In case you missed it

Maria Nikolova

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

The past week has been hectic for the Forex and fintech industry – we saw more developments around FXCM, new rules proposed for binary options regulations, new technology image loom for Cyprus and a new report published for Alpari UK.

In case you are worried you might have missed any interesting story from the past week, read below.

Drew Niv is no longer director at FXCM UK

The latest updates to the UK Companies House and the FCA Register show that Drew Niv is no longer a director at Forex Capital Markets Limited (FXCM UK). Mr Niv, who was barred from NFA membership in the United States, is also no longer a partner at Lucid Markets LLP. Thus, his status on the UK Financial Services Register is now “Inactive”.

Forex.com provides details on FXCM US accounts transition

GAIN Capital’s Forex.com website now features a dedicated section for FXCM US retail clients, providing them with details about the upcoming transfer. The clients are advised to examine the trading conditions and services provided by Forex.com. They are informed of the choice of platforms (ForexTrader and MetaTrader 4), the spreads, and the pricing. On Friday, February 24, 2017, all existing balances and positions will be automatically transferred to the new Forex.com accounts.

Fourth Progress Report on Alpari UK is out

The Joint Special Administrators (JSAs) of Alpari UK have published their 4th progress report on Alpari UK Ltd, which went into administration following the “Black Thursday” events in January 2015.

According to the latest report, to date, 94,375 clients have access to the Claims Portal, whereas 16,278 clients have agreed their claim representing 96.2% by value of clients with a claim into the Client Money Pool (CMP). A final distribution from the CMP is expected before July 24, 2017.

Cyprus to change binary options regulations

The Cyprus Securities and Exchange Commission (CySEC) has drafted proposals to change regulations for Cyprus Investment Firms (CIFs) offering binary options. The new rules seek to secure that CIFs will “meet their obligations in acting in the best interest of their clients”. The changes cover disclosure of information, trading methodology and even the nature of binary options. For instance, under the new rules, the Tenor must be for a period of at least 5 minutes.

STP’s new meaning in Cyprus

Cyprus, which already has an established reputation for the FX industry, is now demonstrating aspirations toward becoming a global hub for financial technology, with proposals for the development and operation of the Science and Technology Park – abbreviated as STP. The Government of the Republic of Cyprus has voiced its support for setting up the Science and Technology Park, as a basic infrastructure for the promotion of applied research, innovation and technology, including digital, information and communication technologies in Cyprus.

Read this next

Digital Assets

Himalaya Exchange customers seek release of frozen funds from DOJ

FormerFeds, a corporate defense and litigation service provider, has filed a lawsuit against the U.S. Department of Justice (DOJ) on behalf of over three and a half thousand Himalaya Exchange customers.

Digital Assets

Nubank, Circle, and Talos join forces for crypto adoption in Brazil

Nubank, the Brazilian neobank backed by Warren Buffett’s Berkshire Hathaway and Softbank Group Corp, announced new partnerships with cryptocurrency firms Circle and Talos.

Metaverse Gaming NFT

Flare onboards Ankr, Figment, Restake, and NorthStake as validators

Flare, an EVM smart contract platform known for its focus on blockchain data utility, has announced a major step in its development. The platform has onboarded leading infrastructure providers, including Ankr, Figment, Restake, and NorthStake.

Digital Assets

Sui Joins DeFi Leaders, Topping $100M in Bridged USDC

Sui, the groundbreaking Layer 1 blockchain created by the technology experts who led Meta’s Diem blockchain initiative and created the Move smart contract language, continues its explosive ascent in decentralized finance (DeFi). This week, it surpassed $100 million in bridged USDC. 

Digital Assets

Poloniex hit by UK regulator, listed as ‘unauthorised’ exchange

The UK’s Financial Conduct Authority (FCA) has added the cryptocurrency exchange Poloniex to its warning list of non-authorized companies. Poloniex, which is based in Seychelles, has experienced four hacks in the last two months and is affiliated with entrepreneur Justin Sun.

Industry News

Exclusive Markets is Proudly ISO/IEC 27001:2013 Certified by MSECB for Unparalleled Commitment to Information Security

Exclusive Markets, a leading name in the FINTECH sector, proudly announces the attainment of ISO/IEC 27001:2013 Certification by the MSECB. This esteemed certification highlights Exclusive Markets’ persistent commitment to fortifying information security within its cutting-edge trading technology. 

Digital Assets

SEC is discussing ‘technical details’ of Bitcoin EFTs ahead of approval

Discussions between the U.S. Securities and Exchange Commission (SEC) and asset managers seeking to list Bitcoin exchange-traded funds (ETFs) have reportedly advanced to key technical details.

Digital Assets

Versatus Labs Reaches $50 Million Valuation Following $2.3 Million Seed Funding Round

Versatus Labs, a peer-to-peer web services protocol aiming to help Web2 developers transition to Web3, has completed a $2.3 million funding round at a $50 million valuation led by key investors in the Web3 space including NGC Ventures and Republic Crypto. The latest funding round aims to help the company develop the ‘world’s first stateless roll-up’, Versatus LASR. This follows Versatus Labs’ recent pivot from Layer 1 solutions to Ethereum scaling solutions. 

Digital Assets

Binance ex-chief’s sentencing looms as court accepts his guilty plea

A U.S. district judge has accepted a guilty plea from former Binance CEO Changpeng Zhao (CZ) on charges related to anti-money laundering violations. The plea was accepted by Judge Richard Jones in the U.S. District Court for the Western District of Washington in Seattle.

<