Swan Bitcoin has filed a lawsuit against several former employees and consultants, alleging they orchestrated a plan to steal its bitcoin mining business with assistance from Tether, Swan’s former fundraising partner. The suit claims six individuals misappropriated Swan’s trade secrets—including proprietary code and financial models—before launching a rival mining venture called Proton Management. The lawsuit, filed after the alleged coup culminated in a mass resignation of key employees on Aug. 8, does not name Tether as a defendant but accuses it of providing tacit support for the scheme. Tether previously funded Swan’s bitcoin mining operations in Tasmania and had entered talks to lead Swan’s $25 million Series C fundraising round, which would have valued Swan at $1 billion. According to the complaint, Tether’s advisor, Zach Lyons, allegedly encouraged Swan’s former employees to leave and suggested that Tether no longer saw value in Swan’s business. The lawsuit details meetings where Lyons reportedly undermined Swan’s leadership and offered legal cover for the employees to create Proton Management, a copycat of Swan’s mining operations. The alleged conspiracy caused massive turmoil for Swan Bitcoin. By July 22, the company had dropped its initial public offering (IPO) plans, shut down its managed mining unit, and laid off 45% of its staff. Swan’s valuation plummeted as the promised $25 million funding from Tether never materialized. On Aug. 9, Tether’s legal team sent Swan a “Notice of Event of Default,” claiming Swan had breached its funding agreement due to its inability to maintain the necessary personnel. This was followed by the engagement of Proton Management, the new entity formed by Swan’s former employees, which claimed to offer the services of the same team that had left Swan. For its part, Tether denied any wrongdoing, stating it is aware of the allegations but is not named as a defendant in the case. Legal experts noted that while the complaint implies Tether’s involvement, no direct legal claims have been made against the company. Swan is seeking permanent injunctions, restitution, and punitive damages against Proton Management and the other named defendants.

The Biden administration announced sanctions and criminal charges on Thursday, targeting Russian cryptocurrency exchanges. These platforms are reportedly accused of facilitating payments for criminal activities, such as ransomware attacks and the sale of stolen credit card data from U.S. companies. President Joe Biden stated that these actions are part of a larger effort to disrupt a “global cryptocurrency network” and support Ukraine in its war against Russia. “The United States will continue to raise the costs on Russia for its war in Ukraine and to deprive the Russian defense industrial base of resources,” Biden added. The announcement came as Biden met with Ukrainian President Volodymyr Zelenskyy at the White House. The U.S. Justice Department has charged two Russian nationals in connection with money laundering schemes involving more than $1 billion in crypto transactions, allegedly used to fund global cybercriminals. Additionally, U.S. authorities seized websites tied to three illegal cryptocurrency exchanges. Russian exchanges sanctioned and seized The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) identified PM2BTC, a Russian cryptocurrency exchange, and its associate Sergey Ivanov as a “primary money laundering concern.” The Treasury’s Office of Foreign Assets Control (OFAC) also sanctioned Ivanov and another exchange, Cryptex. PM2BTC is accused of processing funds from ransomware attacks and other illegal activities, with half of its operations linked to illicit activity. It shares wallet infrastructure with UAPS, an underground payment processing system. Cryptex, registered in St. Vincent and the Grenadines, has been linked to over $720 million in transactions tied to Russian-based ransomware actors and cybercriminals. The Treasury credited the U.S. Secret Service, Dutch law enforcement, and blockchain analytics firm Chainalysis for their roles in the takedown of the infrastructure related to these exchanges. Major stablecoin issuer Tether also contributed to the effort. Sergey Ivanov and Timur Shakhmametov were also charged with conspiracy to commit and aid and abet bank fraud, with Ivanov involved in “carding” operations—trading in stolen credit card data. The U.S. State Department is offering a reward of up to $10 million for information leading to the arrest or conviction of either Ivanov or Shakhmametov. Russia is currently testing cross-border cryptocurrency payments, following new legislation signed by President Vladimir Putin in July. Russian central bank governor Elvira Nabiullina said that Russia’s business partners in various countries are under “tremendous pressure,” and predicted that a new global payments system independent of Western institutions would eventually emerge.  

Douugh has agreed to acquire Radical DBX, Inc, a US-based B2B fintech platform known as R-DBX. R-DBX focuses on developing advanced software solutions for data management, particularly in the realms of database technology and data integration. The company aims to streamline the process of handling large volumes of data across various platforms, providing clients with: Database Solutions: They offer tools and platforms designed to improve the efficiency and effectiveness of database operations. Data Integration: Radical DBX emphasizes the importance of integrating data from disparate sources to enable comprehensive analysis and insights. Innovative Technologies: The company invests in research and development to provide cutting-edge solutions that address current data management challenges. Founded by some of the industry’s best and brightest alumni from organizations like SoFi, Mastercard, Galileo Financial Technology, Urban FT, and Lending Club, R-DBX stays on the bleeding edge of technology. The fintech caters to businesses looking to optimize their data infrastructure and improve their overall data strategy. Douugh’s Stakk to leverage R-DBX to enter US embedded finance market Douugh expects the acquisition to enhance the technology and a suite of established long-term client contracts that will generate a stable stream of income for the group, which in the calendar year of 2023 turned over circa $1.1 million. The group’s specialist in embedded banking solutions is Stakk, which caters to startups, governments, banks, and sports teams. Stakk intends to launch its service in the United States and upsell these customers, as well as scale up its Australian operation. Its embedded finance technology empowers banks, start-ups, and enterprises to launch their own fintech products & services to their customer bases through a core set of APIs & SDKs, managed through a single platform. Stakk offers a full range of banking products including: KYC/AML/Fraud Monitoring Card issuing and processing Transaction accounts/wallets AI-powered credit decisioning & collections Installment loans and revolving credit Robo-advisory and share-trading Automated money management Account-to-account payments Cashback and Stockback rewards Commenting on the Company’s announcement, Douugh’s Founder & CEO “Major head start into launching our embedded finance offering” Andy Taylor, CEO and Founder of Douugh, said: “We are delighted to announce the proposed acquisition of R-DBX. A company born out of leading B2B fintech services business UrbanFT, which has amassed a high-quality customer base of fintechs and financial institutions through their own limited embedded finance offering. “This acquisition will give us a major head start into launching our embedded finance offering, with a core focus on credit-as-a-service in the US market, as well as scale up our presence in Australia and later in the wider Asia Pacific region. Importantly it gives us the opportunity to commercialise the US component of our technology platform we invested so heavily into developing since our founding. Which is a major win for our shareholders.”

The crypto derivatives market is showing signs of recovery following the Federal Reserve’s recent rate cut. A new report from Bybit and Block Scholes highlights key trends in futures, options, and perpetual contracts. Bybit, the second-largest cryptocurrency exchange by trading volume, has partnered with quantitative finance firm Block Scholes to release an in-depth crypto derivatives analytics report. The report analyzes the crypto market’s response to the Federal Reserve’s 50 basis point rate cut on September 18, 2024, and explores key trends across futures, options, and perpetual contracts. Following the rate cut, both spot and derivatives markets have responded positively. Bitcoin (BTC) and Ethereum (ETH) prices have risen, with open interest in futures and perpetual swaps remaining robust. Funding rates have mostly stayed positive, and BTC call open interest has been gradually increasing. The volatility smile for BTC and ETH calls has also widened, reflecting increased investor confidence. Key Findings from the Report: – Futures Market: Despite a decrease in trading volumes, open interest remains stable, indicating that traders are holding their positions. – Perpetual Swaps: Open interest and trading volumes for perpetual swaps have stayed steady, suggesting consistent trader engagement. – Options Market: Although BTC options activity has leaned towards puts over calls, open interest for calls is slowly recovering. Implied volatility for short-term options has dropped since the Fed’s rate cut, signaling a shift towards bullish sentiment. Bybit continues to provide comprehensive market insights and trading tools, helping users make well-informed decisions in the evolving crypto landscape. For more information and to download the full report, please visit: https://learn.bybit.com/crypto-insights/bybit-x-block-scholescrypto-derivatives-analytics-report-sep-25-2024/ About Bybit Bybit is one of the world’s leading cryptocurrency exchanges, ranking as the second-largest by trading volume. Since its launch in 2018, Bybit has grown to serve over 50 million users globally, offering a professional trading platform with an ultra-fast matching engine. Bybit also provides 24/7 customer support and multilingual community assistance, ensuring a seamless experience for crypto investors and traders. The exchange is a proud partner of Oracle Red Bull Racing, the reigning Formula One Constructors’ and Drivers’ champions. Learn more at Bybit. For more details about Bybit, please visit Bybit Press For media inquiries, please contact: media@bybit.com For more information, please visit: https://www.bybit.com For updates, please follow: Bybit’s Communities and Social Media

Bybit is now offering pre-registration for its physical Bybit Card in Argentina, giving users early access to a new way to seamlessly manage and spend their crypto assets. Bybit, one of the largest crypto exchanges by trading volume globally, is now inviting users in Argentina to pre-register for early access to its physical Bybit Card. This initiative supports Bybit’s ongoing efforts to expand its reach among retail consumers and investors in Argentina, South America’s second-largest economy by GDP. Following the successful launch of its virtual card in July, Bybit is extending its services by introducing a physical Mastercard debit card, branded by Bybit. Eligible users who pre-register will be the first to receive this card before it is released to the general public in Argentina. During the pre-registration phase, the physical card will be available at no cost for a limited time. This move follows the success of the virtual card, with over 75% of Bybit’s Argentinian users signing up in just two months. New users can also apply for the virtual Bybit Card and benefit from a cashback of 30,000 ARS when depositing 100 USDT, available to the first applicants. “While consumers are no longer tied to traditional brick-and-mortar banks, we recognize many users’ preference for a physical card for the additional peace of mind. We are doing our best to meet the popular demands of our Argentinian community by offering better, faster, and more secure everyday solutions to help them off-ramp crypto assets, one step at a time,” said Joan Han, Sales and Marketing Director of Bybit.  Benefits of the Bybit Card The Bybit Card is currently available in select markets and has become a popular choice for users looking to manage and spend their crypto holdings like BTC, ETH, USDT, TON, and others. With the card, users can make instant payments at over 90 million merchants worldwide through the Mastercard network. The Bybit Card also offers various perks, including regular and special rewards, with no annual fees or hidden charges. About Bybit Bybit is one of the world’s leading cryptocurrency exchanges, ranking as the second-largest by trading volume. Since its launch in 2018, Bybit has grown to serve over 50 million users globally, offering a professional trading platform with an ultra-fast matching engine. Bybit also provides 24/7 customer support and multilingual community assistance, ensuring a seamless experience for crypto investors and traders. The exchange is a proud partner of Oracle Red Bull Racing, the reigning Formula One Constructors’ and Drivers’ champions. Learn more at Bybit. For more details about Bybit, please visit Bybit Press For media inquiries, please contact: media@bybit.com For more information, please visit: https://www.bybit.com For updates, please follow: Bybit’s Communities and Social Media

Erste Group, a major European financial institution, has gone live with Scila AB’s trade surveillance solution, Scila Surveillance: a versatile trade surveillance cloud-based solution designed for comprehensive monitoring of global trading activities across multiple asset classes across the globe. Scila AB is a Stockholm-based leading independent provider of trade surveillance, risk management and anti-money laundering (AML) technology. The RegTech firm’s surveillance solution is known to bring significant advantages in upholding market integrity, mitigating financial crime risks, and ensuring regulatory compliance to its clients. Erste selected Scila for its prudent approach to compliance management Erste Group is a major financial services provider in Central and Eastern Europe. Established in 1819, it originally started as a savings bank in Austria. Today, it operates in various countries, including Austria, Czech Republic, Slovakia, Hungary, Romania, Croatia, Serbia, and other parts of the region. The bank offers a wide range of services, including retail and corporate banking, investment banking, asset management, and insurance. Erste Group is known for its strong focus on retail banking, serving millions of customers through its extensive branch network and digital platforms. It is also recognized for its commitment to sustainable banking practices and social responsibility initiatives. The company is listed on the Vienna Stock Exchange. Mikko Andersson, Chief Executive Officer at Scila AB, said: “Scila is delighted to partner with Erste Group. Scila Surveillance, designed for the dynamic nature of modern capital markets, will equip Erste Group with advanced tools to effectively safeguard market integrity and investor protection.” Iris Bujatti, Chief Compliance Officer of Erste Group Bank AG, commented: “We are very positive to partner with Scila because its Trade Surveillance Solution combines a wide range of functionalities, which fits to our approach to manage Compliance risk very prudently by leveraging on modern technology.“ Mikko Andersson, from CIO to CEO at Scila It was in late 2023 that Mikko Andersson stepped into the CEO role at Scila, bringing a history of driving growth in technology-focused firms within regulated sectors. His prior role within Scila as CIO focused on business development and enhancing product scalability. Andersson’s vision for Scila includes leveraging its scalable core technology to meet the financial industry’s evolving demands for integrated surveillance, risk, and anti-money laundering (AML) solutions. Recognizing the shift towards a more comprehensive view of these areas, Andersson’s leadership is expected to strategically position Scila at the forefront of this industry evolution. Possessing advanced degrees in both Business and Engineering Physics, including studies at prestigious institutions, Andersson’s academic background complements his strategic focus. His expertise is seen as a valuable asset in guiding Scila’s technology and support services to new heights, enhancing market integrity, and fostering long-term stakeholder value. GTN and Capital.com selected Scila AB Last year, GTN selected Scila AML for transaction monitoring, Scila Risk for market risk, and Scila Trade Surveillance for trade surveillance, provided by Scila AB. The provider of trading technology for brokers, asset managers, and their customers now leverages a flexible suite of Scila products for holistic monitoring of global trading activities – including risk calculations, account transaction monitoring, and trade surveillance. Retail brokerage firm Capital.com also partnered with Scila AB to deploy Scila Surveillance, the fully-fledged, Java-based surveillance system that includes a broad selection of alert rules and reports, a powerful search and replay functionality as well as trading analytics tools. The solution caters to multi-asset brokers, trading venues, regulators, and compliance departments, offering a one-stop surveillance tool to monitor the entire market and ensure integrity. Scila Surveillance has been implemented at a number of trading venues – spanning from equities to commodities and derivatives markets, including Alpha Trading Systems, Burgundy, the Chicago Board Options Exchange, the London Metal Exchange, Markit BOAT and NYSE Liffe.

Stripe has opened a new office in Toronto as part of the financial infrastructure platform’s commitment to serving fast-growing Canadian startups and platforms such as Workleap and Thinkific, along with many of the country’s largest enterprises such as Shopify, Enercare, FreshBooks, and SkipTheDishes. Toronto, which has become the fourth-largest market for tech talent in North America, will become home to Stripe’s new team located at 1 University Avenue. The company is hiring for roles across engineering, product management, sales, and design, with further expansion to come. “We’re proud to support many of the country’s most successful startups and enterprises” Between 2021 and 2023, payment volume on Stripe from Canadian companies grew more than 50%. The growth comes from thousands of Canadian businesses joining Stripe each day, along with long-standing users partnering with Stripe to launch new business models and expand their revenue streams. Shopify, a global ecommerce company supporting millions of businesses, uses Stripe to enable Shopify Payments and Shopify Balance as well as in-person payments. Matthew Burlak head of Canada GTM at Stripe, said: “After more than a decade in Canada, we’re proud to support many of the country’s most successful startups and enterprises, with thousands more Canadian companies getting started with Stripe every day. We’re looking forward to growing our team and accelerating the success of even more Canadian businesses.” Kaz Nejatian, COO at Shopify, said: “Shopify has been working with Stripe for almost a decade, and we trust Stripe to always do the right thing for its customers. We’re thrilled for other Canadian businesses to benefit from Stripe’s growing commitment and long term investment in Canada.” Stripe recently launched new products and features that help Canadian businesses to: Expand globally with Stripe Payments, which enables businesses to sell to over 195 countries in 135 currencies through more than 100 payment methods. More than half of Canadian businesses on Stripe already sell cross-border with new features like Adaptive Pricing, which localizes prices across 150 markets so their customers can pay in their home currency. Provide contactless in-person payments using Tap to Pay on iPhone, which supports Interac Debit with no extra hardware required. Eliminate checkout lines through Amazon’s Just Walk Out technology, which creates an effortless shopping experience at venues like Scotiabank Saddledome and Scotiabank Arena. Power complex revenue models with Stripe Billing’s usage-based billing, which lets businesses track their customers’ usage of products and services and charge accordingly. Stripe Billing is the company’s second product, along with its payments suite, to be ranked as a leader by industry analysts.

The Financial Conduct Authority (FCA) has raised concerns about the safeguarding practices of payments and e-money firms, warning that poor practices in this area could lead to customers losing money or facing delays in the event of a firm’s failure. Although these firms are not covered by the Financial Services Compensation Scheme (FSCS), they are required to safeguard customer funds, but recent supervisory cases show that around 15% of firms are not meeting the necessary standards. “Making safeguarding rules stronger and clearer for payment and e-money firms” In a letter to CEOs in March 2023, the FCA highlighted these shortcomings and urged firms to improve their safeguarding and wind-down procedures. Matthew Long, Director of Payments and Digital Assets at the FCA, commented, “We’re consulting on proposals to make safeguarding rules stronger and clearer for payment and e-money firms so customers get as much of their money back as quickly as possible if the firm goes out of business.” The FCA is proposing to replace the current safeguarding regime for e-money with a Client Assets Sourcebook (CASS)-style system, better suited to payments firms’ business models. Interim strengthened safeguarding rules are expected to be published by mid-2024. The consultation is open for responses until 17 December 2024. These changes follow the FCA’s Financial Lives Survey, which noted a five-fold increase in the use of e-money institutions between 2017 and 2022. This growing reliance on payments firms has driven the FCA to tighten regulations to protect consumers more effectively. Analysis of FCA’s Consultation Paper CP24/20 The consultation paper CP24/20 proposes significant changes to the safeguarding regime for payments and e-money firms, with a focus on improving consumer protection and ensuring more efficient fund recovery in the event of firm insolvency. Below is a detailed analysis of key proposals: 1. Why the Consultation is Necessary The FCA identifies shortcomings in current safeguarding practices, leading to risks for consumers. An average shortfall of 65% in safeguarded funds was observed in cases of insolvency between 2018 and 2023, prompting the need for stronger regulatory frameworks. The current regime under the Payment Services Regulations (PSRs) and E-Money Regulations (EMRs) is deemed insufficient, necessitating a revised approach that includes stronger enforcement and clarity on firms’ safeguarding obligations. 2. Proposed Interim and End-State Rules The consultation outlines a two-stage approach: Interim Rules: Designed to improve compliance with existing safeguarding requirements. Key measures include: Strengthened record-keeping and reconciliation practices. Monthly reporting requirements to improve the FCA’s supervisory oversight. Mandatory external safeguarding audits to assess firms’ safeguarding arrangements. End-State Rules: A more comprehensive overhaul, including: Replacing the current safeguarding regime with a Client Assets Sourcebook (CASS)-style regime. Imposing a statutory trust over safeguarded funds, making the firm a trustee of consumer funds, which would offer greater legal protection during insolvency​. 3. Key Features of Interim Proposals Enhanced Record-Keeping: Firms will be required to maintain accurate records, perform daily reconciliations, and keep a “resolution pack” to ensure quick access to information in case of insolvency​. Monthly Reporting: Firms will be required to submit monthly returns detailing the amount of safeguarded funds, reconciliation outcomes, and any identified discrepancies​. Safeguarding Audits: Annual safeguarding audits must be conducted by qualified auditors, and reports must be submitted to the FCA. This extends even to firms that may not have needed to safeguard funds during the audit period​. 4. Key Features of End-State Proposals The end-state proposals represent a more comprehensive transformation of the safeguarding regime, designed to address remaining gaps and vulnerabilities: Statutory Trust Over Safeguarded Funds: A key proposal is the imposition of a statutory trust over safeguarded funds. Under this trust, firms will hold consumer funds on behalf of the consumers as trustees, ensuring these funds are protected and separated from the firm’s general assets. This provides greater legal protection and certainty in case of insolvency. The statutory trust would also apply to assets, insurance policies, guarantees, and instruments used for safeguarding, reducing the risk of misappropriation or delays during insolvency proceedings​. Improved Segregation of Relevant Funds: The new regime mandates that relevant funds be received directly into designated safeguarding accounts at approved credit institutions. This change aims to minimize risks associated with pre-D+1 handling, where firms previously held funds outside safeguarding accounts for a short period. Firms will need to exercise due diligence and diversification when choosing third parties (e.g., banks) that hold these funds, reducing the risk of concentration in any single institution​. Agents and Distributors: The proposal includes new rules for safeguarding funds handled by agents and distributors. Payments firms will either need to ensure that agents deposit funds directly into the firm’s safeguarding account or segregate an amount equivalent to the maximum expected value of funds handled by these agents. This helps mitigate the risks associated with complex agent networks​. 5. Strengthening Safeguarding Practices The FCA proposes several enhancements to current safeguarding practices to ensure stronger oversight and consumer protection: More Detailed Record-Keeping: Firms will be required to maintain more detailed records, such as accurate and up-to-date information on safeguarded funds and consumer entitlements. They will also need to prepare resolution packs that can be retrieved within 48 hours to assist insolvency practitioners (IPs) in returning consumer funds quickly. Regular Audits: Firms will be required to conduct safeguarding audits annually. These audits must be performed by an independent and qualified auditor. The results of the audit, including any identified breaches and remedial actions, must be submitted to the FCA for review​. Additional Safeguards for Insurance and Guarantees: Where firms use insurance or guarantees to safeguard funds, there will be stricter requirements to ensure that claims can be processed quickly without restrictive conditions. Firms must also prepare for potential risks, such as the non-renewal of an insurance policy, by having alternative safeguarding arrangements in place​. 6. Enhanced Monitoring and Reporting The FCA’s new proposals aim to enhance the regulatory oversight of firms by introducing more comprehensive monitoring and reporting requirements: Monthly Reporting Returns: Firms will be required to submit monthly reports to the FCA detailing the amount of safeguarded funds, the reconciliation process, any shortfalls or excesses identified, and the resolution of discrepancies. This replaces the current practice of annual reporting, which the FCA has identified as insufficient to detect issues promptly​. New Regulatory Return: The regulatory return will include data on the amount of funds safeguarded, the method of safeguarding, safeguarding audits, reconciliations, and the use of third parties. This allows the FCA to proactively monitor firms’ safeguarding practices and intervene where necessary. 7. Holding Funds Under a Statutory Trust In the end-state regime, the FCA proposes creating a statutory trust over safeguarded funds. This significant change aims to ensure that consumer funds are legally protected in the event of a firm’s failure. Key elements include: Legal Status: The funds will be held under a statutory trust, meaning they will not be part of the firm’s general assets. This ensures that consumer claims take priority over other creditors during insolvency. Trustee Duties: The firm will act as a trustee, which imposes fiduciary duties such as acting in the best interests of the consumers. Streamlining Distribution: The statutory trust structure will make it easier to distribute funds promptly and reduce insolvency costs, benefiting consumers. 8. Implementation and Transitional Arrangements The FCA acknowledges that these proposals represent a significant shift in how payment and e-money firms operate. Therefore, a six-month transition period is proposed for firms to adapt to the new interim rules. After the interim stage, the end-state rules will be introduced once the necessary legislative changes are in place. The consultation process will run until 17 December 2024, and final rules are expected to be published within the first half of 2025.

Hamster Kombat, the popular Telegram-based clicker game, announced its roadmap for the remainder of 2024 and into 2025, including the launch of a Web3 gaming platform to expand its offerings. The Hamster Kombat team outlined its future plans, which include integrating external payment systems, launching new games, and introducing non-fungible tokens (NFTs) as in-game assets within the Hamster ecosystem. The team stressed their unique position in the Web3 gaming space, citing their large player base and experience in creating a platform that makes development easier for game creators. Following the announcement of their airdrop event on Sept. 23, Hamster Kombat revealed that only 131 million of their 300 million users, or 43%, are eligible for the airdrop. They also noted that 2.3 million users were banned for using cheats. To maintain engagement after the airdrop, the Hamster Kombat team outlined several strategies, including a token vesting system. “11.25% of tokens distributed after Season 1 will be vested and unlocked 10 months after listing,” the team said. The team will also focus on the value of games within its ecosystem rather than simply offering earnings, differentiating themselves from traditional Web3 approaches focused on rewarding airdrop hunters. Token buyback and burning plans As part of their roadmap, Hamster Kombat plans to launch a dedicated advertising network by December 2024, with revenue from the network being used to buy back tokens and distribute them as rewards to players. The team also plans token burns, a process that permanently removes tokens from circulation to create scarcity and drive up value. In 2025, Hamster Kombat plans to create a non-fungible token (NFT) marketplace, host a competitive clan championship, and facilitate the second phase of its airdrop. These moves are part of their broader strategy to combine Web2 and Web3 elements and continue engaging players with fresh content. Elsewhere, Telegram’s Web3 game announced the listing of its HMSTR token on major cryptocurrency exchanges, even as the token’s value continues to decline. Despite the excitement, the token’s price has plummeted, dropping 10% in just one hour. Over the past 24 hours, HMSTR’s value has fallen 30%, dropping from $0.012 to $0.0087. HMSTR is now available for trading on major crypto exchanges such as Binance, HashKey, OKX, Bybit, KuCoin, and MEXC.  

A Singapore court has granted Indian cryptocurrency exchange WazirX a four-month moratorium, with conditions, after the exchange lost $234 million in a July hack. The moratorium, shorter than the six months initially requested, comes with several stipulations. Under the court’s conditions, WazirX is required to make its wallet addresses public, respond to user queries raised in court, release its financial information, and ensure that any future voting for court applications is independently monitored. The July hack, which wiped out 45% of customers’ funds, saw the attacker nearly complete laundering the stolen assets. During the court hearing, the judge suggested that WazirX consider disclosing any additional assets beyond the stolen tokens. The judge acknowledged the exchange’s “good faith” in seeking a moratorium to manage the fallout. Nischal Shetty, founder of WazirX, commented on the court’s decision, saying, “Our immediate filing for the moratorium was a decisive step taken to ensure the fastest, fairest, creditor-approved, legally binding path to resolution where creditors have a token choice and potential upside in a bull run.” The hacker continues to move stolen funds using the U.S.-sanctioned crypto mixer Tornado Cash, with recent transfers of 5,000 ether ($13 million) made on Wednesday. Onchain analytics platform Arkham reported that more than 61,500 ether ($161 million) has been transferred to the mixer so far. Sending funds to mixers is a tactic frequently used by cybercriminals to obscure the origin of stolen cryptocurrency, making it harder for law enforcement to trace the funds. Blockchain analytics firm Elliptic linked the attack to the North Korean Lazarus Group, a state-sponsored hacking organization known for high-profile crypto exploits. Amid the fallout, WazirX founder Nischal Shetty has repeatedly shifted blame for the hack. Initially, Shetty claimed that a mistake by custodian Liminal led to the breach—a claim that Liminal denied. In August, Shetty shifted focus, suggesting that Binance, which he said held a majority of WazirX parent Zettai Labs’ funds, restricted WazirX’s ability to repay affected customers. Forn its part, Binance has distanced itself from WazirX, reiterating last week that it does not own, control, or operate the exchange. Binance claimed that a contract between the two companies was never finalized due to “Zettai’s failure to perform its obligations.” Binance also accused Shetty of making misleading statements about the relationship in court affidavits.

eToro has announced it has agreed to acquire Australian investing app Spaceship as part of its efforts to strengthen the global social trading platform’s footprint in such a key market for the business. The acquisition of Spaceship, which could be worth up to $80 million AUD, will also broaden eToro’s product offering as the company expands its long-term savings proposition globally. Spaceship offers superannuation funds and managed portfolios Spaceship, which boasts more than 200,000 clients and over $1.5 billion AUD in funds under management, features a core offering focused on superannuation funds, which fall under Spaceship Super, and a selection of professionally managed investment portfolios, under Spaceship Voyager. According to the announcement, Spaceship clients will continue to be served by the Spaceship brand but will have the chance to access eToro’s products, investment tools, and educational resources. eToro, which is authorized by the Australian Securities and Investments Commission (ASIC), will provide its Australian users with easy access to Spaceship’s superannuation and managed funds. “We are expanding our long-term savings and investing proposition” Yoni Assia, CEO and Co-founder of eToro, said: “Spaceship and eToro share the goal of making investing accessible for everyone. Like us, they look to the future and we are excited to welcome their team and their clients into the eToro family. With almost two decades’ of experience building, innovating and serving clients around the world, I believe that together eToro and Spaceship can take our offering for Australian users to the next level. “We are expanding our long-term savings and investing proposition for our users globally and this acquisition is a key step on this journey. Our mission is to give people the tools and knowledge they need to grow their wealth. To do this we must continue to build out our offering, so that we can support people throughout their investing lives. We hope that this deal will be the first of many in the long-term savings and investing space as we continue to build out our localised product offering in our key markets.” Andrew Moore, CEO of Spaceship said: “Joining forces with eToro is a pivotal moment for Spaceship, accelerating our momentum in Australia and unlocking new opportunities for growth. We’re deeply aligned with eToro’s goal of making investing accessible for everyone, and this partnership will enable us to reach new heights as we expand our product offering to customers, while continuing to provide top-tier value. Moreover, it offers our customers a promising opportunity to be part of a forward-looking company that aligns with our future ambitions.”

SBI Digital Markets (SBIDM), the Singapore-based crypto subsidiary of Japan’s largest online financial services group, SBI Holdings, has partnered with 21X, a distributed ledger technology (DLT)-based market infrastructure for tokenized securities. 21X, which recently applied for a license to operate a DLT trading and settlement system (DLT TSS) under the European Union’s DLT regime (DLTR), will provide a matching, trading, and settlement system on a public permission-less blockchain for SBIDM’s listed tokenized securities. 21X to be the first regulated DLT market operator under EU DLTR The partnership is likely to result in a milestone for the industry: the first time that tokenized securities can be traded on an exchange under the regulations of the EU’s European Securities and Markets Authority (ESMA). While 21X hasn’t secured European authorization yet, it is likely to become the first fully regulated DLT market operator under EU DLTR. Under the partnership, SBIDM is acting as a listing agent and service provider for asset tokenization and custody of tokenized securities, admitted to primary and/or secondary markets on 21X. SBIDM and 21X are planning to issue, distribute and trade a suite of tokenized securities on 21X, with an initial focus on exchange-traded notes (ETNs) and exchange-traded funds (ETFs). “21X as the gateway to Europe for trading and settlement of digital securities” Max Heinzle, founder and CEO of 21X, stated: “For over a decade SBI has been both an innovator and early mover in the burgeoning digital asset space. Our strategic partnership with SBIDM marks a significant point in the development of 21X and the globalization of blockchain-leveraging capital markets. With our license to operate imminent, this collaboration will allow SBIDM, which holds an outstanding market position in Asia, to use 21X as the gateway to Europe for trading and settlement of digital securities, taking advantage of the first and only fully regulated exchange in Europe for tokenized securities, at launch.” Winston Quek, CEO of SBI Digital Markets, said: “SBI Digital Markets’ agreement with 21X marks a significant step forward for the entire tokenized securities industry. Furthermore, 21X’s fully regulated DLT market aligns perfectly with SBIDM’s commitment to build a global exchange and distribution network for tokenized securities. To this end, we have been working with our ecosystem partners over the last months to establish a pipeline of tokenized assets to list on 21X where SBIDM will act as a global custodian and service provider. This collaboration is a testament to our shared vision for the future of digital securities.” CK Ong, COO of SBI Digital Markets, added: “We are pleased to partner 21X as the first fully regulated exchange in Europe for institutional-grade trading of tokenized securities. With the strategic partnership, SBIDM will be leveraging the advantages of a blockchain-based exchange, including efficiency gains, and secure, and unparalleled degrees of disintermediation in trading and settlement.” 21X’s DLT exchange offers advantages over traditional exchanges, such as the elimination of clearing, atomic matching and settlement, increased accessibility, the possibility for self-custody and cost-effectiveness through unparalleled degrees of automation.

Binance has announced that it will remove the Turkish language option from its website and app as of September 27, 2024. The move comes in response to new regulations introduced by the Turkish Grand National Assembly on July 2, 2024, which impose stricter requirements on non-Türkiye-based crypto asset service providers. “Compliance with legal requirements is essential” The global crypto exchange emphasized its commitment to providing a secure and compliant platform for its users. Binance stated that it continues to work closely with Turkish lawmakers to ensure uninterrupted service, despite the regulatory changes. “We understand this may impact some of our users, but compliance with legal requirements is essential,” Binance stated. The platform will remain accessible to users in Türkiye with all services available, except for the Turkish language option. This regulatory shift highlights Binance’s ongoing efforts to align with legal frameworks in the markets it serves, both domestically and globally. Crypto industry adopting Türkiye’s new regulations The new cryptoasset regulations in Türkiye, published on July 2, 2024, bring significant changes to the crypto industry. These regulations, part of amendments to Capital Markets Law No. 6362, introduce licensing, compliance, and transaction requirements for cryptoasset service providers (Service Providers), including trading platforms and custodians. Key provisions include: Licensing: Service Providers must obtain a license from the Capital Markets Board (CMB) and join the Turkish Capital Markets Association. Foreign platforms targeting Turkish residents must halt services unless licensed by the CMB. Classification of Cryptoassets: The regulations categorize cryptoassets as security, electronic money, utility, and distributed ledger technology assets (e.g., Bitcoin). Each classification is subject to different regulatory frameworks. Compliance and Governance: Shareholders and directors must meet specific requirements, with restrictions on share transfers. Platforms must comply with information systems standards set by TÜBİTAK. Financial Obligations: Platforms must pay a fee of 2% of total income to the CMB and TÜBİTAK. Client Protection: Contracts between platforms and users must adhere to CMB guidelines, ensuring transparency and safety. Sanctions and Penalties: Non-compliant platforms face penalties, including fines, imprisonment, or license revocation. Unauthorized activities may result in blocking access to websites.

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler faced tough questions from both Republicans and Democrats during a House Financial Services Committee hearing on Tuesday, with lawmakers scrutinizing his approach to regulating the cryptocurrency industry. Republican Majority Whip Tom Emmer sharply questioned Gensler over the SEC’s handling of a case involving crypto startup DEBT Box. A federal judge in Utah had criticized the SEC’s actions in the case, accusing the agency of acting in bad faith. The court ordered the SEC to pay sanctions, including attorney’s fees. The judge also cited misleading statements from the SEC, which later admitted its shortcomings. “Does the fact that we’re talking about this today even slightly embarrass you?” Emmer asked. Gensler acknowledged, “The matters in that case were not well handled.” Lawmakers have long debated the SEC’s approach to regulating crypto, with some arguing that the rules remain unclear. On the other hand, Democrats like Maxine Waters defended the SEC’s role, asserting that it is protecting investors and maintaining the integrity of the U.S. capital markets. The hearing took place as the 2024 elections approach, where cryptocurrency has become a central issue. Crypto firms have reportedly spent $119 million in 2024, largely funneled into super political action committees like the Fairshake PAC, according to consumer advocacy group Public Citizen. Emmer, a frequent critic of Gensler, also raised comments by Vice President Kamala Harris, who recently said he supports innovative technologies like digital assets, while emphasizing consumer protection. Emmer asked Gensler if he aligned with Harris’ position or if she was criticizing the SEC’s regulatory efforts. Gensler responded by stating that laws are already in place, though Congress has the power to change them. lawmakers challenge SEC stance on securities During the hearing, Democrat Ritchie Torres questioned Gensler’s definition of securities, using a New York Yankees ticket as an example. He asked if selling such a ticket would constitute a security, highlighting the ticket’s value in providing access to a game. This analogy follows the SEC’s recent charges against entities like Stoner Cats 2 LLC for unregistered securities offerings, including NFTs. Gensler pointed to the Howey Test, a legal standard used to determine whether something qualifies as a security, saying it depends on whether there’s an expectation of profits tied to a common enterprise. Torres argued that the expectation of profit could apply to various assets, including collectibles, art, or music, further questioning the SEC’s broad interpretation of securities laws.  

Binance introduces an industry-first with Pre-Market Spot Trading, offering users early trading opportunities before tokens are officially listed on the spot market. Binance, the world’s leading blockchain ecosystem and largest cryptocurrency exchange by trading volume, has introduced Binance Pre-Market, a new feature allowing selected Binance Launchpool token subscriptions to be traded before they are officially listed on the spot market. This innovation enhances utility for Launchpool participants and opens up more trading opportunities for all Binance users. Pre-market trading on Binance enables users to take early positions in tokens before their official spot market listing. This feature allows the community to express market sentiment early on for particular token projects. Each pre-market trading period will conclude at least four hours before the official spot market listing, with Binance providing a separate announcement for the listing. As the only crypto exchange offering pre-market spot trading, Binance allows tokens to be exclusively allocated and traded in the pre-market before they are fully available on the spot market. When a Launchpool project is selected for pre-market trading, Binance will announce the pre-market start date. Users can continue subscribing to Launchpool as usual and receive their allocated tokens. During the pre-market period, all Binance users can trade these tokens, which will be marked with a “Pre-Market” tag for easy identification. This feature also allows selected token projects to engage with users earlier in their lifecycle, providing greater exposure and user participation. Benefits of Binance Pre-Market – Early Market Access: Users can trade tokens before their official spot market listing. – Strict Vetting Process: All tokens undergo Binance’s rigorous vetting process. – High Liquidity: Binance, as the most liquid exchange, ensures higher demand for users’ trading positions. – No Extra Fees: Users pay only the standard Binance spot trading fees, which are highly competitive. – More Utility for Launchpool Users: Launchpool participants can trade their allocated tokens early, benefiting from pre-market movements. Vishal Sacheendran, Binance Head of Regional Markets, commented, “We built Binance Pre-Market to meet user demand for pre-market spot trading, and enhance the Binance ecosystem so users can enjoy greater utility and token projects can extend their lifecycle on our platform. Binance has always been focused on delivering for our users and we continue to invest in features to give our users the best experience we can.” The launch of Binance Pre-Market follows recent product releases designed to enhance the user experience, including Binance SOL Staking, Super Earn, Megadrop, and HODLer Airdrop. For further details on Binance Pre-Market, visit the Binance FAQ. About Binance Binance is a global leader in blockchain technology, powering the world’s largest cryptocurrency exchange by trading volume and registered users. Trusted by over 200 million users across 100+ countries, Binance stands out for its top-tier security, transparency, and fast trading engine. The platform offers a wide range of digital asset products and services, including trading, finance, education, research, social impact initiatives, payments, institutional services, and Web3 solutions. Committed to creating an inclusive crypto ecosystem, Binance aims to enhance financial access and freedom worldwide through cryptocurrency. For more information, visit Binance.

Caroline Ellison, the former CEO of Alameda Research, was sentenced to two years in prison for her involvement in the collapse of FTX, one of the largest financial frauds in U.S. history. In addition to her prison term, Ellison was ordered to forfeit $11 billion, a penalty reflecting the massive scale of the fraud, which saw FTX misuse billions of dollars in customer funds. Caroline Ellison’s cooperation was critical in securing SBF’s 25-year conviction Ellison, a close associate of FTX founder Sam Bankman-Fried, played a key role in the fraudulent activities that contributed to FTX’s downfall in November 2022. Under Bankman-Fried’s direction, Alameda Research, the crypto hedge fund Ellison led, misappropriated customer funds from the FTX exchange to cover trading losses and make speculative investments​. Ellison cooperated extensively with prosecutors following her arrest in December 2022, entering a plea deal and providing testimony against Bankman-Fried. Her cooperation was critical in securing his conviction earlier this year, for which he was sentenced to 25 years in prison​. Despite her assistance, Judge Lewis Kaplan emphasized that Ellison’s role in the scheme was significant, and she could not be exempted from facing prison time​. During her sentencing, Ellison expressed deep remorse, acknowledging the harm caused to investors and admitting she regretted not stepping away from both FTX and Bankman-Fried sooner. She will remain free on bail until her surrender to begin her sentence on or after November 7, 2024​. Alameda Research and FTX, both founded by Sam Bankman-Fried, worked in tandem to perpetrate one of the largest financial frauds in history. The relationship between the two entities allowed for the systematic misappropriation of customer funds, with billions of dollars from the FTX cryptocurrency exchange funneled into Alameda’s speculative trading activities. Alameda had essentially unlimited access to FTX’s funds Alameda, under the leadership of Caroline Ellison, used the funds to cover losses and invest in other ventures. This was done with Bankman-Fried’s direct oversight, who instructed Ellison and others to manipulate financial records, creating false spreadsheets to hide the extent of the misuse from investors and regulators​. The two companies operated with blurred lines between their financial accounts, allowing Alameda to draw on FTX customer deposits without proper oversight. This ultimately led to the collapse of both firms in November 2022, causing significant financial harm to investors and customers​. Ellison’s testimony during Bankman-Fried’s trial revealed that Alameda had essentially unlimited access to FTX’s funds, which were used to prop up Alameda’s risky trades and investments, a practice concealed by falsified documents and misleading reports​. This cooperation in crime unraveled during the investigations, leading to the downfall of both companies and the convictions of those involved. Caroline Ellison’s involvement with FTX and Alameda Research was marked by significant actions that directly contributed to the collapse of both firms, ultimately justifying her two-year sentence. Ellison is the third in FTX case to face prison time Ellison is the third defendant in the FTX and Alameda case to face prison time. Former FTX CEO Sam Bankman-Fried was sentenced to 25 years in March, and former FTX Digital Markets co-CEO Ryan Salame is set to begin a 90-month sentence on October 13, though his lawyers are contesting his guilty plea. Ellison pleaded guilty to seven counts of wire fraud, commodities fraud, securities fraud, and money laundering related to the misuse of funds between FTX and Alameda. The maximum sentence for these charges is 110 years, but her cooperation with authorities were critical to reduce time in prison. Meanwhile, former FTX engineering director Nishad Singh and co-founder Gary Wang, who also pleaded guilty, are scheduled for sentencing on October 30 and November 20, respectively. Wang’s hearing is expected to be the last in the FTX case.

The Commodity Futures Trading Commission (CFTC) has filed charges against four entities—cryptoiminerstrade.com, Expert Stocks Zone, FalconForexBot, and swiftminingexpert.com—accusing them of operating as unregistered futures commission merchants (FCMs). The CFTC’s complaints seek cease-and-desist orders to prevent further violations of the Commodity Exchange Act. The four platforms, allegedly based in New York, Los Angeles, and Beaumont, Texas, claim to offer binary options on commodities like foreign currencies and cryptocurrencies, including Bitcoin. They also falsely claimed to be regulated by the CFTC and capable of handling client funds, the Commission alleges. The CFTC cautioned the public to verify the registration of entities before committing funds, stressing that unregistered firms pose significant risks. The charges are part of a larger enforcement sweep targeting unregistered entities in the derivatives and crypto markets. Details of the Entities Charged: cryptoiminerstrade.com – Allegedly operating from New York and Los Angeles, this platform claims to be one of the leading providers of binary options, Forex, and spreads in the U.S. It advertises itself as CFTC-regulated and capable of managing client funds. Expert Stocks Zone – Allegedly based in New York, this platform offers binary options based on commodities and cryptocurrencies. It touts awards for prioritizing client fund security and claims to be regulated by the CFTC. FalconForexBot – Allegedly operating from New York and Beaumont, Texas, FalconForexBot presents itself as a premier platform for binary options, Forex, and cryptocurrency trades. It claims that customer fund security is its top priority and further asserts CFTC regulation. swiftminingexpert.com – Allegedly based in New York and Los Angeles, this platform makes similar claims about its position in the U.S. market for binary options, emphasizing its ability to manage customer funds and being regulated by the CFTC. Commissioner Mersinger concerned over insufficient evidence CFTC Commissioner Summer K. Mersinger issued a dissenting statement, objecting to how the charges were pursued. Mersinger expressed concern over the CFTC’s decision to use administrative proceedings instead of taking the cases to federal court. She argued that there was insufficient evidence to support the claim that these entities acted as FCMs, particularly regarding whether they accepted money or property to secure trades, a key element of the FCM definition. Mersinger referenced the recent Supreme Court ruling in SEC v. Jarkesy, which raised the level of scrutiny federal agencies must apply when using administrative proceedings. She emphasized that while she supports efforts to prevent false claims of CFTC registration, the unregistered FCM charges in these cases lack the necessary factual support. “While they may have solicited or accepted orders for transactions, there is no indication that they accepted money or property to guarantee or secure those trades,” Mersinger said in her statement. She added that the CFTC should be cautious in its use of administrative tools and urged for deeper analysis and stronger evidence. The enforcement action is being handled by the CFTC’s Division of Enforcement, led by a team including Leslie R. Kan, Michael Geiser, Elizabeth C. Brennan, David W. Oakland, and others. The CFTC’s actions reflect its ongoing crackdown on unregistered entities and false claims of regulatory oversight, particularly in the rapidly growing cryptocurrency and derivatives markets. Despite the dissenting opinion, the cases will proceed under the Commission’s administrative process. However, Mersinger’s concerns highlight potential legal challenges the CFTC may face as the Supreme Court decision in SEC v. Jarkesy continues to influence regulatory enforcement practices. The public is urged to verify any company’s registration status with the CFTC through the National Futures Association’s BASIC system before investing.

USDCAD currency pair be expected to fall further toward the next support level 1.3420 (former strong support from August).   – USDCAD reversed from resistance area – Likely to fall to support level 1.3420 USDCAD currency pair recently reversed down from the resistance area located between the key resistance level 1.3600 (former strong support from May, June and July, acting as the resistance now, as you can see from the daily USDCAD chart below), upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from the start of August. The downward reversal from this resistance started the active minor impulse wave 3, which belongs to the higher order impulse wave (3) from the start of last month. Given the strongly bearish US dollar sentiment that can be seen across the FX markets today coupled with the moderate Canadian dollar bullishness on oil gains, USDCAD currency pair be expected to fall further toward the next support level 1.3420 (former strong support from August). USDCAD Technical Analysis Report The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.

With MetaQuotes’ recent decision to cut ties, retail proprietary trading firms are facing a critical moment of transition. MetaTrader has long been a go-to in the trading ecosystem, offering a familiar and reliable platform for brokers and traders alike. However, with its sudden exit from the scene, prop trading firms are now compelled to reevaluate their technology stack and explore new solutions that can meet their unique demands. As the most widely used platform steps back, the search for reliable alternatives is underway. Many tech providers are stepping up to fill the void, offering relevant solutions to cater to the unique needs of prop trading firms. From advanced execution management systems to sophisticated risk management tools, these providers are bringing something new (or merely repackage the old ones) to the table, ensuring that brokers can continue to operate. In a series of interviews, FinanceFeeds explores what these tech providers are offering to help prop trading firms adapt and survive in a post-MetaTrader world. We have engaged with CEOs and top executives of leading tech providers to uncover how they are stepping up to fill the void.  Today, we’re kicking off with two insightful chats featuring industry leaders: Spotware Systems’ CEO, Ilia Iarovitcyn, and FPFX Technologies’ CEO, Justin D. Hertzberg, Esq.  Spotware’s cTrader: Solutions for Prop Trading Firms In this interview, we speak with Spotware’s head to learn more about their cTrader platform, its unique features, and how it’s supporting prop trading firms through advanced customization, security, and seamless migration from MetaTrader. What specific solutions are you offering to proprietary trading firms? Are these solutions new, or were they developed in response to MetaTrader’s decision to cut ties? Ilia Iarovitcyn CEO at Spotware Systems As part of our proactive strategy, we have been developing cTrader as a perfect-fit platform for the proprietary trading environment. We offer a complete solution, including a cross-platform trading app, real-time price feed, robust infrastructure, powerful back office and unlimited possibilities for integration. Our newest solution is plugins that allow prop firms to customise the cTrader UI and easily integrate any third-party services. How are you addressing security and compliance concerns that prop trading firms may have, especially in light of increased scrutiny by regulators? cTrader has built an industry-leading reputation as a reliable and transparent enterprise solution provider. So, we have not received any complaints from our prop clients about their security and compliance being compromised. Spotware only onboards reputable and well-regulated prop firms, assuring them that we will never permit price manipulation, trade rejections or other illegal activities. What level of customization do you offer for prop trading firms? We offer application branding options for our prop trading clients to enhance their market recognition and awareness. Our recently launched plugins are ideal for prop teams to independently expand the cTrader UI and integrate additional services. Open API delivers a comprehensive service for developing custom applications and solutions connected to the cTrader backend. With this versatile toolkit, our prop clients can bring any of their ambitions to life. What markets or asset classes do you cover? cTrader is integrated with major liquidity providers, granting access to a vast choice of financial instruments. As a comprehensive solution for prop firms, Spotware’s own price feed covers diverse asset classes, including forex, cryptocurrencies, metals, indices, energies and soft commodities. What kind of integration support do you provide for transitioning firms that may be moving away from MetaTrader or other platforms? We provide several options to migrate prop firms’ clients to cTrader, from the light migration of accounts only to the full migration with the complete trade history. The light migration process typically takes just one working day! Widgets enable prop firms to effortlessly embed the trading terminal directly into their website. cTrader is already integrated with popular CRM solutions, and integrating any backend operation system is straightforward with our WebServices API. Can you share any success stories or case studies of prop trading firms that have recently transitioned to your platform? Absolutely! Without disclosing our client names, I can confirm that several prop firms have successfully transitioned to cTrader, benefiting from our reliable technology solutions amidst growing regulatory pressure and market turbulence. Why FPFX is moving beyond MetaTrader: Insights from CEO Justin D. Hertzberg FPFX Tech provides a powerful SaaS solution that integrates seamlessly with multiple trading platforms, including MT4/5, cTrader, and Rithmic. CEO Justin D. Hertzberg highlighted that while MetaTrader had its popularity, FPFX started branching out to other platforms over a year ago for the sake of diversification. Their solutions focus heavily on security and compliance, tackling concerns around cybersecurity and regulatory oversight.   What specific solutions are you offering to proprietary trading firms? Are these solutions new, or were they developed in response to MetaTrader’s decision to cut ties?   The Prop Trading Tech Kit offered by FPFX Tech is the most robust SaaS solution on the market, with a myriad of customizable and configurable features and functions that facilitate all facets of a prop firm’s operations and administration. Our offering includes integration into many of the industry’s leading trading platforms, including MT4/5, DXtrade, cTrader, MatchTrader, TradeLocker, Rithmic, QuadCode and several more to come. FPFX Technologies’ CEO, Justin D. Hertzberg, Esq. The software solutions we offer are not new – while the overwhelming majority of early prop firms using our tech wanted MT4/5, we started to integrate into other platforms over a year ago, as we ultimately felt that 1) not every trader likes/enjoys MT4/5 (which is why many brokers offer multiple platform options) and 2) that we didn’t want to have a single point of failure in the event MT4/5 could not service prop firms/traders for any reason.   How are you addressing security and compliance concerns that prop trading firms may have, especially in light of increased scrutiny by regulators?   I’m not sure what security or compliance concerns you’re specifically referencing, but we have always incorporated cybersecurity tools, designed to prevent intrusion and to secure sensitive information into our offerings.  We take our security obligations seriously and are constantly improving security for our applications. I think the recent regulatory scrutiny has much more to do with protecting the end-users from low-integrity and undercapitalized prop firm operators than from the product itself.  These concerns have more to do with the solicitation efforts and financial aspects of the operation and less about the industry itself.   What level of customization do you offer for prop trading firms?   Within our Enterprise licensing option, we offer complete customization through technology, including:   Dashboard Prop plans Payment gateway integration  Affiliate portal Discount code functionality Leaderboard interface Trading contest software Trader certificates with QR code/blockchain integration Badging Loyalty programs Translation services Education suites Platform integrations   What markets or asset classes do you cover?   We provide prop trading technology for FX/CFDs, on-exchange futures and on-exchange cryptos.   What kind of integration support do you provide for transitioning firms that may be moving away from MetaTrader or other platforms?   We have developed protocols to easily migrate accounts from one broker to another or one platform to another with minimal downtime and end-to-end support.  Enabling our licensees to maintain their reputations and relationships with their traders during challenging times is critical to their continued success.  We understand the importance of the task and the urgency with which it needs to be completed.  Fortunately, we have the team and the experience to assist with these migrations, when needed.     Can you share any success stories or case studies of prop trading firms that have recently transitioned to your platform?   I cannot list specific firms, but we have powered over 150 prop firms over the last four years.  Recently, the firms experiencing the greatest success (and the ones I believe are best suited to thrive in the prop space) are brokerage firms that are adding prop trading as an ancillary business.   Stay tuned for the next part of our series, where we continue to explore insights from more industry leaders and uncover new strategies that are helping prop firms survive in a post-MetaTrader world.

A hacker attacked the decentralized finance protocol Bankroll Network, draining $230,000, according to a post by blockchain security platform TenArmor. TenArmor shared details of the attack, showing several large transfers of Binance Coin (BNB) from a BankrollNetworkStack contract to itself. Each transfer was valued at $9,679,645.51. Two additional transfers, worth $9,435,877.94, involved movement of funds from a PancakeSwap exchange pool to an account ending in “47D7” and then back to the BankrollNetworkStack contract. The discrepancy between these transfers, roughly $243,767.57, is close to the reported $230,000 loss, suggesting the hacker exploited a vulnerability allowing them to withdraw more than they deposited, possibly using flash loans for the initial deposit. Blockchain data confirms that the transfers occurred at 4:50 pm UTC on Sept. 22.  Bankroll Network has not yet confirmed that the transactions are the result of an exploit. DeFi protocols have been frequent targets of exploits. In August, Nexera Protocol suffered an exploit, leading to the loss of $1.5 million in digital assets. The DeFi protocol, which bridges traditional finance with DeFi, was hit by hackers who stole Nexera (NXRA) tokens. Hackers often convert stolen tokens into Ether to launder the funds through cryptocurrency mixers like Tornado Cash, complicating the tracing efforts by cybersecurity firms. The Nexera exploit adds to the growing list of DeFi hacks in 2024, coming just a day after Ronin Network was exploited for $9.8 million worth of Ether by a suspected white hat hacker who later returned the funds. Crypto hacks have been escalating in 2024. The first quarter alone saw $542.7 million stolen, a 42% increase from the same period in 2023. July was particularly severe, with over $266 million stolen across 16 attacks, including a $230 million theft from Indian exchange WazirX, the second-largest hack of the year. The WazirX hacker has been attempting to funnel the stolen funds, consolidating $57 million worth of ETH into new addresses by July 22. Most recently, Singapore-based cryptocurrency exchange BingX’s estimated loss from a suspected hack on Friday more than doubled to over $52 million, following further investigations.