Social media network X suffered multiple outages, according to Elon Musk’s announcement on the platform. The social media site’s owner, later claimed a “massive cyberattack” was responsible. While X frequently experiences cyber threats, Musk suggested this particular attack was unusually well-resourced and may have involved a coordinated group or even a nation-state.Users Report X OutagesMusk confirmed the cyberattack in response to a user’s post highlighting a series of incidents involving his business interests, including Tesla store vandalism. Musk, who bought X (formerly Twitter) for $44 billion in 2022, has overseen drastic staff reductions, reportedly cutting the workforce from 7,500 to just 1,300 employees by early 2023, CNBC reported. Among those let go were a significant number of engineers, raising questions about X’s ability to handle technical disruptions and cyber threats.Since Musk’s acquisition, the platform has experienced several major outages. Users previously reported widespread issues in December 2022 and again in July 2023. "Damaging the property of others, aka vandalism, is not free speech," Musk added while commenting on the latest outage.Cyberattack or Technical Failure?Despite Musk’s claim that X was targeted by a sophisticated cyberattack, no evidence has been provided to confirm this assertion. While Musk speculated that a state actor or a well-funded group may have orchestrated the attack, cybersecurity experts have yet to verify the claim.According to a recent report by Bloomberg, X is reportedly in talks to raise new funding at a $44 billion valuation, the same price Musk paid when he acquired the platform in 2022. This marked the firm's first attempt to secure outside investment since Musk took it private.According to sources quoted by Bloomberg, the discussion around the funding remains uncertain. The potential capital raise highlights a shift in sentiment concerning Musk's business empire. Since the election of former President Donald Trump, Tesla's stock has surged. Musk's increasingly visible association with Trump has changed how some investors see X's future prospects. A section of the market believes that his political alignment could help boost his business interests. This article was written by Jared Kirui at www.financemagnates.com.

PU Prime has announced that the PU Prime App has been awarded with the "Innovative Trading App of the Year – Canada 2025" from The Global Economics. This prestigious award highlights their commitment to delivering world-class trading solutions that empower traders with advanced technology and seamless user experience.The Global Economics, a renowned UK-based financial publication, has acknowledged the PU Prime App for its exceptional technology, intuitive design, and powerful features. With over 40 million downloads worldwide, their platform continues to set new industry benchmarks.PU Prime provides a trading environment tailored to meet the needs of retail traders, institutional investors, and financial partners.1. Diverse Market Access: Allows users to trade forex, commodities, indices, shares, bonds, and ETFs with competitive spreads and low transaction costs.2. Advanced Trading Tools: Users can utilize real-time market data, advanced charting, and technical indicators for informed decision-making.3. PU Copy Trading for Smarter Investing: Users can follow and replicate the strategies of top-performing traders, making expert trading accessible to all.4. Global Reach, Local Support: Their multi-language platform and 24/7 customer service ensure a seamless experience for traders worldwide.This award further solidifies PU Prime’s presence in Canada, reinforcing its leadership in fintech innovation. According to the team, the company remains committed to expanding its global reach, continuously enhancing its platform with cutting-edge features, and ensuring an even more seamless and efficient trading experience for our users. Their vision is to empower traders worldwide with intuitive technology, deep market access, and robust support, making financial markets more accessible and rewarding. As the company innovates, its priority will always be to provide traders with the tools they need to succeed in an ever-evolving financial landscape.About PU PrimeFounded in 2015, PU Prime (https://www.puprime.com) is a leading global fintech company providing innovative online trading solutions. Today, PU Prime offers a diverse range of financial products across various asset classes, including forex, commodities, indices, and cryptocurrencies. Committed to providing advanced technology and educational resources, PU Prime supports traders and investors at every stage, from beginner to professional. Their platform serves a wide-reaching international audience, with over 40 million app downloads worldwide. PU Prime is dedicated to enabling financial success and fostering a global community of empowered traders. This article was written by FM Contributors at www.financemagnates.com.

Cryptocurrency exchange Kraken has obtained an Electronic Money Institution (EMI) license from the UK's Financial Conduct Authority (FCA). This approval enables Kraken to issue electronic money and offer faster deposit and withdrawal options for clients in the UK. The move is part of the company's ongoing growth strategy and aims to enhance its services in the UK market.The news follows an announcement that the US Securities and Exchange Commission (SEC) had agreed to dismiss a lawsuit accusing Kraken of operating as an unregistered securities exchange. The dismissal marks a shift in US cryptocurrency regulation, which Kraken is using to reintroduce on-chain staking services for American customers.Kraken Enhances UK Operations with EMI LicenseThe EMI license strengthens Kraken's position in the UK, where it has seen substantial growth. The exchange offers over 300 cryptocurrencies for trading and remains a leader in GBP-denominated volumes. Kraken's focus on compliance and security is reinforced by its ability to meet FCA standards while continuing to innovate in the UK crypto sector.“We have major plans for UK users that will unlock a wave of demand for crypto-powered financial solutions that showcase real utility for UK investors and consumers. Securing an EMI license is a foundational step in our expansion strategy, and we’re thrilled to announce this authorization today,” said UK General Manager Bivu Das.?? $QNT Kraken secures UK EMI authorization; creates foundation for next phase of UK growth ambitions."The UK is on the brink of mass crypto adoption, and Kraken is poised to lead the way with industry-leading products"Kraken have over 200k QNT via cold and hot wallets. pic.twitter.com/SCypYnNSZ7— Mind Crypto ? (@MindCrypto_) March 10, 2025Increase in UK Trading Volume and PartnershipsThe UK has seen an increase in crypto adoption, with more than seven million adults owning crypto, according to FCA data. This growing interest has contributed to Kraken’s success in the UK, one of the most active markets by trading volume. Kraken has also secured major partnerships with UK sports teams, including Williams Racing F1 and Tottenham Hotspur FC. This article was written by Tareq Sikder at www.financemagnates.com.

Webull, an online investment platform, has announced the launch of Webull Premium, a new subscription-based membership. This offering combines a range of features, including competitive margin rates, deposit promotions, and reduced trading fees, into a single, upgraded experience for users.This move follows Webull’s recent partnership with Kalshi, a CFTC-regulated prediction market exchange. Through this partnership, Webull expands its services to include binary event contracts, a response to growing demand for alternative trading options. This development comes amid regulatory scrutiny surrounding Robinhood, which also offers similar products.Webull Premium Includes Margin Rates and Data“Bringing Webull Premium to market is the next iteration of Webull's high caliber offerings, providing a new benchmark for retail investors,” said Anthony Denier, Group President and US CEO of Webull. Webull Premium includes benefits such as industry-leading margin rates, competitive cash management rates, IRA transfer matching, preferred pricing on derivatives, and advanced market data, including Nasdaq Level 2 and OPRA data. According to the firm, early reactions from beta testers have been positive, and the waitlist for the service has surpassed expectations.“We continue to listen to our customers' feedback and firmly believe Webull Premium will deliver solutions that enhance their experience to strengthen their trading and investing decisions,” commented Arianne Adams, Chief Strategy Officer and Head of Derivatives at Webull.Webull Offers Binary Event Contracts via KalshiWebull has partnered with Kalshi to offer binary event contracts, expanding into a growing asset class. The initial phase will introduce short-term cash-settled contracts, with plans for further expansion. The firm aims to integrate more deeply by becoming a clearing member of Kalshi, as reported by Finance Magnates. The move comes as brokerages seek to diversify offerings amid rising retail investor interest. Educational initiatives will assist users, and the official rollout is expected soon. Meanwhile, Kalshi’s sports event contracts face CFTC scrutiny over potential gambling concerns. This article was written by Tareq Sikder at www.financemagnates.com.

MAS Group appointed Olivia Zhang as the new Head of Sales. With experience spanning retail and institutional markets, Zhang will lead the company’s sales efforts from Sydney, according to an announcement shared with Finance Magnates today (Monday). She has extensive experience in financial services, having worked across both institutional and retail trading sectors. Most recently, she was part of the Institutional Sales team at CMC Markets in Sydney, where she focused on FX and CFD trading. Experience in the Trading Industry “Based in our Sydney office, Olivia will be responsible for building and leading a dynamic salesforce to drive growth, expand our client base, and strengthen our presence across the region. With experience spanning both retail and institutional markets, Olivia’s expertise will be invaluable as we continue to build on our success,” commented Harry Fry, the Head of APAC and Managing Director of MAS Australia. “We also recently welcomed Ryan Jan as our Operations Executive in Sydney, further enhancing our support and services for our global client base. We look forward to a bright future with Olivia and Ryan as part of our growing team.” Before that, Zhang co-founded Novax Global, a brokerage firm regulated by ASIC and CySEC, where she spearheaded innovative trading solutions over three years. Her early career at BCR further solidified her understanding of retail trading, shaping her expertise in the industry. The firm has been expanding its team to meet growing demand, following a strong 2024 that saw several key hires. Other Recent AppointmentsMAS Group operates through three main entities: MAS Markets, MAS Digital, and MAS Fund. The firm provides liquidity, digital trading, and fund management services, catering to institutional clients globally.Meanwhile, the MAS recently strengthened its regulations in the crypto space by issuing licenses to key exchanges. For instance, Gemini obtained approval from the regulator for a Major Payment Institution (MPI) license. The permission enables the exchange to provide cross-border money transfer and digital payment token services in Singapore.BitGo, a provider of crypto infrastructure solutions, also secured the regulator's Major Payment Institution License. This article was written by Jared Kirui at www.financemagnates.com.

A FX/CFD tech partnership that generated millions in wealth has reached its breaking point, with an Israeli economic court ordering the sale of fintech company Panda Trading Systems to a third party after years of escalating conflict between its equal shareholders, according to the Israeli media outlet TheMarker.com.Tech Partners' Bitter Split Forces Court to Order Panda Trading Systems SaleSamuel Gutman and Maor Lahav, who founded Panda in 2007 and each own 50% of the company, failed to establish any mechanism for resolving disputes or separating their interests. The court noted this oversight created significant potential for expensive and lengthy legal proceedings when disagreements emerged.The Haifa-based fintech company, which develops software solutions for foreign exchange (FX) and contracts for difference (CFDs) brokers and employs dozens of workers, had thrived for years under the partners' joint leadership. However, by late 2020, trust between Gutman and Lahav deteriorated significantly, leading to what the court described as an intense dispute.Since 2022, the court has been forced to intervene repeatedly in the company's operations. In an unusual move, Judge Dr. Muhammad Ali previously removed Lahav from the board of directors and appointed accountant Yair Shalhav as a decisive director empowered to break deadlocks on controversial issues.Panda has been collaborating with various brokers in the FX/CFD industry for years, offering solutions that enable the launch of a new trading firm from scratch within 30 days. In recent years, its partners have included Moneta Markets, which has leveraged its tools to create a new web-based platform for retail traders.Changed Positions Complicate ResolutionWhile both partners initially agreed separation was necessary, the method proved contentious. According to court documents, Lahav initially supported selling the company to a third party but later reversed his position, demanding Gutman purchase his shares based on the company's historical value from early 2021.The court ruling indicates Judge Ali found Lahav's shifting stance problematic, noting it could be dismissed under the principle of "judicial estoppel" - which prevents parties from taking contradictory positions in the same legal proceeding.The court also noted that Lahav had made serious allegations that could potentially damage the company's value and sale prospects during the proceedings.After examining the case merits, Judge Ali determined that selling to a third party represented the most equitable solution for both parties. The court concluded this approach preserves the relationship between the parties, allows for a fair price for both sides, and will bring a final end to the dispute by severing the relationship, particularly given the sour relations and complete lack of trust.What’s Next for PandaThe court has tasked decisive director Shalhav with developing a detailed plan for selling the company or its operations, including subsidiaries, which must be submitted to the court for approval.Additionally, the judge granted the company's request to disconnect Lahav from all company systems and prohibited him from sharing any company information with third parties, citing concerns over potential misuse of sensitive data."The comprehensive and thorough ruling constitutes a principled legal decision in a situation requiring 'separation of powers' between warring shareholders, in the absence of a dispute resolution mechanism or defined separation method in a company's founding documents,” attorney Yotam Blauschildt of Herzog law firm, representing Gutman, commented for TheMarket.com."It's appropriate to learn from this case that it's advisable to consider these mechanisms in the early stages of establishing any company."Lahav was represented by attorneys from Goldfarb Gross Zeligman, who did not provide comment on the ruling. This article was written by Damian Chmiel at www.financemagnates.com.

PU Prime, a globally recognized CFD broker, has announced an update to its Deposit Bonus Promotion. Previously available only for standard trading accounts, this popular bonus is now extended to Copy Trading accounts, enabling traders to enhance their trading potential by copying top-performing traders with additional credit.More Trading Power for Copy TradersWith this expansion, Copy Trading users can now take advantage of a percentage of deposit bonus when funding their accounts. This provides more capital to mirror the strategies of seasoned traders, creating greater opportunities in the financial markets.Claiming the bonus1. Activation – By logging in to the Client Portal and enabling the promotion under the “Promotions” tab. 2. Depositing – Users should ensure the deposit is made only after activating the promotion.3. Receiving Bonus – The bonus will be credited to user's account, ready to enhance your trading potential.Key Benefits for TradersLower Entry Barrier – Allows users to participate with increased capital while replicating professional strategies.More Flexibility – Provides additional trading capacity without requiring increased personal capital.Maximized Profit Potential – Enables traders to follow established strategies and market movements.Advanced Copy Trading with PU PrimePU Prime’s Copy Trading feature allows users to replicate expert traders’ moves in real time, making it easier for both beginners and experienced traders to benefit from market expertise. Additionally, the newly available Deposit Bonus Promotion offers eligible traders an opportunity to increase their trading funds.About PU PrimeFounded in 2015, PU Prime (https://www.puprime.com) is a leading global fintech company providing innovative online trading solutions. Today, PU Prime offers a diverse range of financial products across various asset classes, including forex, commodities, indices, and cryptocurrencies. Committed to providing advanced technology and educational resources, PU Prime supports traders and investors at every stage, from beginner to professional. Their platform serves a wide-reaching international audience, with over 40 million app downloads worldwide. PU Prime is dedicated to enabling financial success and fostering a global community of empowered traders. This article was written by FM Contributors at www.financemagnates.com.

The Singapore Exchange (SGX) plans to enter the cryptocurrency derivatives market by introduce Bitcoin perpetual futures in the second half of 2025, Bloomberg reported. As institutional interest in digital assets continues to rise, SGX aims to provide a regulated platform with the new offering. However, it is subject to approval from the Monetary Authority of Singapore (MAS).Institutional Access to Bitcoin Futures ExpandsSGX's move reportedly aligns with the growing demand for crypto derivatives among institutional players. The reports come as Bitcoin faces a downward price momentum. At the time of writing, the digital asset changed hands for $83,264, representing a 1% and 10% decline in the past day and week, respectively. By launching Bitcoin perpetual futures, SGX seeks to offer an alternative investment vehicle that allows traders to speculate on Bitcoin price movements without holding the actual asset.Singapore Exchange to List Open-Ended Bitcoin Futures Contracts In the Second Half of 2025https://t.co/lsZaKNkIGd— ICO Drops (@ICODrops) March 10, 2025Perpetual futures are a type of derivative contract similar to traditional futures but without an expiration date. They allow traders to speculate on the price movements of an asset (like cryptocurrencies, stocks, or commodities) without owning the underlying asset. Singapore has positioned itself as a crypto-friendly hub, with the regulator doubling the number of crypto licenses issued in 2024. Singapore is not alone in this trend. Other major exchanges in Asia are also exploring Bitcoin futures offerings. Japan's Osaka Dojima Exchange has reportedly applied for regulatory approval to list Bitcoin futures, potentially making it one of the first traditional exchanges in the region to offer such products, Cointelegraph reported. Regulatory Approval and Market Trends Meanwhile, EDX Markets, a crypto asset firm backed by Citadel Securities, announced plans to introduce crypto futures in Singapore by early 2025. Derivatives like perpetual futures provide exposure to cryptocurrency price movements without requiring direct ownership, making them an attractive option for institutions looking to hedge risk or gain speculative exposure.With SGX entering the space, Singapore is poised to strengthen its position as a key player in institutional crypto adoption. If approved, the Bitcoin perpetual futures launch could mark another step in the city-state's expanding role in the global digital asset market.Meanwhile, the global derivatives marketplace CME Group announced plans last year to broaden its cryptocurrency derivatives offering with Bitcoin and Ether futures. Giovanni Vicioso, the Global Head of Cryptocurrency Products at CME Group, commented: "The launch of these new Micro Euro-denominated contracts will provide clients with additional products to more efficiently hedge Bitcoin and ether exposure in the second-highest traded fiat behind US dollar-based contracts." This article was written by Jared Kirui at www.financemagnates.com.

INGOT Brokers, a global brokerage firm, has made a notable advancement in its expansion plans by acquiring a license from the Securities and Commodities Authority (SCA) in the United Arab Emirates (UAE). This follows the company’s earlier announcement regarding the approval from the Capital Markets Authority (CMA) in Kenya, which granted INGOT Africa Ltd. a license to operate as a non-dealing online forex broker in Kenya. The platform in Kenya is already active, offering forex and contracts for differences (CFDs) on indices, stocks, commodities, and exchange-traded funds (ETFs).INGOT Brokers Secures SCA License, UAEThe SCA license allows INGOT Brokers to introduce and promote financial products and services in the UAE, furthering its strategy to expand its global presence. The UAE is known for its established financial markets, and INGOT Brokers aims to serve traders in this region with a variety of financial instruments, advanced trading platforms, and professional support.The SCA ensures that firms comply with industry standards. The company’s entry into the UAE market is part of its broader effort to build a trusted, transparent, and secure trading environment for clients globally.According to the firm, this move reflects INGOT Brokers’ focus on establishing a presence in key financial hubs and providing traders with the necessary resources to navigate global markets. Receives Licenses in Kenya, SeychellesThe Kenyan regulator issued the license just a few months after INGOT Brokers received similar approval from South Africa’s Financial Sector Conduct Authority (FSCA). In July 2022, the broker further expanded its global presence by obtaining a license from the Financial Services Authority (FSA) in Seychelles. The company also set up offices in South Africa and Seychelles. Founded in 2006, INGOT Brokers is regulated in Australia and Jordan.INGOT Brokers Appoints Former BDSwiss ExecutivesMeanwhile, INGOT Brokers has appointed two former BDSwiss executives: Andreas Andreou as Chief Sales Officer and Marios Morfakis as Head of Business Development. Both individuals left BDSwiss during a period when many other employees also departed. Following his departure, Andreou co-founded a proprietary trading platform, where he currently serves as co-CEO. He confirmed to Finance Magnates that he will continue in this role while taking on his new responsibilities at INGOT. This article was written by Tareq Sikder at www.financemagnates.com.

Over the past 24 hours, Bitcoin (BTC) price has dropped nearly 3%, briefly testing the $80,000 level. While the cryptocurrency rebounded from this psychological support on Monday, it had just experienced a 6.4% drop on Sunday—one of the steepest declines this year and its lowest daily close since November 2024.Why is Bitcoin going down and closing at four-month lows? According to experts, the decline is linked to market volatility triggered by an executive order signed by President Donald Trump, which mandates the creation of a strategic cryptocurrency reserve in the U.S., including Bitcoin.Bitcoin Price Today Is Going Down. Why?As of today (Monday), March 10, 2025, Bitcoin has been testing the $80,000 level for the second consecutive day. While at the time of writing, its price is rebounding 3.4% to $83,455, it remains down nearly 3% on a 24-hour basis.This decline follows a sharp drop on Sunday, when BTC fell by over 6%, marking one of the worst sessions of the year. It also recorded its lowest daily close since November 2024, making it the weakest level in more than four months.One major catalyst for Bitcoin’s recent slump is the market’s reaction to an executive order signed by President Donald Trump last week. The order established a U.S. strategic Bitcoin reserve, utilizing cryptocurrencies seized in criminal and civil forfeiture cases.While this move initially sparked optimism, the lack of a bold commitment to purchase significant amounts of Bitcoin—such as 100,000 or 200,000 coins—left investors underwhelmed. Prices slid as traders expressed disappointment over what they perceived as a conservative approach.Bitcoin Holds (Again) at $80K – BTC/USDT Technical AnalysisMy technical analysis suggests that the $80,000 level is a critical support for buyers, having successfully halted declines for the second time in the past two weeks. After four consecutive days of BTC depreciation, this level has triggered a reversal and a corrective rebound of over $3,000.However, BTC/USDT remains under bearish pressure, far from the consolidation near its all-time high (ATH) that was observed between November and late February. In my view, a break above the $90,000–$92,000 zone, which marks the lower boundary of that consolidation range, would signal that bulls have regained full control.If the $80K support fails, the next target would be the October highs around $72,000. However, I see a more significant support level at the September and early November peaks, near $67,000. In my opinion, this is the ultimate line in the sand that will determine whether bulls or bears take dominance in the market.Bitcoin Price Drops in “Textbook Correction”Beyond policy announcements, Bitcoin’s price action reflects broader market dynamics. Analysts at 10x Research described this as a “textbook correction,” pointing out that roughly 70% of the selling pressure came from investors who entered the market within the last three months. This wave of panic selling by newer participants has amplified the decline.Buy The Dip? Or Stay Fully Cashed Up?Bitcoin's Textbook correction is fully playing out...?1-11) Bitcoin follows the price projection outlined in our ‘Bitcoin: Textbook Correction?’ report on February 25. The support structure collapsed once Bitcoin fell below the critical… pic.twitter.com/bHZ7whPSzF— 10x Research (@10x_Research) March 10, 2025Arthur Hayes, co-founder of BitMEX and CIO of Maelstrom, warned that Bitcoin could soon retest the $78,000 level. “If that support fails, $75,000 is next,” he posted on X, highlighting significant open interest in Bitcoin options at the $70,000 to $75,000 range. A drop to these levels, he cautioned, could trigger a “violent” sell-off as derivatives traders adjust their positions.An ugly start to the week. Looks like $BTC will retest $78k. If it fails, $75k is next in the crosshairs. There are a lot of options OI struck $70-$75k, if we get into that range it will be violent. pic.twitter.com/q4cq0rthGJ— Arthur Hayes (@CryptoHayes) March 9, 2025The crypto market doesn’t operate in a vacuum, and macroeconomic factors are also at play. This week, the U.S. is set to release two critical inflation reports that could sway Federal Reserve policy. Persistent inflation might prompt tighter monetary measures, potentially dampening risk assets like Bitcoin. Meanwhile, trade tensions are heating up, with Canada imposing retaliatory tariffs in response to U.S. policies under Trump. Mark Carney, Canada’s newly elected Liberal Party leader and former central banker, vowed to challenge American trade moves, adding uncertainty to global markets.Bitcoin News and Price, FAQWhy Is Bitcoin Falling Now?Bitcoin’s recent price drop is mainly linked to market reactions following President Donald Trump’s executive order to establish a U.S. strategic Bitcoin reserve. Instead of committing to large-scale government purchases of Bitcoin, the reserve will be funded using assets seized in criminal and civil forfeiture cases. Will BTC Rise Again?The future trajectory of Bitcoin remains uncertain and is influenced by multiple factors, including government policies, investor sentiment, and broader economic conditions. While some analysts believe Bitcoin will recover in the long term due to increasing institutional adoption and its role as a store of value, others warn that without strong buying pressure, Bitcoin may remain under bearish influence. A key resistance level to watch is the $90,000–$92,000 range, which could signal a return to bullish momentum. On the downside, if the $80,000 support level fails, Bitcoin could test lower levels around $75,000 or even $70,000.What If You Invested $1,000 in Bitcoin 10 Years Ago?If you had invested $1,000 in Bitcoin ten years ago, in March 2015, your investment would have significantly increased in value. At that time, Bitcoin’s price ranged from approximately $177 to $465, with an average of about $300. A $1,000 investment would have bought around 3.33 BTC. At the current price of about $82,308 per Bitcoin, that investment would now be worth approximately $274,000. This highlights Bitcoin’s historical potential for high returns despite its volatility.Is Bitcoin Going Down Because of Trump?Yes, to some extent. The recent drop in Bitcoin’s price has been partially attributed to investor disappointment over President Trump’s executive order regarding a strategic Bitcoin reserve. While the order initially sparked optimism, the lack of a bold commitment to purchasing significant amounts of Bitcoin left traders underwhelmed. This led to selling pressure and price declines. However, Bitcoin’s movement is also influenced by broader market dynamics, such as profit-taking, macroeconomic concerns, and technical levels being tested in the market. This article was written by Damian Chmiel at www.financemagnates.com.

David Schwartz, Ripple's chief technology officer, has dismissed claims that new XRP tokens can be created on the XRP Ledger. His statement comes after renewed debate over the token supply.Meanwhile, the XRPUSD H1 chart reveals that the price is currently hovering around a key support level. A potential strong bullish reversal pattern could generate momentum and drive the price higher.XRP Ledger Blocks New Token CreationThe discussion resurfaced when Pierre Rochard, a Bitcoin advocate, suggested that Ripple could mint additional XRP beyond the fixed 100 billion supply. This led to a heated exchange among community members.Schwartz responded by stating that no code within the XRP Ledger allows new XRP creation. He explained that the system enforces strict rules to prevent such an action. The ledger’s invariant checker continuously monitors transactions and blocks any attempt to generate new tokens.Ripple can add one any time https://t.co/2xz2g1MSyQ— Pierre Rochard (@BitcoinPierre) March 4, 2025An XRPL dUNL validator, known as Vet, supported Schwartz’s position. He stated that the network’s developers designed the system to prevent any increase in the original supply created in 2012. He also emphasized that no exploit could bypass the ledger’s safeguards.Schwartz Dismisses Concerns over XRP CirculationSchwartz also addressed concerns about XRP circulation. Some community members speculated that past changes to the ledger’s structure could have left certain tokens unaccounted for. However, he stated that there was no evidence of more than 100 billion XRP existing in the system.Mayukha Vadari, a senior software engineer at RippleX, added that the ledger’s design ensures that all account balances are verified. Any attempt to exceed the recorded amount would be rejected by validators.XRPUSD Consolidates at Key Support LevelThe XRPUSD H1 chart indicates that the price has bounced several times at 2.10500. As of now, the price remains in consolidation around this level. A bullish reversal pattern, followed by a breach at 2.21450, could attract intraday buyers and drive the price higher. The H1 chart also provides sufficient space for price movement, potentially leading to strong bullish momentum in the event of a breakout.Conversely, if the price breaks below 2.10500, sellers may look to enter short positions upon confirmation of a breakout followed by a bearish reversal signal.Ripple’s Strategy for Growth: Legal Disputes, Institutional Partnerships, and Cross-Border PaymentsMichael Saylor, Executive Chairman of Strategy, recently discussed the inclusion of cryptocurrencies in US strategic reserves. This followed an executive order by President Donald Trump, listing Bitcoin and altcoins like Ethereum, XRP, Solana, and Cardano. In an interview with Fox Business, Saylor addressed regulatory concerns for digital assets and referred to XRP as a token, suggesting its issuance should occur under a regulatory framework.BREAKING: ?? MICHAEL SAYLOR DISCUSSES U.S. CRYPTO RESERVE - INCLUDING $BTC, $ETH, $XRP, $SOL & $ADA! “XRP is attached to a company @Ripple.” Stated The Fox Reporter “ I think those are tokens and we should have a regulatory framework that allows those to be issued” - @saylor… pic.twitter.com/jc0DeuCjKO— Good Morning Crypto (@AbsGMCrypto) March 5, 2025Ripple gained attention when CEO Garlinghouse and Chief Legal Officer Alderoty attended a private dinner with President-elect Donald Trump on January 6, sparking speculation about the ongoing legal case with the US Securities and Exchange Commission (SEC). The SEC filed a lawsuit in December 2020, alleging Ripple sold XRP tokens as unregistered securities.South Korea's institutional crypto storage firm BDACS will use Ripple Custody to secure XRP and RLUSD, a dollar-pegged stablecoin issued by Ripple. This partnership targets institutional clients seeking secure storage for digital assets.Ripple has also partnered with Revolut and Zero Hash to expand access to RLUSD, positioning it as a competitor to USDT and USDC.? New partner alert: Ripple USD – a trusted, transparent, and regulated stablecoin built for payments – is now available for trading on @ZeroHashX and @RevolutApp!Get $RLUSD: https://t.co/jrEiNBWKgN pic.twitter.com/36q5OU5xfa— Ripple (@Ripple) February 5, 2025Additionally, Ripple has teamed up with Portuguese exchange provider Unicâmbio to facilitate instant international payments between Portugal and Brazil using digital assets for cross-border transactions.Ripple has made progress in Japan, with expectations that banks will adopt the XRP Ledger by 2025 to improve cross-border payments and remittances.In the DeFi sector, Ripple has partnered with Chainlink to integrate RLUSD into Ethereum-based DeFi applications for trading and lending.In philanthropy, Ripple donated $100,000 in XRP to support communities affected by California wildfires, aiding organizations like World Central Kitchen and GiveDirectly via The Giving Block platform.Investor activity in XRP remains strong, with whales acquiring 520 million tokens during a recent price dip, showing continued interest. The SEC’s reassignment of Jorge Tenreiro, who oversaw Ripple’s case, has raised questions about the agency’s future approach to crypto litigation. This article was written by Tareq Sikder at www.financemagnates.com.

The financial industry is facing its most significant regulatory transformation in years. With DORA (Digital Operational Resilience Act) now fully enforceable, the EU’s financial sector is under strict cybersecurity mandates. Meanwhile, MiCA (Markets in Crypto-Assets Regulation) is reshaping the digital asset landscape, and regulators from Australia to the UAE are ramping up oversight.Our latest “Regulatory Intelligence Insight” breaks down the critical regulatory updates every financial professional needs to know—and what they mean for your business. Get your FREE copy now!The Compliance Landscape is Shifting FastCyber incidents in the financial sector surged 54% in the past year, with 890 major attacks reported in 2023 alone. DORA aims to curb this risk, but many firms are still unprepared.Furthermore, 47% of UK financial institutions have already spent over €1M on DORA compliance, while others are racing to catch up.Finance Magnates has decided to meet the new market expectations and created the Regulatory Intelligence Insight report, the first edition of which we are now distributing. Future editions will be published monthly and cover the most important compliance issues that may impact your business.Your Monthly Guide to Compliance. What You’ll LearnHere's what you’ll find in the upcoming Finance Magnates’ Regulatory Intelligence Insight:DORA Compliance Guide: How financial firms, fintechs, and crypto platforms must align with new operational resilience standards.MiCA’s Global Impact: Why crypto firms face stricter licensing rules, stablecoin oversight, and a regulatory crackdown.ASIC’s Crypto Regulations: How Australia’s new crypto framework will affect businesses worldwide, including new licensing requirements, investor protections, and custody rules.Fines & Penalties: The cost of non-compliance is steep: financial institutions face fines of up to €10 million or 2% of global revenue.Case Studies & Expert Insights: Real-world examples of how leading financial firms are adapting to new regulations.Why You Need This ReportCompliance isn’t just a checkbox—it’s a business survival strategy. Regulators worldwide are intensifying their scrutiny, and failing to adapt could mean millions in fines, reputational damage, or even market exclusion.Download the 1st edition of Finance Magnates Compliance Report for FREE and stay informed and stay compliant! This article was written by Damian Chmiel at www.financemagnates.com.

Phoenix Group (ADX: PHX) CEO and Co-Founder Munaf Ali has significantly increased his ownership position in the Bitcoin (BTC) mining firm, purchasing more than 20 million ordinary shares through open market transactions since November 2024, the company announced today (Monday).The substantial share acquisition comes as Phoenix Group continues to evaluate a potential U.S. stock listing while expanding its North American Bitcoin mining operations.Phoenix Group CEO Acquires 20 Million SharesPhoenix Group is the first publicly listed cryptocurrency mining company on the Abu Dhabi stock exchange, having gone public in late 2023. While the company's stock initially saw gains, it has been on a downward trend throughout 2024, despite rising Bitcoin prices. During Monday’s trading session, the stock dropped below AED 1 ($0.26), officially reaching penny stock status.The share buyback by the CEO and Co-Founder could potentially serve not only as a means of reducing the number of shares in circulation but also as an attempt to boost the stock price. However, since the buyback began in November, the stock's value has still declined by approximately 25% to its current price levels.“As we enter a year of high-impact expansion, I firmly believe in Phoenix Group's long-term potential,” Ali said in a statement. “Increasing my holding reflects my belief in our differentiated strategy, high-quality operations, and future growth.”Last month, the company published its first report following its $370 million IPO success, revealing a 50% increase in net profit despite a significant revenue decline. Revenue shrank threefold to $288 million, while net profit stood at $221 million.Bitcoin Miner Eyes Wall StreetA potential solution to the declining valuation could be a debut on the U.S. stock exchange. Wall Street is currently home to the largest publicly traded cryptocurrency mining companies, including MARA, which remains a popular indirect way for many investors to gain exposure to Bitcoin prices on regulated markets.“Phoenix Group continues to evaluate the potential for a future U.S. listing, aligning with its ongoing expansion into the North American bitcoin mining sector,” the company commented in the official statement.The difference is clearly visible—NYSE is the largest stock exchange in the world, with a total market capitalization of $26 trillion. ADX is one of the largest exchanges in the Middle East, but its market cap stands at $850 billion, which is 30 times smaller. The number of listed companies is also significantly lower.“Phoenix Group is at the forefront of digital asset mining, and as a Board we remain fully focused on delivering growth and sustainable value creation for our shareholders,” concluded the CEO.Phoenix Group's U.S. expansion strategy aligns with its broader goals of scaling high-margin self-mining operations while geographically diversifying its asset base. The Abu Dhabi-based technology conglomerate currently operates mining facilities in the United States, Canada, Oman, Ethiopia, and the UAE, with a total mining capacity of 451 megawatts. This article was written by Damian Chmiel at www.financemagnates.com.

GCC Brokers, a leading forex and CFD broker, is strengthening its position in the Middle East and North Africa (MENA) region while expanding into key Southeast Asian (SEA) markets. With an already well-established presence in MENA, the company is now becoming even more assertive in the region, reinforcing its commitment to providing a secure, transparent, and technology-driven trading experience. At the same time, it is entering SEA to tap into the region’s growing demand for trusted and reliable brokerage services.Founded in 2016, the regulated firm has a track record of providing traders with world-class trading conditions. Featuring innovative technology, low commissions, ultra-tight spreads, and reliable customer support, the broker’s offering enables clients to trade with unparalleled freedom, flexibility, and security.Further expanding its global reachAs an ambitious and rapidly growing brokerage, GCC Brokers has emerged as a market-leading, established international operator. It continues to serve clients with distinction, building up strong networks across a range of key financial hubs. Having already secured a solid presence in the MENA region, the company is reinforcing the strong connections it has forged throughout the region as part of its long-term expansion strategy.In 2022, it took a significant step by opening a new representative office in Dubai, further strengthening its position as a leader in one of the world’s fastest-growing financial centers. It will also serve as the company’s main office for its accelerating SEA growth.While MENA has established itself as a key economic hub, SEA remains a major force in the global forex industry, home to some of the fastest-growing and most active trading markets. Recognizing this vast potential, GCC Brokers is targeting SEA as part of the next stage of its planned regional expansion, increasing its local presence to meet the rising demand for trusted and reliable brokerage services.A tech-savvy trading experienceGCC Brokers is an innovative broker, featuring dedicated industry professionals committed to improving and enhancing its trader offering by utilizing cutting-edge technology to provide increased efficiency and accessibility.Its dedicated software team is actively working on a major new development project to introduce more tools and refine the onboarding process while building a mobile app designed to deliver an intuitive user experience for all trader types.Through this strategic approach, the company prioritizes informed decision-making, investing in the right tools and resources to meet the ever-evolving needs of traders. With innovation a key part of its operation, GCC Brokers is always looking to make steps forward in advancing its offering to clients.Ultimate trading flexibilityGCC Brokers adopts a ‘trader-first’ approach, placing its clients at the forefront of everything, ensuring that they are able to access the markets on their own terms. Offering a gateway to the global markets, the company presents highly competitive trading conditions on a wide and varied range of assets, including 40+ forex currency pairs, 650+ shares, and 6 cryptocurrencies.It also offers trading on major indices, commodities, and futures, with an extensive suite of trading products specially crafted to help traders diversify and expand their portfolios, safe in the knowledge that this level of trading flexibility is available to them.With competitive spreads, swap-free accounts, instant deposits and withdrawals, and multilingual customer support, the company is committed to providing a tailored trading environment, reinforcing its mission to deliver seamless trading, anytime, anywhere.Secure and transparent tradingUpholding the highest standards of security and transparency, GCC Brokers is a trusted and reliable choice for traders across the world, adhering to strict risk management protocols by making sure that client funds are always protected. With a transparent approach to trading, the company eliminates hidden fees and maintains clear communication across the board.The company’s commitment to compliance and operational integrity on a global level is supported by its status as a fully-regulated broker. In 2022, it secured a Financial Services Commission (FSC) Mauritius license, reinforcing its dedication to meeting the highest regulatory standards across international markets.Discover how GCC Brokers is redefining trading in the MENA and SEA regions. Explore our full range of products and services here. This article was written by FM Contributors at www.financemagnates.com.

The publicly listed Bitcoin (BTC) miner from Wall Street, HIVE Digital Technologies (Nasdaq: HIVE), reported a decrease in monthly crypto production for February, mining 89 BTC compared to 102 in January, as the company redirects resources toward growth initiatives.The decline aligned with a broader industry trend, driven by record-high mining difficulty and increasing competition, which is eroding miners' profit margins. The situation is further complicated by the fact that in February, BTC's price shrank by over $18,000 (18%), dropping to $84,000.HIVE Reports Lower Bitcoin OutputThe Bitcoin mining and high-performance computing firm maintained an average mining capacity of 5.6 Exahash per Second (EH/s) during February, with its total Bitcoin holdings reaching 2,620 BTC, valued at approximately $220 million based on the February 28 closing price of $84,000.Despite the month-over-month decline in production, HIVE's Bitcoin holdings have increased 23% year-over-year. The company strategically sold some of its Bitcoin during February to fund capital investments, including the acquisition of Bitfarms' 200 megawatt (MW) hydro-powered mining facility in Paraguay.“We are focused on executing a transformative year that positions HIVE as one of the largest and most efficient Bitcoin miners in the world,” said Aydin Kilic, President and CEO of HIVE. “Our 300 MW expansion in Paraguay to quadruple our hashrate from 6 EH/s to 25 EH/s by September 2025 remains on track.”Beyond its core mining operations, HIVE continues to develop its high-performance computing business. The company reported $13 million in annualized run-rate revenue from its GPU fleet in late February, and expects to reach $20 million in annualized revenue by Q2 2025.The company recently appointed Craig Tavares as President and Chief Operating Officer of Buzz HPC, its high-performance computing division, with the goal of scaling operations to reach $100 million in revenue.Bitcoin Price Below $80K, BTC Miners Performance Falls TooOver the past weekend, Bitcoin's price once again approached the psychological support level of $80,000, continuing the sell-off that began in January. The past month saw particularly noticeable declines, with BTC losing a total of 18% and falling to levels last seen in November.A lower Bitcoin price translates to reduced revenue for cryptocurrency miners, who, like HIVE Digital, faced challenges in February. Cipher Mining Inc. (NASDAQ: CIFR) mined approximately 180 Bitcoin in February, down from 219 in January. MARA Holdings, Inc. (NASDAQ: MARA) reported a 6% month-over-month decline, producing 706 BTC compared to 750 in January. Meanwhile, Canaan Inc. (NASDAQ: CAN) mined 82 Bitcoin in February, down from 88 the previous month. This article was written by Damian Chmiel at www.financemagnates.com.

As conversations around diversity, equity, and inclusion (DEI) programs intensify and some companies scale back initiatives, the question of gender representation in historically male-dominated industries has come to the forefront. The brokerage sector, particularly in forex and multi-asset trading, has long been regarded as a space where men dominate leadership, decision-making, and market influence. But as some institutions rethink their commitment to diversity, Exness is doubling down—proving that inclusivity isn’t just a corporate checkbox but a driver of innovation, profitability, and progress.Women are steadily gaining ground in the brokerage space, challenging stereotypes and reshaping the industry. Their growing presence across leadership, risk management, and trading technology highlights a shift toward a more inclusive and forward-thinking sector—one that thrives not by dismantling diversity efforts but by recognizing their value.Breaking into leadershipDespite significant progress, men still dominate the sector, especially at the leadership level. A lack of representation in decision-making positions means that many firms are missing out on the benefits of diverse leadership. Studies consistently show that gender-diverse teams drive better innovation, improve risk management, and enhance overall performance.“The more women we see taking key roles in our industry, the more it will evolve. And it’s not just about equal opportunities and inclusivity,” says Xenia Panteli, Exness Head of People Services in EMEA and LATAM. She is right: A McKinsey report highlights that companies with gender-diverse executive teams are 25% more likely to achieve above-average profitability. This principle extends to the financial sector, where gender-balanced firms experience a 10-20% boost in profitability, according to the International Finance Corporation (IFC).Reflecting on these developments, Panteli adds, “True progress comes from embracing our differences and recognizing the value that diversity brings to the table. The rise of women leaders isn’t just about equal representation; it’s about tapping into a wider range of perspectives and skills. Women leaders bring a nuanced perspective, particularly in problem-solving, collaboration, and identifying emerging opportunities.”A shift in perception and cultureFast-paced, high-pressure, and aggressive; these are qualities often associated with male-dominated environments. However, women working in brokerages are proving that leadership styles centered on collaboration, emotional intelligence, and resilience are just as powerful.“This industry is no longer just a boy’s club,” Panteli expresses. “Women bring a nuanced perspective, particularly in problem-solving and risk assessment. They approach challenges with analytical depth, balancing risk and opportunity while fostering a culture of innovation.” Beyond leadership, women play vital roles in risk management, trading technology, compliance, and client relations. Their contributions are shaping the industry's more sustainable and inclusive future.Leading by example While progress is being made, challenges remain. Systemic barriers, unconscious biases, and the lack of mentorship opportunities can make it difficult for women to climb the ranks in brokerage firms. Many women still find themselves having to work harder to prove their expertise in a traditionally male-dominated field.Exness has taken meaningful steps toward bridging this gap. With 36.9% of its workforce comprising women and significant representation in leadership roles, including C-level executives, Exness is setting a new benchmark for inclusivity in the industry.As Panteli puts it, “Women in brokerage aren’t just breaking the glass ceiling—they’re redefining the industry, bringing fresh perspectives, and shaping a more inclusive trading world.”The increasing presence of women in the industry isn’t just about checking a diversity box—it’s about strengthening the sector. Firms that embrace gender diversity benefit from increased innovation, stronger risk management, and a healthier company culture.As some firms step away from DEI commitments, Exness proves that inclusion is not a passing trend but a business advantage. The future of brokerage is becoming more dynamic, inclusive, and forward-thinking, with women playing an essential role in guiding its direction.While challenges remain, the progress is undeniable. By championing gender diversity and inclusion, firms like Exness are not only creating opportunities for women today but paving the way for the next generation of female brokerage leaders. This article was written by FM Contributors at www.financemagnates.com.

ATFX Connect, the institutional arm of ATFX, is pleased to announce the appointment of Mohammed Khan as Chief Operating Officer. With extensive experience in the institutional brokerage industry, he brings a wealth of expertise in business transformation, revenue generation, and strategic planning to ATFX Connect.As Chief Operating Officer, he will focus on expanding ATFX Connect’s institutional services, refining product strategies, and strengthening key client relationships. Prior to joining ATFX Connect, Mohammed spent over 20 years at FXCM/Stratos Group in senior leadership roles. His expertise in operational efficiency, product innovation, and leveraging technology-driven solutions positions him to drive sustained business growth and institutional market expansion.Regarding his new position, Mohammed shared:"I am excited to join ATFX Connect and contribute to its continued success in the institutional space. ATFX has built a strong reputation for technology-driven solutions, and I look forward to leveraging my experience to enhance our offerings and expand our global presence."Wei Qiang Zhang, Managing Director of ATFX Connect, welcomed the appointment by stating:"Moe is an invaluable asset to the global ATFX Connect strategy. We share the same vision for the future business model, and his leadership will be instrumental in transforming ATFX Connect into a truly robust institutional business. With his expertise, we will continue strengthening our institutional offering across our global presence, including the UK, Cyprus, Australia, Hong Kong, South Africa, and Mexico.”Mohammed Khan’s appointment reflects ATFX Connect’s commitment to institutional growth. As the company expands its global reach, his leadership will help drive innovation and enhance the platform’s ability to meet the evolving needs of institutional clients worldwide.About ATFX ConnectBack in 2019, ATFX stepped into the Institutional arena with the launch of its Multi-Access platform ATFX Connect. The management's vision was to expand the broker's global presence and continue to provide award-winning liquidity and customer service to clients within the Institutional community. With the focus on the professional Investor, the ATFX Connect platform is designed to provide an efficient automated trading venue that delivers tailored liquidity solutions to Hedge Funds, Asset Managers, Brokers, Private Banks, and other financial institutions. (ATFX Connect Website: https://www.atfxconnect.com) This article was written by FM Contributors at www.financemagnates.com.

Swiss private bank J. Safra Sarasin has agreed to acquire a 70 per cent stake in Saxo Bank, which has been looking for a new buyer for months, in a deal valued at around 1.1 billion euro ($1.19 billion). This deal has put a valuation tag of about 1.6 billion euros on the Danish online trading and investment services provider.Saxo Gets a New OwnerThe new owner will purchase Finnish Mandatum's stake of 19.8 per cent in Saxo as well as the 49.9 per cent stake in Chinese group Geely. Saxo Bank’s founder and CEO, Kim Fournais, will continue to hold his 28 per cent stake in the company. He will also remain the CEO of the company.Mandatum received its shares in Saxo from Sampo, a Nordic insurance group, following the demerger of the two companies. “This strategic partnership underscores our commitment to providing exceptional service and innovative solutions to our clients and partners worldwide,” Saxo noted in a LinkedIn post, adding that the company will operate independently from its majority owner Safra Sarasin.Saxo's DivestmentsSaxo also sold majority stake of its Australia operations recently to Johannesburg-headquartered DMA, a technology provider to financial advisers and wealth managers. Now, DMA agreed to buy 80.1 per cent of the Australian business, while Denmark’s Saxo Bank will retain 19.9 per cent. The two companies expect to close the transaction in the second half of 2025. However, the financial terms remain unknown.Saxo Australia will eventually be rebranded after a transition period, during which its legacy branding will be retained. The business under the new ownership will also retain Saxo Australia’s staff, including its CEO, Adam Smith.The Danish Group also closed its offices in Shanghai and Hong Kong as part of its restructuring in the Asia-Pacific region.Meanwhile, Saxo ended a record-breaking 2024 with net profit soaring 287 per cent to €135 million from €35 million in the previous year. The company's adjusted net profit reached €144 million, marking the most successful year in its history. However, it is now anticipating a negative impact on its revenue in 2025 following its decision to restructure its distribution model and narrow the number of markets, which resulted in the offboarding of existing clients in 2024. This article was written by Arnab Shome at www.financemagnates.com.

Financial Industry Regulatory Authority (FINRA) has ordered Robinhood (NASDAQ: HOOD) to pay $29.75 million for multiple regulatory violations, including anti-money laundering (AML) failures and inadequate supervision of its trading systems during critical market events, namely meme-stock frenzy from the COVID-19 era.Robinhood Hit With $29.75 Million FINRA Penalty for Compliance FailuresThe settlement announced last week requires Robinhood Financial to pay $3.75 million in restitution to customers affected by its order “collaring” practices, while both Robinhood Financial and Robinhood Securities will pay a combined $26 million fine for widespread compliance deficiencies.“Today's action reminds FINRA members that compliance with core regulatory obligations remains critical to safeguarding and serving all investors,” said Bill St. Louis, Executive Vice President and Head of Enforcement at FINRA, pointing out that innovative financial services must still adhere to fundamental regulatory requirements.It is worth noting that this is the second fine imposed by FINRA on Robinhood in the past four years related to the app's actions in March 2020. During that time, trading outages occurred due to speculation on meme stocks such as GameStop, leaving retail investors unable to trade.Late on Friday evening (timing not by accident), FINRA announced an agreement with Robinhood to end numerous regulatory probes for nearly $30 million. This is the second such agreement in less than 4 years. Back in 2021, Robinhood paid nearly $70 million to end various…— August Iorio (@august_iorio) March 9, 2025“FINRA had the opportunity to do the right thing and hold Robinhood accountable for all of its negligence that led to the trading restrictions that harmed so many people, but it took the easy way out, only holding Robinhood accountable for its clearing technology failures from that period,” commented on X (former Twitter) August Iorio, the securities arbitration attorney.Moreover, the penalty and settlement come at a time when another American institution, the U.S. Securities and Exchange Commission (SEC), has closed a year-long investigation into the company's activities, signaling a potentially significant shift in the country's regulatory approach.Multiple Violations Across AML and Trading SystemsFINRA's investigation uncovered multiple serious violations across Robinhood's operations. The firms failed to establish adequate anti-money laundering programs, missing red flags related to manipulative trading, suspicious money movements, and account takeovers by hackers. Robinhood Financial also opened thousands of accounts without properly verifying customer identities.During the meme stock trading frenzy of early 2021, Robinhood Securities failed to adequately supervise its clearing technology system despite warning signs of processing delays. The system ultimately experienced severe latency in January 2021 as trading volume surged, hampering the firm's ability to meet regulatory obligations.“The clearing system experienced severe latency due to a surge in trading volume and volatility, which impacted Robinhood's clearing operations,” FINRA stated in its findings.The regulator also found that Robinhood Financial misled customers about its practice of “collaring” market orders by converting them to limit orders. This resulted in some orders being canceled, forcing customers to resubmit trades that ultimately executed at worse prices. The $3.75 million restitution will compensate these affected customers.Additionally, the online broker failed to properly supervise paid social media influencers who promoted the platform with statements FINRA deemed “promissory or not fair and balanced, and thus misleading to investors.”Pattern of Regulatory Issues Amid Financial SuccessThe settlement comes just two months after Robinhood paid $45 million to the SEC for violations of securities laws, including failure to preserve electronic customer communications between 2020 and 2021.Both Robinhood entities consented to FINRA's findings without admitting or denying the charges and agreed to certify that they have remediated the issues identified in the settlement.The regulatory action comes despite Robinhood's record financial performance in late 2024, when it reported $916 million in net income on over $1 billion in revenue, with crypto trading becoming an increasingly significant part of its business. This article was written by Damian Chmiel at www.financemagnates.com.

The Cayman Islands has updated its crypto regulatory regime, introducing new licensing rules through a legislative amendment. From 1 April 2025, entities offering virtual asset custody and trading platform services in or from the Cayman Islands must obtain a licence.Mandating a Licence for AllThe update in crypto licensing has been clarified through the latest Virtual Asset (Service Providers) (Amendment) Regulations, 2025, which has already received approval from the country's lawmakers. The Cayman Islands Monetary Authority (CIMA) will oversee the regulated crypto firms.Under the new rules, existing virtual asset service providers (VASPs) already operating in or from the islands must submit their licence applications within 90 days from 1 April 2025.When applying for a licence, crypto custodians must inform the regulator of “the types and amounts of virtual assets” they propose to hold on behalf of their clients and the reasons for facilitating the safekeeping of these cryptocurrencies, among several other things.On the other hand, trading platform operators must indicate their expected revenue and the location of the physical hardware for their operations. Along with other standard documents, these platforms must also provide “an outline of strategy and measures in place for cybersecurity, risk management, the safeguarding of virtual assets, and internal controls within the business to prevent loss and theft.”An Offshore Territory Attracting Crypto BusinessesThe Cayman Islands is a British Overseas Territory consisting of three islands in the western Caribbean Sea. It is also home to many forex and contracts for differences (CFDs) brokers running offshore operations from there.The islands initially implemented the Virtual Asset (Service Providers) Act (VASP Act) in 2020, which requires VASPs to be licensed or registered with CIMA. However, the primary purpose of that legislation was to establish anti-money laundering (AML) and counter-terrorist financing (CTF) measures.According to TheBanks.eu, there are currently 17 VASPs registered in the Cayman Islands and supervised by CIMA. These companies include major retail and institutional names such as Blockchain.com, Crypto.com, and B2C2. This article was written by Arnab Shome at www.financemagnates.com.