The Financial Services and Markets Authority (FSMA) has released its dashboard for the first semester of 2024. The dashboard provides statistics and an overview of the main trends regarding investment fraud.Crypto Scams Dominate ReportsThe 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. "Recovery room" fraud, a type of scam where victims of previous frauds are contacted and promised help in recovering their losses for a fee, is on the rise. There has been a 59% increase in this type of fraud compared to the same period in 2023.? Fraude met cryptomunten of via frauduleuze tradingplatformen maken opnieuw bijna de helft uit van alle fraudemeldingen die de FSMA heeft ontvangenDe FSMA publiceert het dashboard over het eerste halfjaar van 2024.➡ https://t.co/54IBPaO6kq#fraude #crypto #dashboard pic.twitter.com/hZlIo8415A— FSMA (@FSMA_info) July 4, 2024Earlier, FSMA warned of risks posed by prop trading firms, targeting consumers with promises of risk-free trading opportunities but leading to financial traps, as reported by Finance Magnates.These firms allow trading in various products without requiring personal capital, yet exploit consumers through costly, mandatory courses. Many participants end up paying for multiple courses without accessing real trading, highlighting concerns over transparency and consumer protection in the industry.FSMA Sees More ReportsThe FSMA has noticed a significant increase in the number of consumer reports in the first half of 2024. In the first six months of 2024, the FSMA received 1,332 consumer reports about unlawful activities. In 2023, the FSMA received a total of 925 reports in the first half of the year. This represents an increase of 44%.Of these reports, 52.3% were complaints from consumers who had lost money because of investment fraud or false offers of credit. The remaining reports were questions from consumers who asked the FSMA for information about unlawful activities or suspicious market participants, but who had not yet paid any funds. This article was written by Tareq Sikder at www.financemagnates.com.

Cyprus is experiencing a significant real estate boom, attracting both domestic and international investors. With its favorable tax policies, strategic location, and growing economy, Cyprus has become a prime destination for real estate investments. 2023 and OnDespite global economic uncertainties, Cyprus's real estate sector demonstrated remarkable resilience in 2023. According to a report by PwC Cyprus, the market remained robust despite global turmoil, with steady property transactions and sustained investor interest. This resilience set a positive tone for 2024, with expectations of continued growth and stability in the sector. According to PwC, last year the total value of transactions reached €5.5 billion, which would sit at approximately the same value as 2022.Cyprus Real Estate Market: Year in Review 2023. Gain access to the latest data to navigate the dynamic real estate market landscape.? Download the publication: https://t.co/wpJjMgMdeU #PwCCyprus #RealEstate pic.twitter.com/MPwvoCuZlU— PwC Cyprus (@PwC_Cy_Press) March 1, 2024According to Deloitte's annual Real Estate Review, transactions actually grew in 2023. The company reported a total of 13,200 transactions in the residential sector, amounting to €3.4 billion in sales, which accounted for 61% of the total sales value. The average transaction value increased slightly to €259,000 from €257,000 in 2022, driven primarily by new build properties, which comprised 69% of residential sales.The total real estate market in Cyprus saw 25,400 transactions worth €5.6 billion, the report stated. Transactions involving vacant land (plots and fields) were the second most popular, with €1.9 billion across 11,200 transactions, making up 34% of the total value. Although the number of land transactions increased, their value remained stable compared to 2022. Commercial space transactions were fewer but higher in value, totaling €121 million, representing 2% of the total market value.Geographic Distribution According to Deloitte, Limassol continued to lead the market, contributing 41% of the total sales value. All cities except Larnaca recorded marginally lower sales values compared to 2022. Larnaca showed a remarkable increase in sales value, surpassing 2022 by 28%, driven by an increased number of transactions and higher average transaction values. This marks the third consecutive year of growth for Larnaca, with both value and volume of transactions nearly doubling since 2020.REALTYon ExpoLeveraging the ongoing boom, the REALTYon Expo is currently taking place at the City of Dreams Mediterranean Integrated Resort.The expo is renowned for connecting property developers, real estate agents, investors, and home buyers with the latest property developments in Cyprus. This year’s event, held from July 3 to 4, features a comprehensive conference with industry leaders discussing innovative solutions, a vast exhibition space showcasing over 70 exhibitors and over 300 projects, and extensive networking opportunities. The Expo is forecast to be 30% larger than last year.George Martides, Financial Advisory Leader at #DeloitteCyprus, is participating in a panel discussion at the Realty on Expo on 4 July.Gain invaluable insights and strategic advice on navigating real estate transactions in today's banking landscape: https://t.co/YMmRt7ejml pic.twitter.com/6i9sJEHPAn— Deloitte Cyprus (@DeloitteCY) July 1, 2024Prominent speakers include Marios Tannousis, CEO of Invest Cyprus; Stavros Caramondanis, CEO of Ayia Napa Marina; George Chrysochos, Executive Director of Cyfield Group; Demos Panayiotou, CEO at Limassol Greens, Anastasia Yianni, CEO of Cyprus Sotheby’s International Realty; Monica Ioannidou Polemitis, Founder & CEO of Hybrid ConsulTech, and many more.The Speaker Forum offers talks titled ‘From Bricks to Bytes: PropTech is Making Real Estate Accessible’, ‘Breaking Down Barriers: The Rise of Tokenization in Real Estate’, ‘Real Estate Surviving the Geopolitical & the Economic Turmoil’, ‘How to Move to Cyprus and Invest in Real Estate’, ‘Building a Greener Future: The Role of ESG in Real Estate’, among others.With over 3,000 attendees anticipated, including a significant number of international investors, REALTYon is the premier event for exploring Cyprus’s flourishing real estate sector.Factors Driving the Real Estate BoomFavorable Tax Policies and Economic Growth: Cyprus's tax regime is a significant factor attracting investors to its real estate market. The country offers several incentives, including low corporate tax rates, no inheritance tax, and favorable VAT rates for first-time property buyers. Additionally, Cyprus's economic growth has been robust, providing a stable environment for real estate investments. The country's strategic location at the crossroads of Europe, Asia, and Africa further enhances its appeal as a real estate investment hub.Strategic Location and an Appealing Lifestyle: Cyprus's strategic location not only facilitates business but also makes it a desirable place to live. The island offers a high quality of life, beautiful scenery, and a Mediterranean climate, all of which are significant draws for foreign buyers. In addition to this, Cyprus’s healthcare system is resilient, and the island’s infrastructure is generally excellent.The Impact of Foreign InvestmentForeign investment has been a cornerstone of the real estate boom in Cyprus. International buyers are particularly attracted to the island's investor immigration permit, which offers residency and citizenship incentives for significant real estate investments or for establishing businesses. Similar programs have been instrumental in driving the inflow of capital into the real estate sector in recent years, with many foreign investors purchasing high-value properties. However, it must be noted that PwC reports falling high-end residential sales from its 2023 data. PwC reported that sales of properties valued at €1.5 million and up saw a decrease of 26% compared to 2022.The presence of international schools and business facilities makes Cyprus an attractive destination for expatriates and their families.Sustained Interest from European and Asian Investors Investors from Europe and Asia continue to show strong interest in Cypriot real estate. The Cyprus Mail notes that the country's EU membership and stable political environment make it a safe and attractive investment destination. Moreover, the island's proximity to major global markets enhances its appeal to international investors seeking to diversify their portfolios.Government Initiatives and Sustainable Development The Cypriot government has also introduced several initiatives to support sustainable development in the real estate sector. These include incentives for green building practices and infrastructure projects aimed at enhancing the island's urban and rural environments. These initiatives are expected to contribute to the long-term growth and sustainability of the real estate market in Cyprus.Cyprus's real estate market is booming, driven by favorable tax policies, a strategic location, and a high quality of life. The residential sector, in particular, is experiencing strong growth, with rising property prices and high demand for luxury developments. Foreign investment plays a crucial role in this boom, with international buyers attracted by the country's incentives and stable environment. Despite economic challenges, the sector proved resilient in 2023, and the future outlook for the rest of 2024 remains positive. With continued government support and sustainable development initiatives, Cyprus's real estate market seems poised for ongoing growth and success.For more finance-adjacent stories, visit our Trending section. This article was written by Louis Parks at www.financemagnates.com.

A federal judge has ordered an Oregon man and his companies to pay over $83 million in restitution to victims of a fraudulent digital asset investment scheme that operated as "a classic Ponzi scheme," according to court documents.Court Orders $83 Million in Restitution for Digital Asset Fraud SchemeJudge Mary Rowland of the US District Court for the Northern District of Illinois granted summary judgment to the Commodity Futures Trading Commission (CFTC) against Sam Ikkurty and several of his companies, including Jafia LLC and Ikkurty Capital LLC. The court found the defendants violated the law through fraud and failure to register as commodity pool operators.According to the court's findings, Ikkurty recruited investors by promising 15% annual returns from investments in digital assets like Bitcoin and Ethereum. However, the judge determined Ikkurty made numerous false statements about his investment experience and fund performance while operating "something akin to a Ponzi scheme.""Ikkurty's marketing materials misstated his fund's historical performance and omitted the fact that the fund fell in value by 98.99% over a period of a few months," the CFTC commented in the official statement.The order requires the defendants to pay $83.7 million in restitution and $36.9 million in disgorgement. The CFTC plans to seek additional injunctive relief and civil monetary penalties.Federal court enters summary judgment against Oregon man and orders $83 million in restitution for fraud victims. The judgment is CFTC’s first addressing fraud related to a carbon offset program. Learn more: https://t.co/lK6U7gKIfL— CFTC (@CFTC) July 3, 2024“A Classic Ponzi move”The court also found the defendants misappropriated over $20 million through a fraudulent carbon offset program. Investors were sold products supposedly backed by carbon offset-related digital assets, but the funds were instead used to pay earlier investors."This resulted in a shortfall of more than $20 million for the carbon offset program participants," the order states. "This series of events was a classic Ponzi move."In addition to fraud charges, the defendants were found to have failed to register with the CFTC as required. The order also affirmed the CFTC's jurisdiction over certain non-Bitcoin cryptocurrencies, stating that OHM and Klima "qualify as commodities" similar to Bitcoin.CFTC officials cautioned that the restitution order may not guarantee recovery of lost funds if the defendants lack sufficient assets.Crypto Frequently Targeted by the CFTCCryptocurrencies and associated Ponzi schemes frequently come under the scrutiny of the US regulator. In mid-May, the CFTC settled a case with FalconX, a crypto prime brokerage firm that was fined $1.8 million for failing to register as a futures commission merchant (FCM). Additionally, the firm was ordered to cease and desist from providing services to U.S. residents.Meanwhile, the market watchdog has issued a stern warning to students and young job seekers about the risks of becoming an unwitting "money mule" in schemes involving cryptocurrencies.In March, US federal prosecutors charged the cryptocurrency exchange KuCoin and two of its founders for allegedly breaching anti-money laundering (AML) laws. The charges claim that KuCoin operated in the U.S. without the necessary registration and lacked an adequate AML program.The CFTC also shows significant interest in pyramid schemes in the Forex market. In April, a US federal court required a Californian individual and his company to pay $9 million in a forex fraud case. This ruling granted the commodities regulator a significant win, with Eshaq Nawabi and his company, Hyperion Consulting Inc., ordered to pay restitution and penalties. This article was written by Damian Chmiel at www.financemagnates.com.

UK-based fintech company Gold-i and crypto liquidity provider Cypator have announced a new partnership aimed at improving cryptocurrency liquidity access for retail brokers. The collaboration integrates Cypator's crypto liquidity pools with Gold-i's MatrixNET liquidity management platform.Gold-i and Cypator Join Forces to Boost Crypto Liquidity for Retail BrokersThis integration is designed to provide retail brokers using Gold-i's MatrixNET with access to Cypator's cryptocurrency liquidity and execution services. The partnership aims to address challenges in the crypto trading market, such as liquidity depth and execution speed for retail clients.According to the companies, the integration will allow brokers to offer their clients access to a wider range of cryptocurrencies. It may also lead to more competitive pricing and tighter spreads, though the exact impact remains to be seen as the integration rolls out."This partnership underscores our commitment to providing innovative solutions that meet the evolving needs of the crypto trading community,” Tom Higgins, CEO of Gold-i, commented. “By integrating Cypator's liquidity into our MatrixNET liquidity management platform, we are providing an even more compelling offering for clients wishing to access the crypto markets.”The collaboration is expected to provide several potential benefits, including increased market depth, access to Cypator's network of market makers, and the ability to leverage Gold-i's existing technology infrastructure. According to the announcement, the collaboration is aimed at facilitating integration between the two platforms. The companies state this is intended to minimize disruptions to clients' existing operations."Partnering with Gold-i aligns perfectly with our mission to enhance trading efficiency and access to the cryptocurrency market," said Ayal Jedekin, CEO at Cypator. "This collaboration enables us to deliver even greater value to our clients."Recent Developments at Gold-iFinance Magnates reported in April that Chris James, the Chief Technology Officer (CTO) of Gold-i, has departed from the company after a six-year tenure. During his time, James was in charge of various crucial departments including client support, operations and onboarding, software development, and quality assurance.Meanwhile, Gold-i, known for providing MetaTrader tools and liquidity management solutions, has introduced its Swap Free plug-in. This new tool in their product lineup enables brokers to offer trading accounts that do not generate interest payments.At the end of last year, Gold-i and Finalto forged a partnership. Through this collaboration, Finalto has integrated Gold-i's liquidity management platform, MatrixNET, directly into its trading and account management system, ClearVision. This integration offers Finalto’s broker clients enhanced options for aggregating or distributing FX and crypto liquidity. This article was written by Damian Chmiel at www.financemagnates.com.

Cryptocurrency exchange Coinbase is partnering with Greengage, a London-based financial services provider for small and medium enterprises (SMEs), to originate SME debt using the Coinbase Diamond protocol. This collaboration seeks to utilize blockchain technology to provide SMEs with access to capital, promising a more efficient and transparent financing solution.Targeting SME FinancingSpeaking about this new deal, Sean Kiernan, the CEO of Greengage, mentioned: "We are thrilled to partner with Coinbase on this groundbreaking initiative. By originating SME debt on the Coinbase Diamond protocol, we are not only enhancing our ability to support small and medium enterprises but also pioneering new financial innovations that will drive growth and sustainability in this critical sector."The Coinbase Diamond protocol enhances the issuance and management of private capital. Using blockchain technology, the protocol issues native digital debt, making the process more secure and accessible to a broader range of investors.In a statement shared with Finance Magnates, the partnership aims to fulfill a crucial need in the SME sector, allowing businesses to access institutional-grade credit markets. Greengage is a digital finance platform offering e-money account services for SMEs. The London-based company focuses on multi-currency accounts and credit solutions, which it termed as perfectly aligning with Coinbase's digital asset services. In addition to e-money account services, Greengage offers a B2B lending platform with digital sources of money.Aligning with Coinbase's Digital Asset ServicesLast year, Coinbase unveiled Project Diamond, a platform powered by smart contracts to enable institutions to create, buy, and sell digitally native assets. The launch was marked by the completion of the first debt instrument on the platform as the project prepared to enter the Abu Dhabi Global Market (ADGM) RegLab sandbox.Project Diamond utilizes the Coinbase technology stack and Base, an Ethereum layer-2 blockchain, to support capital market activities. This platform aims to address the challenges of asset management inefficiency by providing institutions with the tools to utilize next-generation financial technology. Additionally, Coinbase recently enhanced crypto transfer processes by supporting the sending and receiving of cryptocurrencies through links shared on messaging and social media platforms. The links can be shared on WhatsApp, iMessage, Telegram, Facebook, Snapchat, TikTok, and Instagram, or even via email. This article was written by Jared Kirui at www.financemagnates.com.

Foreign exchange demand on the Saxo Bank platform continued to decline, with the latest monthly trading volume for June coming in at $78.1 billion. With a month-on-month decline of about 1.9 percent, the latest figure is the lowest since Saxo started publishing its trading metrics in 2016.Another Low for FX Demand on SaxoDespite the rock-bottom monthly FX volume, the daily average recovered from the previous month, coming in at $3.9 billion, compared to $3.5 billion in May. Year-over-year, the monthly volume declined by 34.6 percent, while the daily average declined by almost 2.8 percent.The FX trading volume on Saxo remained low throughout 2023. The year started with a volume drop in January to $106.7 billion from the previous month’s $134.8 billion, and the trend continued. Although there was a recovery in April, it could not be sustained in consecutive months.Equities Showed Marginal RiseApart from FX, equities, which now bring the most trading volume on Saxo, witnessed a marginal increase in trading volume. In June, the trading volume of equities touched $242.4 billion, compared to the previous month’s $241.5 billion. The daily average also increased to $12.1 billion from $10.5 billion.Saxo Bank also offers trading in commodities and fixed-income instruments, although demand for these is much lower compared to forex and equities. Trading volume with both commodities and fixed income declined in June: commodities declined by 26.2 percent to $41.9 billion and fixed income by 10.6 percent to $9.2 billion.With all the ups and downs, the overall monthly trading volume on Saxo for the month of June came in at $371.6 billion, down from the previous month’s $388.1 billion. The figure dropped by 5.1 percent year-over-year.Meanwhile, Saxo Bank is reviewing strategic opportunities for its operations in Australia, Japan, and Hong Kong, with a goal of accelerating the Danish bank's growth in the Asia-Pacific region through potential partnerships. This article was written by Arnab Shome at www.financemagnates.com.

GC Exchange FZE, the Dubai-based arm of the GCEX Group, has onboarded Saeed Al Darmaki as a Non-Executive Director to boost growth in the UAE region.Strengthening Presence in the UAEAnnounced today (Thursday), Al Darmaki’s focus will be on driving growth for the company, which is operating in the country with an Operational Virtual Asset Service Provider (VASP) licence from Dubai’s Virtual Assets Regulatory Authority (VARA).GCEX opened its Dubai offices in mid-2022 and subsequently obtained the local licence. It is headquartered in London and has physical offices in Copenhagen, Glasgow, Zug Crypto Valley, and Kuala Lumpur.Commenting on the new appointment, Mehtap Önder, Managing Director at GCEX Dubai, said: “With his extensive network, industry expertise and regional experience, he will be a huge asset to GCEX, enabling us to maximise growth opportunities and reach our potential in the region.”A Local Industry ExpertIndeed, Al Darmaki brings extensive experience from the region's cryptocurrency and blockchain industry. He 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.He started his career in the traditional finance industry, working for the Abu Dhabi Investment Authority for nine years.“I have known the team at GCEX and their investors, True Global Ventures, for a while,” said Al Darmaki, adding: “They tick all the boxes for me regarding their credibility and integrity, the experience of their team, their growth ambitions and their commitment to VARA and the UAE. I feel confident that I can add value to the business, using my trad-fi and de-fi experience and network, as well as my in-depth understanding of the local infrastructure.”Last month, GCEX also onboarded Jonathan Brewer, the co-founder of IS Prime, as the Chief Revenue Officer to focus on driving growth from institutional and professional clients across all entities. The UAE-based entity also hired a new Sales Director, Katina Messinis, earlier this year.Meanwhile, the revenue of GCEX's UK entity halved in 2023 to £2.3 million, pushing the company to a loss. The company blamed the prolonged “crypto winter” for the slowdown. This article was written by Arnab Shome at www.financemagnates.com.

Commodity Futures Trading Commission (CFTC) Commissioner Caroline D. Pham has issued a statement calling for immediate action to address alleged misconduct by CFTC staff in an ongoing enforcement case against Traders Global Group Inc., the operator of prop trading firm My Forex Funds (MFF).CFTC Commissioner Calls for Action on Alleged Misconduct in My Forex Fund CaseIn her statement published this week, Commissioner Pham expressed grave concerns over allegations made in a Rule 11 sanctions motion filed in the CFTC v. Traders Global Group case. The motion reportedly accuses CFTC staff of making false statements to the court over a six-month period."This is a grave matter, and we, the Commission, will be subject to intense scrutiny over how we handle the alleged CFTC misconduct," Pham stated. "This type of behavior cannot be tolerated at a law enforcement agency."For My Forex Funds, 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. Moreover, in November, MFF distanced itself from the accusations made by the commission and questioned the CFTC's jurisdiction over its business. The motion argued that transactions between MFF and its customers fall outside the regulatory scope.In early March, Finance Magnates reported that representatives of the prop firm would seek sanctions against the CFTC due to alleged misrepresentation of facts. The company is citing what it describes as a "gross abuse of power" by the SEC, as highlighted by a court order, in handling the DEBT Box case, paralleling the CFTC’s misrepresented facts and its "staff [who] acted in bad faith."“Recognizing that sanctions are an extraordinary remedy, they are necessary here to condemn and redress the CFTC’s serious abuse of the ex parte process and its authority as a government enforcement agency,” the motion filed in a New Jersey court stated. The motion is seeking an "evidentiary hearing so that the CFTC’s pattern of misconduct and its effect on Defendants’ rights can be fully understood and redressed."Pham's Allegations Towards CFTC in the My Forex Funds CasePham outlined several recommendations to address the situation:Reassign the case to CFTC Enforcement staff from a different regional office or headquarters.Have the CFTC's Office of General Counsel or the U.S. Department of Justice handle the Rule 11 sanctions motion, rather than the Division of Enforcement.The Commissioner expressed shock that these steps had not already been taken, noting that it took six months for the Commission to be notified of the court's admonishment of CFTC conduct in the case.CFTC / Traders Global Group (MyForexFunds)2 Public Statements & Remarkshttps://t.co/hesi6o18Wqhttps://t.co/CB1bSibwlG pic.twitter.com/HLUc8Pj7Fp— FundTraders (@FundTraders) July 3, 2024Pham also raised broader concerns about the CFTC's internal processes, stating she has previously identified instances where the Division of Enforcement "has not been candid with the Commission in its recommendations on enforcement actions, including omitting evidence and legal arguments.""It is unacceptable to 'hide the ball' from the Commission, especially to get a rubber stamp approval to railroad the public into settlements that deprive Americans of their Constitutional rights and property," Pham declared.The Commissioner called for cultural reforms at the CFTC and greater transparency, stating, "Sunlight is the best disinfectant."In conclusion, it's worth asking whether, if not for the market watchdog's crackdown on My Forex Funds, we would have witnessed the subsequent issues in the entire retail prop trading industry that emerged in February? This article was written by Damian Chmiel at www.financemagnates.com.

The Basel Committee on Banking Supervision has confirmed the approval of a final disclosure framework, which includes a standardised set of tables and templates for banks to report their crypto asset exposure, the organisation announced yesterday (Wednesday).A Proper Disclosure FrameworkThe decision was finalised as the organisation met virtually on 2 and 3 July to discuss various policy and supervisory incentives. The framework will be published later this month and will be effective from 1 January 2026.At its July meeting, the #BaselCommittee approved a disclosure framework for banks’ cryptoasset exposures and agreed to make targeted amendments to its cryptoasset standard #BaselIII https://t.co/D62XJBuuc7 pic.twitter.com/VHYvHepvXA— Bank for International Settlements (@BIS_org) July 3, 2024The disclosure framework was originally proposed in December 2022 and opened for comments in May 2023. It includes a set of target amendments to the original proposal and revisions to the prudential standard for stablecoin holdings.“These revisions aim to further promote a consistent understanding of the standard, particularly regarding the criteria for stablecoins to receive a preferential 'Group 1b' regulatory treatment. The updated standard will be published later this month, with an implementation date of 1 January 2026,” the official announcement stated.The committee has been evaluating banks' exposure to cryptocurrency since 2019. In 2021, it suggested categorising crypto in its high-risk Group 2 assets, assigning it a 1,250% risk weight. This would necessitate banks to hold capital equivalent to the value of their crypto exposure. Additionally, Group 2 holdings would be limited to less than 1% of the value of their Group 1 holdings.Stablecoins were assigned a new 1b designation, exempting them from additional requirements beyond those for Group 1 assets. However, stablecoins with "ineffective stabilisation mechanisms" were placed in Group 2. The proposed restrictions received a lukewarm response from the industry.Evaluating the RisksThe organisation's members further discussed the prudential implications of banks as potential issuers of tokenised deposits and stablecoins. The scale and stability of such products depend in part on their specific structure and judicial laws and regulations.“Based on current market developments, these risks are broadly captured by the Basel Framework,” the announcement added. “The Committee will continue to monitor this area and other developments in the cryptoasset markets.”Meanwhile, the European Union recently imposed Markets in Crypto-Assets Regulation (MiCA) on stablecoin issuers. So, stablecoin issuers need to follow MiCA, along with the Basel Committee, when they are effective. This article was written by Arnab Shome at www.financemagnates.com.

The Nigerian crypto community faces uncertainty after KuCoin, a prominent global cryptocurrency exchange, announced a new tax policy. Starting July 8, the cryptocurrency exchange will impose a 7.5% value-added tax (VAT) on transaction fees for users with Know Your Customer (KYC) information registered in Nigeria.KuCoin Introduces VAT for Nigerian UsersIn a post on X, KuCoin informed its Nigerian users that the new tax only applies to the fee charged per transaction and not the overall transaction amount. For instance, buying 1,000 USDT worth of Bitcoin incurs a fee of 1 USDT (0.1%), and the VAT on this fee would be 0.075 USDT, making the net transaction amount 998.925 USDT.✅KuCoin introduces 7.5% VAT on trading fees for Nigeria Users We are writing to inform you of an important regulatory update that impacts our users from Nigeria. Starting from July 8th, 2024, we will begin collecting a Value-Added Tax (“VAT”) at a rate of 7.5% on… pic.twitter.com/Y6elL3RjFi— KuCoin Africa (@KuCoinAfrica) July 3, 2024The source of approval for this VAT remains ambiguous, Cointelegraph reported. It is unclear whether the Nigerian government or an agency like the Federal Inland Revenue Service authorized this tax. The lack of clarity has left many in the Nigerian crypto community questioning the legitimacy and implementation of the VAT.Besides that, there is uncertainty about the approving authority, with concerns arising over KuCoin's ability to remit the VAT, given the Central Bank of Nigeria's restrictions on converting cryptocurrency to fiat currency. There is also uncertainty regarding whether the VAT applies solely to peer-to-peer trades involving the naira or all crypto transactions conducted on the platform.Seeking ClarificationAs the July 8 implementation deadline for the new changes approaches, KuCoin and Nigerian authorities are expected to provide an explanation to avoid further confusion and potential disruptions in the market.Early this year, KuCoin announced that it had joined its competitors, reporting an increase in its customer base to over 30 million and doubling its spot market volumes. The crypto exchange reported that it had experienced a 16% increase in its number of users, reaching nearly 31 million users globally. In the same period, the company posted a 106% boost in spot trading volume, highlighting strong user engagement. This article was written by Jared Kirui at www.financemagnates.com.

Capital.com has hired 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.Moving to DubaiSpeaking 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. I'm so proud of what we've achieved and will always cherish my time there. Now, I'm looking forward to bringing my passion and expertise to Capital.com and working closely with the amazing CEO Tarik, who will be my manager."In yet another significant executive move, Capital.com appointed Campbell MacPherson as the Chief Executive Officer of Australian operations last month.Previously, MacPherson was the Regional Director of Sales at FactSet, where he focused on the Pacific region. His responsibilities included managing strategic growth initiatives for bank and wealth clients, as well as offering services to key regional accounts.Prior to his position at FactSet, MacPherson held other responsibilities at Glenmoira Consulting, mainly targeting business consultancy, development strategy, and project management. Additionally, he was the Strategic Advisor and Non-Executive Director at Jaaims.Other Management Changes at Capital.comBesides that, Capital.com made notable changes in the management of its UK division by naming Rupert Osborne the CEO of Capital.com UK Limited. Osborne took over the new role from Kypros Zoumidou, who moved to Group CEO.Meanwhile, Capital.com reported total client trading volumes exceeding $1.2 trillion in 2023. This amount represents a 53% boost compared to the prior year, marking the first time that client trading volumes have surpassed $1 trillion since the firm was started in 2016. This article was written by Jared Kirui at www.financemagnates.com.

Rami Fleifel, the former Head of Support and Back Office at TopFX has joined MetaQuotes as the Sales Manager. Fleifel, who shared the news on LinkedIn today (Wednesday), most recently served as the General Manager of Fondex, a forex and CFD company based in Cyprus. At TopFX, he also held the role of Head of Support for EMEA.Experience from Notable BrandsAccording to his LinkedIn profile, 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. Recently, the company launched the MetaTrader 5 platform beta build 4330, which features new analytical tools for traders and resources for developers. On this new platform, developers can access support for the latest ChatGPT model, GPT-4o.Other additional features on MetaTrader 5 include analytical tools that display time and prices, draw various shapes such as rectangles, ellipses, triangles, and circles, and add labels to their charts.Elsewhere, MetaQuotes opened a new office in Mexico City early this year as part of its expansion efforts to provide services to businesses in Latin America. The opening of MetaQuotes' representative office in Mexico promised to open access to opportunities for collaboration in the region's financial technology space.More from MetaQuotesMore companies are also integrating MetaQuotes into their platforms. For instance, APS, a payment service provider, integrated MetaTrader 5 Payments in March. This offering seeks to facilitate client onboarding, enhance deposit transaction conversions, and reduce broker costs. According to the company, this step will benefit big and small brokerage firms.To use the integrated payments through MetaTrader 5, firms need to establish an agreement with a supported Payment Service Provider and input authorization data into the platform. This article was written by Jared Kirui at www.financemagnates.com.

dxFeed has announced the addition of the Cboe One Canada Summary Feed to its market data solutions. This product provides real-time data on Canadian equities from Cboe Global Markets. The feed aggregates data from all four trading venues operated by Cboe Canada and includes trading volume from all Canadian markets. It offers exclusive coverage of over 260 listed and traded securities on Cboe Canada.Cboe Canada Data IntegrationCboe Canada is the third most active marketplace in Canada, representing about 15% of all volume traded in Canadian-listed securities. The new feed aims to enhance dxFeed's ability to provide insights and analytics to traders and investors. This addition is part of dxFeed's effort to provide market data solutions that allow traders with information necessary for making informed decisions.The new offering from dxFeed includes real-time market insights, allowing traders to access real-time pricing and trade data. This enables traders to stay ahead of market movements and capitalize on emerging opportunities. In addition to real-time insights, dxFeed provides historical charting and tick data services. These services are designed to offer quick and reliable charting and tick-level data for backtesting and issue resolution. We've added the Cboe One Canada Summary Feed, a real-time Canadian equities market data product from @CBOE Global Markets. This latest addition to dxFeed’s comprehensive suite of #marketdata solutions further strengthens its commitment to delivering unparalleled insights and… pic.twitter.com/ecv44fx0HX— dxFeed (@dxFeedSolutions) July 3, 2024Tools for TradersThe reference data for Canadian markets includes fundamental data and corporate actions for Canadian companies. This is complemented by advanced analytical tools, a market screener, alerts, and indicators, which help traders identify trends, patterns, and trading opportunities quickly and efficiently. The variety of delivery options, including AWS PrivateLink, cross connects in the US, EU, and Asia, and IaaS delivery, ensures that data is delivered directly to end users in a manner that suits their needs. This article was written by Tareq Sikder at www.financemagnates.com.

MarketAxess reported a substantial increase in trading volumes for June, driven by notable gains in US high-grade credit, emerging markets, and municipal bonds. MarketAxess achieved an average daily volume (ADV) of $36.5 billion, a 33.8% increase from the previous year and a 13.5% rise from May 2024.Impressive Monthly PerformanceThis growth was bolstered by strong performances in total credit ADV, which rose to $14.0 billion, and a significant 49.8% increase in total rates ADV. The firm’s trading platform, X-Pro, reported a boost in activity, specifically in the fixed-income securities market.X-Pro platform saw record usage, with 56% of portfolio trading volume executed on it during the quarter. Total portfolio trading volume reached $16.6 billion, marking a 104.6% year-over-year increase. The open trading share of total credit trading volume remained steady at 34%.The US high-grade credit segment led the charge with a 17% increase in ADV to $6.6 billion. Concannon highlighted that this growth was accompanied by an improvement in market share, reaching an estimated 19.9% in June. Despite a slight year-over-year decline, the month-over-month performance showed positive momentum, indicating a strong market presence.Today we announced fully-electronic trading volume for June and Second Quarter 2024. Read the full press release here: https://t.co/oJkttKx1Y7 #FixedIncome #ElectronicTrading #Volumes pic.twitter.com/EVURcyNo6m— MarketAxess (@MarketAxess) July 3, 2024However, US high-yield ADV experienced a decline of 13.8% to $1.3 billion, with market share dropping to 13.9%. This segment faced challenges reportedly due to lower credit spread volatility and a focus on new issuances by long-only clients. Nonetheless, the estimated market share slightly improved from May 2024.Besides that, emerging markets displayed robust growth, with ADV climbing 17.9% to $3.6 billion. Contributions from regions like LATAM, EMEA, and APAC were significant, driven by a 25.1% increase in hard currency ADV and record local currency market volumes.Emerging Markets and EurobondsEurobonds also performed well, with ADV up 16.1% year-over-year, despite an 11.5% decrease from May 2024. The diverse credit offerings continue to attract substantial trading activity. Municipal bonds experienced a notable 48.4% increase in ADV to $549 million. The preliminary FPM for total credit in June 2024 was approximately $148, reflecting a decrease from the prior year and slightly down from May. This decline is attributed to shifts in product and protocol mix, particularly lower US high-yield activity and increased portfolio trading. For total rates, the preliminary FPM was around $4.40, compared to $4.58 in the previous year.For the second quarter, MarketAxess reported a total ADV of $34.2 billion, driven by a 22.8% increase from the previous year. The total credit ADV grew by 12.4%, while total rates ADV saw a 30.9% rise. The quarter also featured record performances in portfolio trading volumes and continued strength in emerging markets and municipal bonds. This article was written by Jared Kirui at www.financemagnates.com.

Cryptocurrency exchange CoinDCX, has acquired BitOasis, a virtual asset trading platform operating in the Middle East and North Africa (MENA) region. The acquisition marks CoinDCX’s entry into the MENA market, signalling a strategic expansion.Acquisition Enhances Crypto LandscapeBitOasis, known for its significant trading volumes in Emirati dirhams, represents a substantial move by CoinDCX to bolster its presence in the region.BitOasis recently obtained a Minimum Viable Product Operational License issued by the Virtual Assets Regulatory Authority from the Central Bank of Bahrain. This license permits BitOasis to function as a broker-dealer under stringent regulatory oversight, ensuring compliance with legal frameworks.Sumit Gupta, Co-Founder of CoinDCX, clarified that BitOasis will operate independently under its current licenses, subject to regulatory supervision. The acquisition is expected to enhance user experience across both platforms, offering a wider array of products and expanding trading options.Gupta confirmed that user accounts on BitOasis and CoinDCX will remain separate without any migration or linkage.CoinDCX acquires BitOasis in international expansion push https://t.co/bH7XjK2Krf— TechCrunch (@TechCrunch) July 3, 2024Staff Reduction AnnouncementLast year, CoinDCX announced a workforce reduction affecting approximately 12% of its employees, citing challenging macroeconomic conditions exacerbated by a prolonged downturn in the crypto market, as reported by Finance Magnates. Similar to other exchanges like KuCoin, Luno, and Gemini, CoinDCX attributed these layoffs to factors including high inflation and what's colloquially termed as 'crypto winter', a period of sustained low prices.A significant addition to these challenges is the impact of India's Tax Deducted at Source (TDS) regulations on cryptocurrency transactions, implemented to collect taxes directly at the source of income. Starting July 2022, a 1% TDS applies to crypto transactions, negatively impacting domestic exchange volumes and revenues.In response, CoinDCX has implemented cost optimizations, increased automation, and streamlined its product offerings as part of its long-term business strategy. The laid-off employees will receive a support package comprising severance equivalent to their full notice period plus an additional month, settlement of accrued leave, and extended health insurance coverage. This article was written by Tareq Sikder at www.financemagnates.com.

Revolut is on a winning streak. The fintech giant has smashed through 2023 with jaw-dropping successes, leaving its competitors in the dust and setting new benchmarks in the industry. Let's dive into the highlights of Revolut’s spectacular year and see why everyone in finance is buzzing about this disruptive powerhouse.Doubling Down on RevenueRevolut’s 2023 financial report is a blockbuster, with revenues set to double from last year’s impressive figures. The company is poised to report a staggering $2.2 billion in revenue, a 95% increase year-on-year, with profits of $428m net.The surge in revenue is driven by the firm's diverse product offerings, including payments, subscriptions, foreign exchange, and wealth management services. Interest income alone has become a significant contributor, reaching $621m, propelled by higher customer deposits and central bank rate hikes​​.Revolut just posted 2023 financial results and they are insane ?- $2.2B revenue (+95% YoY)- $428M net profit, up from $7M in 2022.- A record 12M new customers in 2023- $22.7B in customer balances on the platform (+38% YoY)The crazy part?70% of new retail customers… pic.twitter.com/lMOz21IoNa— Linas Beliūnas (@linasbeliunas) July 2, 2024Expanding the User BaseRevolut's user base has exploded to over 45 million globally, roughly doubling since 2022. From debit and virtual cards to currency exchange, stock trading, and cryptocurrency, Revolut’s diverse offerings have made it a one-stop-shop for savvy financial consumers. This extensive suite of services caters to both individual users and businesses, fueling its rapid expansion​ The introduction of new features such as joint accounts, group chats for expense splitting, and the high-end Ultra subscription plan has significantly contributed to user satisfaction and engagement. The Ultra plan alone, offering a large number of benefits, underscores Revolut’s commitment to providing value​​.The Elusive UK Banking LicenseDespite its soaring success, Revolut's quest for a UK banking license remains an issue. The company’s financial operations mirror those of traditional banks, yet it has faced hurdles in securing this critical license. In October, Revolut partnered with SoftBank in a strategic move to smoothen the path towards obtaining this elusive license. This partnership is expected to bolster Revolut's credentials and enhance its standing in the global financial arena​.The company continues to work closely with the Prudential Regulation Authority (PRA) to achieve this goal, as securing a UK banking license is seen as pivotal for further growth and stability in its home market​​.Our 2023 Annual Report is here! (Thread) ?1. Thanks to your trust and support, Revolut is the most downloaded finance app in the UK and Europe ? pic.twitter.com/wlQ9dgibOH— Revolut (@RevolutApp) July 2, 2024Financial Performance and Investor ConfidenceRevolut’s robust financial performance in 2023 is a soothing balm for investors who have been on a rollercoaster ride with the fintech firm. Reports of doubling revenue and continued user growth are likely to instill confidence and attract more investment, propelling the company towards even greater heights. The firm’s ability to maintain such momentum amidst licensing challenges speaks volumes about its resilience and strategic acumen​.Product Innovations and Market ReachThis year has also seen Revolut pushing the envelope with product innovations. The company has expanded its offerings to include an even broader range of financial services, catering to evolving market demands. Key innovations include the launch of money market funds across 22 countries, a robo-advisor for automated investing, and Revolut 10, a significant redesign of the app to enhance user experience. Additionally, the introduction of eSIMs that are accessible through the app, and new loyalty programs like RevPoints further solidify Revolut’s market position​​.Strengthening Governance and Risk ManagementRevolut has not only focused on growth but also on strengthening its governance and risk management frameworks. The company has made substantial investments in compliance and risk management functions, growing these teams to ensure robust control over its expanding operations. This commitment is evident in the significant reduction of chat resolution times and enhanced fraud detection systems, which have prevented an estimated £475 million in potential fraud​​.Revolut’s 2023 journey is nothing short of remarkable. From doubling revenue to expanding its global user base and navigating the complexities of financial regulations, Revolut continues to redefine the boundaries of what a fintech company can achieve. As it marches towards securing a UK banking license and further broadening its market reach, the future looks incredibly promising for this financial juggernaut.You can download the full report here.For more finance-adjacent news, visit our Trending section. This article was written by Louis Parks at www.financemagnates.com.

Binance has announced significant changes to its services in Turkey. According to the firm, this is part of its focus on transparency and regulatory compliance.Binance Adjusts Turkish ServicesBinance has been monitoring regulatory developments in Turkey. The company believes in working with regulators to ensure a compliant environment for users. Binance supports the development of a regulatory framework to safeguard the ecosystem. To ensure legal compliance in Turkey and globally, the company is taking necessary measures.Binance.com will remain accessible from Turkey. However, there will be adjustments to services. The Turkish language option will be gradually turned off within three months. Marketing activities for Turkish users will be completely halted.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 acknowledges that these changes will affect some users. The company assures that user safety and experience remain a priority. All user funds are safe, and deposit/withdrawal functions will remain available.UAE Binance Account MigrationMeanwhile, Binance has announced that it will move its UAE users from its global platform to the locally regulated Binance FZE exchange, known as Binance Dubai, as reported by Finance Magnates. This follows the acquisition of a full Virtual Asset Service Provider license from Dubai's Virtual Assets Regulatory Authority. The transition requires UAE residents to update their Know Your Customer information by December 15, 2024. Email instructions will guide users through this process. During the transition, users can still access their current Binance Global accounts. After December 15, accounts will be automatically transferred to Binance Dubai, with login details unchanged. Binance FZE will provide services such as exchange, broker-dealer, lending, borrowing, and virtual asset management, supporting over 300 virtual assets with local fiat currency transactions.Users must decide between maintaining their Binance.com or Binance Dubai account, as multiple accounts per user are not permitted. Accounts not updated by the deadline will be restricted to withdrawals only. This article was written by Tareq Sikder at www.financemagnates.com.

Cryptocurrency exchange Bitget has set its sights on becoming a regulated player in the world's most populous democracy. The company's announcement comes as India grapples with the complexities of integrating cryptocurrencies into its financial ecosystem.Bitget Signals Intent to Register as Regulated Crypto Exchange in IndiaThe company revealed it is in active discussions with India's Financial Intelligence Unit (FIU) regarding licensing requirements. Although there is increasing talk of stringent regulations in the cryptocurrency industry in the country, India remains one of the fastest adopters of crypto in the world.The next step for crypto exchanges to hit the masses is to be compliant players. It builds retail security, trust, credibility and drives the adoption. India is a high-priority market for Bitget. We're actively navigating through regulations to make sure the platform is…— Simran Alphonso (@SimranAlphonso) July 3, 2024It is a vast market, and currently, nearly one in five people globally is from India. No cryptocurrency exchange can afford to overlook such a large potential customer base. This is evidenced by the latest move from Binance, which is preparing to re-enter the local market."India is a high-priority market for Bitget," Simran Alphonso, Head of Global Communications at Bitget, commented. "We're actively navigating through regulations to make sure the platform is compliant for us to serve our users in India."As part of its efforts to establish a presence in India, Bitget is launching user awareness campaigns aimed at educating investors about digital assets. The company is also maintaining transparency by providing verifiable Proof of Reserves data and offering users access to fund storage information, including publicly available wallet addresses.Other Regulatory MovesBitget has already obtained Virtual Asset Service Provider (VASP) licenses in Lithuania and Poland. The exchange has implemented mandatory Know Your Customer (KYC) procedures to prevent illicit use of digital assets and enhance security compliance for traders.The company's user protection initiatives include the Bitget Protection Fund, which reported an average valuation of $429 million in June 2024. This fund has been a key component of Bitget's strategy to provide a secure trading environment since its launch in August 2022.The exchange also greatly benefited from the recent cryptocurrency boom, triggered by Bitcoin reaching record values in March 2024. The customer base of the exchange grew to 25 million, and its native token surpassed the $1 milestone. This article was written by Damian Chmiel at www.financemagnates.com.

The influx of retail brokers in the prop trading space continues, as ThinkMarkets becomes the latest one to launch prop trading services under the brand ThinkCapital. Although the broker has yet to announce anything officially, the prop trading brand's website is already live.More Brokers into Prop TradingAustralia-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.As its website shows, IC Markets offers prop trading services under TC Systems FZE, a UAE-registered entity. Its services went live late last month.Furthermore, similar to other prop trading services, ThinkCapital “only provides services of simulated trading and educational tools for traders.” Interestingly, only Axi offers live market trades to its funded traders. At the same time, OANDA considers them signal generators and executes the trades by itself on live markets based on its risk management strategies.? WE ARE LIVE! We are thrilled to announce that as of today, June 28th, ThinkCapital is officially live!You can now start trading in our challenges and take advantage of premium market conditions.#ThinkCapital The only prop firm to help you build your personal account. pic.twitter.com/H6DFCNHBt0— ThinkCapital (@thinkcapitalcom) June 28, 2024Traders from Europe Are WelcomeThe services under ThinkCapital are less restrictive than those under other brands, as it allows traders from European countries, except Croatia. However, like most prop brands by brokerages, ThinkMarkets’ prop trading brand would not offer services to traders in the United States.ThinkMarkets offered services to other prop trading brands for a while now. It offerings include price data of asset classes, an admin dashboard, and CRM. Further, it licenses its proprietary trading platform, ThinkTrader, to prop firms. Interestingly, the broker also grey-labelled its MetaTrader licence to prop firms, but now its website, which mentions its offerings to prop firms, does not mention MetaTrader.For now, ThinkCapital is offering prop trading on MetaTrader 5, with plans to add ThinkTrader. The website also mentions that the prop trading services will integrate TradingView to enable traders to trade directly from TradingView charts. This article was written by Arnab Shome at www.financemagnates.com.

Digital payments have evolved significantly due to technological advancements and rising consumer expectations. Modern consumers demand almost real-time transactions, seamless integration, and a frictionless experience. In brokerage services, this translates to a need for instant fund transfers and efficient cross-border payments. With trading opportunities fleeting in seconds, the speed and reliability of payment systems are crucial to a brokerage's reputation. Meeting the Rising Expectations of Brokerage ClientsBrokerage clients are increasingly sophisticated, expecting brokers to provide market access, tools, and infrastructure for swift, efficient trades. One of the primary demands is for almost real-time payments, which is driven by the volatile nature of financial markets, where the ability to capitalise on price fluctuations can significantly impact returns.Clients also seek alternatives to traditional bank transfers, often involving fees and requiring significant time to fund accounts, reflect in trading wallets, and convert to the necessary currency for trade execution. The desire for more efficient funding options has given rise to innovative solutions such as digital wallets, peer-to-peer payment systems, and cryptocurrency transactions, offering quicker transfers, lower fees, and greater convenience for tech-savvy clients.Ox Securities: Enhancing Customer Success with Payments InnovationOx Securities, a dynamic brokerage firm established in 2013, provides a compelling example of how a brokerage can leverage fintech innovation to enhance customer success. Initially focused on the wholesale market, Ox Securities recognised the growing demand from global clients in 2019 and strategically pivoted to build the necessary infrastructure to support this burgeoning clientele.The cornerstone of Ox Securities' strategy is its seamless integration of advanced trading technology with efficient payment systems. This integration is critical for providing a superior trading experience, enabling clients to execute trades swiftly and fund their accounts almost in real time. Working with Currencycloud, a leading provider of cross-border payment solutions, helped Ox Securities to offer their customers a faster and more secure way of funding their trading accounts with foreign exchange (FX) capabilities.Understanding that customer preferences can vary widely across different regions, Ox Securities has committed to building a flexible and adaptive payment infrastructure, which ensures that popular and fast payment methods specific to each region are supported, thereby enhancing the overall customer experience. As its customer base grows, Ox Securities uses Currencycloud’s platform to automate the reconciliation of their clients’ payments – a task that was previously done manually and was cumbersome and labour-intensive. By focusing on reducing the friction associated with funding accounts and facilitating instant transactions, Ox Securities empowers its clients to act swiftly on trading opportunities, significantly enhancing their trading success. This customer-centric approach has fostered loyalty and trust among its clients and differentiated Ox Securities in a highly competitive industry where many brokers offer similar products.Having such a robust payments infrastructure enables Ox Securities to scale globally and expand its client base across new markets. Today, Ox Securities remains at the forefront of innovation, committed to offering cutting-edge trading solutions and exceptional customer service. This dedication to fintech and customer success positions the firm as a leader in the brokerage industry, proficiently serving both retail and institutional clients.Currencycloud: Redefining Cross-Border Payments for BrokersFor brokers looking to expand their market share, cross-border payments are a crucial aspect of their operations, because brokers tap into international markets and achieve diversification, which can lead to a larger client base and increased revenue streams. Brokerages often seek to attract clients from diverse markets to drive revenue growth. However, moving money internationally presents significant challenges, including high fees and delays usually associated with the banking model for cross-border payments.Currencycloud, a leading provider of cross-border payment solutions, addresses these challenges by equipping businesses with the capability to move money across borders and transact globally in multiple currencies, fast. By partnering with Currencycloud, brokers can streamline their international payment processes, reducing the labour and costs associated with building and maintaining their own payment systems, and allowing brokers to focus on enhancing the customer experience and accelerating their go-to-market strategies.Currencycloud enables brokers to help customers become truly global, with the ability to deposit and withdraw in over 35 currencies, and access a global payments network spanning 180 countries and territories. With unique funding details for depositing Euros via the Single Euro Payments Area (SEPA) and British Pounds via the Faster Payments Service (FPS), brokers can facilitate rapid deposits and allow customers to start trading almost immediately. Additionally, brokers can return funds through 18 local payment channels in currencies that include Euros, Australian Dollars, and British Pounds, thereby significantly reducing the time required for customers to receive funds, often as quickly as in real time.Efficient cross-border payments are crucial for brokers like Ox Securities as they expand globally. Quick and cost-effective international transactions provide a competitive edge by allowing brokers to attract and retain clients from diverse markets, achieved through the ability to offer lower transaction costs, faster processing times, and the assurance of a seamless trading experience across regions. Providers like Currencycloud offer the technology and infrastructure for seamless cross-border payments that help to ensure consistent and reliable client experiences. This boosts customer satisfaction and positions brokers as industry leaders, adept at meeting the needs of a global clientele.Embracing Fintech is the Modern Broker’s Competitive EdgeIntegrating fintech solutions in the brokerage industry is important for customer success, enhancing brokers’ value and competitive edge through real-time payments and efficient cross-border transactions. The question for brokerage firms is not whether to adopt fintech solutions, but how quickly they can integrate these innovations to stay ahead of the curve. In a world where every second counts, the ability to provide instant, reliable, and cost-effective payment solutions will likely be the key to sustaining customer success and driving growth. By embracing fintech innovation, the brokerage industry can build a payment infrastructure that not only meets but exceeds the expectations of a modern, global clientele, paving the way for sustained success and growth in the digital age. This article was written by FM Contributors at www.financemagnates.com.