.com.

Venom Foundation is pleased to announce a major milestone in its global expansion strategy: the listing of its native token, $VENOM, on two of India’s leading cryptocurrency exchanges, WazirX and CoinDCX. This pivotal move grants Venom access to a massive user base in the world’s most populous country, further driving the adoption and visibility of $VENOM."We are thrilled to announce the listing of $VENOM on WazirX and CoinDCX. This strategic move into the Indian market, with access to over 30 million users, marks a significant milestone for Venom. It underscores our commitment to fostering innovation and adoption in the blockchain space, paving the way for greater engagement and growth in one of the world's most dynamic crypto markets." - Louis Tsu, CEO of Venom FoundationRajagopal Menon, VP of Marketing at WazirX, said, "VENOM network has already checked several boxes such as addressing scalability and transaction issues in the crypto ecosystem. It has a diverse range of partnerships and its ongoing expansion showcases its popularity and burgeoning user base. WazirX is excited to give users the opportunity to trade this token.”India: A Key Market for VenomAs the global cryptocurrency landscape evolves, India has emerged as a vital hub for blockchain and crypto. With its tech-savvy population and rapidly growing crypto community, India represents a monumental opportunity for Venom to expand its reach and drive adoption.Listings on WazirX and CoinDCXWazirX: As India’s largest cryptocurrency exchange, WazirX serves over 16 million users. $VENOM is now available for trading in USDT and INR pairs.CoinDCX: CoinDCX, another major player in the Indian market, boasts over 14 million users. $VENOM is also available for trading in USDT and INR pairs.Key HighlightsVast User Reach: The combined user base of over 30 million on WazirX and CoinDCX offers unparalleled exposure for $VENOM in India.Market Expansion: These listings mark a crucial milestone in Venom’s expansion strategy, highlighting the explosive growth and adoption of $VENOM in one of the world’s fastest-growing crypto markets.Enhanced Accessibility: Indian users now have streamlined access to trade $VENOM in their local currency, fostering greater adoption and engagement.ConclusionThe listings of $VENOM on WazirX and CoinDCX are pivotal steps in Venom’s strategy to enhance its global reach and liquidity. These listings align with the Venom Foundation goal of increasing adoption and expanding it's presence in the global crypto landscape.About VenomVenom (https://venom.foundation/) is a cutting-edge layer-0 and layer-1 network, seamlessly integrating with other independent networks through innovative Mesh technology. Anchored by a masterchain for overall state and consensus management, Venom supports unlimited autonomous workchains for user accounts, smart contracts, and dApps. Mesh technology optimizes inter-chain communication, ensuring speed and scalability. With rapid finality, comprehensive security, stability, and user-friendly interfaces, Venom is ideal for hosting CBDCs and large-scale platforms. This article was written by FM Contributors at www.financemagnates.com.

The chaos continues in the prop trading (technically funded trading) industry as SI World, a brand operated by the UK-based Stocknet Institute, announced its “permanent closing.” Interestingly, at the same time, Australia’s The Prop Trading AU teased a comeback one and a half years after being accused of fraud.Another Prop Trading Brand ShuttersStocknet Institute announced the closure of its prop trading business yesterday (Thursday) with a notice on its social media channels addressing its clients. “After much consideration and strategic planning, we have decided to formally begin the process of winding down our operations with the goal of permanently closing,” the notice stated.“This decision stems from a strategic pivot as the business moves in a new direction. We want to emphasise that the business is in a healthy position, and this transition reflects our commitment to pursuing new opportunities that align with our long-term vision.”pic.twitter.com/uHKmKdoxyw— Stocknet Institute (@siworldio) July 4, 2024However, the company did not specify what those “new directions” or “new opportunities” could be. It also did not clarify anything about its “long-term vision.”The platform has already stopped taking new clients and disabled the purchasing of challenges. It has highlighted a clear process for managing the closure of existing clients' accounts. Furthermore, the company is selling its in-house prop trading technology IP.“We are now making a permanent move away from the prop trading industry and we are dedicated to managing this in an ethical manner,” the notice added.The prop trading industry has boomed in recent years; however, multiple shutdowns have occurred in the past few months. Brands like True Forex Funds and SurgeTrader confirmed their closures, while Easton-controlled Skilled Funded Trader, which temporarily suspended all operations, has now gone completely dark.A Genuine Comeback?Out of all this chaos, The Prop Trading AU, an Australia-based prop trading brand, has suddenly teased a comeback on its Instagram handle.View this post on InstagramA post shared by The Prop Trading | Prop firm | Funding Traders (@theproptrading)Notably, Prop Trading AU is already a tainted brand, as it was flagged by the Australian Securities and Investments Commission (ASIC) in December 2022. The regulator also ceased all activities and forced the company to take down its website. However, the prop trading company denied any wrongdoing.“Our company was taken completely by surprise by the receipt of this request, and we acknowledge that the news was not only unexpectedly received by the entire market but also caused some inevitable frustration,” the company noted in a consecutive reply earlier. “However, in the course of the past few days and despite many efforts from TPT communicating about the issue with our community, we have noticed that a few malicious people are trying to create rumours and question the integrity of our company.”The Prop Trading AU Forex Prop Firm posts ASIC letterDenies allegations of fraudContinues to work to resolve the situation pic.twitter.com/8vp6X6tWZF— FundTraders (@FundTraders) December 16, 2022However, an old archived version of The Prop Trading AU website is still live without any hints of a comeback. It is also unclear if the post on Instagram was by the prop trading brand or if the handle was sold to someone else. This article was written by Arnab Shome at www.financemagnates.com.

The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has published the second Final Report under the Markets in Crypto-Assets Regulation (MiCA). This report covers eight draft technical standards aimed at providing more transparency for retail investors and clarity for providers on the technical aspects of disclosure and record-keeping requirements. Additionally, the standards include data protocols to facilitate supervision by National Competent Authorities (NCAs).ESMA's MiCA Technical StandardsThe final report includes the following draft technical standards: sustainability indicators for crypto-asset consensus mechanisms, business continuity measures for crypto-asset service providers (CASPs), trade transparency, content and format of orderbooks and record-keeping by CASPs, machine readability of white papers and the register of white papers, and public disclosure of inside information. The draft standards provide market participants with technical requirements to ensure both human and machine readability of crypto-asset white papers. They also establish templates and formats for CASP order and transaction records. Have you seen our proposals?? #ESMA made 2⃣0⃣recommendations for more effective & attractive capital markets in ??→ https://t.co/1VQyN57ni9.3 dimensions? citizens? companies? EU regulatory & supervisory frameworkFactsheet → https://t.co/L3ZT4iVhD7CC: @EU_Finance pic.twitter.com/dwtWmsqB6o— ESMA - EU Securities Markets Regulator ?? (@ESMAComms) July 3, 2024MiCA Standards Await AdoptionThe rules detail how CASP trading platforms should publish the data required for pre-and post-trade transparency. This measure ensures that NCAs have access to the necessary information for effective supervision of the EU crypto-asset market.The report also addresses public disclosures, aiding investors in understanding the environmental impact of the consensus mechanisms underpinning the crypto-assets they hold. It outlines how issuers should disclose price-sensitive information to the public to prevent market abuses, such as insider dealing. Once finalised, the draft technical standards will be submitted to the European Commission for adoption. The European Commission will decide whether to adopt them within three months. This article was written by Tareq Sikder at www.financemagnates.com.

Finalto has hired CMC Markets’ Digital Marketing Manager, Grant Ellis, to serve in the same capacity. Ellis has served as the Digital Marketing Manager at CMC Markets for nearly two years, leading the development of strategies to acquire leads and manage marketing campaigns.Finalto Targets Growth in New AppointmentAccording to his LinkedIn profile, Ellis previously served as the Digital Marketing Manager for the London-based Kingfisher Insurance. The marketing expert has also worked for other brands in the past, including Cogora, Zinc Media Group, and GP Acoustics.Early this year, Finalto onboarded Daniel Leis as the Sales Director, joining the company’s London offices. This appointment coincided with the firm’s step to expand its collaborations, including partnerships with Gold-i and PrimeXM.Leis transitioned to Finalto from Saxo, where he was the Director and Senior Institutional Sales officer. Prior to Saxo, he worked at Interactive Brokers' London office under its Institutional Business Development team. Meanwhile, Finalto Asia moved its office to Singapore in May to strengthen its presence in the region as a financial service provider. The company obtained a MAS capital market services license in 2019.Finalto Asia also named Suzuki Akihiko as the Head of Japan Markets. Suzuki will spearhead Finalto Asia's strategic initiatives in Japan, specifically business development, client relations, and market expansion efforts.Other Most Recent Exec Moves at Finalto Still on the executive moves at Finalto, Finalto South Africa CEO Dany Mawas was most recently appointed as Markets.com’s Chief Commercial Officer. Markets.com is a forex and CFD brokerage firm that was acquired by Finalto in 2015. Mawas’ appointment came when Markets.com was expanding the brokerage’s global footprint into the LATAM, MENA, Southeast Asia, Europe, and Africa regions. Besides his new position as markets.com’s CCO, Dany will continue as CEO of Finalto South Africa. This article was written by Jared Kirui at www.financemagnates.com.

Funding Pips, a prop trading firm, disclosed today via its Discord channel that it has been experiencing significant disruptions due to a Distributed Denial-of-Service (DDoS) attack. The attack has affected various operational processes throughout the day.Account Issues, DDoS ImpactIn a statement, the firm reassured its users that efforts are underway to restore normalcy swiftly. Specific issues addressed include minimal email communication from the application. Additionally, some users have reported multiple accounts on the trading platform that are not visible on the dashboard. These accounts are slated for removal. New account creation following successful payments through crypto providers has been temporarily blocked. Affected users will still receive their accounts, as the firm retains records of all successful transactions.Despite the disruption, Funding Pips highlighted a positive development: the implementation of measures allowing payout processing while mitigating the impact of the DDoS attack. However, the firm clarified that no email notifications will be sent until the DDoS attack is fully mitigated.@fundingpips is having DDOS Attack last day. Recently they banned many traders because of risking more than 3% on Funded Account. From 4.7 rating on Trustpilot their rating decreased to 4.5 in less than 2 days. @Khldfx having a tough time. Good luck man! pic.twitter.com/ZB48hG6Lna— Ragnar (@partialSTP) July 3, 2024TradeLocker DDoS AttackThree months ago, TradeLocker experienced a DDoS attack, causing the platform to be offline for over an hour, as reported by Finance Magnates. This outage affected clients and investors of brokers and proprietary trading firms. Reports of the attack emerged after users of these firms reported account access issues.Following recent issues with MetaQuotes’ MetaTrader 4 and 5, many brokers, including Tradddo, Funding Traders, TopTier Trader, and Funding Pips, switched to TradeLocker. Funding Pips noted that the platform was down for just over an hour.Later, a statement on X suggested that TradeLocker was targeted by two DDoS attacks. TradeLocker initially did not confirm the attack, but did so a day later. The company acknowledged that some users experienced difficulties accessing demo and live accounts, but all pending orders were executed. This article was written by Tareq Sikder at www.financemagnates.com.

Proprietary trading platform The Funded Trader recently announced plans to launch the trading platform Match Trader. In an X post yesterday (Wednesday), the company notified its users about the upcoming offering, promising a great trading experience and user-friendly design.Promising User-Friendly Technology Design The company mentioned, "Match Trader is coming soon to The Funded Trader! Get ready for an epic trading experience with cutting-edge technology and user-friendly design. Stay tuned." This development marks a significant step for the prop firm, which temporarily paused all operations in March after complaints of payout denials.? Exciting News, Traders! ?Match Trader is coming soon to The Funded Trader! Get ready for an epic trading experience with cutting-edge technology and user-friendly design. Stay tuned!#TradingPlatform #MatchTrader #HappyTrading #TheFundedTrader pic.twitter.com/YSA7iXWj7n— The Funded Trader (@thefundedtrader) July 3, 2024Earlier, The Funded Trader mentioned that it had secured new collaborations that would enable it to unlock access to funds and settle the outstanding payments. Besides that, the company suspended its affiliate program, saying that it will only resume once all payments have been settled. The suspensions followed accusations of blocking clients' payouts.Navigating Market TurmoilIn March, following the decision to temporarily halt its operations, Angelo Ciaramello, the Chief Executive Officer of The Funded Trader, mentioned that the prop firm would be relaunching the brand with a slightly different look and feel. Additionally, the company mentioned that it would update its users on how this decision would affect those involved.I wanted to address you all personally. You have been the lifeblood of TFT. You have fought in battle with me day in and day out for years. You have participated in one of the greatest movements in history and have delivered to me what I dreamed of, this community. Being in the…— The Funded Trader (@thefundedtrader) March 28, 2024Two months after suspending all operations and facing mass complaints about payout denials, The Funded Trader disclosed that in the first two months of 2024, it paid its clients $17 million. However, the irate clients disputed that they had not received the funds. The firm suspended payouts and services for three weeks before resurfacing in mid-April. The company also mentioned that it was in the process of transferring its base from the US to the Cayman Islands. However, The Funded Trader did not clarify whether its ownership remained the same or whether Easton Consulting Technologies had sold the entity. This article was written by Jared Kirui at www.financemagnates.com.

The cryptocurrency and decentralized finance (DeFi) sectors suffered a staggering $1.19 billion in losses due to hacks, scams, and exploits in the first half of 2024, according to a new report from blockchain security firm CertiK.Crypto Security Woes Deepen as H1 Losses Hit $1.19 BillionThe "Hack3d: The Web3 Security Quarterly Report" for Q2 and H1 2024, released this week, paints a sobering picture of the crypto industry's ongoing security challenges. Phishing attacks emerged as the most damaging vector, accounting for $497.7 million in losses across 150 incidents."Q2 2024 experienced the highest losses since Q3 of the previous year, despite a relatively quiet quarter in which the markets mostly consolidated the gains from Q1," the report emailed to Finance Magnates reads.Private key compromises were the second most costly attack type, resulting in $408.9 million lost over 42 major incidents. The Ethereum blockchain bore the brunt of the attacks, experiencing 235 security incidents that led to nearly $400 million in losses.The largest single incident of the period was an attack on the Japanese exchange DMM Bitcoin, resulting in a staggering $304.7 million loss. Other notable breaches included a $112.5 million loss by Chris Larsen and a $90 million hack of Turkish exchange BtcTurk.Despite the overall increase in losses, there was a silver lining: approximately $177.8 million was returned to victims across 18 separate incidents in H1, reducing the net losses for the period to $1.01 billion.Hack3d: Q2 + H1 2024 ?184 hacks, scams, and exploits drained $688,102,941 from Web3 in Q2 2024. This is a 37% increase in value lost compared to Q1 2024, despite an 18% decrease in incidents.Read our full report: https://t.co/XnuddaEecn pic.twitter.com/GGHdbqWZoz— CertiK (@CertiK) July 3, 2024For comparison, throughout 2023, investors and exchanges were estimated to have lost $2 billion in cryptocurrencies. Although these figures are alarming, they were still half as much as in the record year of 2022, when losses reached nearly $4 billion.Crypto Losses Surge to $688 Million in Q2 2024The report also provided a breakdown of Q2 2024 figures, which showed a concerning trend:In Q2 alone, a total of $688.1 million was lost across 184 onchain security incidents, representing a 37% increase in value lost compared to Q1 2024. This is also significantly more than the $300 million reported in Q2 of the previous year.Phishing remained the dominant attack vector in Q2, with $433.7 million lost across 67 incidents.Ethereum remained the most targeted chain in Q2, with 83 incidents resulting in $170.6 million in losses.“Overall, Q2 2024 was marked by significant financial losses due to security breaches, emphasizing the ongoing challenges in the cryptocurrency and DeFi sectors. Phishing attacks and code vulnerabilities remain prevalent, with substantial losses impacting both individual users and large platforms,” the report adds.The persistent security issues highlighted by CertiK's findings may pose challenges for platforms seeking to demonstrate the robustness and reliability of their systems, especially as the industry grapples with increased regulatory scrutiny and attempts to attract institutional investors. This article was written by Damian Chmiel at www.financemagnates.com.