CFI Financial Group has appointed two industry veterans to its top management team: Ahmad Khatib as Chief Business Development Officer and Ziad Melhem as Chief Marketing Officer. Both assumed executive roles after spending around two years with the broker as advisors.Two Industry ExpertsKhatib and Melhem have a shared history, having previously worked at Amana Capital. Khatib was Amana’s founding CEO, a role he held for 12 years, while Melhem spent eight years with the Gulf-based broker, initially as Chief Marketing Officer and later as Chief Business Development Officer.The two departed from Amana at nearly the same time and co-founded Dubai-based Mafhoom Technologies, a company that provides personal finance management tools for Arabic-speaking users.In his new role at CFI, Khatib will focus on implementing the company’s objectives and strategies across markets. His goal is to make the broker “agile and responsive” against its competitors. Melhem, on the other hand, will lead the broker’s marketing efforts, aiming to enhance its brand reach in the MENA region and beyond.Earlier this year, CFI signed a major deal with seven-time Formula 1 champion Lewis Hamilton, onboarding him as the brand ambassador. The company also sponsors several other regional sports.“With their full dedication, they bring unique strengths that complement our senior management, positioning us to drive CFI toward even greater achievements and reinforce our leadership and innovation in the trading industry,” said Hisham Mansour, Co-founder and Managing Director of CFI.Rising Volumes and ExpansionRecently, CFI announced that the trading volume on its platform reached the $1 trillion mark in the third quarter of 2024. Its client base has grown significantly, with funded accounts up by 45.93 per cent and active accounts rising by 28 per cent.With a strong presence in the MENA region, CFI continues to expand. It recently opened new offices in Abu Dhabi and Sharjah, in addition to its existing office in Dubai. All these offices operate under a Category One licence from the UAE's Securities and Commodities Authority (SCA). This article was written by Arnab Shome at www.financemagnates.com.

The United States Federal Bureau of Investigation (FBI) raided the home of Polymarket’s CEO, Shayne Coplan, on Wednesday morning (local time) and seized his phone, as first reported by the New York Post. However, the 26-year-old hasn't been arrested or charged.Although there is no official confirmation, a Bloomberg report indicated that the Department of Justice is investigating Polymarket, as the platform allegedly allowed US users to bet on events.US Users Could Bet on PolymarketPolymarket allowed users to trade event contracts, betting on the outcome of various events using cryptocurrencies. The platform's popularity surged during the recent US Presidential election when its users successfully predicted Donald Trump’s victory.In a statement to the media, Coplan accused the outgoing Biden administration of the investigation and raid, calling the move political retribution.“It’s discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents,” Coplan wrote. “We are deeply committed to being non-partisan, and today is no different, but the incumbents should do some self-reflecting and recognise that taking a more pro-business, pro-startup approach may be what would have changed their fate this election.”new phone, who dis?— Shayne Coplan ? (@shayne_coplan) November 13, 2024Polymarket does not allow US users to access event contracts and is only available outside the country. It even settled with the US Commodity Futures Trading Commission (CFTC) in 2022, paying $1.4 million and agreeing to block all US residents from accessing the platform. However, it was found that Americans could still place bets on the platform using virtual private networks (VPNs).Reactions from Industry LeadersThe action against the platform attracted the attention of other crypto leaders. Coinbase’s CEO, Brian Armstrong, criticised the outgoing administration on X, noting that the administration's move would “backfire.” However, he deleted that post.Deleted my prior tweet until all the facts are in - but doesn’t look good https://t.co/XKpjnevmvk— Brian Armstrong (@brian_armstrong) November 14, 2024While the Biden administration remained hostile towards cryptocurrencies, the incoming President Trump is considered pro-crypto. Following his victory, the crypto market is rallying significantly, with Bitcoin surpassing the $90,000 milestone and expected to cross $100,000. This article was written by Arnab Shome at www.financemagnates.com.

London-based brokerage firm Zenfinex collaborated with Your Bourse, a technology provider offering risk management services. The partnership aims to enhance trading services by integrating better technology. Zenfinex will now utilize Your Bourse's trade execution and risk management expertise to offer liquidity services across multiple asset classes. Enhancing LiquidityThe partnership reportedly enables Zenfinex clients, including brokers, asset managers, and hedge funds, to access a suite of trading tools without incurring additional costs, Reuters reported.Zenfinex's approach aims to address the challenges brokers face, such as obtaining efficient liquidity and access to better technology. Through this partnership, Zenfinex seeks to offer solutions customized to meet the needs of various client segments. The combined offering includes a range of tools, such as the MT4 Bridge and MT5 Gateway integration, which the company mentioned as aiming to enhance execution speed and risk management.Your Bourse's technology is supported by a matching and pricing Engine. According to the official statement, the integration with platforms like MT4, MT5, and FIX API connections will ensure that brokers can quickly adapt to market changes and maintain high performance.Personalized Services The integration also prioritizes uptime and security, providing brokers with a better infrastructure to mitigate risks like cyber threats and trading disruptions. With advanced reporting features, clients gain full transparency, enabling better decision-making for the two entities mentioned. Zenfinex is also committed to offering personalized service, especially for startups and smaller brokerage firms. By offering customized support and responsive service, the company aims to help clients better navigate the financial markets. Additionally, Zenfinex and Your Bourse will reportedly collaborate beyond liquidity services. Meanwhile, Zenfinex recently appointed Steve Whittet, who served as the Sales Managing Director at ATFX Connect UK, as Commercial Director (Head of Institutional Sales). Whittet had worked at ATFX UK for more than three years.The industry expert also has experience with notable brands like ThinkMarkets, ADS Securities London, and GKFX. At ThinkMarkets, he served as the Senior Director of Institutional Business Development, while at ADS Securities and GKFX, he was the Head of Institutional Sales and Global Head of Institutional Sales, respectively. This article was written by Jared Kirui at www.financemagnates.com.

Robinhood expanded its cryptocurrency offerings for US customers by introducing Solana (SOL), Pepe (PEPE), Cardano (ADA), and XRP (XRP). This addition followed a shift in the digital asset space following Donald Trump's return to the White House. According to the company, this move seeks to provide more diverse investment options for fintech giant users amid demand for a wider range of cryptocurrencies.Robinhood's Crypto ExpansionRobinhood's latest update now brings the total number of cryptocurrencies available on its platform to 19. The timing of the new crypto listings with the latest crypto rally has seen Bitcoin soar to an all-time high of more than $90,000. Donald Trump's recent electoral win has stirred optimism in the crypto community. The President-elect, set to take office in January, has signaled a more favorable stance toward digital innovation.Commenting about the new additions, Johann Kerbrat, the VP and GM of Robinhood Crypto, said: "We've consistently heard from our customers that they want access to more digital assets, and we're excited to continue expanding our crypto offering. With lower barriers to entry, we believe crypto presents an opportunity for those who have been historically left behind by the traditional financial system."GM. Solana ($SOL), Pepe ($PEPE), XRP ($XRP), and Cardano ($ADA) are now available to trade on Robinhood.https://t.co/CBj6uKDkAZ pic.twitter.com/48wXE9zs8V— Robinhood (@RobinhoodApp) November 13, 2024Notably, Robinhood halted support for certain tokens last year, including Solana (SOL) and Cardano (ADA), after the tokens were named in an SEC lawsuit targeting Binance and Coinbase. The lawsuit classified some of these assets as unregistered securities, creating uncertainty around their legal status. The crypto industry is now hopeful for clearer guidelines from the SEC, especially under new potential leadership.Market Reactions and Industry ImpactThese updates from major trading platforms indicate a growing confidence in the digital asset market, boosted by the anticipation of a better regulatory environment.At the time of writing, the four tokens, SOL, PEPE, ADA, and XRP, had posted a price jump of 16%, 127%, 65%, and 33%, respectively. The tokens also posted positive price increases in the daily chart of 1.66%, 64%, 1.38%, and 3%, respectively. Meanwhile, Robinhood recently collaborated with major crypto companies to firms to introduce a Global Dollar Network. The firm lauded this move as an important expansion of the retail trading platform. The project, which brings together Kraken, Paxos, and Galaxy Digital, aims to challenge the current stablecoin market dominated by Tether and USD Coin. This article was written by Jared Kirui at www.financemagnates.com.

Coinbase is acquiring the team behind Utopia Labs, a stablecoin and payments startup. Utopia Labs shifted focus last year from serving small crypto businesses to concentrating on stablecoin-based payments. This transaction was exclusively reported to Axios.Utopia Team Joins Coinbase WalletFour Utopia Labs team members will join Coinbase: Kaito Cunningham, Alexander Wu, Jason Chong, and Anthony Tat. Their work will center on integrating stablecoin-based payments directly into Coinbase Wallet, with cross-border payments likely to be included.Utopia raised $23 million from investors, including Paradigm and Coinbase. The company and its product are expected to cease operations after the sale.Coinbase Eyes More Startup AcquisitionsCoinbase has a history of acquiring startups. Surojit Aggarwal, Coinbase’s Chief Product Officer, noted further opportunities for acquisitions to support Coinbase’s Base network, including teams that enhance developer tools. Coinbase aims to improve user experiences in areas such as payments, creator tools, and social features."There's opportunities to acquire different developer tools and teams and integrate them similarly into Base," Aggarwal said. "The user experiences that we're focused on are payments, creators, and social."Coinbase Reports Soft Market ConditionsCoinbase reported Q3 2024 revenue of $1.2 billion, falling short of Wall Street’s estimate of $1.26 billion. Earnings per share came in at $0.28, missing the expected $0.45, as Finance Magnates reported. EBITDA of $449 million also missed projections by $20.2 million. These results led to a nearly 5% drop in Coinbase’s share price after hours. The company attributed the slowdown to “softer market conditions,” with a 17% decline in revenue quarter-over-quarter and a 27% drop in transaction revenue. Despite a $121 million loss on its crypto asset portfolio, Coinbase posted a net income of $75 million. Additionally, the company committed $25 million to Fairshake and authorized a $1 billion share buyback program.In a positive development, Coinbase and Visa launched real-time crypto deposits via Visa debit cards for US and EU customers. This partnership enables eligible Visa cardholders to instantly deposit funds into Coinbase accounts, eliminating delays. The feature allows for immediate buying, selling, and trading of cryptocurrencies, streamlining access for both new and experienced users. This article was written by Tareq Sikder at www.financemagnates.com.

The Financial Conduct Authority (FCA) softened its plans to publicly disclose the names of companies under investigation following strong objections from the financial industry. The regulator aims to address the concerns about maintaining a balance between transparency and fairness, the Financial Times reported. FCA Reviews “Name and Shame” PolicyIn a recent session with the House of Lords financial services regulation committee, the FCA's Chief Executive Officer Nikhil Rathi acknowledged the backlash against the initial proposal introduced in February. The plan, which sought to increase transparency by naming firms under investigation, received heavy criticism for its potential to harm company reputations before any wrongdoing was proven.Rathi mentioned that the regulator’s intent is to avoid unnecessary damage to businesses. He admitted that the FCA could have communicated the plans better and provided standard public notifications before unveiling the proposal.The FCA’s revised plan includes significant changes, such as giving companies at least 10 days’ notice before making any public announcement about an investigation. The initial proposal, which offered only a one-day notice period, was reportedly perceived as too abrupt and potentially harmful to businesses’ market standing.Additionally, Rathi mentioned that the revised approach would include a public interest test. This test will help the FCA determine when it is appropriate to disclose the name of a company under investigation.New GuidelinesDespite the changes, Rathi emphasized that the overall impact on the number of public disclosures would likely be limited. The regulator currently has the authority to name companies under exceptional circumstances but reportedly plans to use this power sparingly. In some cases, the FCA also wants the flexibility to publicly state that a company is not under investigation for a specific issue. This measure could help prevent unnecessary speculation and market volatility, providing clearer communication to the public and the financial markets. The revised proposals are expected to be presented within the next week, with a final decision anticipated early next year.Besides the financial industry, the name and shame policy also attracted criticism from the ministerial circles. The authorities claimed that the punitive regulation risks pushing companies away from London.For instance, Kemi Badenoch, the Business Secretary and Equalities Minister, accused the FCA of regulatory overreach in March. The legal industry cited that 65% of FCA investigations end without any action being taken. This article was written by Jared Kirui at www.financemagnates.com.

The crypto market shows renewed momentum in 2024 after a challenging period marked by a historic new all-time high for Bitcoin and steady ownership rates across major markets. According to CoinMarketCap, the top cryptocurrency recently jumped to an all-time high of above $89,828. Gemini’s latest Global State of Crypto report highlights key trends, including a promising rebound driven by spot bitcoin ETFs and resilient long-term investors who view digital assets as a hedge against inflation.Top 100 CryptocurrenciesDespite the volatility that slashed the combined value of the top 100 cryptocurrencies from $2.7 trillion in 2021 to $830 billion by late 2022, ownership rates in the US, UK, France, and Singapore have remained consistent. Around 21% of adults in the US and 18% in both the UK and France reported owning crypto. Notably, Singapore saw a slight dip in ownership from 30% to 26%. 65% of current crypto owners view their holdings as a long-term investment, while 38% use it as a hedge against inflation. Gemini’s report suggests that a majority of past owners (over 70%) are likely to re-enter the market soon, indicating optimism despite previous losses.Meanwhile, the launch of spot Bitcoin ETFs in the US has been a key catalyst for the 2024 crypto market rally. This new investment vehicle has attracted billions in inflows, with Bitcoin reaching a new peak of $73,737.94 in March. Gemini’s survey revealed that 37% of US crypto owners now hold assets via ETFs, and 13% of these investors entered the market exclusively through ETFs.The appeal of ETFs lies in their ability to provide exposure to Bitcoin’s price movements without the complexities of directly purchasing digital assets. This has opened the market to a wider audience, including institutional investors who were previously hesitant. Regulatory UncertaintyDespite positive signs, regulatory clarity remains a significant barrier to crypto adoption. The survey found that 38% of non-owners in the US and UK cited concerns over unclear regulations as a key reason for staying away from crypto investments. In Singapore, this figure was even higher, with nearly half (49%) of respondents expressing regulatory concerns. In contrast, French investors showed slightly less worry about regulatory issues compared to previous years.For the first time, crypto has emerged as a key issue in the just concluded US presidential election. The vast majority (73%) of crypto owners in the US say they will factor in candidates’ stances on digital assets when voting. More than a third (37%) of US respondents said a candidate’s position on crypto would significantly influence their vote, indicating that regulatory clarity and supportive policies could play a pivotal role in shaping the future of the crypto industry.The report found that 75% of past crypto owners had sold their holdings over six months ago, but now, a substantial portion express renewed interest in re-entering the market. In Singapore, bullish sentiment has rebounded sharply, with only 10% of investors selling in the past six months compared to 49% a year earlier. This article was written by Jared Kirui at www.financemagnates.com.

Only a few short days remain until the Finance Magnates London Summit (FMLS), following plenty of hype and anticipation surrounding one of the biggest events of the Fall. Taking place next week on November 18-20, the industry’s top decision-makers, executives, and specialists will be converging on London. Plenty awaits all attendees, including the Networking Blitz party, two full days of exhibition, and of course a full content track.This year’s agenda will showcase four different industry verticals – online trading, crypto, payments, and fintech. Participants can immerse themselves in panels, workshops, and sessions, each designed to help educate, inform, and provide actionable advice headed into 2025.The next few days represent the final call to register online and reserve a seat to FMLS:24 at Old Billingsgate. With a wide range of entertainment and activities on tap, registering ahead of time ensures you can beat any queues and hit the summit floor immediately without any needless wait or inconvenience. London Summit is now in its thirteenth year, bringing one of its strongest content tracks to date for attendees. This includes the biggest names, leading brand authorities, and familiar faces.Each of these content sessions is a way to connect or engage face-to-face with C-suite executives and experts, with interactive Q&A sessions and more. This year’s event will feature panels and workshops across the Centre Stage, Innovate Stage, and the Inspire Stage.The full-length agenda is viewable via the following link and features some highly anticipated sessions:Day 2 Sessions of Note – November 20Talking to Watchdogs: Regulation Recap (10:40-11:20, Centre Stage)Our experts are here for the annual roundup of the big-picture and nitty-gritty details of regulatory aspects of the trading business. What exactly do brokers need to report to regulators to ensure compliance, and when? How do off- and mid-shore jurisdictions keep up with global developments?The Double-Edged Sword of AI and Fraud (11:00-11:40, Inspire Stage)The breakneck pace of AI proliferation has created a new class of rogue activities, from deepfakes to data abuses. However, LLMs can also offer solutions at unmatched speed and scale. Join some of the field's top experts for a review of the changing field of fraud prevention.Swimming Naked? Liquidity Amid Market Hiccups (11:30-12:10, Centre Stage)In 2024, capital markets experienced turmoil that translated into record volatility, with wars waged, elections held, and some anecdotal hiccups, too. Join experts across the liquidity chain as they make sense of the present, look into the future, and answer a host of burning questions. Getting Prop Trading Properly (11:30-12:10, Innovate Stage)The funded account craze is still upon us, with brokers wanting in, regulators silently watching, and funded shops popping up and busting. Join some of the most active participants in this turbulent space for a deep understanding of its risks and opportunities.Fintechs in Payments: Market Penetration and The Battle Against Fraud (14:00-14:40, Centre Stage)As fintechs innovate client experiences in every way consumers store and transfer value, the payments eco-system is changing. Join various industry players for their survey of the field, tackling near-future challenges and long-term opportunities.Power Plays: A New Economic Order? (14:50-15:30, Centre Stage)As global markets adjust to recent electoral outcomes, they brace for potential economic ripple effects. This session will unpack the implications of shifting political sector and intensifying global tensions on interest rates, market volatility, and overall economic stability.This event has something for everyone. See you next week in London! This article was written by Jeff Patterson at www.financemagnates.com.

Nearly two years after FTX's collapse impacted Solana's decentralized finance (DeFi) sector, Coinbase is attempting to reintroduce bitcoin-based trading to the Solana blockchain with its new token, cbBTC. Launched recently, cbBTC is a bitcoin-backed token that users can transfer between their Coinbase accounts and Solana wallets, allowing easier bitcoin transactions within Solana's DeFi ecosystem.Solana DeFi Eyes cbBTC as Bitcoin SolutionSolana's DeFi sector has lacked a reliable bitcoin token since FTX’s downfall in November 2022, which rendered soBTC—widely used on Solana—unavailable. This absence created a disadvantage for Solana compared to Ethereum, which offers multiple options for bitcoin-backed tokens in its DeFi landscape. Coinbase's cbBTC aims to fill this gap, with contributors across Solana-based platforms expressing optimism that the token could become the go-to bitcoin substitute on Solana.Bitcoin ? Solana@Coinbase has officially launched cbBTC on Solana — bringing more of Bitcoin’s value to Solana’s thriving DeFi ecosystem. pic.twitter.com/VKbPJc5s73— Solana (@solana) November 7, 2024One notable Solana contributor said there is "much higher hope" for cbBTC's success, especially as bitcoin prices surge. Coinbase’s move to issue cbBTC directly on Solana could also reduce risk, according to InfraRay, a contributor at Solana-based decentralized exchange Raydium. InfraRay explained that cbBTC might increase BTC liquidity on Solana, benefiting multiple DeFi protocols if it gains traction.BREAKING: @coinbase LAUNCHES $CBBTC, SPL TOKEN BACKED 1:1 BY $BTC, ON SOLANA pic.twitter.com/QoMuFW6fCP— DEGEN NEWS (@DegenerateNews) November 7, 2024Coinbase Expands Bitcoin DeFi AccessThe cbBTC rollout includes $10 million in tokens ready for Solana DeFi, with approximately $500,000 already circulating in trading pools on platforms like Meteora, Orca, and Kamino. Marius Ciubotariu, co-founder of Kamino, expressed optimism, suggesting that Solana could emerge as an alternative to Ethereum for bitcoin-backed DeFi activities.Coinbase’s strategy aligns with a broader plan to offer cross-chain options for bitcoin-backed DeFi, enhancing access across various networks. This article was written by Tareq Sikder at www.financemagnates.com.

The Netherlands’ Authority for the Financial Markets (AFM) has opened an investigation against Vantage Markets, a contracts for differences (CFDs) broker, and has also issued a penalty order for non-cooperation. If the broker continues to fail in providing the required information to the regulator, it will be fined €10,000 per day up to a maximum of €100,000.Vantage Facing Scrutiny in the EUAccording to the regulatory announcement, Vantage Global Limited, which operates as Vantage Markets, illegally offered investment services in the Netherlands. The platform only offers CFDs on a range of asset classes, which are considered risky for retail traders and are subject to strict regulatory oversight.Vantage offered its services to retail investors in the Netherlands under its entity authorised in Vanuatu. Although the broker is also regulated in Australia and South Africa, none of its licences allow it to offer services in the European Union.To operate in the EU, financial services providers need to obtain a licence in any of the member states and then passport it to other countries in the bloc.“Vantage Markets does not have a licence to offer investment services in the Netherlands,” the Dutch regulator stated. “The AFM wants to determine whether Vantage Markets needs a licence from the AFM. In doing so, the AFM is also investigating the collaboration with Dutch intermediaries.”Not Complying with the RegulatorThe AFM further highlighted that it has repeatedly requested information from Vantage Markets, which the broker “has not (fully) provided despite repeated requests.” Thus, the agency issued a penalty payment order on 24 October 2024, requiring the broker to comply with its request for information.Finance Magnates contacted Vantage regarding the regulatory investigation and penalty but had not received any information as of press time.Earlier this year, the Italian regulator also added Vantage to its blacklist, but the broker then told Finance Magnates that it did not conduct business in this or any other jurisdiction where it does not possess the appropriate licences. It also called the Italian regulatory action a “misunderstanding.” This article was written by Arnab Shome at www.financemagnates.com.

Digital banking powerhouse Revolut has announced a significant expansion of its cryptocurrency exchange platform, Revolut X, to 30 new markets across the European Economic Area (EEA).Revolut Expands Crypto Exchange Across EuropeThe expansion follows the successful launch of Revolut X in the United Kingdom earlier this year, where tens of thousands of traders have already embraced the platform. The standalone crypto exchange offers users access to over 200 digital tokens with competitive pricing, including zero fees for limit orders and a mere 0.09% fee for market orders."The feedback from experienced traders has been very positive, with many already taking advantage of our near-zero fees, wide range of available assets, and seamless integration with their Revolut accounts," said Leonid Bashlykov, Revolut's head of product for crypto exchange.JUST IN: Revolut officially launches Revolut X, their standalone crypto exchange ?I have a feeling this will be a wild bull market… pic.twitter.com/IFxjyBcAFD— Linas Beliūnas (@linasbeliunas) November 13, 2024This expansion positions Revolut as a formidable competitor in the European cryptocurrency trading landscape. The company's approach combines traditional banking services with innovative crypto offerings, setting it apart from both conventional financial institutions and pure-play crypto exchanges.“With the expansion of Revolut X, we’re aiming to make a real impact in the crypto trading space and offer a strong alternative to some of the more established platforms,” added Bashlykov.Revolut has maintained a compliance-first approach, having secured necessary regulatory approvals across its operating markets. The company recently received its UK banking license in July 2024 and informed it wants to issue its own stablecoin.The UK Banking License after 3 Years of EffortsThe Prudential Regulation Authority (PRA) granted Revolut a UK banking license with certain restrictions, which is a standard approach for new entrants in the UK banking sector. This provisional status enables Revolut to expand its banking operations before a full-scale launch incrementally.The license approval follows Revolut’s efforts to address regulatory concerns, particularly around its financial reporting practices. Recently, the firm received an unqualified audit opinion from the UK accountancy advisory firm BDO, resolving earlier issues related to revenue recognition and IT systems. With this UK license, Revolut is now positioned to expand its product offerings in its largest market, where it serves around 9 million customers, alongside a global customer base of over 45 million. This step aligns with its European banking license, which it secured through Lithuanian authorities in 2021.Two months ago, the company revealed plans to launch its own stablecoin, aiming to expand its offerings in crypto-assets. By entering the stablecoin market, Revolut seeks to join established players like PayPal, Ripple, and BitGo. Sources suggest the firm is positioning itself as a significant player in the crypto space, focusing on compliance and security for crypto users. Revolut’s stablecoin plans emerge amid a wave of new entrants into the market.Last month, Revolut also announced its application for a banking license in Colombia, reinforcing its commitment to growth in Latin America. This move builds on the company's entry into Brazil last year and its acquisition of a Mexican banking license in April. This article was written by Damian Chmiel at www.financemagnates.com.

Banxso, a contracts for differences (CFDs) broker facing trouble in South Africa, is no longer onboarding clients under its Cyprus Investment Firm (CIF) licence, Finance Magnates has learned. The retail broker's EU website also appears non-operational, with most services disabled.CySEC Licence Remains Unused“We would like to inform you that Banxso Ltd, with Licence Number 413/22 operating under the name banxso.eu, is not accepting any clients at the moment,” a notice on Banxso EU’s website stated.Although the company's Cypriot licence remains active, archived pages from the Wayback Machine suggest it stopped onboarding clients in April this year. Interestingly, the broker had only onboarded Cyprus residents before the complete suspension of services, according to the archived pages.The mandatory risk disclosure on Banxso EU's website is also interesting as it did not include the exact percentage of clients loosing money on the platform. This also raises questions on the compliance of the Cypriot entity when it was operational."CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading with CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money," the disclosure on the website reads.Finance Magnates contacted Banxso but has not received a response as of press time.Troubles for Banxso in South AfricaWhile Banxso's Cyprus unit is not accepting new clients, its South African unit is also encountering serious issues with the local regulator. South Africa’s Financial Services Conduct Authority (FSCA) suspended the broker’s licence last month due to concerns about the firm’s operational practices and potential client risks. Another local agency also froze the brokerage's bank accounts.Although a local court recently unfroze the bank accounts, allowing the broker to claim victory against the regulators, the FSCA clarified that the order came with conditions. The regulator stated that the broker could not withdraw or allow the withdrawal of any funds from the bank accounts except to transfer clients to an alternative [locally authorised] financial services provider. Furthermore, its licence remains suspended.Interestingly, many South African clients of Banxso alleged that broker representatives misled them about the reinstatement of its licence and the resumption of trading services. A local media outlet confirmed that the CFDs trading platform was permitting trade execution while its licence remains suspended.Meanwhile, the South African regulator initiated an investigation into the brokerage representatives and interviewed witnesses who verified the allegations against the broker. This article was written by Arnab Shome at www.financemagnates.com.

The German-based online broker flatexDEGIRO announced today (Wednesday) it has surpassed 3 million customer accounts, marking an expansion of its retail trading platform across the continent. Company’s CEO also confirmed thy upcoming launch of cryptocurrency offering.European Broker flatexDEGIRO Hits 3 Million Customer MilestoneThe company headquartered in Frankfurt has more than tripled its customer base since 2020, adding 400,000 new accounts in the past 12 months alone. The growth cements flatexDEGIRO's position as one of Europe's largest retail brokers.“Over the past few years, we have experienced remarkable growth in our customer base and I would like to thank our customers for their trust and support," said Oliver Behrens, CEO of flatexDEGIRO.Additionally, the company has confirmed the forthcoming introduction of cryptocurrency trading. Until now, the broker has focused on traditional investment products, primarily stocks and indices. However, increasing competition from firms like Revolut and Robinhood, which offer digital assets in Europe, has prompted flatexDEGIRO to expand its offerings to include cryptocurrencies.“We will have a very attractive offering for our customers to trade cryptocurrencies on our platforms,” Behrens added.The current CEO joined the company in October, succeeding interim Co-CEOs Benon Janos and Stephan Simmang, who had held the positions since May 1, 2024. Behrens brings extensive experience from his nine-year tenure as CEO of Morgan Stanley Europe. Janos and Simmang will continue in their respective roles as CFO and CTO. Geographic DistributionThe Netherlands leads with nearly 900,000 customers through the company's DEGIRO brand, while Germany, where flatex pioneered its flat-fee model in 2006, hosts over 500,000 accounts. Austria and Spain each maintain approximately 300,000 customers, with emerging markets like France, Italy, Portugal, and Switzerland showing robust growth.The broker's customer assets have reached a record €66 billion, with monthly cash inflows averaging over €500 million. The platform processed approximately 60 million securities transactions in 2023. This article was written by Damian Chmiel at www.financemagnates.com.

The Department of Government Efficiency, aka “DOGE,” has crypto markets howling as Trump, Musk, and Ramaswamy aim to “streamline” D.C. In what could only be described as peak 2024 political theater, former (and soon to be) President Donald Trump has announced a new federal initiative titled the “Department of Government Efficiency”— abbreviated to “DOGE.” Crypto traders around the globe took this as a cosmic sign, driving up Dogecoin’s value by a jaw-dropping 20% within hours of the announcement. The message? Washington may not change, but crypto’s meme culture is more alive than ever. In a headline-grabbing event that brings Elon Musk and 2024 presidential hopeful Vivek Ramaswamy onboard as heads of the new “efficiency department,” the move is meant to streamline, optimize, and possibly meme-ify federal processes. But beyond the headline, Dogecoin’s rapid rally is a wild testament to cryptocurrency's continued appeal to an increasingly ironic public. DOGE – Federal, with Extra MemeTrump’s Department of Government Efficiency is no ordinary proposal. This isn’t just about saving taxpayer dollars; it’s about bringing the corporate world’s most outlandish efficiency experts into Washington. And it appears that it’s also about breaking the internet. Musk, with his ever-colorful Twitter feed and relentless quest for AI dominance, is poised to bring Silicon Valley swagger to Capitol Hill. Meanwhile, Ramaswamy’s own disruptive approach to American politics has made him a favorite among younger, more meme-attuned voters. Together, they’re overseeing DOGE—or as Trump prefers, a “deep state cleanse”—as a government entity meant to cut the fluff from bloated bureaucracy.We will not go gently, @elonmusk. ?? https://t.co/sbVka2vTiW— Vivek Ramaswamy (@VivekGRamaswamy) November 13, 2024Of course, whether any actual “efficiency” comes out of this remains up in the air. Still, Trump’s fans are thrilled, his critics are bewildered, and crypto enthusiasts have seized on the chance to bring Dogecoin to the forefront. The internet’s most irreverent currency, Dogecoin, has found itself once again riding the coattails of absurdity, with traders thrilled at the prospect of a government department “coincidentally” sharing its name.Dogecoin and Elon MuskDogecoin’s 20% surge might look like overreaction at first, but let’s break it down. First, Dogecoin has always thrived on viral moments, and this was pure gold. With Trump referring to the Department of Government Efficiency as “DOGE,” the surge wasn’t just a market anomaly; it was a meme-fueled celebration. It’s not every day that a cryptocurrency named after a Shiba Inu finds itself in sync with a major political development, even if that development leans more toward the satirical.Elon Musk on D.O.G.E: We'll drain many swamps and be very transparent about it.“We're going to be very open and transparent and be very clear about this is what we're doing [with the Department of Government Efficiency], here are the issues, this is the math for what's being… pic.twitter.com/bmqqwrZkZX— ELON DOCS (@elon_docs) November 13, 2024Adding to the excitement, Elon Musk, someone we enjoy here on Trending—and one of the loudest proponents of Dogecoin—now heads the department, effectively making Doge (the coin) a perfect companion to DOGE (the department). Traders must be seeing Musk’s involvement as more than a nod, it’s practically an endorsement … or is it? The 20% rise is more than just a blip, it’s a reflection of the market’s appetite for both meme-driven investments and Musk’s influence over crypto sentiment. In true internet style, Dogecoin’s rally is a hilarious, if now predictable, response to the political spectacle. We're just waiting to see what Musk's appointment to some department of Artificial Intelligence (AI) would do to the internet...Why Meme Coins Matter – Crypto’s Allure Grows with the AbsurdThe rise of Dogecoin following this announcement is more than just a market quirk. It highlights a cultural shift where meme coins aren’t just passing fads; they’re viable assets with massive followings, albeit often prone to volatility due to viral shifts. Part of crypto’s allure lies in its power to poke fun at traditional finance and politics. With this surge, Dogecoin underscores how crypto investors are finding joy (and profit) in the unpredictable, even when it’s catalyzed by a seemingly bizarre government initiative, and the chances are it will turn out to be bizarre.This isn’t to say that Wall Street is suddenly endorsing meme coins, but in a world where stock predictions seem to hinge on personalities and Twitter announcements, Dogecoin’s popularity reminds us that markets can indeed be shaped by moments of collective internet fun. And when it comes to the blend of humor, politics, and profit, meme coins are unrivaled. In this case, Dogecoin's rise following Trump’s announcement isn’t just a reflection of the market’s appetite for quick gains; it’s a reminder that irony sells, and crypto buyers are ready to cash in on the hype.Wall Street Isn't All In On Meme CoinsUnlike traditional stocks or even some cryptocurrencies like Ethereum, which power decentralized applications, meme coins like Dogecoin and Shiba Inu don’t have underlying assets, cash flow, or revenue-generating mechanisms. Meme coins are often created without a clear, long-term roadmap or intrinsic purpose beyond being a fun internet currency, making them hard to evaluate from a fundamental perspective.They’re also notorious for their wild price swings, which can be driven more by online trends and social media hype than by economic or business fundamentals. This unpredictability clashes with Wall Street’s preference for assets that offer some degree of stability or predictable growth. Traditional investors tend to avoid assets that can be tanked—or skyrocketed—by a tweet, meme, or viral internet challenge.The regulatory landscape for all cryptocurrencies is still evolving, and meme coins are often at the edge of that uncertainty. Regulators have started scrutinizing cryptocurrencies more closely, with concerns about consumer protection, money laundering, and market manipulation. Meme coins are often seen as more speculative and therefore riskier, making traditional financial institutions cautious to engage heavily with them until regulations stabilize.Meme coins often rely on social media for price movements, leading traditional investors to see them as speculative assets that thrive on hype rather than actual innovation or value creation. Wall Street traditionally seeks investments that can demonstrate long-term growth or strategic potential, and meme coins—with their roots in internet culture rather than business fundamentals—don’t easily fit that mold. The hype-driven nature of meme coins makes them resemble bubbles rather than sustainable investments, a red flag for most institutional investors.While some cryptocurrencies like Bitcoin are gradually being accepted as “digital gold” or stores of value, meme coins often don’t enjoy the same perception. Wall Street wants to see long-term viability and utility in an asset, and meme coins, largely driven by social media and internet trends, are still seen as potentially short-lived phenomena. For more stories around the edges of finance, visit our Trending section. This article was written by Louis Parks at www.financemagnates.com.

Capital.com announced today (Wednesday) the stepping down of Kypros Zoumidou from the role of Global Group CEO after holding the position for about a year. However, the broker is not replacing Zoumidou with another individual but has decided to follow a regional leadership model and has promoted Christoforos Soutzis as the CEO of the Cyprus entity.Other regional heads of the broker include Rupert Osborne, CEO of the UK unit; Tarik Chebib, who leads the Dubai-based MENA subsidiary; and Campbell MacPherson, CEO of the Australian entity.Capital.com also clarified that Zoumidou will remain a part of the business and assist with strategic projects. Additionally, he will support the new management in settling into their roles, ensuring continued success in future initiatives.Following a Regional Leadership StrategySimilar to the other regional leaders, Soutzis’ appointment also came through an internal promotion. Before becoming the CEO of Capital.com Europe, he was the Head of Operations and Executive Director.He has spent nearly eight years with Capital.com, first joining the broker’s Cyprus office in late 2016 as the Head of Risk Management. He was later promoted to Group Chief Risk Officer. Before Capital.com, he worked for about three years at IronFX in multiple roles.In his new role, he will be responsible for the strategic direction of the broker's European business and will oversee day-to-day operations.Strengthening the Management TeamThe confirmation of Zoumidou’s departure and Soutzis’ promotion came only a day after Salim Sebbata joined the broker as the Head of M&A and Corporate Development. Sebbata was most recently the CEO and Managing Director of the UK unit of BUX, which was sold to APM Capital Markets.Meanwhile, client trading volume on Capital.com surged to over $450 billion in Q3 2024, a 20 per cent increase over the previous quarter. In Q1, trading volume on the platform reached $337 billion, bringing the nine-month total to over $1.2 trillion, surpassing last year’s full total.Furthermore, the broker recently revealed to Finance Magnates that “revenue growth is in the triple-digit million range and registered accounts are in the millions” for the first half of 2024. It now plans to double its engineering team. This article was written by Arnab Shome at www.financemagnates.com.

Three major publicly listed Bitcoin miners from Wall Street reported net losses in their third-quarter results, despite significant revenue growth and operational expansions amid volatile cryptocurrency market conditions.Wall Street Bitcoin Miners Report Net Losses in Q3 Despite Revenue GrowthMarathon Digital Holdings (NASDAQ: MARA), the largest public Bitcoin miner by market capitalization, posted a substantial net loss of $124.8 million in Q3 2024, despite generating revenue of $131.6 million. The company's operational expenses increased by $40 million during the quarter, overshadowing its 34.5% year-over-year revenue growth.In October 2024, MARA secured a $200 million line of credit, collateralized by a portion of its cryptocurrency holdings. This move underscores the increasing adoption of cryptocurrency-backed financing among corporations. TeraWulf Inc. (NASDAQ: WULF) reported a net loss of $22.7 million, widening from $19.1 million in the same period last year. While the company achieved a 42.8% revenue increase to $27.1 million, its Bitcoin production decreased by 43.4% to 555 BTC, primarily due to increased network difficulty and the Bitcoin halving event in April.“Power cost per bitcoin self-mined increased year-over-year, to $30,448 per bitcoin in Q3 2024 from $9,322 per bitcoin in Q3 2023, due to an approximate doubling in network difficulty and the bitcoin reward halving in April 2024,” TeraWulf commented in a statement.HIVE Digital Technologies (NASDAQ: HIVE) recorded a net loss before tax of $7.3 million, though this marked an improvement from the $22.9 million loss in the previous year. The company's revenue reached $22.6 million, with significant contributions from its diversified high-performance computing services.“As Bitcoin reaches new all-time highs, HIVE is positioned to capitalize on the momentum for green energy and digital assets worldwide,” commented Frank Holmes, HIVE’s Executive Chairman. “With recent regulatory developments following the U.S. election, the environment for digital assets and Bitcoin mining is more favorable than ever.”Hasrate Goes UpDespite the losses, all three companies reported significant operational expansions. Marathon increased its hashrate to 40.2 EH/s, while TeraWulf doubled its capacity to 10.0 EH/s, and HIVE reached 5.6 EH/s.“HIVE’s Bitcoin mining hashrate grew by 14%, from 4.9 EH/s in June 2024 to 5.6 EH/s in September 2024, supporting HIVE’s goal of reaching 12.5 EH/s by late 2025,” said HIVE.In the meantime, another publicly listed Bitcoin miner from Wall Street, Hut 8, announced its plans to achieve 6& hashrate growth to 9.3 EH/s by 2025. To achieve this, it has purchased 31,145 BITMAIN Antminer S21+ units as part of its initial ASIC fleet upgrade.“Cost of revenue (exclusive of depreciation) in the third quarter of 2024 increased 77.3% to $14.7 million compared to $8.3 million in the third quarter of 2023,” TeraWulf commented. It was “2023, primarily due to an approximate doubling in network difficulty and the bitcoin reward halving in April 2024, partially offset by an 62.0% increase in average operating hash rate and 117.3% increase in average value per bitcoin self-mined year-over-year.”Although the biggest publicly listed miners reported higher production in Q3 and last month, the overall mining revenues were falling for fourth straight month. The daily block reward gross profit declined by 2%, reaching its lowest level in recent records. Miners earned an average of $41,800 per EH/s from daily block rewards, representing a 1% decrease compared to September. This article was written by Damian Chmiel at www.financemagnates.com.

The Cyprus Securities and Exchange Commission (CySEC) announced today (Wednesday) that it is now accepting Crypto Asset Service Provider (CASP) licence applications from prospective entities and individuals for preliminary assessment under the incoming Markets in Crypto-Assets Regulation (MiCA).The regulator's decision came ahead of the full implementation of MiCA for all European Economic Area members, which will become effective on 30 December 2024.“This initiative is designed to ensure a smooth transition to MiCAR which represents a major step forward for the protection of investors in financial markets” said the CySEC Chairman, Dr George Theocharides.No Guarantee of a Decision before the EU DeadlineHowever, the Cypriot regulator clarified that it does not guarantee approval of the CASP licence before the EU deadline. However, it may prioritise applications and notifications from the existing locally registered entities.“CySEC reserves the right to assess, consider, or respond to applications/notifications at its discretion, and under no circumstances does a submission during the preliminary examination phase ensure the commencement of the assessment before 30 December 2024 or an expedited procedure,” the Cypriot regulator stated.“However, CySEC may prioritise applications/notifications from entities already registered with CySEC for the provision of crypto-asset services under the National Rules.”Unified Crypto Rules in the EULast month, CySEC announced that it would stop accepting notifications from EEA firms for cross-border crypto services on 30 October 2024. It asked companies to submit a notification by 30 October and obtain a MiCAR authorisation by 1 July 2026 to continue operations.The regulator further clarified that despite the pan-European implementation of the MiCA regulations, there is yet to be a timeline for local regulators to approve applications.“Any applications/notifications submitted during the preliminary examination phase that are not assessed or reviewed up until 30 December 2024 will be assessed within the timeframes and requirements established by MiCAR,” the regulator added.“Any decision to grant or refuse authorisation or to conclude on the completeness of a notification will be made by CySEC following MiCAR’s application for CASPs on 30 December 2024.”The incoming MiCA framework will override all existing local crypto licensing rules in place by national regulators within the EU. One of the major advantages of MiCA is that it will allow the passporting of licences across the EEA, which will align with the existing financial services licence in the bloc.However, MiCA will also mandate the disclosure of the identities of crypto users, along with several other rules. Earlier this year, the EU already implemented MiCA rules for stablecoins, and the framework will also cover all crypto assets in the EU from the end of this year. This article was written by Arnab Shome at www.financemagnates.com.

Nomura announced a significant leadership transition. John Tierney will take over as CEO of Nomura Europe Holdings and Nomura International. The move marks the end of Jonathan Lewis's 10-year tenure as CEO.Lewis Steps DownJonathan Lewis, who has held the CEO position since December 2014, reportedly played a pivotal role in steering Nomura through a turbulent financial landscape. His tenure spanned critical events such as Brexit, the COVID-19 pandemic, and a wave of regulatory changes. Although stepping down as CEO, Lewis will remain active within the organization, the company mentioned. He will take on non-executive roles and chair several subsidiary boards, including Nomura Financial Products Europe and Instinet Europe.Commenting about the changes, Kentaro Okuda, Nomura President and Group CEO, said: “Jonathan's leadership has been instrumental in navigating NEHS through significant market changes and regulatory developments. As CEO, he successfully steered the organization through the complexities of Brexit, the challenges posed by the COVID-19 pandemic, and the implementation of numerous regulatory reforms.”The leadership role now passes to John Tierney, who has reportedly been closely involved in Nomura's European operations as Chief Operating Officer of NEHS.Seasoned Industry VeteranTierney is a seasoned veteran with a 26-year career at Nomura. He has a strong track record in both EMEA and Asia ex-Japan regions. His previous roles include serving as CEO of Nomura Bank International and EMEA Chief Financial Officer.Tierney's promotion comes at a strategic time for Nomura Europe. The region has faced increasing regulatory pressures and market volatility, requiring strong industry expertise.With Tierney's extensive background in financial management and his close involvement with NEHS's executive committee, the company noted that his appointment signals a continuation of Nomura's long-term strategic vision for European growth.“John has extensive knowledge of our operations, and his proven leadership makes him an ideal choice to lead NEHS and NIP into their next phase of growth,” added Toshiyasu Iiyama, the Deputy President of Nomura Holdings. As the new CEO, Tierney faces the challenge of navigating the post-Brexit landscape and adapting to ongoing market dynamics in Europe. This article was written by Jared Kirui at www.financemagnates.com.

Proprietary trading platform Blueberry Funded introduced new updates to its forex and metals trading symbols on the DX Trade platform, aimed at enhancing user efficiency. The updates will now replace the current symbols ending with a “/” suffix with a new standard: symbols featuring a “.i” suffix. New Symbol Structure According to the company’s statement, Blueberry Funded seeks to modernize traders' interactions with the DX Trade platform. As part of these ongoing improvements, Blueberry is implementing changes to how symbols are presented for forex and metals trades. The first significant change involves the current symbols ending in “/.” These symbols, which have been used for some time, will reportedly transition into a “close only” status. This means that while traders with open positions tied to these symbols will still be able to close their trades, no new trades can be initiated under these symbols. They will eventually become invisible on the platform after November 12, 2024.To replace the retiring symbols, Blueberry Funded is introducing a new format: symbols ending with the “.i” suffix. These new symbols will become the default for all forex and metals trading going forward. The older “/” suffix symbols will no longer be available for new transactions, making the transition to the new system essential.Changes for Future TradesBlueberry Funded aims to create a more transparent, efficient trading environment by introducing a new symbol structure. Recently, Blueberry Funded named Marcus Fetherston as its new General Manager. Before joining Blueberry Funded, Fetherston held several positions in the financial sector. Notably, he was the Director and Chief Product Officer at PropTradeTech, a position he held until this year. The firm, which is based in Melbourne, Australia, focuses on trading technology.Blueberry Markets, the forex and contract for difference broker backing Blueberry Funded, previously offered services to proprietary trading companies. However, the trading firm announced the launch of the independent prop firm in July. Blueberry Markets is based in Australia and is reportedly regulated by ASIC. The broker also holds licenses in Vanuatu and in St. Vincent and the Grenadines. Its services encompass margin forex and CFDs for shares, indices, crypto, and commodities. This article was written by Jared Kirui at www.financemagnates.com.

Capital.com has appointed Salim Sebbata as Head of M&A and Corporate Development. Based in Capital.com’s London office, Sebbata will oversee the company’s M&A strategy and support its global expansion initiatives, Finance Magnates has learned.New M&A Head Joins Capital.comSebbata joins Capital.com after holding several senior roles in financial services. Most recently, he was CEO and Director at APM Capital Markets Limited, where he served for six months. Before that, he spent two years as Managing Director at Stryk by BUX and three years as Chief Executive Officer for BUX in the UK and Global Managing Director for Derivatives.Previously, Sebbata was Executive Director (SMF3) at Livemarkets Ltd for just over a year and a half and worked as Group Business Development Director at Trade Capital Holding in Cyprus for a similar duration. His earlier experience includes two years as Head of Middle East at CMC Markets, followed by nearly two years as Head of B2B at E*TRADE Financial in the United Arab Emirates. Sebbata began his career in private banking, where he spent around six years as VP at Merrill Lynch in Germany.Capital.com Trading Volume Reaches $450 BillionClient trading volume on Capital.com reached over $450 billion in Q3 2024, a 20% increase from the previous quarter’s $337 billion, as reported by Finance Magnates. The platform’s total trading volume for the first nine months has surpassed last year’s $1.2 trillion.“Our Q3 results highlight the sustained growth of our platform,” said Dana Massey, Chief Marketing, Product & Technology Officer, Capital.com.The rise in trading activity was attributed to heightened interest in indices, commodities, and FX markets, with index trading accounting for around 53% of the total volume. The number of trades executed between July and September increased by 19%, reaching 31 million. New user accounts grew by 9%, although details on funded accounts remain unclear. The Middle East led index trading demand, followed by Europe. This article was written by Tareq Sikder at www.financemagnates.com.