The extradition of Kwon Do-hyung, also known as Do Kwon, from Montenegro to South Korea has been postponed once again. This decision was made by the Supreme Court of Montenegro yesterday (Thursday). The court will review the legality of the extradition request from South Korea before making a final decision, expected early next week.Legal Battle ContinuesLast Thursday, an appeals court upheld a previous ruling to extradite Kwon to South Korea, as reported by Finance Magnates. This decision rejected a request to extradite him to the United States instead. The appeals court's ruling confirmed an earlier decision by a lower court.Kwon has been involved in a lengthy legal battle over his extradition. The South Korean charges against him are not publicly known, but US prosecutors have charged him with fraud.?UPDATE: Do Kwon's extradition from Montenegro faces another delay. The saga continues for the Terra co-founder. pic.twitter.com/2DgP15Bs9l— Paweł Łaskarzewski (@PawelSynapse) August 8, 2024Kwon, known for Terraform Labs, saw his project’s cryptocurrencies, TerraUSD and Luna, collapse in 2022, erasing about $37 billion in value. The collapse led to the downfall of other crypto firms. In June, Kwon and Terraform Labs settled with the SEC for $4.5 billion, including $204.3 million from Kwon personally. Initially, the SEC sought $5.3 billion. Terraform Labs, which declared bankruptcy earlier this year, reported liabilities and assets between $100 million and $500 million.Supreme Court Suspends ExtraditionKwon and an associate were arrested last year while traveling with fake documents. Although Montenegro's lower court had ordered his extradition, the Supreme Court suspended this decision after the top prosecutor in Montenegro raised concerns about procedural errors. Kwon was subsequently released on bail.The Supreme Court had previously annulled Kwon's extradition to South Korea after similar objections from the prosecution. The case was then sent back to a lower court for further review. This article was written by Tareq Sikder at www.financemagnates.com.

Marcus Fetherston has been appointed General Manager at Blueberry Funded, a proprietary trading firm operated by Blueberry Markets, Finance Magnates has learned through his LinkedIn profile. Blueberry Funded Adds LeaderBefore joining Blueberry Funded, Fetherston held several positions in the financial sector. Most recently, he was the Director and Chief Product Officer at PropTradeTech, a role he occupied from March 2023 to June 2024. PropTradeTech is a Melbourne-based firm specializing in trading technology.Prior to PropTradeTech, Fetherston served as Director of Operations at Eightcap from September 2020 to March 2023. Eightcap is also headquartered in Melbourne and operates within the financial markets sector.Fetherston's career includes experience at Pepperstone, where he worked in various roles from July 2017 to August 2020. His positions there ranged from Operations Officer to Operations Team Lead and Responsible Manager. Pepperstone is a global brokerage firm.Earlier in his career, Fetherston was a Customer Service Representative at Commonwealth Bank from October 2015 to July 2016. This role involved direct client interaction and support in the banking sector.Prop Trading Panel DiscussionFetherston participated as a speaker in a panel discussion titled “Prop Trading for Retail Brokers: Viability or Liability?” at the Finance Magnates London Summit 2023. During the session, industry experts examined the intersection of prop trading and retail brokerage services, highlighting emerging trends and potential opportunities for collaboration. This article was written by Tareq Sikder at www.financemagnates.com.

Despite Bitcoin's (BTC) mixed performance during the vacation period, activity on major cryptocurrency exchanges remains substantial. The total volume of the largest centralized platforms has maintained multi-month highs, growing by over 100% compared to last year. However, it's impossible to ignore the 60% decrease compared to the record-breaking March.Spot Crypto Volumes Grow Month-over-Month and Year-over-YearAccording to the latest analysis conducted by Finance Magnates Intelligence, the total spot volume for the 10 largest centralized exchanges in July was $844.9 billion, representing a 13% increase from the $812.5 billion reported a month earlier.Although this result is about 60% lower than the record-breaking $2 trillion from March when Bitcoin tested all-time highs, investor activity still remains at multi-month highs.Only Binance and OKX recorded modest month-over-month declines. The remaining exchanges observed a rebound from local June lows."In July, the combined spot and derivatives trading volume on centralized exchanges rose 19.0% to $4.94tn, recording the first increase in four months," the newest report from CCData commented. "The surge in volume follows multiple bullish catalysts, including the launch of the spot Ethereum ETFs in the US and the pro-crypto sentiment voiced by US political figures at the Bitcoin conference held in Nashville, Texas."No Changes at the TopThere's little change among the leaders. Binance still reigns supreme on the podium with a result of $403.7 billion, Bybit is second with $134.6 billion, and Huobi is third, achieving $79.4 billion. At the end of July, Bybit announced the addition of the popular FX trading platform MetaTrader 5 to its offerings.Only Coinbase and OKX swapped positions. Coinbase is currently in fourth place thanks to a 7% increase in monthly volumes to nearly $64 billion, while OKX is now just under $63 billion.As a result, the market share distribution remains unchanged. Binance remains the leader, accounting for almost half of the activity among the top 10 centralized exchanges in terms of spot volumes.Huge Volume Differences Compared to 2023Although month-to-month differences are small, when compared to July 2023, we see a huge leap. The average change is 105%, with some record-breakers increasing their volumes several times over.The leader here is ByBit, which a year ago reported a volume of just under $23 billion. Currently, it's 400% larger at $135 billion. Huobi also recorded a jump of 239% from $21.3 billion. Only Upbit experienced a decline, with its volume shrinking from almost $61 billion to $46.7 billion reported last month.What will August look like? This month began with huge drops in Bitcoin, testing the $50,000 level (six-month lows) and wiping $320 billion in value from the market. However, this ensured record volatility and investor activity. This article was written by Damian Chmiel at www.financemagnates.com.

Russia has officially legalized Cryptocurrency mining, marking a significant shift in the country's approach to digital assets, RT reported. The new law, signed by President Vladimir Putin, introduces a comprehensive legal framework that regulates cryptocurrency mining and defines the rights and obligations of those involved in the industry. Russia Recognizes Crypto MiningThe law, published on Russia's official legal information portal, clarifies the previously unregulated cryptocurrency mining sector. By legally recognizing cryptocurrency mining as a legitimate activity, the Russian government has included it as part of the broader economic turnover rather than simply as a means of issuing digital currency. Under the new legislation, only Russian legal entities and individual entrepreneurs registered with the government are permitted to engage in cryptocurrency mining. However, individual miners are allowed to operate without registration, provided their energy consumption stays within limits set by the government. This provision allows small-scale miners to continue their activities without formal registration, while larger operations will be subject to stricter controls.2022: Russia's central bank proposed banning #Bitcoin and crypto mining.2024: Putin signs law legalizing Bitcoin and crypto mining in Russia ?? pic.twitter.com/Q2lPrUaU5W— Bitcoin Magazine (@BitcoinMagazine) August 8, 2024The law legalizes mining and allows the trading of foreign digital financial assets on Russian blockchain platforms. However, this comes with some restrictions: the Bank of Russia retains the power to ban certain assets if they are deemed a threat to the country's financial stability.Trade and Regulatory OversightThis measure highlights the government's cautious approach to digital assets, balancing the promotion of innovation with the need to protect the financial system.The legislation also imposes strict controls on the advertising and promotion of cryptocurrencies. It prohibits offering digital assets to an unlimited number of people, a move likely aimed at preventing the widespread promotion of potentially risky investments. Additionally, the law allows for the possibility of banning cryptocurrency mining in specific regions or territories, providing the government with the flexibility to manage the industry based on local conditions.President Putin has emphasized the importance of regulating cryptocurrencies and digital assets as a promising area for economic development. At a recent government meeting, he highlighted the need for Russia to "seize the moment" and establish a robust legal framework to support the growth of digital assets within the country and in international trade. This article was written by Jared Kirui at www.financemagnates.com.

The Commodity Futures Trading Commission (CFTC) announced today (Thursday) that it has secured a $12.7 billion judgment against FTX and Alameda Research. These funds will reportedly be used to compensate the victims of the bankrupt exchange's fraudulent activities. CFTC Victory in Crypto Fraud CaseThis ruling, handed down by the US District Court for the Southern District of New York, marks the largest financial recovery in the CFTC's history and highlights the agency's commitment to protecting investors from fraudulent schemes in the ever-evolving digital asset space. The court's decision requires FTX to pay $12.7 billion in monetary relief, which includes $8.7 billion in restitution to customers and $4 billion in disgorgement. The judgment reflects the severity of FTX's actions, where customer funds, including digital assets like Bitcoin and Ether, were commingled and misappropriated despite the company's public assurances of secure and segregated custody.CFTC Chairman Rostin Behnam highlighted the matter, saying: "FTX used age-old tactics to create an illusion that it was a safe and secure place to access crypto markets. But the basic regulatory tools, like governance, customer protections, and surveillance that exist to identify misconduct and ultimately prevent collapse, were simply not there.".@CFTC Obtains $12.7 Billion Judgment Against FTX and Alameda: https://t.co/S6irxpka58— CFTC (@CFTC) August 8, 2024The CFTC's case against FTX began in December 2022, shortly after the company's collapse. The complaint, which also targeted key FTX insiders, including Caroline Ellison and Gary Wang, charged them with orchestrating a massive fraud that ultimately led to billions in losses for investors. Future Implications for the Crypto IndustryFTX's legal troubles are far from over. The CFTC continues to pursue further litigation against Samuel Bankman-Fried and other top executives, aiming to secure additional penalties and permanent injunctions against future violations. The $12.7 billion judgment against FTX is not just a victory for the victims of its fraud but also a pivotal moment in the regulation of the cryptocurrency industry. With the CFTC's victory, there is renewed urgency for comprehensive digital asset legislation that can close the regulatory gaps that allowed FTX's deceptive practices to flourish. This article was written by Jared Kirui at www.financemagnates.com.

Doo Group's Head of Institutional Clients, Fraser Nelson, is leaving the company, according to an announcement he made on LinkedIn today (Thursday). Nelson joined the company as the Head of Business Development before being promoted to the role of Head of Institutional Clients, a role he held for a year.Two Years at Doo Group"After 2 years of Excitement, Hard Work, Travel, and Growth, my time at Doo has come to an end. As I prepare to take the next steps in my career, I wanted to say thanks to the management team for the confidence in making me the number 3 hire outside of Asia, backing me to open offices and spearhead growth, believing in me to be the face of our Recruitment and Branding videos and empowering me to be the companies face and voice at Expos and Seminars," Nelson wrote."There's been many milestones in my 2 years with Doo but my particular highlights have been: Seeing volume grow from 23 billion to over 100 billion a month, expanding our Offices and presence to over 30 locations globally, positioning as one of the fastest growing brokers in LATAM and Africa, and building up the Liquidity pool access and Institutional product." Serving in Other Notable BrandsNelson's career spans several notable industry brands, among them Centroid Solutions, PrimeXM, and HotForex. He served as Centroid's Global Business Development Manager, PrimeXM's Relations and Business Development Manager, and HotForex's Regional Head of Business Development.In June, Doo Group released its financial results, highlighting total trading volume worth USD 106.53 billion. This represented a drop from the previous month, with the average daily volume declining.The most traded products in the group in May were XAU/USD, EUR/USD, and GBP/USD. XAU/USD recorded the most trading volume, reaching USD 80.99 billion. EUR/USD had the most significant increase, increasing by 11.26% from April.Elsewhere, Doo Capital Market, a subsidiary of Doo Financial, obtained the license from the Monetary Authority of Singapore (MAS) early this year, boosting its operations in the region.Doo Financial has been broadening its services in the Singaporean market. The approval authorizes DCM to engage in activities, including capital markets products, product financing, and offering custodial services. This article was written by Jared Kirui at www.financemagnates.com.

It is already August which means the final countdown to the Finance Magnates Pacific Summit (FMPS) is now officially underway. The biggest event in the Asia-Pacific (APAC) is slated to be held in Sydney, Australia on August 27-29, drawing the industry’s elite, as well as thousands of attendees, traders, and more.Prospective attendees can expect to learn from expert speakers, thought leaders, and premier educators, part of a two-day celebration of the retail trading industry in Australia and beyond. This includes a jam-packed agenda that features plenty of content that is tailor made to the retail trading demographic. Are you curious about what is in store at FMPS? Head on over to the website and check out the live full-length agenda today and mark your calendar with the most important sessions. The inaugural event will be bringing panels, workshops, sessions, and more across two dedicated content stages, the Centre Stage and Exchange Zone. One session to watch will be the upcoming workshop, Trading with AI: CoPilots, Not Advisors.As a quick reminder, it is not too late to reserve your seat online for FMPS. Time is running out so make sure to skip the queues on-site this August in Sydney and register today for the biggest event of the year in APAC!Why AI is a Tool, Not the Answer Prospective participants can take advantage of plenty of content, networking opportunities, and entertainment throughout the event. However, one of the biggest draws will be the plentiful sessions and emphasis on the retail trading space, all of which can be seen at the Exchange Zone this August. The upcoming session, Trading with AI: CoPilots, Not Advisors is perhaps the best opportunity to take a deep dive into the role of AI in trading, as well as how to best leverage this tool for all strategies. This informative session will be taking place on August 28, 12:30-12:50, exclusively at the Exchange Zone. The workshop will be run by Anthony Darvall, Founder at Traderflow. What can attendees expect in this session?Well, it comes as no surprise that AI has taken over coding and simple tasks like summarizing and creation of pictures. With finance, the potential for AI is immense as the amount of information that traders process can be overwhelming. A trading copilot would learn/watch/alert traders based on their trading habits and give both risk management and fundamental/technical actionable information in a timely manner. Join Mr. Darvall as he looks to simplify the trading work flows to help traders minimize screen time.Mr. Darvall is a 17-year veteran of the FX market and the former Chief Market Analyst at EasyMarkets.com. In 2022, he transitioned from broking to founding an AI startup, Traderflow. Traderflow aims to create AI Trading Copilots that streamline traders' workflows, reducing the need for multiple screens and consolidating information delivery to a single laptop.This is one session to circle on your calendar this August. See you in Sydney! This article was written by Jeff Patterson at www.financemagnates.com.

Exness, one of the largest brokers in the world, has launched a new brand campaign, marking a shift in how it connects with traders, recognizing that trading is fueled by more than just data and product features. The campaign titled “Born to Trade” focuses on the emotions that drive a trader's journey, capturing the shared trading experience and the community it has created. Exness CMO Alfonso Cardalda explores the “Born to Trade” philosophy and thought process.The vision The campaign is a bold move to forge a deeper connection. It acknowledges that while the company has successfully communicated its product offerings, Exness has yet to fully explore the qualitative aspects of trading and the relationship with traders. The campaign bridges this gap and captures the essence of what it means to be a trader: the emotions, skills, and sense of community."Born to Trade" is more than just a slogan. This concept emerged following feedback from Exness' traders, partners, and Introducing Brokers. Cardalda expressed, "It's about more than just promoting a product. It's about connecting with traders on a deeper level, recognizing their unique DNA, and providing them with the tools they need to thrive."Connecting with traders on an emotional levelCardalda emphasizes the importance of understanding the emotional aspect of trading. While analysis and data are crucial, emotions also play a significant role. Recognizing this duality allows the creation of messaging that resonates with traders at this level.He notes, "While we've effectively communicated our product benefits and features, we haven't fully explored the emotions that drive traders. This campaign aims to bridge that gap." “Born To Trade” is a departure from the industry's focus on product features and tactical marketing. It's about fostering community and celebrating the trader's identity. By addressing the emotional side of trading, Exness hopes to create a lasting connection with its audience.Reinforcing reliability through simplicity and transparencyExness' reputation for reliability is deeply rooted in its product. The new campaign reinforces this by focusing on clarity, transparency, and efficiency. This commitment to simplicity is evident in both the visual identity and the functionality of Exness' platform.Cardalda said, “It isn’t about creating a façade of reliability; it's about showcasing Exness' commitment to providing the best possible trading platform and fostering trust with traders.” By prioritizing clarity and simplifying the trading experience, Exness aims to make traders feel comfortable and confident in their chosen platform.Measuring Success Beyond NumbersAs a data-driven company, Exness is meticulous about measuring success. The “Born To Trade” campaign, a global concept with localized execution, will be assessed mainly by its impact on brand perception and emotional connection.This signifies a shift away from classic metrics and towards reinforcing brand identity. The emphasis is on how traders recognize and connect with the new brand identity launched earlier this year.The Path ForwardWith its refreshed brand identity and the “Born To Trade” campaign, Exness is poised to elevate its image to new heights. By focusing on innovation, expansion, and communication, the broker aims to solidify its position as a leader in the global trading industry.Through continued investment in top-tier products, expansion into new markets, and fostering meaningful relationships with clients, Exness is committed to delivering a trading experience that's not only reliable and efficient but also emotionally fulfilling for traders worldwide. This article was written by FM Contributors at www.financemagnates.com.

Cryptocurrency exchange BingX has integrated Apple Pay and Google Pay into its platform to enhance the purchase of digital assets. This step enables BingX users to purchase cryptocurrencies using 30 different fiat currencies and two payment methods. Apple Pay is now available for BingX users. Using encryption techniques, Apple Pay promises users secure transactions when purchasing cryptocurrencies.Using Encryption TechniquesSpeaking about the integration, Vivien Lin, the Chief Product Officer of BingX, said: "We are excited to introduce Apple Pay and Google Pay on BingX, providing our users with more convenient and secure payment options. These integrations enhance the overall user experience and reinforce our commitment to innovation and customer satisfaction."Google Pay also offers a digital wallet and payment system compatible with Android devices and the Chrome browser. It can handle both online and offline transactions, enabling users to make payments even without an internet connection. To mark this integration, BingX has launched promotional offers. Users can reportedly access zero transaction fees when purchasing cryptocurrencies through Apple Pay or Google Pay on the Quick Buy page.Promotional OffersAdditionally, the company announced that new users can receive a 10% cashback on their first purchase. In contrast, existing users can earn rewards of up to $200, depending on the total amount of their crypto purchases.In May, BingX expanded its partnership with Chelsea Football Club for the 2024/25 Premier League season. The agreement allows the crypto exchange to transition from a sleeve sponsor to the official training wear partner for the men's team.The collaboration is based on BingX's initial deal with the English club, where it was named the official sleeve partner. The two entities welcomed the latest deal as a way to increase BingX's visibility in the sporting world.To celebrate the renewed partnership, BingX launched an "airdrop" event at Chelsea's Stamford Bridge stadium, using drones to deliver the new training kits. The exchange announced that its logo would feature on the front of all training wear worn by players and coaching staff during training. This article was written by Jared Kirui at www.financemagnates.com.

As of July 31 this year, Binance had recovered $73 million in stolen cryptocurrencies. This represents a notable 33% increase from the approximately $55 million recovered in 2023.Recovering and Freezing Illegal Crypto Assets According to the crypto giant, the platform's security team has been at the forefront of recovering misplaced and lost funds and freezing ill-gotten gains that find their way onto the exchange. Binance has also reportedly collaborated with both industry peers and the public sector to ensure that affected users receive the necessary support.Approximately 80% of the recovered and frozen funds are tied to hacks, exploits, and thefts that occurred outside the Binance platform. The remaining 20% involves scams that also originated externally. Binance's stance has been instrumental in these recoveries, with Chief Security Officer Jimmy Su emphasizing the company's user-centric culture as a driving force behind these achievements.Contrary to what might be expected, the increase in recovered and frozen funds does not indicate a rise in criminal activity within the cryptocurrency space. With all transactions publicly recorded, it has reportedly become easier to trace and recover stolen funds.Crypto Crime ReportAccording to Chainalysis' 2024 Crypto Crime Report, the total value received by illicit cryptocurrency addresses dropped significantly in 2023. The report noted a decline in the share of all crypto transaction volume associated with illicit activity, from 0.42% in 2022 to 0.34% in 2023.A recent report showed that the cryptocurrency and decentralized finance (DeFi) space suffered a whopping $1.19 billion in losses due to hacks, scams, and exploits in the first half of 2024.According to the latest report by blockchain security firm CertiK, there is a worrying trend in the crypto space in relation to security challenges. Among the challenges, phishing attacks have become the most damaging factor, resulting in $497.7 million in losses across 150 incidents.Secondly, private key exploits are the most costly attack type, having resulted in $408.9 million lost over 42 major incidents. Ethereum blockchain suffered the most, reporting 235 security incidents that led to nearly $400 million in losses. This article was written by Jared Kirui at www.financemagnates.com.

Desimir Paskalev, a trading industry veteran associated with retail broker XM for over a decade, has decided to run his own project under the FundedBull banner. In an exclusive interview with Finance Magnates, Paskalev admitted that he chose to move towards prop trading because the entry barriers are lower than those of running an FX/CFD brokerage business.Paskalev Trades XM for His Own Prop Business FundedBullPaskalev has undoubtedly been one of XM's most recognizable faces over the past ten years, serving as Partner Relations Manager, primarily in Europe. After a decade with one company, he decided to launch his own business. For the past few months, the ex-XM representative has been trying his hand in the prop trading industry."My ambitions have grown, and I believe they can be best fulfilled through business ownership and its development," Paskalev commented in an interview with Finance Magnates. He added that over the years, he has built knowledge and connections in the retail trading industry that allowed him to start his own venture.But why not an FX/CFD broker? As Paskalev honestly admits, he considered launching a new brokerage brand, but given the higher entry threshold and enormous competition, he decided to direct his interest toward a younger, rapidly developing industry."I considered starting an FX/CFD brokerage, but the complexities involved in such a venture, like higher budgets, a larger team, extensive resources, and longer time to market, were substantial," Paskalev comments, not ruling out launching a broker in the future.With a prop firm, it's the opposite. Smaller business launch amounts mean that within a few months, a ready product can be put in the hands of users."This strategic choice allowed us to establish a solid foundation and scale our operations effectively, as well as potentially expand into retail FX and CFD trading at a later stage," added the Founder of FundedBull.Paskalev is not the only former executive of a popular broker who has recently decided to strike out on his own. In May, Finance Magnates exclusively reported that a former Admirals and Alpari Board Member, Bartosz Bielec, launched his own FX/CD Broker. A month ago, the former MENA CEO of BDSwiss, Daniel Takieddine, also took a similar step, introducing the Sky Links Capital Group brand.Differentiation through AffiliationHowever, it's impossible not to notice that prop firms are also sprouting up like mushrooms recently, and competition is significantly increasing. Regulated FX/CFD brokers have also started joining the industry, which can certainly make it difficult for smaller firms to operate.So how does FundedBull want to stand out in this market? According to Paskalev, the answer is a "leading affiliate program," drawing on experiences from previous markets he worked in."With over a decade of experience in affiliate management, I see this as a strategic advantage and a key opportunity," he explains.In one of the latest op-eds for Finance Magnates, Christopher Balanzategui, the CEO of N3tworx, described the marketing and affiliate advantages that prop firms have over CFD brokers. The next step is to encourage clients by presenting them with clear rules for conducting challenges and access to the widest possible number of trading platforms. The offer includes DxTrade, cTrader, Match-Trader, and in the future, TradeLocker."We anticipate significant interest through our affiliates, but we will also have an internal marketing team to drive additional engagement and growth," adds Paskalev.The Industry Is Not without ControversyAsked about his thoughts on the current reputation of the retail prop trading industry, which is full of controversies, potential rug pulls, and problems with client fund withdrawals, Paskalev admits that, like FX/CFD once was, prop trading is still in its infancy stage and developing."It remains relatively immature in several areas, including regulation, technology, and management," Paskalev explains. "This immaturity often leads to operational issues, with some firms failing to manage client funds properly or going out of business due to mismanagement."As a result, he expects significant consolidation in the industry in the coming years, through which only honest companies that know how to operate in a high-margin business will remain in the market.With FundedBull, enjoy fast payouts with no fees! We process funded trader payouts through Rise and Crypto for your convenience, at no cost to you. ?? pic.twitter.com/c1gosWzWcn— FundedBull (@FundedBull) August 7, 2024When asked if prop trading will replace CFDs in the future and if it's the future of retail trading, Paskalev answers negatively. However, it opens a new door for investors who have become disillusioned with high leverage at FX brokers, quickly losing their funds. Prop trading, on the other hand, caters to traders who lack sufficient capital."While generating 5-10% monthly returns on a $5,000 account may not be enough to cover living expenses in many places, a trader with access to a funded account of $100,000 or more can achieve a decent lifestyle," Paskalev claims.Will we be talking about Paskalev's company in a few months in the context of potential controversies like the ones surrounding The Funded Trader, or rather as an established business similar to FTMO? Only time will tell. This article was written by Damian Chmiel at www.financemagnates.com.

Asia-Pacific (APAC) is one of the world’s fastest growing online trading markets. As it continues to grow, Asia’s trading software market is expected to hit a staggering $19.68 billion by 2031, expanding at a CAGR 7.84% between 2024 - 2031. In this context, iFX EXPO Asia 2024 presents itself as a launching board for industry players looking to expand in the region.As the start of Asia’s largest B2B online trading expo approaches, the industry is brimming with excitement. Some of the largest players, including FXGT, Equiti Capital, Peska, B2Broker, Libertex, Match-Prime, Acuity, MC Markets, and FundersPro will be there to showcase their advanced trading technologies and solutions.Taking place between 16 - 18 September, iFX EXPO Asia 2024 promises 2+ days of exclusive networking and a chance to reflect on the latest industry trends, challenges and opportunities. C-level executives and thought leaders from top online trading firms and fintechs will tackle these and other hot topics head-on.Networking to begin withThe Official Welcome Party will mark the start of the expo in style. Held on September 16, at CentralWorld’s Centara Grand & Bangkok Convention Centre, this networking evening adds a much-needed spark of glamour to the business talks. Participants will be able to warm up before the main event as they connect with existing and new potential partners, exchanging ideas and discovering new growth avenues. You just can’t miss this! Register now to save your spot.Apart from the Welcome Party, iFX EXPO Asia 2024 will offer plenty of networking opportunities over the course of the two days. Strategically placed around the exhibition centre, the Networking Lounges will offer attendees an exclusive space to discuss and catch up on essential areas of business.The Night Party will mark the end of the 1st day of the exhibition. Taking place at the TRIBE Sky Beach Club, the informal gathering will allow the distinguished attendees to relax, connect at a deeper level while enjoying the enticing atmosphere.The exhibitionThe epicentre of iFX EXPO Asia 2024 will be the expo floor. With more than 3.5K delegates from 1.6K+ companies in attendance, this year’s edition promises to be the largest yet. Booths from big fintech and online trading brands will dot the exhibition hall. Free to attend, the expo will offer visitors the privilege to familiarise themselves with the latest technologies, covering the whole spectrum of broker-specific solutions, from trading platforms to CRM and liquidity, regtech, paytech, as well as marketing automation and affiliate management tools. Introducing Brokers (IBs) and Affiliates will have the opportunity to meet top brokers face-to-face and identify the right partnership programmes for their business.By uniting all the key stakeholders in the online trading industry, the expo is the place to be for everyone in FX as they look to expand their network, find new partners, and identify lucrative opportunities across Asia’s financial markets. The conferenceiFX EXPO Asia 2024 presents itself as an ideal arena for high-level industry debate featuring renowned FX and fintech professionals. Over 100 speakers are expected to shed light on some of the most pressing subject matters.Mona Zoet (RegPac Revolution), Rahul Mahajan (Negarro), Otakar Suffner (FTMO), Kamalika Poddar (LXME), Penny Chai (Sumsub), Muneeb Khan (Kraken), Andrew Lane (Acuity), and many other renowned speakers will take the stage at the Speaker Hall and Idea Hub. Some of the topics they will address include:● Crypto in Asia: The World is Watching● Asia’s Rise: Serving Prop-Trading Potential● IBs & Affiliates for Successful Business Development● Exclusive Startup Guide: The Funding Game● And so many moreAccommodation at discounted rates!The Centara Grand & Bangkok Convention Centre at CentralWorld is iFX EXPO Asia’s official hotel partner. This means that you can book your stay at the same hotel hosting the expo. Special rates are also available for stays between September 14 - 19, 2024. As the number of rooms is limited, we encourage you to act fast. Book your stay now and benefit from a discounted rate!Your PASSway to AsiaAs highlighted above, iFX EXPO Asia 2024 is free to attend. This opens a world of opportunities for anyone interested to expand their network in Asia, connect with key stakeholders and form lasting partnerships. To skip the waiting line, you can register for a Free Pass here. The Pass gives you access to:● 2+ days to connect with 130+ exhibitors● 27+ speaker sessions and Q&As over 2 stages● The iconic Welcome & Night Parties ● Networking opportunities + the iFX EXPO Asia appInterested? Asia awaits; don’t miss the chance to stand out! This article was written by FM Contributors at www.financemagnates.com.

A report highlights growing concerns among North American fund managers about foreign exchange (FX) volatility. The report, titled the MillTechFX North American Fund Manager CFO FX Report 2024, reveals significant shifts in hedging strategies due to current market conditions and upcoming US elections.Fund Managers Extend HedgingThe study, which surveyed 250 senior finance decision-makers, found that 65% of fund managers plan to extend their hedge tenor. This move will provide protection for a longer period against FX volatility. Additionally, 34% of respondents intend to increase their hedge ratio, aiming to shield a greater portion of their exposure from market fluctuations.The report notes that North American fund managers are grappling with the impact of a stronger dollar. A substantial 83% of respondents reported that their returns have been negatively affected by the strong dollar. Operational costs have also risen for 81% of fund managers, with 34% experiencing a significant increase. Nearly all 93% are concerned about how the stronger dollar affects their foreign market exposure, with 46% expressing significant concern.Research shows that the impact of election-related developments on the US dollar is a primary concern for North American fund managers, who are adopting strategies to safeguard their returns. The main concerns include increased volatility 40%, policy changes affecting currency values 37%, and unpredictable market movements 37%. CEOs are particularly focused on policy changes and counterparty risk in hedging transactions. Consequently, many fund managers are adjusting their hedging strategies, with 65% planning to extend their hedge tenors to enhance protection against volatility.Eric Huttman, CEO of MillTechFX commented: “It’s a fascinating time in the FX market in North America with the greenback strengthening, despite analysts predicting its value would drop in 2024 coupled with a highly charged US presidential election campaign which will likely move markets.""It’s clear that fund managers are concerned about the potential FX ramifications, with many adopting a more proactive approach, protecting more of their currency exposures for longer as they seek to secure certainty in a climate that is anything but certain.”Hedge Ratio Increases to 55%To address these challenges, 79% of fund managers are now hedging their forecastable currency risk, up from 72% in 2023. The average hedge ratio has risen to 55%, compared to 50% last year, and the average hedge tenor has increased to 5.41 months from 4.96 months. Despite these adjustments, 80% of fund managers have noted an increase in the cost of hedging over the past year.The report also reveals trends in technology adoption and operational changes. Nearly all (99%) of fund managers are exploring new technologies, with a particular focus on process automation 41%. Additionally, 31% are considering full FX workflow automation. However, a significant number of fund managers continue to use manual methods for FX operations, with 26% handling transactions via email and 24% using the phone.T+1 Settlement Costs RiseIn anticipation of the move to T+1 settlement, fund managers have made several adjustments. These include increasing staffing 45%, improving communication with counterparties 43%, and upgrading IT systems 42%. Despite these preparations, 78% reported that the transition to T+1 has led to higher operational costs.“The other large shift in the market was on the operational front, as market participants geared up for T+1. They increased staff and overhauled IT systems, leading to increased costs and this investment ensured the transition was smooth with CLS reporting that there has been no decrease in processed volumes,” Huttman added.Top FX Challenges RevealedFinally, the report identifies key FX challenges and priorities. The principal operational challenge is cost calculation 30%, followed by onboarding liquidity providers 28% and securing credit lines 26%. The top priority for fund managers is FX counterparty credit 36%, with uncollateralized hedging coming in second 29%. This report underscores the current volatility in FX markets and the strategic responses of North American fund managers to mitigate risks and manage costs. This article was written by Tareq Sikder at www.financemagnates.com.

Forex and CFD company Taurex has appointed Maria Meramveliotaki as the new Brand and Strategy Director. Based in Limassol, Cyprus, Meramveliotaki will, among other roles, execute the company's strategic plan and lead an in-house team to develop marketing strategies.Executing Taurex's Strategic PlanAnnouncing her appointment on LinkedIn, Meramveliotaki said: "Stepping into a new chapter at Taurex—I've been promoted to Brand and Strategy Director! This role gives me a fantastic opportunity to align our strategic vision with our core principles and build a lasting brand.""Thank you to the Taurex team and leadership for their trust and support. I look forward to collaborating on thoughtful strategies and driving continuous improvement to achieve our goals."Until her promotion, Meramveliotaki served as Taurex's Head of Marketing Communications, a role she dedicated more than a year. The marketing expert has also worked for the prime brokerage form TOPFX as the Head of Marketing and Senior Content Writer.In recent months, Taurex has experienced notable executive changes. James Watts recently joined the company as the Commercial Director. Watts has collaborated with six established CFD brands in his career, including companies in Dubai and London. He moved to Taurex after nearly three years of serving as a senior executive officer at Evalect Group, a firm focusing on financial markets and FX options.Other Executive Changes at Taurex Taurex also named Mark Sheng as Commercial Director in May. Prior to this, Sheng was the Head of APAC for the forex and CFD brokerage firm. The industry expert has also worked for notable brands such as Ec Markets, where he was the Sales Director, and Trade Nation, where he held the role of Head of Chinese Desk.Sheng also worked as the Head of the Chinese Desk at OvalX for three years. He held a similar position at ActivTrades between 2012 and 2013. Meanwhile, Jeffrey Navarro, Taurex’s Head of LATAM (Latin America), departed from the company in April. Navarro served in Taurex's Operations department. This article was written by Jared Kirui at www.financemagnates.com.

Layer 3 blockchain project Orbs has unveiled its blueprint for enhancing DeFi trading by adding additional capabilities to decentralized platforms. Its solution brings CeFi-level execution to DeFi platforms, delivering a superior onchain trading experience.Orbs’ decentralized L3 infrastructure has been designed to support advanced onchain trading through the provision of deep liquidity on demand. This enables CeFi-level execution capabilities for DeFi platforms across the omnichain landscape.By providing DeFi protocols with aggregated liquidity, Orbs enables DEXs to deliver onchain pricing that is competitive with centralized exchanges. In addition to enhancing spot trading, Orbs’ technology can support onchain derivatives, allowing leveraged trades to be executed at market prices.Orbs also allows DEXs to facilitate complex trading strategies with advanced order types and decentralized derivatives, giving users unprecedented control and flexibility. This is achieved without requiring liquidity to migrate to a new chain, forming a decentralized backend for decentralized trading platforms that bridges the gap between DeFi and CeFi.Users are drawn to onchain trading for its privacy, security, and lack of counterparty risk but often face liquidity fragmentation, inferior user experience, and uncompetitive pricing. Orbs allows DEXs that utilize its technology to circumvent these challenges, granting DeFi users an experience on par with centralized counterparts.Orbs provides an execution layer that currently powers four main protocols:Liquidity Hub: Decentralized optimization layer enabling DEXs to tap into external liquidity sources in order to provide CeFi-competitive prices on swaps. Perpetual Hub: Full suite of services including hedger, liquidator and oracle, enabling intent-based onchain perpetual futures trading. dTWAP Protocol: Advanced order type for DEXs allowing for CeFi-level time-based TWAP orders to be executed onchain.dLIMIT Protocol: Advanced order type for DEXs allowing for CeFi-level limit orders to be executed onchain.Once integrated into a decentralized trading platform, these protocols empower traders with advanced tools and platforms, ensuring secure, scalable, and efficient trading solutions without centralized intermediaries. From executing sophisticated trading strategies to tapping into external liquidity sources, Orbs' Layer 3 technology paves the way for a new era of decentralized finance that is no longer constrained by onchain liquidity.About Orbs Orbs is a decentralized Layer-3 (L3) blockchain infrastructure designed specifically for advanced on-chain trading. Orbs optimizes trading with aggregated liquidity, advanced trading orders, and on-chain derivatives. Orbs enhances the capabilities of both EVM and non-EVM smart contracts without moving liquidity onto a new chain. This one of a kind setup acts as a decentralized backend that brings CeFi-level execution to DeFi trading.Learn more: https://www.orbs.com/ This article was written by FM Contributors at www.financemagnates.com.

Periklis Hanna has announced his resignation from his role as Head of Marketing at The Trading Pit. He shared the news today (Thursday) via LinkedIn, citing careful consideration as the reason for his decision.Resigning from The Trading PitHanna expressed gratitude to his colleagues, noting that his time at The Trading Pit was marked by significant learning and growth. He described his journey there as "incredible," and mentioned that he is now looking forward to exploring new opportunities.“I want to extend my heartfelt thanks to everyone I’ve had the pleasure of working with during my time there. It’s been an incredible journey filled with learning, growth, and great experiences,” he shared on the post.“As I look ahead, I am excited about the opportunities to continue growing, learning, and helping others in new and different ways. Right now, I’m taking some time to reflect, explore, and strengthen my connections within my network.”Professional Background SummaryBefore his tenure at The Trading Pit, Hanna held several positions in the marketing field. He worked as Head of Marketing and Operations at Wintrado Technologies AG from February 2020 to July 2022, and as a Digital Marketing and Business Development Executive at Digipro Education Limited and FUNecole in 2019 and 2020.He also served as a Digital Marketing & Business Development Executive at Airtrans Group from March 2017 to March 2019.Meanwhile, Themis Christou has left his role as Chief Marketing Officer at The Trading Pit, where he served for two years after moving from M4Markets, as Finance Magnates reported. Christou, a Harvard alum, previously worked at Tickmill in various roles including Senior Marketing Specialist and Interim CMO. Recently, The Trading Pit saw significant leadership changes with the departures of Co-Founder Christoph Radecker and CEO Thomas Heyden, who expressed gratitude for their experiences at the firm. This article was written by Tareq Sikder at www.financemagnates.com.

VT Markets is a challenger brand that has excelled at strengthening its market footprint in several regions. This includes Europe, Latin America (LATAM), North Africa and more. Finance Magnates spoke with Dandelyn Koh, Global Brand & PR Lead at VT Markets for her unique perspective on the company and its future strategy.In a full-length interview, Ms. Koh spoke at length about VT Markets evolution, expanding offering, and new developments in the pipeline.VT Markets has really strengthened its market footprint in the EMEA/LATAM and MENA region in 2024. What was the impetus behind this strategy?The impetus behind VT Markets’ strategy to strengthen its market footprint in the EMEA, LATAM, and MENA regions is driven by our commitment to global growth and our mission to make trading accessible for everyone. Recognizing the growing potential and diverse needs of traders in these regions, we aimed to provide our advanced trading platforms, competitive pricing, and excellent customer service to a broader audience. This strategy included opening new offices in key markets, hiring experienced staff, and participating in regional financial expos and exhibitions. By establishing a strong presence in these regions, we are able to offer tailored solutions that cater to the unique preferences and requirements of our clients.Are there any barriers to entry in the above regions and how has VT Markets managed to perform so well across these markets?Barriers to entry in the EMEA, LATAM, and MENA regions include regulatory requirements, market competition, and the need for localized services. VT Markets has managed to perform well and navigated these challenges by building strong relationships with local partners and affiliates, ensuring we understand and cater to the specific needs of traders in these areas. Our ability to offer ultra-low spreads, lightning-fast execution, and a comprehensive suite of trading tools has set us apart from competitors. Additionally, by establishing local offices and hiring experienced staff members, we have been able to provide tailored services that meet the specific needs of traders in these regions. Our commitment to customer satisfaction and continuous innovation has fuelled our performance across these markets.VT Markets has operated as a challenger brand, growing by impressive margins over the last couple of years. What do you owe to this growth and success?The impressive growth and success of VT Markets as a challenger brand can be attributed to several key factors. Our dedication to innovation and technological advancements, such as the upgraded VT Markets App and integration with TradingView and Acuity's Signal Centre, has provided traders with state-of-the-art tools and a superior trading experience. Our diverse product offerings, with over 1,000 tradeable instruments and ultra-low spreads, cater to a wide range of trading preferences. Additionally, our exceptional customer service, as well as industry recognitions have built trust and loyalty among our clients such as being awarded Best Forex CFD broker UAE 2024, Best Multi-Asset Broker MENA 2024, etc. Our global expansion strategy and commitment to making trading easy and accessible for everyone have further driven our growth.How has the company grown on a brand and trading level, and do you see this growth being sustainable moving forward?VT Markets has evolved significantly on both brand and trading levels. We have expanded our product offerings to include over 500 share CFDs and bond CFDs, with more to go, catering to diverse trading preferences. Our brand has gained recognition through multiple industry awards and our reputation for exceptional customer service and innovative trading solutions. We have also enhanced our trading platforms with advanced tools and integrated market insights. This growth is sustainable due to our continuous focus on innovation, regulatory compliance, and client satisfaction. By staying ahead of market trends and adapting to the evolving needs of traders, we are well-positioned to maintain our upward trajectory.What does the future hold for VT markets and are there any new and exciting developments in the pipeline?The future for VT Markets is bright, with several exciting developments in the pipeline. We are committed to further expanding our global footprint and enhancing our product offerings to meet the diverse needs of traders. Our focus on technological advancement remains, with plans to introduce more advanced trading tools and features to improve the trading experience. We will also be expanding our educational resources and promotional offers to support traders at all levels. Additionally, we aim to strengthening partnerships and loyalty programs that will offer even greater value and benefits to our clients. As we move forward, VT Markets will remain dedicated to making trading easy and accessible, empowering traders to seize market opportunities and shape their financial futures. This article was written by FM Contributors at www.financemagnates.com.

Pepperstone will be attending the upcoming Finance Magnates Pacific Summit (FMPS) as a Platinum Sponsor on August 27-29 in Sydney, Australia. Ahead of the landmark event, FM spoke with James Perry-Keene, Head of Strategic Partnerships at Pepperstone for his perspective on the event and the company’s role this August. As one of the most influential brands at FMPS, Mr. Perry-Keene touched on a number of key points and noteworthy trends in a tell all interview.Every company or brand gets something different out of expos or events. How do you feel your company can directly benefit from attending FMPS this August?Attending FMPS this August presents a unique opportunity for Pepperstone to engage directly with industry peers. Our primary benefit will be gaining insights into emerging trends and challenges, which will help us fine-tune our strategies. Additionally, the event will allow us to showcase our latest innovations and technologies, strengthening our position as a leading global online trading provider.FMPS is making its inaugural splash in Australia. What are you hoping to see or get out of this year’s event?As FMPS makes its debut in Australia, we’re excited to explore new industry dynamics and connect with both regional and global peers. We hope to gain a deeper understanding of the local market landscape, exchange ideas with industry leaders, and identify new opportunities for collaboration. The event is a perfect platform to stay informed about the latest trends and innovations that will shape the future of our industry.The APAC retail market has its own nuisances and strengths, perhaps none greater than a critical mass of talent and a developed infrastructure. Is operating in APAC or Australia a consideration for your brand or does this align with your company’s goals?Since being established in Australia in 2010, we have grown to become one of the most reputable online brokers in the industry, with our clients now trading across 160 countries. Pepperstone prides itself on fast and reliable execution, competitive pricing, and outstanding customer support. Expanding our presence in APAC continues to strengthen our position as a leading global online trading provider. FMPS will be attracting the most recognizable and best-performing brands from multiple industries. How does your company plan to stand out in the crowd or put itself on the map in front of a regional, as well as global audience?At FMPS, Pepperstone plans to stand out by highlighting our commitment to fast and reliable execution, competitive pricing, and outstanding customer support. We’ll showcase our advanced trading platforms and competitive pricings, which are key to our reputation as a top-tier broker. By engaging actively with attendees and demonstrating our industry-leading solutions, we aim to make a significant impact and reinforce our position on both regional and global stages.The retail trading industry continues to move ahead in 2024, with the push for new clients and business ongoing. In what ways is your company equipped to handle any potential challenges or industry shakeups in H2 or beyond?Pepperstone is well-equipped to navigate potential challenges and industry shakeups thanks to our strong foundation in technology and client-centric approach. Our agile infrastructure and innovative solutions allow us to adapt quickly to market changes. We continuously invest in our technology stack and maintain a close pulse on market trends to ensure that we can swiftly address emerging issues and seize new opportunities. Our robust support system and strategic foresight position us to handle future challenges effectively and continue delivering value to our clients. This article was written by Finance Magnates Staff at www.financemagnates.com.

“A purely peer-to-peer version of electronic cash”: that’s how Satoshi Nakamoto defined Bitcoin in the original whitepaper. Electronic cash or not, Bitcoin has now attracted the attention of everyone: tech enthusiasts, consumers, traders, investors, bakers, and even regulators.Although Bitcoin dominates the multitrillion-dollar market, there are tens of thousands of other cryptocurrencies; some were developed for particular purposes, while others are based on mere internet jokes.So, the question remains: Does Bitcoin or any other cryptocurrency have the potential to replace existing forms of fiat currencies?Well, the governments of two sovereign countries, El Salvador and the Central African Republic, think so, as Bitcoin is a legal tender there. However, things are different in other countries, especially the developed ones that dictate the global economy.Understanding the BasicsBefore diving into the details, it is crucial to understand the fundamental difference between fiat currencies and cryptocurrencies. Although the basics might be distinct on the surface, the adaptation of both has created co-relations.Fiat currencies, such as the US dollar, euro, or yen, are issued by the central banks of the countries. The World Bank defines fiat currencies as “any legal tender designated and issued by a central authority that people are willing to accept in exchange for goods and services because it is backed by regulation.” The government backs them, ensuring legal guarantees for them. Interestingly, some fiats, like the Belize dollar, the Hong Kong dollar, and the United Arab Emirates dirham, are pegged to the US dollar.On the other hand, cryptocurrencies are decentralised and not backed by any centralised authority. According to the World Bank, cryptocurrencies are “a type of unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community.”But what was the psyche of Satoshi Nakamoto, the creator of Bitcoin, in creating it?In the Bitcoin whitepaper, the mysterious Satoshi Nakamoto wanted to create “an electronic payment system based on cryptographic proof instead of trust.” He structured the controlling infrastructure of Bitcoin as “an electronic payment system based on cryptographic proof instead of trust.” It is beyond the controlling scope of any central bank or other governmental authority.Proof-of-work-based blockchains also consider security, as the transactions on the blockchain cannot be reversed or modified without a majority consensus of the node operators, which is practically impossible.What Makes Money, Money?The ancient economy was based on barter systems. Cows and pots in that age had the same use as a dollar bill today—they were all widely accepted in exchange for goods and services.Then, the modern monetary system came. Coins made out of precious metals were pumped into the markets. As the economy and institutions modernised further, paper money took over. Although the use of fiat money can be traced back to the 10th century by the Song Dynasty in China, the global use of it came in recent centuries.The key behind the trust in fiat currencies is the government’s guarantee.Cryptocurrency, as it is decentralised, has eliminated the necessity of such guarantees. However, people still need to trust and accept it as a payment to make it replace fiats. Unless people accept or believe in its value, it is just a number on the internet.Although going by the architecture of blockchain, cryptocurrencies might look promising, there are other factors, like technological challenges. Can Crypto Be the Next Money?Cryptocurrencies can break the barrier of centralisation when it comes to payments. However, the real benefit of using cryptocurrencies comes from the underlying technology - blockchain.One of the most highlighted advantages of cryptocurrencies in the monetary system is cross-border payments. The existing cross-border payment system involves intermediary banks, and the settlement sometimes takes days. Further, the SWIFT-based cross-border payments infrastructure is opaque and costly—the fees can be significant. Blockchain-based cryptocurrencies can directly impact and mitigate these challenges. Due to its decentralised nature, the crypto settlements do not involve banks or other authorities. Also, the transfers can be fast and cost a fraction of the traditional systems.Many blockchain companies, like Ripple, mainly focus on this area with their services. And instead of excluding banks, they are working with banks, offering them blockchain-based infrastructure for cross-border payment settlements using cryptocurrencies.Another selling point of cryptocurrencies as a currency is the safety net against inflation. Bitcoin, the dominant cryptocurrency, has a hard cap of 21 million Bitcoins in its supply, meaning only that many Bitcoins can exist. “Once a predetermined number of coins have entered circulation, the incentive can transition entirely to transaction fees and be completely inflation-free,” the Bitcoin whitepaper explains, adding that “the incentive may help encourage nodes to stay honest.”Now, when it comes to fiat currencies, inflation is a significant problem. While strong economies often succeed in keeping inflation in control, many countries like Venezuela, Argentina, and Zimbabwe are experiencing hyperinflation—their currency notes are more valuable as scraps of paper than their face value. Under such circumstances, using cryptocurrencies, like Bitcoin, in inflation-hit currencies also skyrocketed.Trump just gave full credit to Vivek for alerting him as to the dangers of a CBDCHe proceeds to promise that he will never allow for one to be createdThis is really good news. A CBDC would lead to complete financial tyranny. pic.twitter.com/StMUixt9ct— Clint Russell (@LibertyLockPod) January 23, 2024Cryptocurrencies Are Not Immune to ChallengesThe advantages of cryptocurrencies as a payment mode must be considered in the challenges - and there are some significant ones.The most notable challenge for Bitcoin or any other top cryptocurrency is the increase in its dollar value. Due to its rising value, Bitcoin has more resemblance to an asset class rather than a payment system. The cryptocurrency even attracted the attention of Wall Street investors as an asset, and exchange-traded funds tracking its value are being traded on stock exchanges globally. "The market characteristics of the Bitcoin easily make it an asset and not a payment mode. Any legal tender must be stable, even the fiats," Ultima Markets' Regional Business Director, Freddy Wu, pointed out, adding, "Any legal tender must be stable, even the fiats... Bitcoin’s volatility will never make it an effective payment mode."Another major roadblock to using Bitcoin or other cryptocurrencies as a payment mode is their decentralised architecture, based on privately controlled nodes. If such a decentralised payment mode takes over, it will undermine the role of central banks in controlling the monetary system. Further, regulating a cryptocurrency as a payment instrument is very complex, if possible.Although El Salvador and the Central African Republic made Bitcoin legal tender, the success of such moves is highly questionable. Top regulators around the world are inclined to regulate Bitcoin and other top cryptocurrencies as assets rather than as payment modes.Also, there is the question of scalability. The infrastructure of Bitcoin or another existing cryptocurrency is not a match for handling payments on a mass scale. During many high-demand hours, the Bitcoin network is clogged, resulting in slower transaction times and massive transaction fees.I don’t want to see a digital yuan world. To have every transaction centrally tracked in that way by a hostile state is like slapping a digital dog collar on your neck.But that doesn’t mean I’m in denial about the fact that RMB is quietly gaining strength, and that we need… pic.twitter.com/fqHzGiWgJB— Balaji (@balajis) April 1, 2023The Future of MoneyBitcoin has already been accepted as an asset class by investors, and regulators are also moving in that direction. Also, many cryptocurrencies explicitly launched for micro-payments are now struggling. Although the chances of cryptocurrency dominating as a mainstream payment mode are very slim, the promise of blockchain technology has been acknowledged. "While I believe coins and tokens, in their present format, have no place in the existing fiat system I do feel that the stable coin concept has great promise." added the CEO of EBC Financial's UK unit, David Barrett, adding that "regulatory and central bank concerns around the lack of clarity of its operations have hindered its acceptance within the fiat world."Although central banks are hostile towards Bitcoin and other cryptocurrencies, most are working on the digital version of fiats, otherwise known as central bank digital currencies (CBDCs), which are based on blockchain.Although these CBDCs are built on top of blockchain-based infrastructures, they are exclusively controlled by central banks. In other words, they are just the other version of the existing physical fiat currencies. Barret continued that "CBDC’s are the solution to the confidence side, their ability to draw in the fiat system will make legitimate stable coins very important to the financial systems evolution."Three countries, the Bahamas, Jamaica, and Nigeria, have fully launched their CBDCs. Among the G20 nations, China is leading the CBDC race and has been piloting digital yuan at a mass scale for years now. Eighteen others in the bloc are also in the advanced stages of CBDC development, and multiple are in the pilot phase.There is no doubt that Bitcoin's development, particularly its underlying technology, blockchain, has disrupted the existing monetary system. However, the burning question is how that change is coming. Based on the regulatory actions, digital fiat will likely co-exist with physical fiat currencies, while cryptocurrencies like Bitcoin will dominate as an asset class rather than a payment mode. This article was written by Yen Sim at www.financemagnates.com.

Between April 1, 2024, and June 30, 2024, the Financial Conduct Authority (FCA) took actions against firms breaching financial promotion rules, as well as investigations into unregulated activity. During this period, 3,273 promotions from authorised firms were either amended or withdrawn. Additionally, 528 alerts were issued regarding unauthorised firms and individuals, with 11% of these alerts related to clone scams, where fraudsters use details of legitimate firms to appear genuine.FCA Enforcement: Key FiguresFollowing the end of the modification by consent for the Direct Offer Financial Promotion (DOFP) rules introduced by Policy Statement 23/6, compliance reviews were conducted. Feedback was provided to firms, and supervisory actions were taken when breaches were identified.A total of 943 financial promotions were reviewed during this period. Of these, 69% were identified through proactive monitoring, 11% through consumer complaints, 10% through firm submissions, 6% from UK regulators, and 4% from other FCA areas. The retail investments and retail lending sectors saw the highest levels of amendments and withdrawals, accounting for 89% of the total interventions with authorised firms.In terms of unauthorised firms, 5,544 reports were received about potential breaches. Among these, 528 alerts were issued, with 11% related to clone scams. These scams often involved breaches of online financial promotion restrictions, and actions were taken to remove the offending websites.FCA Monitors Crypto PromotionsFor cryptoasset firms, the Direct Offer Financial Promotion (DOFP) rules that came into effect on January 8, 2024, require personalized risk warnings, a 24-hour cooling-off period, and client categorisation and appropriateness assessments. Reviews of compliance with these rules led to feedback for firms and actions where breaches were found. Findings on good and poor practices were also published to improve sector standards.Registered cryptoasset firms using ‘widget’ models to provide services through APIs were reviewed for compliance. Concerns were raised about illegal promotions by partner firms. Firms were advised to ensure they understand and comply with UK financial promotion regulations, conduct thorough reviews and ongoing monitoring of partner firms, and avoid implying that partners do not need to comply with these regulations. Action was expected to address risks if partners were found in breach of the regulations. This article was written by Tareq Sikder at www.financemagnates.com.