The Securities and Futures Commission (SFC) issued a warning today (Friday) about several entities suspected of engaging in fraudulent virtual asset-related activities. These entities are also purportedly operating virtual asset trading platforms (VATPs) in Hong Kong without the required licenses.SFC Flags Fraudulent PlatformsUnder the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, any provision or active marketing of virtual asset services to Hong Kong investors without a licence is strictly prohibited. The entities identified in this regard are:Tokencan: This platform claims to provide cryptocurrency trading services in Hong Kong without a licence. Tokencan uses social media to direct investors to its websites for cryptocurrency investments. The SFC noted that Tokencan provided false information, falsely claimed to have filed a licence application with the SFC, and has had investor reports of frozen accounts and withdrawal issues.VBIT Exchange: This entity is suspected of marketing its purported VATP services to Hong Kong investors without a licence. It falsely claimed to be regulated by authorities in various jurisdictions on its website.HKD.com Corporation: This entity uses a name and logo very similar to another VATP it is not associated with. Investors were asked to deposit funds into designated bank accounts for investment purposes. Subsequently, investors reported difficulties in withdrawing funds.Verify VATP Licensing StatusIn response to the SFC's request, the Hong Kong Police have taken steps to block access to the relevant websites and social media pages. However, the public should remain cautious as scammers may continue to create websites with similar domain names.Online investment scams can involve any type of asset and are often conducted through various channels, leading to significant losses for investors. The SFC advises the public to stay vigilant and be aware of potential fraud when making investment decisions.“Investors may risk losing their entire investment held on the platform if it ceases operation, collapses, is hacked or otherwise suffers from any misappropriation of assets. If in doubt about the licensing status of a VATP, please refer to the SFC’s List of licensed virtual asset trading platforms,” the authority stated. This article was written by Tareq Sikder at www.financemagnates.com.

Pepperstone, a leading online Forex and CFD broker, has become the Official main sponsor of FXStreet, the leading source of Forex news and analysis. The partnership aims to leverage FXStreet's wide global financial audience to promote Pepperstone's trading products and services.This partnership is a strategic collaboration, which will result in dramatically enhanced online visibility of the retail broker to huge global audiences in the financial trading community. The partnership will also serve to enhance Pepperstone's reach within the forex trading community through FXStreet's platform, known for its in-depth forex news and analysis. "We are proud to welcome Pepperstone as FXStreet's main sponsor. Pepperstone shares our commitment to empowering traders with the tools, market insights and support they need to succeed in the markets.", Pere Monguió, co-CEO of FXStreet added. It should be added that the duration of sponsorship is for one year and includes a variety of high-demand advertising services that will run across different sections of the website. All this in order to offer a unique service to the broker to boost brand awareness, traffic acquisition and most importantly, engagement with traders. The negotiations for this sponsorship agreement between FXStreet and Pepperstone, have been handled by FinancialMarkets.media, FXStreet's exclusive media agency since 2021. The role of this 360° digital marketing agency is crucial, as its team, which is also FXStreet's former Marketing team, has been responsible for all management, negotiation and oversight of FXStreet's advertising services since its inception, and this partnership is no exception. “We feel very proud of having been able to find a way of getting two big respectable brands together in what we expect to be a very fruitful partnership for both companies.” Sergi López Tomàs, CEO of FinancialMarkets.media, stated.FXStreet, founded in 2000, provides real-time trading news and analysis to more than 2.5 million monthly visitors, making it a vital resource for financial traders. FinancialMarkets.media is a 360º digital marketing agency founded in 2021 specializing in driving high-intent traffic to digital financial websites. It connects a vast network of high authority publishers with clients, helping them increase opportunities for branding, SEO, lead gen and long-term growth. The company currently has more than 100 partners.To learn more about FXStreet's sponsorship and advertising services, please contact the Financial Markets.media team at contact@financialmarkets.media / https://www.financialmarkets.media/ This article was written by FM Contributors at www.financemagnates.com.

Colt Technology Services, a digital infrastructure company, announced a partnership with OVHcloud, a global and European leader in cloud services. This partnership aims to provide public and private cloud services to business customers in over 140 countries.The collaboration will offer businesses the security and flexibility of Colt's Dedicated Cloud Access connectivity, combined with the data protection features of OVHcloud's cloud services available through OVHcloud Connect.Expanding Cloud ConnectivityOVHcloud operates over 450,000 servers in 43 data centers, serving 1.6 million customers across four continents. The company focuses on offering sustainable cloud services with a high performance-to-price ratio, providing solutions that combine performance, predictable pricing, and complete data sovereignty.Colt provides connectivity to OVHcloud through eight points of presence in Europe and one in Singapore. This connectivity allows businesses to access OVHcloud services from Colt's extensive last-mile footprint, which includes over 32,000 connected buildings and 1,200 data centers globally. Colt offers various cloud connectivity options, including SD WAN, Ethernet, Wave, IPVPN, and its On Demand network-as-service. Colt’s Dedicated Cloud Access ensures secure connectivity with optimal latencies and full bandwidth guarantees.“We are delighted to work with Colt and offer OVHcloud services and solutions to even more customers throughout the world,” said Yaniv Fdida, Chief Product and Technology Officer OVHcloud.Cloud Market GrowthThe announcement comes amid significant growth in the cloud market, with 94% of enterprises globally now using cloud services. Security improvements are also a top priority for IT investments, as identified by 40% of respondents in Colt’s latest IT Priorities research.“Data sovereignty and security are top of mind for IT leaders tasked with accelerating cloud migration. They need to know their data is watertight – not just within the cloud itself but also transitioning into and out of the cloud,” said Peter Coppens, VP Infrastructure and Connectivity Solutions at Colt. “Our partnership with OVHcloud gives businesses the peace-of-mind that comes from working with two organisations which meet the most robust data protection standards and have a deep understanding of European and Global data sovereignty topics, backed up with global scale and a shared dedication to delivering the best customer experience.” This article was written by Tareq Sikder at www.financemagnates.com.

Alpha Group International plc (LSE: ALPH), a provider of financial solutions to corporates and institutions, has announced the commencement of a new £20 million share buyback program. The decision follows the company's previous £20 million buyback program, which was successfully completed this week.Alpha Group Launches New £20 Million Share Buyback ProgramThe London-based firm plans to repurchase ordinary shares of 0.2 pence each, which will be held in treasury. This move follows a review of the company's cash position by the Board, which determined that current cash balances and anticipated future cash generation support the implementation of the new buyback.On the LSE, Alpha Group's stock shows no significant reaction to the news of a new share buyback program. As of Friday morning, the shares are trading at 2,280 pence, remaining near the peaks reached during last summer. Since the beginning of the year, Alpha Group's shares have increased by over 30%.The company has instructed Liberum Capital Limited, its broker, to conduct the buyback program on its behalf. The program will operate within pre-set parameters, including a maximum price per share set at the higher of 105% of the average trailing 5-day mid-market closing price or the highest current independent bid for an ordinary share.The buyback is effective immediately and will continue until the company's next Annual General Meeting or until the £20 million allocation is exhausted, whichever comes first. The program's conditions are exactly the same as those of the one that just ended this week.Launch of Alpha MatchIn May, Alpha Group introduced Alpha Match, a new digital service for mediating debt. This platform aims to streamline the financing process for private capital funds by offering a transparent and efficient solution. It includes a comprehensive database with profiles of over 290 lenders, allowing borrowers to match their funding needs with suitable lenders and terms efficiently.This initiative is part of Alpha Group's ongoing strategy to diversify its business, a move that has already shown promising results. According to the financial report published in January 2023, Alpha Group concluded the fiscal year with revenues of £110 million, marking a 12% increase from the previous year. The company's pre-tax profits also significantly rose, surging by 140% to approximately £115 million. This article was written by Damian Chmiel at www.financemagnates.com.

IUX, a leading CFDs brokerage, has been recognized with several prestigious awards in 2024, cementing its position as an innovative and client-focused platform in the financial trading industry.Best Innovative Platform from BrokersView 2024IUX has been awarded the Best Innovative Platform by BrokersView. This accolade acknowledges the company’s commitment to pioneering new technologies and delivering cutting-edge solutions to its clients. IUX’s platform stands out for its advanced features, seamless user experience, and robust security measures, making it a preferred choice for traders worldwide.Innovative Forex Platform from TrustFinanceTrustFinance has honored IUX with the Innovative Forex Platform award. This recognition highlights IUX’s relentless pursuit of innovation in the forex trading space. By integrating AI-driven analytics, automated trading systems, and state-of-the-art risk management tools, IUX continues to provide its clients with the resources they need to succeed in the fast-paced world of forex trading.Best Low Spread Broker from Money Exhibition AsiaAt the Money Exhibition Asia, IUX was celebrated as the Best Low Spread Broker. This award is a testament to IUX’s competitive pricing structure, ensuring that traders can maximize their profits with some of the lowest spreads available in the market. IUX’s transparent fee structure and cost-effective trading conditions make it an attractive choice for both novice and experienced traders.Best Low Spread Broker from Fxdailyinfo.comIUX also received the Best Low Spread Broker award from Fxdailyinfo.com. This recognition further solidifies IUX’s reputation for offering exceptionally low spreads, providing traders with a significant advantage in optimizing their trading strategies and achieving better financial outcomes.Commitment to ExcellenceThe accolades from BrokersView, TrustFinance, Money Exhibition Asia, and Fxdailyinfo.com reflect IUX’s unwavering dedication to excellence and innovation. These awards not only recognize the company’s achievements in delivering top-notch trading services but also underscore its commitment to enhancing the trading experience for its clients.About IUXFounded in 2016, IUX has quickly risen to prominence in the financial trading industry. With a strong emphasis on innovation, transparency, and customer-centric values, IUX offers a comprehensive range of financial services, including forex, commodities, indices, and cryptocurrencies. The company’s state-of-the-art platform, combined with its competitive trading conditions, has made it a preferred broker for traders around the globe.Looking ForwardAs IUX continues to grow and innovate, these awards serve as a reminder of the company’s mission to empower traders with the best tools, technology, and support. IUX is dedicated to maintaining its high standards and leading the way in the financial trading industry.For more information about IUX and its award-winning platform, visit their website at IUX Website. This article was written by FM Contributors at www.financemagnates.com.

Demetrios Zamboglou, who held executive positions in multiple forex and contracts for differences (CFDs) brokers, has joined BlockFills as the General Manager for the UAE operations. According to his LinkedIn profile, he has already assumed the Dubai-based role.An Expanding Crypto CompanyBlockFills is a provider of digital asset trading technology and liquidity solutions. As seen on the company’s website, it has more than 1,220 institutional clients across over 75 countries and has handled $20 billion in trade volume. The company is focused on partnerships, as it recently integrated Centroid Solutions' institutional-grade connectivity platform, Centroid Bridge, aiming to provide brokers and institutional clients with a centralized environment for price management, execution, and comprehensive reporting.An Impressive CareerZamboglou brings about 18 years of industry experience to his new role at BlockFills. His most recent role was serving as the Group Chief Executive Officer at Doto, a Cyprus-based FX and CFDs broker, which he left in October 2023 after almost a year of joining. He was also the Group Chief Operating Officer at CFI Financial Group for a couple of years.He started his career in 2006 as a Market Risk Analyst at SpreadCo, a UK-based financial spread betting and CFD provider. Later, he moved to the Alpari Group (now Exinity) as the Vice President of Risk Management, a role he held for more than three years. He had another tenure of a year at Exinity as General Manager.He also worked at the Moscow offices of the Libertex Group as the Head of Market Risk and was promoted to the Chief Risk Officer after a year. However, he only spent a year and five months in that company. He even founded and operated the now-closed Zebrafx, which was focused on the Chinese market.His exposure to the blockchain industry includes roles as an Advisor for companies like ThePower.io, Blockpass, Non-Zero Blockchain Software, and Genesis Vision. He also served as the Chief Operating Officer at BABB for almost a year and the European CEO of crypto exchange Lykke for another couple of years. This article was written by Arnab Shome at www.financemagnates.com.

EBC Financial Group (EBC) is proud to announce that it has been honoured with two prestigious awards at the World Finance Awards 2024: Most Trusted FX Broker and Best CFD Broker. These accolades reflect EBC’s unwavering commitment to transparency, regulatory compliance, and exceptional customer service.This double recognition highlights global investors' trust in EBC’s top-tier regulatory credentials, superior trading environment, and diverse security measures, further cementing EBC’s position as a global leader in the financial industry.Comprehensive Excellence: Best CFD BrokerThe "Best CFD Broker" award is one of the most prestigious industry accolades, evaluating brokers on order execution, pricing optimisation, user experience, fund security, trading support, and innovation. As the 2024 recipient, EBC has demonstrated unparalleled execution advantages, offering lightning-fast order execution, high capacity for order aggregation, and exceptional system stability.Sincere Foundation: Most Trusted FX BrokerAlongside the "Best CFD Broker" award, EBC was also honoured as the "Most Trusted FX Broker." Trust is built on a foundation of strict regulatory compliance, ensuring every order is executed safely and efficiently, supported by a responsive service team and diverse offerings tailored to various market conditions.In 2024, EBC Financial Group (Cayman) Limited obtained a full regulatory license from the Cayman Islands Monetary Authority (CIMA), regulatory number 2038223, demonstrating EBC’s proactive compliance with broader jurisdictional requirements. Currently, EBC holds top-tier licenses from the UK's Financial Conduct Authority (FCA) for its UK entity, EBC Financial Group (UK) Ltd, whilst EBC Financial Group (Australia) Pty Ltd is regulated by Australia's Securities and Investments Commission (ASIC), and EBC Financial Group (Cayman) Limited by CIMA, adhering to the highest standards of self-regulation and regular cross-jurisdictional audits.EBC has established a 24/7 service team to provide round-the-clock support and specialised solutions. With localised talent pools, EBC shares industry insights, cutting-edge tools, and real-time information, ensuring users stay ahead. EBC also offers a comprehensive suite of trading tools, customisable indicators, and deep institutional partnerships, catering to the diverse needs of traders at various stages.Industry Recognition and Client TrustJon Bentley, Head of Production at World Finance Magazine comments, “For over a decade, the World Finance Forex Awards have celebrated outstanding achievements in the forex industry, honouring brokers based on key metrics such as customer service, trust, transparency, and technological innovation. In 2024, EBC Financial Group, a globally regulated broker, has distinguished itself by winning the titles of Best CFD Broker and Most Trusted FX Broker. This reflects EBC Financial Group’s unwavering commitment to delivering exceptional service, fostering trust, and maintaining transparency with its clients. Their innovative approach and dedication to excellence have set a benchmark in the industry, highlighting their position as a leader in the forex market.”Winning these two prestigious awards underscores global traders' trust and support for EBC and marks a significant milestone in EBC's industry achievements.Looking ForwardEBC is honoured to receive these awards and is committed to continually providing superior trading services, understanding industry trends, and leading within a compliance framework. Looking ahead, EBC will adhere to the principles of integrity and respect, maintain the highest standards of trading environments, and integrate diverse services and partnerships to build a safer, more comprehensive financial ecosystem for global investment opportunities.For more information on EBC Financial Group, please visit: https://www.ebc.com/. About EBC Financial GroupFounded in the esteemed financial district of London, EBC Financial Group (EBC) is renowned for its comprehensive suite of services that includes financial brokerage, asset management, and comprehensive investment solutions. With offices strategically located in prominent financial centres, such as London, Sydney, Hong Kong, Tokyo, Singapore, the Cayman Islands, Bangkok, Limassol, and more, EBC caters to a diverse clientele of retail, professional, and institutional investors worldwide.Recognised by multiple awards, EBC prides itself on adhering to leading levels of ethical standards and international regulation. EBC Financial Group (UK) Limited is regulated by the UK's Financial Conduct Authority (FCA), EBC Financial Group (Australia) Pty Ltd is regulated by Australia's Securities and Investments Commission (ASIC), and EBC Financial Group (Cayman) Limited is regulated by the Cayman Islands Monetary Authority (CIMA).At the core of EBC Group are seasoned professionals with over 30 years of profound experience in major financial institutions, having adeptly navigated through significant economic cycles from the Plaza Accord to the 2015 Swiss franc crisis. EBC champions a culture where integrity, respect, and client asset security are paramount, ensuring that every investor engagement is treated with the utmost seriousness it deserves.EBC is the Official Foreign Exchange Partner of FC Barcelona, offering specialised services in regions such as Asia, LATAM, the Middle East, Africa, and Oceania. EBC is also a partner of United to Beat Malaria, a campaign of the United Nations Foundation, aiming to improve global health outcomes. Starting February 2024, EBC supports the 'What Economists Really Do' public engagement series by Oxford University's Department of Economics, demystifying economics, and its application to major societal challenges to enhance public understanding and dialogue. This article was written by FM Contributors at www.financemagnates.com.

The European Union’s Markets in Crypto-Assets Regulation (MiCA) will come into effect on 30 June, which is only three days away. As such, many crypto exchanges offering services in the bloc are already taking measures, mostly by dropping stablecoin offerings.“This will be a first step entering the new regulatory framework, and it will have a significant impact on the stablecoin market in the European Economic Area (EEA),” Binance, the largest crypto exchange in terms of trading volume, stated.Crypto Exchanges Dropped StablecoinsAt least four cryptocurrency exchanges have confirmed that they are restricting some stablecoin access to users within the EEA. Bitstamp was the latest to confirm on Wednesday that it would delist the euro-denominated stablecoin, EURT, before the 30 June deadline.EURT is a EUR-pegged stablecoin issued by Tether, the company behind the largest circulated stablecoin, USDT, with a market capitalisation of more than $112.7 billion. Interestingly, Bitstamp became one of the first crypto exchanges to list EURT in November 2021.“Electronic Money Tokens (EMTs) which are not Euro-denominated and are already available on the exchange but not within MiCA regulation, will not be delisted, although their availability to European customers will be limited on certain products,” Bitstamp wrote in its announcement.“Bitstamp will not list any new EMTs that don’t meet MiCA requirements, nor will it engage in any marketing of them.”Another major name to take action ahead of MiCA is Binance. As Finance Magnates reported earlier, the crypto exchange already blocked access to some services, including copy trading. It will also bring further restrictions, including restricting the purchase of unauthorised stablecoins and limiting new borrowings and transfers of unauthorised stablecoins in margin trading.We are 10 days away from the new MiCA regulations going into effect and basically every major exchange has either started to pull stablecoin support off their exchanges - and USDC, which everyone assumed would have their EMI license by now, doesn't. Today from @binance ?If the… pic.twitter.com/z1U9bkuTdr— Rob Hadick ＞|＜ (@HadickM) June 20, 2024Uphold, another crypto exchange with ties to Ripple, also confirmed the delisting of six stablecoins, including the popular USDT, for European users. However, it will continue to support USDC, EURC, and PYUSD.Comply with MiCA from 30 JuneSimilar to MiFID, MiCA will bring cryptocurrency services to the EU under one regulatory umbrella. The regulation will impact the distribution of the cryptocurrencies in the bloc, meaning both retail and institutional players will be affected in some way or another.With the EU parliament’s approval in 2023, MiCA is set to be implemented in two phases: the rules around stablecoins to come into effect on 30 June 2024 and then the wider compliance on exchanges and wallets to be effective from 30 December 2024.Under MiCA, fiat-backed stablecoins in the bloc would be categorised as ‘e-money tokens’, whereas other asset-backed tokens would be ‘asset-referenced tokens’. In both cases, the stablecoin issuers must maintain a 1:1 reserve. It will also bring algorithmic stablecoins under the purview, mandating them to maintain value.The regulations would also restrict the daily transaction limit with non-euro pegged stablecoins to merely $1 million.“As the world’s longest-running cryptocurrency exchange, we have consistently advocated for a proportionate response to regulation which protects consumers while allowing for the ongoing maturation of cryptocurrencies as an asset class,” said James Sullivan, UK Managing Director at Bitstamp. “We are communicating directly with the small proportion of our customers whose asset mixes are affected.”Exchanges Are Preparing for MonthsA few crypto exchanges were already taking steps to comply with MiCA earlier this year. In March, OKX confirmed its delisting of USDT pairs in the EEA, without mentioning MiCA. “Please note that not all tokens are available in all markets due to regulatory requirements,” an email sent by the exchange to its European customers noted.Interestingly, Kraken also reviewed the USDT pairs it offered in the EU and considered removing them to comply with MiCA, according to a Bloomberg report in March. However, following the report, Kraken’s Global Head of Asset Growth and Management, Mark Greenberg, clarified that the exchange “continues to list USDT in Europe and we have no plans to delist at this time.”“We know our European clients value access to USDT and we continue to look at all options to offer USDT under the upcoming regime,” he added. “We will of course follow all legal requirements, even those we disagree with. But the rules are not finalised yet and we continue to do everything we can to continue to offer all relevant stablecoins to our European customers.”Let's be clear: @krakenfx continues to list USDT in Europe and we have no plans to delist at this time. We know our European clients value access to USDT and we continue to look at all options to offer USDT under the upcoming regime. We will of course follow all legal…— Mark Greenberg (@marklg) May 18, 2024Until now, Kraken did not announce anything officially on delisting any stablecoin pairs to comply with MiCA.Interestingly, a recent report revealed that only 9 percent of the cryptocurrency firms, out of 68 surveyed, are fully compliant with MiCA requirements, whereas another 25 percent are yet to commence preparations. This article was written by Arnab Shome at www.financemagnates.com.

eToro has extended its sponsorship of Operazione Nostalgia, a digital entity showcasing the positive values associated with football and sports in general. This collaboration is reportedly part of eToro's effort to promote sports values and commemorate the achievements of soccer legends, culminating in an upcoming event set for July 7.Upholding Soccer LegacyAccording to eToro, this initiative, scheduled for July 7, aims to inspire new generations by highlighting the achievements of international soccer icons. Massimo Citoni, eToro's Regional Manager for Italy, has emphasized the platform's role in fostering values like sportsmanship and community spirit.Commenting about the partnership, Massimo Citoni, the Regional Manager for Italy at eToro, mentioned: "This initiative not only celebrates the glories of past soccer but also inspires new generations to strive for excellence. Our support reflects the importance we place on values such as sportsmanship, dedication, and community."⚽ Voglia di Serie A?? Ci pensa eToro, che è scesa in campo con Operazione Nostalgia assieme ai giocatori che hanno segnato la storia del calcio.? Li avete riconosciuti?#OperazioneNostalgia #RadunoOperazioneNostalgia pic.twitter.com/L6UT2uNwEn— eToro Italia (@eToroItalia) July 25, 2023Operazione Nostalgia, a digital entity, aims to preserve soccer's values through digital engagement and real-world events. Beyond Operazione Nostalgia, eToro's sponsorship portfolio extends across major sports leagues globally, including the English Premier League and German Bundesliga. Established in 2007, eToro is a global trading and investing platform that offers a range of assets for direct trading or portfolio investments. Recently, eToro renewed its sports partnership with the oldest football club in the Czech Republic, SK Slavia Prague, for the 2024/25 football season. This move marked the fourth consecutive year eToro became the soccer club's front-of-shirt sponsor.More Sports SponsorshipseToro's collaboration with SK Slavia Prague has expanded over the years, highlighting the club's achievements on the field. Last season, SK Slavia Prague came in second in the Czech League and advanced to the last 16 of the UEFA Europa League. Elsewhere, eToro decided not to renew its sponsorship agreement with Rugby Australia last year, bringing an end to their three-year partnership. The three-year sponsorship deal, entered in 2021, positioned eToro as the naming rights partner for events like the Rugby Championship and strengthened its status as a sponsor for the Wallabies. The eToro brand was featured on all official branding associated with the team. This article was written by Jared Kirui at www.financemagnates.com.

Cross-border payment firm Nium has appointed Spencer Hanlon as its Chief Operating Officer (COO). Hanlon, who was previously instrumental in expanding Nium's travel business, will be tasked with scaling the company's operations globally.Industry Veteran His extensive experience, including leadership roles at British Airways and AirPlus International, is expected to enable him to navigate market dynamics and drive expansion for the company. Hanlon will reportedly succeed Pratik Gandhi.In the official press release, Prajit Nanu, the Founder and CEO of Nium, praised Gandhi's leadership in building a culture of excellence and expressed confidence in Hanlon's ability to build upon this foundation.Nanu mentioned: "Spencer has been an integral part of Nium for the past three years, demonstrating exceptional cross-functional leadership and a deep understanding of what it takes to scale. Appointing Spencer to COO was a natural decision. His vision and dedication have been invaluable to our success, and I am confident that under his leadership, we will continue to achieve outstanding results."His mandate includes streamlining client onboarding processes, bolstering technical services worldwide, and spearheading strategic initiatives to fortify Nium's position in the competitive fintech landscape.Spearheading Global InitiativesCommenting on his appointment, Hanlon expressed enthusiasm for the opportunity to lead Nium's diverse teams worldwide. Having played a pivotal role in Nium's acquisition strategy and the subsequent growth of its virtual cards segment in Asia, Hanlon aims to prioritize customer-centric approaches in all operational facets. He said: "During the three years I have been with Nium, I have witnessed first-hand the success of this forward-thinking acquisition as it blossomed into a key part of this incredible cross-border payment scale-up. Now, to have the opportunity to lead incredibly dedicated, intelligent, and fun-loving teams across the globe within one of the world's most admired fintechs is both an incredible honor and cause of real excitement for me."Similarly, in April, Nium unveiled several changes to its leadership team and business collaboration. The firm onboarded Alexandra Johnson to its newly created role of Chief Payments Officer (CPO) and expanded its existing collaboration with Trulioo, an identity verification platform.The appointments are reportedly part of Nium's efforts to boost its global payment network and enhance compliance. Johnson oversees the company's global banking and payment operations in the newly created position. She has experience in the banking and payments industry, having previously served in leadership roles at Bank of America and JP Morgan. This article was written by Jared Kirui at www.financemagnates.com.

CFI Financial Group has announced an extended collaboration with the FIBA West Asia Super League (WASL). The company has secured a deal to become the league's Presenting Partner. The 2024/2025 season of the FIBA WASL will begin in October.CFI Boosts Branding in FIBA WASLThe FIBA WASL features elite professional basketball clubs from West Asia, the Gulf regions, and South/Central Asia. CFI will support 18 teams across 96 games in 11 cities."At CFI, we are committed to empowering sports and fostering excellence, which are core aspects of our corporate ethos. This sponsorship not only boosts our brand visibility but also aligns with our values of promoting sportsmanship, teamwork, and community engagement," commented Hisham Mansour, Co-founder and Managing Director of CFI.As part of the sponsorship, CFI will receive branding rights. This includes TV exposure, on-court LED displays, and court-side advertising. In addition to increased visibility, CFI's clients and community will have opportunities to participate in exclusive events and competitions.Marwan Hayek, Chairman and CEO of eVulpa, the exclusive commercial rights holder of FIBA WASL, stated: "Partnering with CFI for the long term is a testament to our shared vision of promoting excellence and innovation in sports. CFI's support enhances the competition's prestige and visibility."CFI Partners with AirlinesEarlier, CFI announced advertising partnerships with major airlines like Emirates, Etihad, Qatar Airways, Royal Jordanian, and Middle East Airlines as reported by Finance Magnates. These agreements involve airing CFI's "Be One Step Ahead" TV commercial on all flights operated by these airlines, alongside gaining branding rights for broader visibility. Some agreements are already active, with more to follow soon, aiming to boost CFI's brand presence and promote financial literacy. These airline deals complement CFI's existing sponsorships, which include the Saudi Super Cup finals, FIBA WASL Final 8, and partnerships with sports organizations across MENA and globally. This article was written by Tareq Sikder at www.financemagnates.com.

Cryptocurrency theft escalated dramatically in the second quarter, with losses from hacks and scams soaring by 112% to a staggering $572 million, the latest data revealed. This sharp increase followed a period of decline, highlighting a troubling resurgence in malicious activities targeting the crypto community, especially centralized exchanges.Escalating Crypto LossesImmunefi, an on-chain crowdsourced security platform, reported that the total losses amounted to $572,688,861, marking a significant rise from the $265,481,519 lost in the second quarter of last year. Centralized exchanges were the main victims, reversing the previous trend of declining losses.The majority of the losses resulted from two major incidents. DMM Bitcoin, a Japanese crypto exchange, suffered a colossal $305 million loss, while Turkey’s largest cryptocurrency exchange, BtcTurk, reported a $55 million loss. These two events alone accounted for 62.8% of the total losses in Q2.Hacks continued to dominate as the primary cause of crypto losses. Out of the total $572,688,861 lost, $564,238,811 resulted from hacks across 53 incidents, representing a 155% increase compared to the same period last year. Fraud, including scams and rug pulls, accounted for a smaller portion, with $8,450,050 lost across 19 incidents. This represents an 81% decrease from the same period of last year. Centralized Finance (CeFi) platforms were the main targets, suffering 70% of the total losses, while Decentralized Finance (DeFi) platforms accounted for the remaining 30%. CeFi platforms experienced a staggering 984% increase in losses, with $401,400,000 lost across five incidents. In contrast, DeFi platforms saw a 25% decrease, with losses totaling $171,288,861 across 62 incidents.Most Targeted BlockchainsAmong the most targeted blockchains, Ethereum and BNB Chain were the most targeted blockchain networks in Q2 2024. Ethereum faced 34 incidents, representing 46.6% of the total losses, while BNB Chain witnessed 18 incidents, accounting for 24.7% of the losses. Other chains, such as Arbitrum, Polygon, Solana, and Fantom, experienced fewer attacks but still contributed to the overall losses.Despite the high volume of losses, there were some successes in recovering stolen funds. Approximately $26,736,000, or 5% of the total losses, was recovered in Q2 2024, a slight improvement from the 3.9% recovery rate in Q2 2023. This indicates progress in tracking and reclaiming stolen assets, although challenges remain. This article was written by Jared Kirui at www.financemagnates.com.

The European Banking Authority (EBA) plans to finalize its monitoring framework for stablecoin issuers by the end of this month, Coindesk reported. This development aligns with MiCA's broader regulations, which provide strict caps on transaction volumes and values. Specifically, stablecoins are prohibited from facilitating more than 1 million transactions or exceeding daily transaction values of 200 million euros.Regulatory Caps Threaten OperationsThe EBA is expected to release a detailed report clarifying how it will measure transaction volumes. Preliminary consultations suggest that transactions involving parties outside the EU may be excluded from the cap calculations. However, transactions with at least one party within the EU are likely to be counted.The European Union's new stablecoin regulations, part of the EU's Markets in Crypto Assets (MiCA) legislation, are set to reshape the landscape for major issuers like Tether and Circle. These stringent rules aim to impose tight controls on stablecoin transactions, potentially sidelining key players from the European market.The impending regulations have raised alarms among stablecoin issuers. Tether, known for its dollar-pegged USDT, and Circle, the company behind USDC, might find themselves unable to operate within the EU. MiCA Regulations The introduction of the MiCA regulations marks a significant regulatory step for the EU's crypto industry, enabling firms licensed in one member state to operate across the entire bloc. According to Article 23 of MiCA, stablecoin issuers must cease operations if they surpass the defined transaction thresholds. This provision is intended to safeguard the euro from being overshadowed by private digital currencies, a concern sparked by Facebook's now-abandoned Diem project.Stablecoin issuers face the dual challenge of compliance and obtaining the necessary certifications. Circle, which conditionally registered as a Digital Asset Service Provider with France's Financial Markets Authority in April, is reportedly working to meet the set deadline.The MiCA rules regulating stablecoins are expected to significantly affect the services offered by cryptocurrency exchanges in the region by the end of the month. So far, Binance, the top cryptocurrency exchange, has halted some of its services provided to users in the region. This week, the crypto exchange informed its users in the region that certain services would no longer be available. Finance Magnates recently reported that Binance had already blocked access to some services, including copy trading, as of June 26. This article was written by Jared Kirui at www.financemagnates.com.

The European Union is set to become the world’s first significant jurisdiction with a tailored, comprehensive crypto law through its Markets in Crypto Assets regulation (MiCA), which will take effect in 2024. This legislation promises to provide legal certainty and introduce compliance checks to enhance its consumer protection efforts.Compliance-Related Updates and the Key Provisions of MiCATransparency and disclosure: Crypto issuers must publish detailed white papers outlining the specifics of the crypto-assets, including potential risks and environmental impacts. These white papers must be transparent, fair, and non-misleading.Consumer protection: Providers must act in the best interest of their clients, offering transparent information about pricing, fees, and risks associated with crypto-assets. Crypto assets must be kept separate from providers' own assets, and client complaints must be handled promptly and effectively.#MiCA, the Markets in Crypto-Assets Regulation, is the most comprehensive cryptocurrency regulation in the world. It was recently adopted by the European Parliament and is expected to come into force in 2024.Let's read more about it ? pic.twitter.com/dWxSPcSnwx— LCX (@lcx) October 4, 2023Market integrity: MiCA includes measures to prevent market abuse, such as insider trading and manipulation. It mandates the public disclosure of inside information and enforces strict rules against the unlawful dissemination of insider information.Prudential requirements: Providers must maintain adequate financial resources, including meeting minimum capital requirements and having recovery plans to address potential financial difficulties.Transition period: A transitional regime allows existing crypto-asset service providers to continue operating while they apply for the new MiCA licenses. This period extends until 2026, providing time for adaptation to the latest regulations.Regulating StablecoinsA significant portion of MiCA focuses on stablecoins, cryptocurrencies tied to the value of other assets, like traditional currencies. In MiCA, stablecoins are categorized as "e-money tokens" (EMTs) if they are linked to the value of a fiat currency or "asset-referenced tokens" (ARTs) if they are linked to other assets. These tokens must maintain appropriate reserves and be well-managed.The regulations become stricter as the use of these tokens increases. To prevent them from undermining the euro, stablecoins not pegged to an EU currency are prohibited from exceeding 1 million daily transactions. The rules also apply to algorithmic stablecoins, like TerraUSD, which use automated coding to maintain their value.The application of MiCA to non-fungible tokens (NFTs) remains to be seen, and regulators may need to examine each token individually to determine if it is unique or interchangeable.This decision could have far reaching consequences with regards to how NFTs are marketed and resold as it may play a key role in determining if it is a security per the Howey Test. Must read. https://t.co/QodwOJqlcB#NFT #legal #law #crypto— lawyr.eth (web3 lawyer) (@ethlawyr) February 22, 2023Incentives for the European Crypto IndustryThe EU crypto industry has largely supported MiCA, recognizing the high stakes of noncompliance, which could result in penalties reaching millions of euros or up to 12.5% of annual turnover. In return, licensed crypto providers receive a "passport" to operate across a market of 450 million people and gain clarity on regulatory expectations.Future Directions for Crypto Regulation in EuropeMiCA will take effect on December 30, 2024, with stablecoin provisions starting six months earlier in June to allow time for industry and regulators to prepare. However, MiCA is not the final chapter in crypto regulation.Other EU laws impacting the crypto sector address money laundering, tax avoidance, bank capital, cybersecurity, and distributed ledger technology-based securities trading. Future regulations may build upon the categories established by MiCA. By mid-2025, the European Commission will report on the need for additional laws to address NFTs and decentralized finance.Under upcoming MiCA rules some stablecoins will face restrictions as unauthorized stablecoins.Binance won't delist any unauthorized stablecoins on spot but will limit their availability for EEA users only on certain products, such as launchpool and earn, and will propose…— Binance (@binance) June 3, 2024In light of recent market turmoil, some argue for stricter regulations, suggesting a shift from MiCA's tailored approach to one more closely aligned with conventional securities regulations. Time will tell! This article was written by Sarafina Wolde Gabriel at www.financemagnates.com.

“About 60 to 70 percent of our traders are on mobile,” revealed Robert J. van Eyden, CEO of Scope Markets South Africa, to Finance Magnates in an interview. He added, “The reason is a majority of the adult population in South Africa and Africa have mobile phones, but not necessarily notebooks or laptops. So a lot of the transactional services are done through mobile.”Scope Markets operates with an ODP license in South Africa. The entity offers contracts for differences (CFDs) instruments in forex, indices, commodities, energy, and stocks. It also offers CFDs of stocks listed on the Johannesburg Stock Exchange. However, the local CFDs offerings are comparatively small.“Huge Shift Towards Indices Listed in the US” van Eyden revealed that most South African traders on Scope Markets are trading US-listed Nasdaq or Dow. “There's been a huge shift towards indices listed in the US at the moment,” he added. “I think it's because the size of these markets is so massive that they are a lot less vulnerable to economic announcements and other things.” “The Dow obviously gets impacted by macroeconomic decisions, but much less so than the South African markets.”Africa is seen as one of the emerging markets for retail brokers. South Africa, with its clear rules and regulations, is witnessing an influx of brokers. Apart from Scope Markets, other CFD brokers that have obtained South African licenses in recent years include Vantage, XS.com, CFI, and others.“The whole world is now waiting for interest rates to be cut, and South Africa is no different,” van Eyden added. “If that does happen, I do believe it is a huge opportunity, and we'll see a lot more entrants into the market. So, I think they are just positioning themselves at the moment for a potential influx of clients when there's a lot more discretionary income available.”“I think South Africa will probably initiate a cycle of interest rate cuts in the next month or two, earlier than the US.”He further pointed out that “many companies move to South Africa to establish a footprint for the rest of Africa in terms of providing operational services, sales, onboarding, etc. It's not unique to the financial services industry.”“Low Initial Deposits” Scope Markets’ presence in Africa includes operating in Kenya with a local license; however, it operates independently in Kenya and South Africa.African traders are mostly small-time retail traders with “relatively small” deposits, and this stands true for Scope Markets as well, which sees deposits “in line with the industry.” According to van Eyden, the initial deposit by South African traders on Scope Markets is about $1,000 and “if things go well with trading, we see the average deposit picking up quite a lot. It's very similar to our competitors and is probably about $3,000.”A low deposit might also impact the broker's profitability, as most of them earn from spreads. However, van Eyden pointed out that “it's just the function of the economy at the moment,” adding that he thinks it will “pick up” with the expected interest rate cuts.“[Prop Trading] Brings Its Own Complexities” Another popular trend in the retail trading sector is the boom around prop trading. Although many prop trading companies are targeting traders from South Africa, Scope Markets does not have any intention of entering the industry "in the next year or two."“Prop trading has exploded globally, and it does provide many people the opportunity to enter the market,” van Eyden added. “The challenge at the moment is that it brings its own complexities. Many people try to meet these challenges, but they don't understand the parameters, specifically the maximum drawdown. Also, the rules of prop trading are quite strict.” “If you succeed in your challenge and you do well, I think it provides a wonderful opportunity to change you, basically doing it for yourself and earning a living. But, on the dark side, at the moment, a lot of these prop trading platforms are opening up and also closing down very quickly.” This article was written by Arnab Shome at www.financemagnates.com.

Alex Chehade, the General Manager of Binance FZE in Dubai, will depart from the crypto asset exchange at the end of July, Zawya reported, citing sources familiar with the matter. Chehade, who played a pivotal role in securing the Dubai Virtual Assets Regulatory Authority (VARA) license, has been with Binance for two years.Achievements in DubaiChehade joined Binance FZE in June 2022, and under his leadership, Binance FZE secured the VARA license in April, positioning the company among 18 other organizations approved as Virtual Assets Service Providers (VASP) by the Dubai regulatory authority.Sources told the media publication that Chehade was seen as a potential future board member of Binance, making his departure unexpected. His leadership was reportedly important in establishing Binance's presence in the UAE, a region that has increasingly become crucial for the virtual assets market.Chehade's departure underscores the dynamic nature of the virtual assets industry, where regulatory achievements and leadership changes frequently reshape the landscape. As Binance FZE looks ahead, the focus will likely remain on consolidating its regulatory gains and expanding its market presence in the Middle East.Binance Dubai Expands ReachBinance obtained a full VASP license from Dubai's authorities in April, coming almost a year after Binance entered the third level of Dubai's four-stage regulatory approval process. Binance FZE had secured an Operational MVP license in mid-2023. This initial approval allows the crypto exchange to offer services to institutional and retail investors, including broker-dealer services and virtual-asset derivatives trading.In other developments, Binance recently announced a significant transition for its users in the UAE. Following the receipt of the full VASP license, the crypto exchange informed users that it would migrate all UAE resident accounts from its global platform to Binance FZE. The form mentioned that UAE users can continue to access their existing Binance Global accounts and services during the transition period. However, after December 15, accounts will be automatically moved to Binance Dubai, with login credentials and user IDs remaining unchanged. This article was written by Jared Kirui at www.financemagnates.com.

Today (Thursday), Coinbase filed lawsuits against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC). According to a report from FoxBusiness, the lawsuits claim that both agencies failed to fulfill Freedom of Information Act (FOIA) requests submitted to the U.S. District Court for the District of Columbia.Alleging Regulatory OpacityThe lawsuits from Coinbase allege that the SEC and FDIC neglected to provide requested information under the FOIA, impacting transparency in regulatory dealings. Coinbase accuses the federal agencies of actions perceived as attempting to marginalize the cryptocurrency industry within the banking sector.BREAKING: ?? COINBASE IS SUING THE SEC, ALLEGING REGULATORS ARE TRYING TO CRIPPLE THE CRYPTO INDUSTRY. pic.twitter.com/bD1B1Vny1r— Bitcoin Magazine (@BitcoinMagazine) June 27, 2024Specifically, Coinbase's FOIA requests to the SEC aimed to obtain information concerning the agency's stance on Ethereum, particularly its transition to a proof-of-stake (PoS) consensus mechanism with Ethereum 2.0. Additionally, Coinbase sought records related to prior investigations involving individuals such as Zachary Coburn and Enigma MPC, facilitated through its consultant firm, History Associates Inc.Lawsuit Advances despite Partial DismissalEarlier, a federal judge in Manhattan permitted the SEC to continue its lawsuit against Coinbase, as reported by Finance Magnates. While dismissing one claim, the ruling sets the stage for a protracted legal battle. US District Judge Katherine Failla partially granted Coinbase's motion to dismiss the SEC's allegations of securities law violations. The decision underscores ongoing regulatory challenges faced by digital asset firms. Despite a partial victory for Coinbase, the ruling aligns with the SEC's crypto regulation stance. Coinbase's Chief Legal Officer, Paul Grewal, affirmed readiness to contest SEC claims, expressing confidence in legal arguments. The lawsuit, initiated in June last year, accuses Coinbase of facilitating unregistered securities trading and operating unlawfully as a securities exchange. Judge Failla's decision permits most claims to proceed, excluding allegations of unregistered broker activity via Coinbase's wallet app. This legal clash is pivotal in the SEC's efforts to regulate the digital asset market under traditional securities laws. This article was written by Tareq Sikder at www.financemagnates.com.

A recent report highlights the impending impact of the European Union's Markets in Crypto Assets Regulation (MiCA) on cryptocurrency trading surveillance. Commissioned by Eventus, the report, "The Impact of MiCA on Crypto Market Surveillance: Insights and Challenges," draws from interviews with senior executives at 68 firms involved in crypto trade, conducted by Acuiti.MiCA Compliance: Progress and ChallengesMiCA, a pioneering regulatory framework within a major financial jurisdiction, is prompting a surge in efforts to establish comprehensive market surveillance systems across the industry. The regulation, akin to the EU's Market Abuse Regulation (MAR), mandates stringent requirements for market participants, ushering in new operational standards.According to the findings, only 9% of surveyed firms fully comply with MiCA requirements, with a significant 25% yet to commence preparations. As MiCA's implementation deadline approaches at year's end, firms are urged to ascertain their regulatory scope promptly and initiate compliance measures.Despite challenges, such as identifying suitable third-party software vendors and navigating compliance costs, the report notes a growing sophistication in market surveillance practices. Even among firms initially excluded from MiCA's scope, 57% already employ robust surveillance systems."For firms that are not already operating under MIFID II, MiCA will present a significant operational lift to become compliant, and it is no surprise that we found that firms were looking to third-party vendors to assist them in their preparations," said Ross Lancaster, Head of Research at Acuiti."There is a relative lack of awareness among some areas in the market as to who is in scope, which will need to be addressed if firms are going to have time to get ready for compliance."Only 9% of firms are ready for EU's crypto regulation, Acuiti report showsThe EU's Markets in Crypto Assets Regulation (MiCA) is set to transform crypto trading oversight, but industry readiness varies widely. A recent Acuiti study, commissioned by Eventus, reveals that only 9%…— CoinNess Global (@CoinnessGL) June 27, 2024Outsourcing Trends and Compliance CostsThe study highlights consultations on MiCA's final technical standards, revealing that 25% of affected firms have yet to initiate preparations, while others are at various stages of readiness. Notably, 64% of firms intend to outsource system development, anticipating challenges in vendor selection and resource allocation.Key concerns among firms anticipating MiCA's impact include compliance costs and securing qualified personnel, reflecting broader industry adjustments to regulatory mandates. As regulations change, industry leaders must adjust to new rules under MiCA.Eventus CEO Travis Schwab said: "We invested significantly beginning several years ago in ensuring we could meet the needs of this sector, including the ability to handle real-time alert generation covering billions of messages per day, 24x7. Regulation in the EU is only the beginning of new regulatory guidelines we expect to see in jurisdictions across the globe in the coming years." This article was written by Tareq Sikder at www.financemagnates.com.

XTX Markets Limited has officially announced that Timothy James Osborne Throsby has accepted the role of director within the organization. Throsby brings with him a wealth of experience from various sectors, including finance and education.Director Roles in Finance and EducationThrosby currently serves as the Managing Partner and President and CRO at Phoenix Merchant Partners, a position he has held since February 2023. Founded in 2022, Phoenix Merchant Partners specializes in providing comprehensive financing solutions to middle-market companies, emphasizing private credit expertise and tailored financial strategies.In addition to his role at Phoenix Merchant Partners, Throsby serves as a Non-Executive Director for Zen Educate and Light & Wonder, positions he has held since August 2022 and October 2020, respectively. He also holds the position of Chairman of the Board and Non-Executive Director at Silver Creek Pharmaceuticals since January 2021, and as a Non-Executive Director at Lumos Global since November 2019.Throsby's previous appointments include a tenure at Barclays where he served as CEO of Barclays Bank Plc and Barclays International, overseeing various sectors such as Corporate Bank, Investment Bank, and others. He also held significant roles at J.P. Morgan as Global Head of Equities and Managing Director.Moreover, Throsby has contributed to governance roles, serving as Deputy Chair of the Board of Trustees for the Human Dignity Trust and as Governor at ARK Oval Primary Academy.XTX Markets Reports 92% Revenue Surge Amid Pandemic VolatilityEarlier, XTX Markets Limited saw a significant revenue increase, reporting £651.9 million compared to £339.8 million in 2019, as reported by Finance Magnates. This 92% rise was driven by heightened trading demand during volatile market conditions induced by the Covid-19 pandemic lockdowns. XTX Markets Ltd. restructured by transferring UK staff contracts and intellectual property ownership to XTX Markets Technologies Limited, which itself generated £400 million in revenue. Together, these entities surpassed $1 billion in business for 2020. This article was written by Tareq Sikder at www.financemagnates.com.

The Finance Magnates Pacific Summit 2024 (FMPS) is just 60 days away, as the final countdown is officially underway for this year’s most anticipated event in Asia-Pacific (APAC). Held on August 27-29 in Sydney, Australia, this premier event will cater to the retail trading industry as well the fintech space. With countless opportunities to network, learn, and connect, this event is one you cannot afford to miss this August. Every FM event has something special for attendees and FMPS will be no exception. With thousands of attendees expected, leading talent, and speakers on-site, the atmosphere will be electric. On an exhibition floor where anything can happen, look for the event to showcase the latest technology, services, and solutions that could redefine multiple industries. With just 60 days to go until the doors swing open for FMPS, there is no better time to sign up and reserve your seat! Registration for the event is already open and can be accessed via the following link. Make sure to sign up in advance and skip the lines and queues on-site!Mark Your Calendar for FMPSFMPS has plenty in store for attendees, starting with the opening Networking Blitz on August 27. This networking party is sure to attract a lively crowd, affording participants the chance to connect with industry peers, regional brands, and local professionals in a vibrant setting, enjoying drinks and snacks.The following two days will include a curated content track covering the online trading, fintech, crypto, and payments space. Headlined by the newly launched Exchange Zone, the official agenda will be rolled out shortly covering every panel, session, and workshop in detail to plan one’s event. FMPS is open to speakers and interested individuals are invited to contact sales@financemagnates.com if you wish to be a part of the event.Participants of FMPS will be able to explore all that Sydney and the venue, International Convention Center (ICC) has to offer. The event is expected to draw the following types of attendees, each of whom is available for face-to-face engagement, networking, or business:Forex/CFD BrokersInstitutional BrokersAffiliates & IBsTraders & InvestorsEducators & Market ExpertsFintech & Payments BrandsCrypto & Digital Assets BusinessesTechnology & Liquidity ProvidersPress/MediaRegulatorsStart-upsInvestors/VCsFMPS will also help bridge the B2B and B2C space, with its wide range of content, diverse array of speakers, and leading brands. Nowhere else in APAC will attendees have the opportunity to meet directly with the individuals who make the industry move. APAC itself has undergone a sizable change in recent years, fueled by a growing retail trading segment, regtech changes, and more. Attending FMPS is the best way to stay ahead of any developments or trends and chart a course forward in H2 2024 and beyond.See you in Sydney in two months! This article was written by Jeff Patterson at www.financemagnates.com.