XS.com has hired Simon-Peter Massabni as its new Head of Retail Sales, the broker announced today (Monday). Massabni, who most recently served as Country Manager for MENA Commercial Management at Exness, will lead what XS.com describes as a push to accelerate growth in retail markets worldwide. Massabni spent nearly three years at Exness as Country Manager for MENA Commercial Management, based in Limassol, Cyprus. In that role, he was involved in setting regional commercial plans at both the regional director and board level, overseeing acquisition and retention operations, partnership programs, and daily performance monitoring across Middle Eastern and North African markets, according to his professional history."The priority is to strengthen retail sales structures, empower teams, and create long-term value for clients through disciplined growth strategies aligned with the company's vision,” Massabni commented on the new hire.In his new role, XS.com says he will focus on client acquisition and retention frameworks, partnerships in regulated markets, and expanding the firm's market reach, though specific targets were not disclosed.MENA Track Record Drives the HireBefore Exness, Massabni spent roughly two years as Head of Business Development at ILimits Invest in Beirut, where he built the sales department, including processes, CRM architecture, staffing, and training. During that period, the company said he managed daily performance that exceeded $1 million in net deposits per month.His career in online trading dates to 2009, when he joined FXCM as Senior FX Sales covering Lebanon and the broader MENA region. He later rose to Sales Manager, running a team of five sales representatives and a retention unit of equal size, and delivered educational workshops at institutions including the American University of Beirut. MENA has become a high-priority growth market for several major retail brokers, with firms publicly pointing to trust, local talent, and mobile-first infrastructure as the drivers behind rising trading volumes in the region.After FXCM, Massabni held a Head of Sales role at CFI Financial Group in Beirut for three years, then moved to ICM Capital as Head of Business Development in Lebanon before joining ILimits and eventually Exness. The cumulative picture is of an executive who has spent most of his career building teams and sales infrastructure in the Middle East.XS.com Adds Commercial Talent After a Run of Leadership ChangesThe Massabni appointment follows several senior hires at XS.com over the past year. In February 2025, the broker named Stelios Pallis as Chief Technology Officer, bringing in an executive with four years of experience at GT Group. At the time, XS.com also announced a partnership with Brokeree Solutions to launch copy trading functionality, according to the company."His deep experience in retail sales strategy, regional expansion, and team development makes him a strong addition to XS.com," Wael Hammad, Group Chief Commercial Officer at XS.com, commented on the hire.Regulatory Push Underpins the Commercial ExpansionThe hiring activity sits alongside a period of active licensing work. Last October, XS.com secured approval from the UAE's Securities and Commodities Authority, its eighth regulatory approval, at a time when the UAE was attracting a growing number of CFD and cryptocurrency firms. Earlier that year, the broker added a Mauritius licence to its offshore portfolio, which already included Seychelles and Labuan.Hammad told FinanceMagnates.com in January that the firm opened new offices in Kuwait City and Dubai during 2025, citing the need to be closer to clients and partners in the Gulf. XS.com, which was founded in Australia in 2010, now holds licences across multiple jurisdictions and maintains offices in several locations globally.In January, Mateusz Wyka, a former Exness operations and project management executive, was appointed CEO of online trading firm YWO after building nearly four years of experience at the Limassol broker. This article was written by Damian Chmiel at www.financemagnates.com.

16 per cent of Australia’s Gen Z population "completely trust" artificial intelligence (AI) platforms with their financial decisions, while 56 per cent and 52 per cent believe on financial information on social media and from finfluencers, respectively.A Survey to Examine the Investment Trends of the Young GenerationAustralia’s Moneysmart surveyed 1,127 Australians aged 18 to 28 to examine the role of modern technology and social media in their financial decision-making.The local financial regulator, the Australian Securities and Investments Commission (ASIC), further found that 63 per cent of respondents use social media for financial information and guidance, while 30 per cent use YouTube and 18 per cent use AI platforms.However, 60 per cent still use formal or professional sources, while about 50 per cent turn to family and friends.Read more: How AI Guides Smart Spending and InvestingThe Aussie regulator's concern appears to be the dominance of social media in financial decision-making among young people. It is now urging them to ‘sense check’ the information they see online.“While Gen Z values credibility when seeking financial advice, what they see on social media is usually shaped by algorithms that are designed to drive clicks and views rather than provide accurate information,” said ASIC Commissioner Alan Kirkland.“Financial information on social media and accessed through AI tools can be incomplete, promotional, or misleading. Relying on it alone increases the risk of making a decision you may later regret.”[#highlighted-links#] Crypto Bets Are a ConcernThe regulator appears more concerned about the rising short-term investment in cryptocurrencies by this age group.The survey found that 23 per cent, or almost a quarter, of respondents own cryptocurrencies. Among them, 66 per cent take short-term, speculative bets. Additionally, 29 per cent trade based on social media and influencer content or recommendations.Moreover, 24 per cent of Gen Z crypto investors try to invest in new “coins”, while 15 per cent invest in them as a ‘bit of a punt’.You may also like: eToro CEO - “We’re in a Strong Position to Double Down on Crypto,” Adds Prediction MarketsSocial media advertisements have encouraged around 72 per cent of Aussie crypto investors in this age group to invest in this asset class in the past 12 months. Interestingly, 41 per cent were approached by someone offering to help them invest in crypto.“Short-term or speculative trading based on what’s popular online carries real risks, particularly in volatile markets like crypto,” Kirkland added.While the influence of social media on the financial habits of the younger generation is now clearly visible, ASIC has also had disputes with some local finfluencers. Meanwhile, the UAE remains the only country to mandate licensing for all finfluencers who give financial advice on social media platforms. This article was written by Arnab Shome at www.financemagnates.com.

IronFX cuts 150 rolesJob cuts at IronFX have emerged as the latest sign of pressure across the online trading industry. The broker laid off around 150 employees, or about 10% of its roughly 1,500‑strong workforce, with sources citing “efficiency” amid the AI wave as the main driver.​ The layoffs follow earlier reductions at other brokers, including Tradu/FXCM and eToro, and come as IronFX continues to operate with a Cyprus Investment Firm license, a British Virgin Islands offshore license and authorization from the UK Financial Conduct Authority.eToro's crypto expansion planMeanwhile, eToro CEO Yoni Assia said the fintech giant is in a strong position to expand its crypto offering and has introduced prediction markets within its new non-custodial crypto wallet.Speaking to Finance Magnates in Limassol, Assia noted that the feature was designed to stay separate from users’ main investments. He added that eToro is currently working with Polymarket and holding discussions with Kalshi as the company explores opportunities in the fast-emerging prediction markets sector.The CEO of eToro just revealed how they profited $50 million by integrating Bitcoin into their treasury strategy.Crypto is here to stay, it’s a new kind of global capital market. pic.twitter.com/eGEwTbltTe— Kashif Raza (@simplykashif) May 16, 2025Assia emphasized that prediction markets remain in the early stages of development and it is still unclear how much interest eToro users will show in them.War exposes insider risks in prediction marketsIn the wild west of prediction markets, the Iran war has drawn sharp attention to the growing risk of insider trading. Following the US strike on Iran in late February, users reportedly wagered hundreds of millions of dollars on outcomes ranging from the timing of attacks to a potential nuclear detonation. Data analytics firm Bubblemaps identified several suspected insiders who allegedly bet over a million dollars on the timing of the strike, while other analysts noted trading patterns that mirrored insider behavior around events involving Iran’s leadership.CFTC rules for prediction marketPrediction markets are indeed gaining mainstream attention, but new regulatory signals suggest the rules are tightening. CFTC issued new guidance for platforms interested in launching prediction markets, outlining standards that resemble a compliance test. The advisory requires platforms to demonstrate that their event contracts can resist market manipulation and insider trading before being approved for trading in the United States.At the same time, CFTC Chairman Michael Selig said the agency does not intend to decide which products people are allowed to trade and will avoid making policy through enforcement actions.Instead, he told an audience at the FIA Global Cleared Markets Conference in Florida that the CFTC plans to move away from “regulating through enforcement” and step back from enforcement-driven policymaking.Are prediction markets the next prop trading?Prediction markets are also emerging as a potential alternative for retail traders as regulators tighten oversight of simulated proprietary trading. Authorities in the U.S., Canada, and Europe have begun scrutinizing prop trading firms that rely more on challenge fees than real trading activity.Many of these firms operate in regulatory gray areas, often using simulated accounts rather than executing live trades. Recent enforcement cases and platform shutdowns have accelerated the industry’s search for new models.XTB adds kill switch to block hackersAway from prediction markets, XTB introduced an emergency lock feature that allows clients to freeze all activity on their account with a single tap if they suspect unauthorized access. When activated, the lock halts trading in all instruments, blocks withdrawals from all currency accounts, and disables all eWallet transactions, the company said. To restore access, users must first change their password and then pass a facial recognition check to confirm they are the legitimate account holder. XTB CEO Omar Arnaout said the feature is designed to give clients a fast way to regain control of their accounts amid rising digital and cybersecurity threats.Over half of Singapore CFD traders use one platformAs Singapore’s CFD market returns to growth, providers are under pressure to ensure their customer service meets the expectations of both new and existing clients. Firms need to handle inquiries, onboarding, and support efficiently to retain traders in a more competitive environment.According to Investment Trends associate research director Lorenzo Vignati, the focus in Singapore has shifted from expansion to engagement, with brokers now concentrating on reactivating traders who previously stopped trading. He noted that brokers cannot afford missteps with returning clients because first impressions are critical when these traders come back to the market.Global forex brokers target JapanJapan remains one of the world’s key retail foreign exchange markets, combining high trading volumes with a large and active base of retail traders. The country has more than 1.5 million retail FX traders and over 3 million active trading accounts, generating around $400 billion in daily FX turnover, putting it alongside London, New York, and Singapore as a major FX hub. A notable feature of Japan’s market is the dominance of domestic brokers in retail trading. Major local firms such as GMO Click Securities, SBI FX Trade, Rakuten Securities, DMM FX, and Monex Group have built extensive retail trading ecosystems, supported by established platforms and sizable customer bases.Revolut wins full UK bank licenceRevolut has received approval from the Prudential Regulation Authority to launch its UK bank, concluding a lengthy regulatory process. The license will allow the company to expand its services for around 13 million customers in its home market through its new entity, Revolut Bank UK Ltd.We’re now officially a fully licensed bank in the UK.As a bank, we’ll soon offer accounts protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person on eligible deposits. It also means we’ll be able to launch more banking features in the future… pic.twitter.com/fH7K2TQLDd— Revolut (@Revolut) March 11, 2026With this authorization, Revolut can operate as a fully licensed bank in the UK and offer deposit accounts covered by the Financial Services Compensation Scheme. It now joins other major fintechs that have obtained full banking licenses, including UK-based Monzo and Starling and Germany’s N26.Executive Moves of the week: Traze, TarurexLastly, in the executive moves, Naeem Afzal has joined Traze, the sister CFDs broker brand of ZFX under Zeal Group, as Regional Sales Director, based in the United Arab Emirates. He brings nearly 20 years of experience in institutional and retail sales, most recently serving as Regional Sales Director at GO Markets.Also this week, CFD broker Taurex reappointed Matthew Wright as a Non-Executive Director, almost three years after he left for Exinity, bringing back an executive who previously led the firm during its Zenfinex phase. This article was written by Jared Kirui at www.financemagnates.com.

Former investment banking executives have launched a Hong Kong‑based crypto proprietary trading firm dubbed Velotrade Re Limited. The founders, Gianluca Pizzituti and Vittorio De Angelis, previously held derivatives roles at JP Morgan, Dresdner Kleinwort, and Bank of America. Their earlier venture, Velotrade Management Limited, operates an active trade‑finance platform. However, the new company is a separate entity focused only on crypto trading.A New Revenue StructureMost prop firms rely on challenge fees when traders fail. Velotrade operates differently, its revenue comes from live market replication of profitable trader positions using institutional liquidity and algorithmic hedging, the Friday's announcement noted.Crypto prop trading uses a prop firm’s capital to trade only digital assets like bitcoin and ether. It is often through funded accounts that sit on demo or simulated infrastructure but link to real crypto liquidity and defined profit splits for traders. In the past two years, several players such as HyroTrader, Crypto Fund Trader, and PipFarm have moved into this space.Keep reading: From Pioneer to Leader: Crypto Fund Trader Announces $18 Million Paid to TradersBoth Pizzituti and De Angelis have extensive backgrounds with major global financial institutions before co-founding Velotrade. Pizzituti spent over five years at Dresdner Kleinwort in London, focusing on equity derivatives and OTC single-stock options market-making, before launching his own proprietary trading company, Colosseum Financials, in Singapore.De Angelis began his career in derivatives trading at JP Morgan and Dresdner Bank, later becoming Managing Director and Co-Head of Derivatives Trading at Bank of America in London.Velotrade limits its offering to crypto only, with leverage reportedly up to 6x on BTC and ETH. Funded traders can request payouts in USDC or USDT after 14 days.Crypto-Native Props Add On-Chain TransparencyUnlike the multi‑asset, FX‑ and CFD‑centric prop firms that dominate the industry, where traders usually operate on MT4/MT5 or similar platforms across currencies, indices and commodities, these newer crypto‑native outfits build around 24/7 digital markets.It also comprise exchange connectivity and proof‑of‑reserves style transparency. Crypto prop trading is attracting firms that now report sizeable payouts and transparent capital backing, such as Crypto Fund Trader. The firm recently disclosed that it has distributed more than $18 million to traders using a model built natively around blockchain infrastructure. This article was written by Jared Kirui at www.financemagnates.com.

Seasoned FX and CFD sales executive Naeem Afzal has joined Traze, the sister CFDs broker brand of ZFX under the Zeal Group, as Regional Sales Director. Based in the United Arab Emirates, Afzal brings nearly two decades of experience in institutional and retail sales roles across the region’s brokerage sector.Career Spanning Leading FX BrokeragesAfzal most recently served as Regional Sales Director at GO Markets, a role he held for nearly two years until March 2026. Before that, he worked at Pepperstone as Premium Client Manager.His earlier career includes four years at IG, where he focused on high-net-worth client acquisition and was recognized for new business development in 2020.Besides his tenure at global brokerages, Afzal held senior positions at ICM Capital and CMS Financial, building expertise in institutional liquidity solutions, high-net-worth sales, and FX trading operations. His background spans business development, premium client services, and commercial strategy for both B2B and B2C markets.Announced the same day, Zeal Group strengthened its senior bench by appointing former Equiti Capital executive Ahmed Pasha as Global Head of Risk and Trading. It adds group-level risk and trading oversight that spans both brokerage brands and their multi‑asset operations.Other recent moves: Taurex Reunites With Former CEO Matthew Wright as Non-Executive DirectorTraze deepened its push into the Middle East last year after securing an SCA First Category License from the UAE’s Securities and Commodities Authority. This opened its Dubai-based entity to offer brokerage, portfolio management, and advisory services to both retail and institutional clients across the UAE and the wider region. The license built on Traze’s existing footprint, which already included an operational license in South Africa, and complemented ZFX’s UK and Seychelles operations that separately cater to professional, institutional, and offshore retail clients.Strengthening Traze’s Regional ExpansionIn another recent move, Traze last year underwent a leadership change at the top when former CEO Erkin Kamran stepped down to build a new DeFi-native platform that offers crypto, FX, and commodities trading on a decentralized exchange. It followed a tenure in which he helped Zeal Group’s sister brand secure its UAE SCA license and expand alongside ZFX’s operations in the UK, Seychelles, and South Africa.Additionally, Traze last month appointed ex-Doo Prime executive Hristo Marinov as LATAM Regional Director. It streghtened its push into Latin America and other emerging markets with a sales leader who has worked under multiple regulatory regimes, including ASIC, FCA, FSCA, CySEC, and FSA. This article was written by Jared Kirui at www.financemagnates.com.

The Financial Conduct Authority has banned Kasim Garipoglu from working in the UK financial services industry. The regulator concluded he is not a fit and proper person due to a lack of “honesty and integrity”.The FCA said Garipoglu owned a firm offering online trading in foreign exchange and contracts. Between April 2012 and December 2022, including the period when he served as chief executive and director and held regulatory approval, he repeatedly ignored regulatory obligations and undermined compliance controls.Regulator Cites “Money Laundering Risk”According to the authority, Garipoglu disregarded advice from colleagues and compliance staff who warned that some of his instructions were illegal and breached regulatory requirements. The regulator said he repeatedly overruled these warnings and prioritised commercial gain over compliance.Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said Garipoglu had “consistently shown a blatant disregard of regulatory requirements” and chose to run his business in a way that created “significant risk that serious money laundering would be facilitated.”She added that he “has consistently sought to evade accountability” and that his conduct “fell far below the standards expected of individuals in senior positions.”Finance Magnates has reached out to Garipoglu for comment regarding the FCA’s decision. As of publication, no response has been received.Ex-CEO “Falsified Documents, Misled Regulators”The regulator said this behaviour means Garipoglu “poses an ongoing risk to consumers and to the integrity of the UK financial system.”The FCA noted that his actions weakened anti-money laundering controls and encouraged misconduct within the company. It said Garipoglu viewed the possibility of regulatory fines as a business risk that could be accepted in pursuit of commercial advantage.The regulator also found that Garipoglu deliberately provided false and misleading information to the FCA and other regulators. Examples included instructing the forgery of a document intended to show that an employee lived at a UK address with him, when neither individual did.The investigation also found he falsified a university degree certificate and submitted inaccurate declarations to the FCA as part of an authorisation application for another firm he owned.In a separate case, Garipoglu instructed a colleague to impersonate him in communications and during a phone call with a regulator in South Africa.The FCA also said he asked staff to take a mandatory anti-money laundering test on his behalf and later presented the result as his own. When questioned by the regulator, he denied the conduct. This article was written by Tareq Sikder at www.financemagnates.com.

Finalto, a global financial services provider specialising in liquidity, risk management and world‑class financial technology, is proud to be the top donor to the Samara Tenax project, initiated by current and former members of the Royal Air Force’s 99 Squadron in honour of Air Specialist (Class 1) Technician Sam Odotei, who sadly passed away on duty while serving with the squadron.Finalto’s contribution was formally recognised at a ceremony held at RAF Brize Norton, attended by Finalto UK & EU CEO Paul Groves, who was joined by Paul Jackson, Finalto Joint Head of Sales and Head of Marketing UK & EU. Also in attendance was Sam’s father, Eric Odotei, Group Head of Regulatory Reporting at Finalto.Wing Commander Nikki Lofthouse, Commander of 99 Squadron, said: “We are grateful to Finalto for their generous support of Samara Tenax. This project gives our squadron a meaningful way to honour the memory of a valued member of 99 Squadron and to build a legacy with lasting impact. We are certain Sam would be proud of these efforts.”Building communitySamara Tenax is an initiative of the TrueNorth Trust, which empowers serving military personnel, veterans, and their families by supporting projects that strengthen local communities around the world. The name honours both Sam and the symbolism of the samara - a seed with wings -combined with 99 Squadron’s motto Quisque tenax (“Each One Tenacious”).Samara Tenax also pays tribute to Sam’s Ghanaian heritage by directing resources toward the construction of a new community centre in Sakpe, a rural farming community in northern Ghana. The centre will serve as a hub for development initiatives, with a primary focus on educational programmes that help local farmers integrate traditional practices with modern agricultural methods to improve productivity and maximise crop yields. To help ensure the initiative is sustainable and impactful, the project leaders have partnered with a local foundation, Best Way Farms.Groves said: “The Samara Tenax project, dedicated to advancing education and improving living standards in rural communities, reflects values that are deeply embedded in Finalto’s culture. We are privileged to support this initiative and honoured to help commemorate the life and service of Sam Odotei, who will always remain part of the extended Finalto family.”Eric Odotei added: “Though Sam is no longer physically with us, his memory continues to tug gently at our hearts, reminding us to care for those less privileged than ourselves and to live with compassion in a world that can sometimes seem unfair. I would also like to extend my sincere thanks to Wing Commander Nikki Lofthouse and the TrueNorth Trust for bringing this initiative together. The generous support from Finalto will help the Samara Tenax project improve living standards and provide valuable education for farmers and their families in a rural community that has long faced limited opportunities and resources. As both Sam’s father and a member of the Finalto family, I feel deeply proud to be part of an organisation whose leadership demonstrates a genuine commitment to compassion, community, and making a meaningful difference.”In addition to Finalto’s corporate sponsorship, members of 99 Squadron have undertaken a series of ongoing fundraising initiatives to further support the project and strengthen Sam’s legacy. To learn more about Samara Tenax or to contribute to the project, please click here.Contact Finalto: sales@finalto.comMedia enquiries: Lara Hussaini (lara.hussaini@finalto.com)About FinaltoFinalto is an innovative prime brokerage that provides bespoke liquidity and fintech solutions. Our award-winning technology and expertise enable us to deliver effective, flexible service to a wide range of institutional clients globally, personalised to suit their needs. We deliver best-in-class pricing, execution and prime broker solutions across multiple assets, including CFDs on Equities, Indices, Commodities, Cryptos and rolling spot FX, Precious and Base Metals, and bespoke products such as NDFs. This article was written by FM Contributors at www.financemagnates.com.

In the early 2000s, I learned to fly. This was, depending on your perspective, either a magnificent life-enriching pursuit or a spectacularly expensive way to spend Saturday mornings. My wife was supportive, on one non-negotiable condition: I was cleaned up, earthbound, and sitting opposite her in Selfridges for lunch by early afternoon.When you need to do something in precisely the right order, you need to get yourself a checklist. By Richard ForssEvery Saturday, I would drive up to Elstree, a small airfield in north London that sits, rather improbably, between a film studio and the suburban sprawl of Hertfordshire. For an hour, I would experience something genuinely extraordinary. There is a particular feeling you get when you are alone at the controls of an aircraft, a few thousand feet above the English countryside, that is very difficult to describe to anyone who hasn't done it. It is equal parts exhilaration, concentration and the quiet awareness that you are one bad decision away from a very short career.But this is not, despite appearances, a story about flying. It is a story about checklists. And, more specifically, about why the most tedious part of aviation turned out to be the most important thing it ever taught me.The checklist ritualBefore you start an aircraft engine, you run a checklist. Before you taxi, you run a checklist. Before you take off, you run a checklist: the engine run-up, the magneto checks, the carb heat, the instruments, the controls, the hatches and harnesses. After take-off, there is another checklist. Before you land, another. After you land, yet another. And you do not skip items. You do not do them from memory because you're feeling confident. You read them out, every single time, even if you have done it five hundred times before, because the one time you don't is the time something is wrong and you find out about it at entirely the wrong altitude.I learned those checklists so thoroughly that I can recite them today, more than two decades later, despite not having flown in years. They are engraved somewhere in the back of my brain, alongside my childhood phone number and the lyrics to Bohemian Rhapsody. The reason they stuck is not because I have a remarkable memory (I routinely forget where I've put my car keys) but because they were taught as a matter of life and death. Which, in aviation, they literally are.The aviation checklist, incidentally, exists because of a crash. In 1935 Boeing's Model 299, a plane the US Army had already decided to buy, stalled on its demonstration flight because the pilot, overwhelmed by the cockpit's complexity, forgot to release a locking mechanism on the controls. Two crew died. The plane was declared "too complex to fly." Boeing's answer was not to simplify the aircraft but to create a checklist. That checklist helped the 299, later known as the B-17 Flying Fortress, go on to fly 1.8 million miles without incident and play a decisive role in winning World War 2. The plane wasn't too complex to fly. It was too complex to fly from memory.Every checklist I have ever used, from Elstree to the server room, owes its existence to that insight.Nobody dies (probably)Releasing code into a production environment is not, I will concede, quite the same as lifting a single-engine aircraft off a runway in a crosswind. In fintech, nobody is going to die if your deployment goes wrong. Probably. But in a regulated financial services business, a botched release can produce consequences that, while not fatal, are certainly career-limiting and occasionally front-page-worthy.The parallel, though, is closer than most technology leaders would like to admit. A production release is a moment of controlled risk. You are moving from a safe test environment into the real world, where real clients have real money and real regulators have real expectations. The moment you push that button, you are the pilot on the runway. Everything up to this point has been preparation. What happens next depends entirely on whether you did the preparation properly.At EXANTE, we treat production releases with the same disciplined ritual I learned at Elstree. There is a checklist. It is followed every time. Not because our people are incapable of remembering what to do (they are experienced, talented professionals) but because memory is a liar. It tells you everything is fine. It tells you that you definitely checked that thing. It tells you this release is basically the same as the last one, so you can skip a few steps.Memory, in short, is the enemy of rigour. Checklists are the antidote.The boring magicThere is nothing glamorous about a checklist. Nobody has ever written a Hollywood screenplay about a man who diligently confirmed his deployment rollback procedure before cutting over to the new release. But there is a reason that aviation, where the consequences of error are as severe as they get, has built its entire safety culture around them. They work. Not because they are clever, but because they are relentless. They do not care that you are tired, or rushed, or confident, or distracted by the fact that someone has just pinged you on Slack about something unrelated. They simply sit there, waiting for you to confirm each step, one at a time, in order.The technology industry, for all its talk of agility and innovation, could learn this lesson more deeply. We have monitoring tools, automated tests, CI/CD pipelines; all wonderful things. But somewhere in the process, a human being needs to pause, look at a list, and confirm: have we actually done what we think we've done? Is the rollback ready? Have the stakeholders been notified? Are we confident this is the right build? Do we know what "good" looks like once it's live?These are not exciting questions. They are the most important questions.Cleared for take-offI no longer fly. My Saturday mornings have been reclaimed for less vertigo-inducing pursuits, and my wife no longer has to wonder whether I'll make it to Selfridges in one piece. But the checklists stayed with me. Not as a quaint memory of a hobby, but as a fundamental conviction about how serious work should be done.Every time we release code at EXANTE, I think of that little airfield in north London. I think of sitting in the cockpit, reading out each item, confirming each check, knowing that the ritual was the thing keeping me safe. The stakes in technology are different. Nobody dies. But the principle is identical: you follow the process, every time, because the one time you don't is the time you wish you had.And unlike flying, at least I can do this bit sitting down with a cup of tea.Richard Forss is CTO of EXANTE, a business of over 700 staff, where he leads a technology team of 230 and has not crashed anything, aircraft or production system, in several years. This article was written by FM Contributors at www.financemagnates.com.

Prediction markets are booming — from sports bets to contracts tied to geopolitical events. But would your exchange actually be allowed to list them in the U.S.?The Commodity Futures Trading Commission has just released new guidance for platforms launching event contracts. So we turned the regulator’s advisory into a quick test.Below is a simplified checklist based on the regulator’s latest advisory.1. Are You Operating a Regulated Exchange?If your platform operates as a Designated Contract Market (DCM) or plans to apply for such designation, the CFTC framework for derivatives exchanges will apply directly to the listing of prediction markets.Platforms operating offshore or outside the U.S. regulatory framework may face different legal and compliance considerations.Answer☐ Yes — continue to the checklist☐ No — U.S. listing may not be possible under the current framework2. Could the Contract Be Easily Manipulated?Under U.S. derivatives rules, exchanges are expected to list only contracts that are not readily susceptible to manipulation. Sports markets have already raised concerns among regulators. Contracts tied to individual incidents — such as player injuries or referee decisions — may be easier to manipulate because their outcome can be influenced by a small number of participants.Answer☐ Yes☐ No3. Do You Have Market Surveillance Systems in Place?Regulated exchanges are expected to monitor trading activity in real time and investigate irregular market behavior. This includes detecting disorderly trading, identifying anomalies in market activity, and accessing trader-level data if an investigation is required.As institutional trading firms and prime brokers explore ways to connect clients to prediction markets, regulators are placing greater emphasis on market surveillance and the detection of unusual trading patterns.Answer☐ Yes☐ No4. Is the Settlement Data Reliable and Transparent?Event contracts typically settle based on external data sources. Exchanges are expected to clearly define how the settlement outcome is calculated and where the underlying data comes from.Regulators emphasize the importance of accurate, reliable, and manipulation-resistant data sources, as well as safeguards that prevent premature disclosure of key data used in settlement calculations. Answer☐ Yes☐ No5. Have You Engaged With Relevant Authorities or Sports Leagues?For sports-related event contracts, regulators encourage exchanges to coordinate with relevant sports leagues or governing bodies.This may include consulting integrity units, establishing data-sharing arrangements, and ensuring that contract design aligns with the integrity standards of the relevant league.Answer☐ Yes☐ No6. Does the Contract Involve Sensitive or Restricted Events?U.S. law allows regulators to prohibit event contracts that are deemed contrary to the public interest. This may include contracts tied to events involving assassination, war, or terrorism. Earlier this month, markets speculating on the potential removal or death of Iran’s Supreme Leader Ayatollah Ali Khamenei sparked controversy and renewed debate about whether certain geopolitical contracts should be allowed.Answer☐ Yes☐ NoQuick InterpretationIf your answers mostly “Yes”, your platform may be structurally prepared to list prediction markets under the current regulatory framework. Several “No” answers might mean that your contracts could face regulatory scrutiny or delays.How might these rules apply in practice?The examples below show how different types of prediction market contracts might be viewed under the CFTC framework.The CFTC has also encouraged exchanges to engage with regulators early in the contract design process, particularly for markets that may carry higher manipulation risks. The guidance does not ban prediction markets. But it signals that exchanges launching event contracts will be expected to meet the same standards of market integrity as traditional derivatives venues — a test some contracts may struggle to pass. This article was written by Tanya Chepkova at www.financemagnates.com.

Silver price is falling for the third straight session on Friday March 13, testing below $82 per ounce and the 50-day EMA, as the market gives back a portion of the gains built on this week's geopolitical tailwind. The white metal is now in a consolidation that could resolve in either direction, and the stakes are significant.In this article, I will break down XAG/USD technical analysis, examine the bearish case for silver that a growing number of analysts are making, and compile the key silver price predictions for the rest of 2026. Based on my over 15 years of experience as an analyst and retail investor, here is what I am watching.Follow me on X for real-time crypto market analysis: @ChmielDkWhy Silver Is Going Down? Three Sessions of SellingThe immediate trigger for this week's selling is straightforward: the risk premium is unwinding. Silver surged toward $90 earlier this week on the back of US-Iran geopolitical tensions and safe-haven demand, but as those tensions show no signs of immediate escalation, the hot money that drove the move is rotating back out. The dollar has also firmed, adding mechanical pressure to dollar-denominated commodities including silver.There is a deeper structural problem sitting underneath the weekly noise. Silver rose nearly $50 in a single month at the start of 2026, hitting the all-time high of $121.62 in January. It then lost the entire move in just two trading sessions - the most violent drawdown on this market since the 1980s Hunt Brothers episode.[#highlighted-links#] That kind of price action leaves psychological damage. Traders who chased the rally and were caught by the reversal are still sitting on losses, and many are using bounces to reduce exposure rather than add to it. As my earlier analysis of the 13% two-day collapse noted, the CME margin hike from 15% to 18% accelerated the forced liquidation cascade and broke the speculative momentum that had been building since October 2025.Silver Technical Analysis: The Same Box, Now Testing the FloorAs my technical analysis shows, silver has been falling for three consecutive sessions and is on Friday March 13 testing below $82 per ounce - the level of the 50-day EMA. That is a meaningful test, but it changes very little about the broader chart structure.Silver has been trading within the same consolidation range since early February. The lower boundary sits around $70 per ounce - the December and February lows. The upper boundary is the local peak zone at $90-$94, tested twice at the start of March. At $82, we are sitting in the middle of this channel. The market is digesting the extraordinary volatility of the year's opening weeks and appears to be consolidating before its next directional move.The two scenarios on my chart are clear and the outcomes diverge sharply. A break above $94 with volume opens the path back toward the all-time high near $120 with no meaningful technical resistance between those two levels - blue sky territory. A break below $70 activates a very different story: the path to the 200-day EMA at $60, and ultimately toward the October 2025 highs near $55, which together form a substantial structural support zone. From current levels, that downside scenario represents a decline of at least 35%.The 50 EMA at $82 is the immediate battle line. A daily close back above it on Friday or early next week would ease the near-term selling pressure and keep the consolidation symmetrical. A close below it would tilt the near-term bias toward testing $80 - the mid-channel support where the December 2025 historical highs also cluster - before any decision on the $70 boundary becomes relevant.The Bearish Case: Who Is Calling for Lower PricesThe silver bull community has dominated the narrative for most of 2025-2026, but a meaningful minority of analysts and market observers are making the opposite case - and their arguments deserve honest examination.Former JP Morgan Chief Strategist Marko Kolanovic is the most prominent institutional bear. He predicts silver could crash back to $50 per ounce in 2026, roughly half the January highs, arguing the rally was "driven by speculation rather than fundamentals" and that 50% drops are historically normal after such rapid gains. He is not wrong about the historical pattern - silver has a long track record of spectacular advances followed by equally spectacular collapses when the speculative overhang unwinds.On X, Arya Yalmmanian warns of "significant suffering for silver investors over the next 12 months," citing long-term sentiment models that show downside ahead. The note of humility is worth highlighting: he added he hopes his models are wrong this time. My long-term models, which are based exclusively on sentiment indicators, show that silver investors will suffer considerably over the next 12 months.I would like nothing more than for them to be wrong this time.— Ara Yalmanian (@AraYalmanian) March 11, 2026Yannis Kokkinias takes a more structural bearish view, pointing to a rising DXY, reduced global production numbers, and the argument that lower margin requirements going forward will "enable banks to slam prices via shorts." He is the most cynical: "technicals and fundamentals are obsolete - bankers control the price." That framing is common in the silver community and is partly informed by the decades-long history of position concentration in silver futures among a handful of large financial institutions.Patrick technicals or fundamentals are obsolete right now . For silver, everything is bearish. Margins increase or decrease, shortages, solar panels etc don't matter.Bangsters can drive the price down whenever they decide to. To any level.— Yannis Kokkinias (@kokkiyann) March 6, 2026The most measured bearish scenario comes from Sanju Lakshya who sees silver bottoming near the $60-$70 support zone and then spending extended time in a $60-$80 range rather than mounting a sustained recovery. That view aligns closely with my own chart's 200-day EMA target of $60 as the floor of the bear case and is perhaps the most technically grounded of the bearish views.#Silver forecast :I see bottoming near 60-70 Support Zone , and one more attempt to 95-105 before seeing long term consolidation in 60-80 Zone— Super Trader Lakshya #STL (@Sanju_Lakshya) February 2, 2026Why the Bull Case Is Still Alive at $82?The bearish views above represent a genuine minority amid broader optimism, and it is important to provide balance. The physical supply deficit that drove silver to $121 in January has not disappeared. The Silver Institute's data shows annual supply shortfalls running at 110-300 million ounces, and COMEX registered inventories remain severely depleted after the January delivery squeeze withdrew 33.45 million ounces in a single week.Bank of America's Michael Widmer maintains his $135-$309 target and the structural thesis behind it - gold-to-silver ratio compression, industrial demand from solar and AI infrastructure, and Eastern market buying - remains intact. Citi's $150 three-month forecast issued in late January was premised on "relentless Chinese buying and dollar weakness." The Chinese demand story has not changed. What changed is the dollar, which has partially recovered from its four-year lows.The critical point on my chart is $70. As long as silver holds above that lower consolidation boundary, the bull and bear cases remain evenly balanced and the upside to $120 is technically just as valid as the downside to $55. The break will tell us which story this market is telling.Silver Price Predictions 2026: From $50 to $309The forecast range for silver in 2026 remains one of the widest of any major asset class, reflecting genuine uncertainty about whether the physical market can sustain prices at multiples of historic norms.FAQ, Silver Price AnalysisHow low can silver go in 2026?As shown on my chart, a break below the $70 lower consolidation boundary opens the path to the 200-day EMA at $60, and ultimately toward the October 2025 highs near $55 - representing at least a 35% decline from Friday's $82 price. Why is silver going down this week?Silver is falling for a third consecutive session as the geopolitical risk premium built up earlier this week unwinds, the dollar firms from multi-year lows, and traders who chased the January $121 all-time high continue using bounces to reduce exposure. What is the silver price prediction for the rest of 2026?The range of credible forecasts spans from JP Morgan's $81 average and Kolanovic's $50 crash scenario at the bearish end to Bank of America's $135-$309 target and independent analyst Jochen Staiger's $185 projection at the bull end. My technical analysis identifies the $70 lower boundary as the pivotal level - above it, both scenarios remain open. Below it, the bear case accelerates toward $60 and then $55. A break above $94 opens the path back to $120 with no technical resistance in between.Is the silver bull market over?Not yet - but it is on notice. The supply deficit of 110-300 million ounces annually and the depleted COMEX registered inventories provide genuine structural support. The 50 EMA at $82 must hold on a closing basis for the near-term technical picture to remain neutral. This article was written by Damian Chmiel at www.financemagnates.com.

IronFX, a prominent brand in the forex and contracts for differences (CFDs) industry, has laid off around 10% of its 1,500 workforce, FinanceMagnates.com understands. Sources said the reason behind the move was “efficiency” amid the AI wave.The specific catalyst for the layoffs at IronFX remains unconfirmed by the company, which has been largely unresponsive to inquiries, and no comments were provided by the time of publication.While IronFX holds a Cyprus Investment Firm (CIF) licence, it stopped offering services to retail CFD traders in the European Union a few years ago. Now, the broker appears to be operating primarily under an offshore licence from the British Virgin Islands.It also holds a licence from the UK Financial Conduct Authority.Despite its global operations, the broker has strong ties with Cyprus, as it was founded on the Mediterranean island in 2010 by Markos Kashiouris and Peter Economides. It received the Cyprus license the same year.Read more: IronFX Founder Quietly Joined Prop Trading Craze with ‘Ultimate’Brokers Reducing StaffThe staff cuts at IronFX follow a broader pattern of layoffs across the retail brokerage landscape. Finance Magnates earlier reported that eToro decided to cut 10% of its global workforce, while the operator of the FXCM and Tradu platform moved to cut more than 100 employees in 2025. The CEOs at eToro and FXCM cited AI adoption as a driver for restructuring.Still, it remains to be seen if AI is a strategic narrative for the sector, as by bundling performance-based redundancies and aggressive cost-cutting into a single, forward-looking message, brokers can often frame mass layoffs in a way that resonates more positively with investors.Elsewhere, IG Group has recently finalised the closure of its South African office, a unit that once employed roughly 90 people, completing a withdrawal that began nearly nine months ago. In 2023, IG Group had also moved to reduce its global workforce by 10%, and a few months later, another industry heavyweight, CMC Markets, announced a 17% staff reduction. This article was written by Arnab Shome, Adonis Adoni at www.financemagnates.com.

The US Department of the Treasury has sanctioned six people and two entities linked to an alleged North Korean IT worker fraud network. The network reportedly generates revenue to fund North Korea’s weapons program and frequently targets the cryptocurrency sector.Over the past year, the US has imposed sanctions on North Korean bankers and companies accused of moving cryptocurrency stolen through cybercrime and IT worker fraud to fund Pyongyang’s weapons programs. The network reportedly used shell companies, fake overseas firms, and intermediaries in China and Russia to conceal the transfers.Vietnam Firm Accused Laundering $2.5M CryptoThe Office of Foreign Assets Control announced the latest sanctions yesterday (Thursday). The designations include Amnokgang Technology Development Company, a North Korean firm accused of managing overseas IT workers, and Nguyen Quang Viet, CEO of Quangvietdnbg International Services Company Limited, a Vietnam-based company accused of laundering $2.5 million through cryptocurrency for the network.The individuals sanctioned are Do Phi Khanh, Hoang Van Nguyen, Yun Song Guk, Hoang Minh Quang, and York Louis Celestino Herrera. OFAC said the sanctions freeze all US assets connected to the designated parties and bar them from conducting financial transactions or business with US persons. Violations carry civil and criminal penalties.Today, Treasury’s Office of Foreign Assets Control sanctioned six individuals and two entities for their roles in Democratic People’s Republic of Korea (DPRK) government-orchestrated IT worker schemes that systematically defraud U.S. businesses and generate revenue to fund the…— Treasury Department (@USTreasury) March 12, 2026North Korea IT Workers Target CryptoFraudulent IT workers linked to North Korea have increasingly targeted industries including blockchain and cryptocurrency companies. A Google report in April 2025 noted that the infrastructure supporting these schemes has expanded globally.The sanctions also include 21 cryptocurrency addresses across Ethereum and Tron. Chainalysis said the “designation of addresses across multiple blockchain networks reflects [North Korea’s] increasingly multi-chain approach to moving funds.”Chainalysis added that North Korean IT worker schemes “represent a sophisticated and growing threat,” using fake identities to gain employment with companies and sometimes introducing malware to access sensitive information. This article was written by Tareq Sikder at www.financemagnates.com.

The MENA region is emerging as a major centre for the financial trading industry, and Exness recognises that growth as both a market signal and a business priority.In a recent Finance Magnates executive interview, Mohammad Amer, Regional Commercial Director at Exness, said the MENA region is no longer just participating in global financial markets; it is now playing a key role in shaping them. He also said Exness views its presence at iFX EXPO Dubai as an important way to show its scale, connect with industry experts, and strengthen B2B relationships in the region.Why Dubai matters for Exness and the wider marketAmer described Dubai and the MENA region as a fast-growing fintech market, and said this is one reason Exness continues to invest in visibility and presence at events like iFX EXPO Dubai, where the company appeared as an elite sponsor.He said Exness uses the event to present its scale and market presence, while also engaging with industry experts and B2B partners in the region. In his view, this is not only about brand visibility but also about being active in a market expected to keep growing strongly in the coming years.According to Amer, the region is projected to be among the fastest-growing fintech markets, with strong year-on-year revenue growth through 2028. Within that context, Exness MENA remains a key part of the company’s regional focus.A mobile-first generation is changing expectationsA major theme throughout the interview was the rise of mobile-first trading behaviour in MENA, especially among younger users. Amer agreed that mobile is central to the market and pointed to the scale of mobile adoption in the region.He said the new generation of users expects more than just access to the markets. They also expect platform stability and strong performance, even during high-impact market events.“The new generation of users is not just expecting us to provide access to the market,” he said. “They are expecting stability, favourable conditions, including precise execution and tight spreads.”Amer said Exness responds to these demands through engineering, which he described as a core part of how the company manages performance and reliability requirements. In this sense, Exness is not only adapting its commercial approach but also focusing on platform quality for a market with high mobile usage and rising expectations.Local talent is a key part of regional successAmer also spoke about the role of local teams in delivering a better regional strategy and user experience.He said local talent helps an international company become a real regional partner because MENA employees bring cultural understanding, communication awareness, and knowledge of market-specific regulatory requirements.“Local talent is what turns an international company into a regional partnership,” Amer said.He added that local teams help companies understand both trader needs and regulations in a more practical way. This, he said, directly affects the user experience, especially when traders can speak with people who understand local communication styles and do not face language barriers.Amer also noted that this matters not only for newer users but also for more experienced traders, whose needs can be more complex. For Exness, local talent appears to be both an operational and customer experience priority.What the online trading industry may look like by 2030When asked about the wider growth of online trading platforms toward 2030, Amer said he expects the industry to favour fewer, stronger, and more capable companies.His view is that future winners will be those who can meet rising standards across regulation, engineering, and platform consistency. He also said AI should not be used only in marketing, but also in platform infrastructure.“It is not just about AI-driven marketing,” he said. “It is about taking AI under the hood to stress test the platforms and inspect pricing anomalies.”Amer’s comments suggest that scale alone may not be enough. In his view, firms will need stronger systems, stronger controls, and more consistent performance to remain competitive as the industry grows.MENA’s young population and the shift from access to capabilityAmer said MENA’s demographics are a major driver of change in the market. He pointed to a young population, noting that a large share of the region's population is under 30.He said this generation is not only looking for market access. They are also looking for “financial capabilities,” meaning they want brokers who support informed decision-making and long-term trading goals.This is where trust becomes central, he said. In his words, trust is not only a brand value, but it also has commercial value.“They are looking for trustworthy brokers.” “Trust is not just a brand value; it has a commercial value as well.”He added that traders are looking for brokers that can offer stability, speed in execution, and transparency. He also described a broader shift in the industry: from brokers that mainly provide access to brokers that also support financial literacy.According to Amer, younger traders want to better understand markets and make their own decisions, which increases the need for education and clearer communication. That point adds another layer to Exness' view of its role in the region.Amer’s outlook for 2026: The year of trustAsked for his prediction for 2026, Amer gave a direct answer: trust will be the main theme.“I would say it’s going to be the year of trust,” he said. “The focus will be about trust.”He linked this to market volatility and said that in uncertain conditions, traders will place more value on brokers that can demonstrate reliability and transparency in practice. He also pointed to instant withdrawals* as one example of a feature that supports trust, saying Exness has been offering this for years to experienced traders.For Exness, the message was clear: as the market grows and user expectations rise, trust, stability, speed, and transparency will matter more than ever.Read More about Exness*At Exness, over 98% of withdrawals are processed automatically. Processing times may vary depending on the chosen payment method. This article was written by Finance Magnates Staff at www.financemagnates.com.

VeryAI, a Proof of Reality platform focused on verifying human identity in an AI-driven digital environment, today announced a $10 million seed funding round led by Polychain Capital, with participation from Berggruen Institute and Anagram. The round marks the company’s first capital raise and coincides with the launch of its first product, a hardware-free palm scan verification system designed to address the growing risks of AI-generated identities and deepfakes. As synthetic content becomes easier to generate, existing authentication methods such as facial recognition, CAPTCHAs and two-factor codes face increasing limitations. According to industry data, the time required for attackers to compromise systems has increased by 22 percent since 2023, with breaches now occurring in an average of 48 minutes. VeryAI’s approach centers on palm biometrics, a form of identification that is both highly unique and rarely exposed publicly. The system captures palm scans through a smartphone camera without requiring specialized hardware. According to the company, its verification model delivers a false acceptance rate of roughly 1 in 10 million when verifying a single hand, compared with around 1 in 1 million for many facial recognition systems. When both hands are used, the false acceptance rate falls to approximately 1 in 100 trillion. “Privacy is a human right. But deepfakes and synthetic content present weaknesses that current systems simply can’t keep up with. VeryAI is restoring trust in identity verification by replacing outdated methods with solutions that are accurate, private and frictionless,” said Zach Meltzer, founder and CEO of VeryAI. “Having helped build identity solutions for millions of crypto users, from KYC and reputation scores to ZK Protocols and credential systems, I’ve seen both their value and their limits in the face of AI-driven fraud. VeryAI is building the future of identity verification.”VeryAI operates a B2B model that enables crypto exchanges, fintech companies and other platforms to integrate palm verification into their authentication systems, charging partners based on monthly user verifications. The system is designed to work through standard smartphone cameras, making identity checks widely accessible. Built on Solana, VeryAI records palm-scan identity registrations on-chain while leveraging the network’s fast finality and low transaction costs. Solana co-founder Anatoly Yakovenko is also an angel investor in the project. To support privacy and interoperability, the platform uses Zero Knowledge Proofs (ZKP) and the Solana Attestation Service (SAS), allowing users to verify their identity across decentralized applications without exposing personal data. VeryAI is also integrating Light Protocol’s ZK compression technology, which stores only state roots on-chain while validating compressed state off-chain to reduce storage costs while maintaining security. When verification is completed, the system generates a non-traceable identifier that proves an action occurred without linking it to a specific individual. The company states that it does not store palm images, instead retaining irreversible feature representations that cannot be reconstructed. VeryAI’s leadership team includes CEO Zach Meltzer, who previously helped scale Galxe to more than 6,000 partners and 34 million users while working on identity systems such as KYC frameworks and credential infrastructure, and Chief Science Officer Hua Yang, a researcher in palm biometrics with more than 50 publications and patents. “Every major platform, whether in finance, crypto, or social media, is grappling with the risks of AI-driven fraud,” said Olaf Carlson-Wee of Polychain Capital. “VeryAI’s palm verification technology closes that gap with accuracy, privacy and accessibility that no other biometric identity solution has yet to match. This is the foundation for a new standard of trust online.”VeryAI has also added Matthew Groh, Assistant Professor at Northwestern University’s Kellogg School of Management and Principal Investigator of the Human-AI Collaboration Lab, as an advisor. The company is launching a research collaboration with the university to improve human resilience to deepfakes and strengthen the detection of synthetic media. The funding will be used to expand VeryAI’s Proof of Reality platform and develop additional tools designed to distinguish AI-generated identities from verifiable human users. This article was written by FM Contributors at www.financemagnates.com.

A federal court in Alabama has dismissed key parts of a lawsuit accusing Binance, its US affiliate Binance.US, and former CEO Changpeng Zhao of facilitating transfers of cryptocurrency to terrorist groups.Victims of the October 7 attacks had filed the complaint in February 2024. The plaintiffs alleged that the companies and Zhao enabled payments linked to Hamas through the exchange. They argued that the defendants “violated, and may be continuing to violate, the Anti-Terrorism Act” by allowing funds to move through the platform.Alabama Court Partially Dismisses Binance LawsuitIn an order, Chad Bryan granted a motion filed by Zhao to dismiss significant portions of the complaint. However, the judge did not close the case entirely. He ordered the plaintiffs to file a second amended complaint by April 10 or risk “the prospect of a total or partial dismissal.”Bryan noted that the claims carried serious implications and required stronger legal arguments to proceed. “The underlying harm here is serious,” he said, adding that the allegations and potential liability were also “serious.” He wrote that the complaint must show a “commensurate level of seriousness before the action will be permitted to proceed.”Following the decision, Binance said the ruling represented a “full and complete legal victory.”?JUST IN: BINANCE SECURES SECOND U.S. FEDERAL COURT VICTORY WITH ANTI-TERRORISM CLAIMS DISMISSED@Binance Chief Legal Officer, @EleanorsHughes1, has announced a second consecutive U.S. federal court victory, with an Alabama court issuing a detailed 19-page ruling dismissing… pic.twitter.com/k2mV7kdiqI— BSCN (@BSCNews) March 12, 2026New York Court Dismisses Claims, Binance Faces Iran ScrutinyLast week, the US District Court for the Southern District of New York dismissed claims against Binance for “lack of personal jurisdiction.” Judge Jeannette Vargas noted, however, that similar allegations had survived dismissal in another case in the district. Binance general counsel Eleanor Hughes said that “sanctions compliance and terrorism financing are serious matters of law,” and courts had examined the claims twice and found them “without merit.” Judge Vargas added that the case remains active and the court retains authority to ensure parties comply with evidence preservation rules. Separately, media reports allege Binance processed over $1 billion in transactions linked to Iran, prompting Senate inquiries. Binance denies the claims and has filed a defamation suit against The Wall Street Journal over its reporting on a Justice Department probe. This article was written by Tareq Sikder at www.financemagnates.com.

Thailand’s Securities and Exchange Commission (SEC) has confirmed that legal action against cryptocurrency promoter Worawat Narknawdee, also known as “Acme Traderist,” is ongoing, Bangkok Post reported. The statement followed renewed public attention after more than 30 alleged victims filed new complaints against him this week.Complaint Filed With Economic Crime DivisionDeputy Secretary-General Anek Yooyuen said the SEC filed a criminal complaint in March 2023 against Mr. Worawat and 1000X Limited, the company operating the website 1000x.live. The pair are accused of running a digital asset trading business without authorization.The case resurfaced publicly early this week, when the alleged victims went to the Central Investigation Bureau to file new complaints over investments linked to the 1000X platform. This prompted renewed media and social media scrutiny and leading the SEC to restate that it had already lodged a criminal complaint against Narknawdee and 1000X Limited back in 2023 and that the matter now sits with public prosecutors.Read more: Thailand Joins Countries That Exempt Crypto Capital Gains Tax, but Only for 5 YearsVictims claim they were persuaded to invest through the platform, with estimated damages totaling 1.39 billion baht. Police believe Mr. Worawat may have left Thailand and travelled to the United Arab Emirates, where he reportedly has other business interests.SEC Moves to Protect InvestorsTo prevent further losses, the SEC said it requested the Digital Economy and Society Ministry last June to block access to the platform. The regulator also urged the public to verify whether a digital asset business is properly licensed before investing.Thailand’s SEC has brought several similar actions against unlicensed or improperly operating crypto businesses and promoters in the past year. For example, it moved to block access to five unlicensed exchanges including Bybit, CoinEx, OKX, XT.com and 1000X from June last year, after finding they served Thai users without licenses and referred those cases to the Economic Crime Suppression Division. In January, the SEC also filed criminal complaints against individuals allegedly offering Worldcoin trading services and separate complaints over unauthorized over-the-counter crypto dealing, again citing violations of the Digital Asset Business law. More recently, in February, the regulator lodged a complaint against a licensed local broker, its overseas platform and executives for allegedly operating an unlicensed exchange targeting Thai customers, underscoring a broader clampdown on cross-border and unlicensed activity. This article was written by Jared Kirui at www.financemagnates.com.

New research from LMAX Group and Macro Hive shows that London leads global FX price discovery by milliseconds, while Tokyo provides deeper and cheaper liquidity during major Japan-focused events.London prices move first even when the news comes from Japan. For both USD/JPY and EUR/USD, prices on the London venue reacted between roughly 20 and 100 milliseconds before Tokyo during the two events.Price discovery is how the market decides the current price of an asset through trading. The study used millisecond-level data from LMAX’s London and Tokyo venues around a Bank of Japan rate hike in July 2024 and a surprise Japan CPI release in February 2025.Tokyo Stays Tighter in StressAt the same time, Tokyo emerges as the venue where size actually trades. During the BoJ decision, the study identified more than 21,000 outlier trades, defined as unusually large tickets. Around 88% of those trades executed in Tokyo.In the top 1% of trade sizes, Tokyo handled 100% of activity, while London saw no large block trades. A similar pattern appeared around the Japan CPI release, with Tokyo again executing all of the largest orders.For the FX and CFD trading space, it means brokers, LPs and larger traders should treat London as the main price signal. They should route more flow to Tokyo during Japan-focused events to cut execution costs and access deeper liquidity.You may also find interesting: Chinese Fraud Victims Contest UK Compensation Plan for £3.2B Seized Bitcoins: ReportExecution costs diverged sharply when volatility spiked. Around the February 2025 CPI release, average USD/JPY spreads on the London venue widened to about 6.4 pips. In Tokyo, spreads stayed near 1.5 pips over the same window. That translates into a spread that is roughly 77% tighter in Tokyo.Earlier work from LMAX and Macro Hive looked at how FXmarkets react to big macro events like Fed meetings, US inflation data and jobs reports using very fast tick data. It showed that most of the price move in major pairs happens in the first few seconds after the news, and that traders who track those millisecond changes can capture almost all of that move. NDFs React Almost as Fast as MajorsThis suggests that Korean won and Indian rupee NDFs now respond to macro shocks with speeds close to major FX pairs on the same venue.Overall, the findings draw a clear line between where prices move first and where large, real-money orders find depth. London drives ultra-fast price discovery in the FX market, but Tokyo offers more resilient liquidity and lower spreads when local Japanese events trigger volatility.A separate report supports LMAX findings.It stressed that latency between traders and brokers is no longer a niche technical issue but a direct driver of execution quality, slippage and missed fills, especially in fast FX markets where prices change thousands of times per second. It explained that even differences of a few tens of milliseconds can turn planned entries and exits into worse prices, with case-study data showing that cutting connection times from around 75 milliseconds to under 1 millisecond reduced average slippage by about 1.7 pips over 120 trades, saving an active trader roughly $20,000 per year at standard volumes. This article was written by Jared Kirui at www.financemagnates.com.

The Commodity Futures Trading Commission has issued an Advanced Notice of Proposed Rulemaking seeking public comment on whether new regulations or amendments are needed for event contracts traded on prediction markets.The consultation examines how these contracts should be treated under the Commodity Exchange Act and related commission regulations.The consultation follows the CFTC’s withdrawal of a 2024 proposal to ban political and sports‑related prediction markets. Chair Michael S. Selig said the prior advisory “contributed to uncertainty” and would be rolled back. The action coincides with a joint crypto rulemaking effort with the SEC.CFTC Begins Review of Prediction MarketsIn a statement, Selig described the move as the start of a formal review process. He said the action is “an important step” in the commission’s effort to promote “responsible innovation in our derivatives markets.” Selig added that the initiative begins rulemaking “grounded in a rational and coherent interpretation of the Commodity Exchange Act” and should reassure the public that the CFTC “will exercise its exclusive jurisdiction over prediction markets.”Prediction markets allow participants to trade contracts linked to the outcome of future events. The CFTC said the notice asks questions about how statutory core principles and existing regulations apply to these products.The agency is also seeking views on which types of event contracts could be prohibited as contrary to the public interest. It requested input on cost-benefit considerations related to prediction markets and other regulatory issues.Division of Market Oversight Issues Advisory to ExchangesSeparately, the CFTC’s Division of Market Oversight issued an advisory addressing the listing of event contracts on exchanges. The division said the notice responds to the “rapid rise in popularity of prediction markets” and aims to encourage “growth and innovation” while reminding exchanges of their regulatory responsibilities.The advisory highlights obligations for designated contract markets under the Commodity Exchange Act and commission rules. The division also discussed issues that may apply to sports-related event contracts. It said exchanges, acting as “front-line regulators,” should take proactive steps to ensure their markets develop in compliance with the law and commission regulations.Consultation Process and Comment DeadlineThe CFTC said the information gathered through the consultation could inform possible future actions, including a formal rulemaking process concerning prediction markets.Public comments must be submitted in writing within 45 days after the notice is published in the Federal Register. Submissions can be made through the CFTC’s public comments portal. This article was written by Tareq Sikder at www.financemagnates.com.

Chinese investors defrauded in a multi-billion cryptocurrency Ponzi scheme have asked the UK High Court to reject a government-backed redress plan for the 61,000 seized Bitcoin. They argue that the proposal to route compensation through a Chinese scheme could strip them of the £3.2bn haul’s gains and leave British authorities holding much of the upside, according to the Financial Times.London police seized about 61,000 Bitcoin during an investigation into Chinese national Zhimin Qian, who ran an investment fraud between 2014 and 2017 that targeted more than 128,000 investors in China.Qian converted proceeds into Bitcoin and moved the funds to the UK, where officers later recovered the assets from electronic devices at a Hampstead property. Chinese Victims Contest UK Redress PlanQian evaded authorities for nearly five years while amassing one of the largest cryptocurrency fortunes ever seized in the UK. She was sentenced to more than 11 years in prison last November. A Chinese woman has been sentenced in the UK to more than 11 years in prison for running a $6.6 billion Bitcoin Ponzi scheme that defrauded over 128,000 people worldwide. pic.twitter.com/HRxK4J8nqN— Breaking911 (@Breaking911) November 13, 2025She reportedly converted tens of millions of pounds into Bitcoin and entered Britain on a false passport to live in luxury rented properties with accomplices. Bitcoin’s price has since risen sharply since the fraud took place, lifting the value of the seized stash to around £3.2bn at current levels of roughly £52,300 per coin.Victims are now using section 281 of the Proceeds of Crime Act to seek recovery of the assets through the English courts rather than through an out-of-court scheme proposed by UK authorities. Under that plan, compensation funds would be sent to China and distributed via an existing redress mechanism there, while the UK would likely retain a significant share of the remaining Bitcoin.Read more: UK Court Hands Nearly 12-Year Sentence in Massive £5B Bitcoin Case: ReportLaw Firms and Prosecutors Clash over Access and FeesLaw firm Candey, which represents about 5,700 victims, told the High Court it has concerns over whether the proposed scheme would run in line with principles of fairness, warning that some clients “could stand to recover nothing without access to justice before the English courts.”The firm said its fee arrangements, which cap total charges for UK and China legal teams at 18% of any sums recovered, allow victims without resources to pursue claims while keeping the “vast majority” of any recovery.A preliminary High Court hearing in July will decide whether English or Chinese law governs the victims’ claims to the seized Bitcoin, with a 22 May deadline set for section 281 applications. This article was written by Jared Kirui at www.financemagnates.com.

Investors have filed a proposed class action against JPMorgan in the US District Court for the Northern District of California, alleging the bank enabled a $328 million cryptocurrency Ponzi scheme run by the now-defunct Goliath Ventures.The lawsuit claims JPMorgan ignored suspicious transactions and allowed Goliath to use its banking infrastructure to collect investor funds, Cointelegraph reported. [#highlighted-links#] According to the complaint: “Chase, by virtue of its Know Your Customer procedures, actually knew that Goliath was acting as a ‘private equity’ cryptocurrency pool operator investing money for investors, without being licensed at all to sell these investments.”Goliath Crypto Scheme Routed Through BanksFrom January 2023 through May or June 2025, JPMorgan served as Goliath’s sole banking institution. Roughly $253 million of investor funds—about two-thirds of the total raised—was deposited into JPMorgan’s 0305 account, with around $123 million subsequently transferred to Goliath-controlled wallets at Coinbase. Goliath also held business accounts at Bank of America, where CEO Christopher Delgado was a co-signatory, and investor funds were occasionally routed there as well.?UPDATE: JPMORGAN SUED FOR ALLEGEDLY ENABLING $328M CRYPTO PONZI SCHEMEInvestors have filed a lawsuit accusing JPMorgan of facilitating a $328 million crypto Ponzi scheme tied to Goliath Venture. The suit alleges the bank processed fraudulent transactions and failed to flag… pic.twitter.com/cwvIj3TYAG— BSCN (@BSCNews) March 12, 2026Goliath CEO Arrested, Investors File LawsuitA separate criminal complaint from the US Attorney’s Office for the Middle District of Florida states that Delgado, who previously ran Goliath under the name Gen-Z Venture Firm, was arrested earlier. Prosecutors said the scheme operated from January 2023 through January 2026. Delgado faces up to 30 years in federal prison if convicted.The class action was filed by Shaw Lewenz, Sonn Law Group, and Schwartzbaum. The first plaintiff, Robby Alan Steele, said he invested $650,000, including retirement funds. Jordan Shaw of Shaw Lewenz said additional complaints are expected as the team continues identifying victims.Crypto Fraud Concerns PersistThe JPMorgan case highlights concern over cryptocurrency fraud in the United States. A recent survey by verification firm Sumsub found that roughly one in three Americans have experienced or know someone affected by crypto-related scams. Common schemes include Ponzi structures, social engineering, phishing, impersonation, and wallet exploitation. Synthetic identity and deepfake-related fraud have also risen sharply.Trust in crypto platforms remains lower than traditional financial services, and most respondents support stronger regulation to improve consumer protection. This article was written by Tareq Sikder at www.financemagnates.com.