In case you missed it

Maria Nikolova

FinanceFeeds takes a look back at the top five stories from the past week, providing you with a chance to catch up in case you missed anything.

The past week, which marked the beginning of February, was interesting for the Forex and fintech industry. In case you are concerned you might have missed anything, the FinanceFeeds team provides you with a summary of the top five stories from the last seven days.

Nigeria – the land of FX opportunities?

On Thursday, the Nigerian Central Bank suspended eight Nigerian banks for defaulting on FX settlement. As a result, they cannot conduct any interbank FX activity for two months. This presents an attractive opportunity for FX brokers but do they have what it takes to handle the challenges of the local market? Nerves of steel are required.

Bleak future for FX engagement tools

In this in-depth analysis, FinanceFeeds’ CEO Andrew Saks-McLeod examines the faith of providers of ancillary services for the FX industry and FX engagement tools, in particular. As self-directed trading has taken over from ‘calls to action’ and electronic encouragements, their popularity is waning and the future perspectives for them seem quite dull.

Quebec to curb binary options

On Wednesday, Quebec’s financial markets regulator AMF published proposals to amend the Canadian province’s Derivatives Regulation in order to formally prohibit the offering of specific kinds of binary options to Quebec investors. The watchdog stops short of imposing a blanket ban on offering of all sorts of binary options. Instead, its proposals envisage a ban on binary options with expiries of less than 30 days.

Cyprus FX brokers and the new rules

Following the recent coming into force of new rules concerning leverage and bonuses in Cyprus, FinanceFeeds examines what Cyprus-based Forex brokers will do to comply with the new requirements. The first part of the research concerns the prime brokers, with Paul Orford, Head of Institutional Sales at AMB Prime in Limassol, providing his insight on the matter.

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Retail FX

Italian watchdog red flags Olympus Brokers, UnicoFX and Allfina Group

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

XTB revenues hits zł1.45 billion in 2022, Q4 earnings disappoint

Poland-based Forex and CFDs broker, XTB has reported its final results for Q4 of 2022 and the full fiscal year ending on December 31, 2022, showing one of its most successful corporate years.

Executive Moves

Lirunex Limited recruits Waleed Salah as head of MENA sales

Maldives-based brokerage firm Lirunex Limited has secured the services of Waleed Salah, who joined the company in the role of its head of sales for the MENA region.

Executive Moves

Trading 212 parts ways with co-founder Borislav Nedialkov

Trading 212 has a void to fill at its FCA-regulated business in London, following the departure of two key players, Raj Somal and Borislav Nedialkov.

Digital Assets

Binance acquires troubled crypto exchange GOPAX

Binance, the world’s largest digital asset trading platform, has reportedly acquired a majority stake in the troubled South Korea-based cryptocurrency exchange GOPAX.

Digital Assets

Kraken exits Middle East, closes UAE office

Digital currency exchange Kraken will close down its operations in Abu Dhabi, UAE and lay off the majority of its team focused on the Middle East and North Africa.

Industry News

CFTC comments on ION Cleared Derivatives issues after Russian-linked hack

“The ongoing issue is impacting some clearing members’ ability to provide the CFTC with timely and accurate data. As this incident unfolded, it became clear that the submission of data that is required by registrants will be delayed until the trading issues are resolved.”

Industry News

FCA took down 14 times more misleading ads in 2022 thanks to technology

The FCA has made significant improvements to the digital tools it uses to find problem firms and misleading adverts. These improvements have enabled it to work through a much larger number of cases compared with 2021.

Executive Moves

HKEX appoints ex-Goldman Sachs Matthew Cheong to lead platform’s focus on derivatives

“He has worked for a number of the world’s leading investment banks and his experience will be invaluable to HKEX as we continue to enhance our derivatives product offerings and build on our innovative and robust platform business, connecting capital with opportunities.”