TechFinancials keeps waiting for Seychelles regulator to approve MarketFinancials sale

Maria Nikolova

The consent of the Seychelles Financial Services Authority is required under the sale purchase agreement by June 30, 2019.

TechFinancials Inc (LON:TECH) hasn’t yet closed the sale of subsidiary MarketFinancials Limited as the deal still needs to get regulatory approvals. This becomes clear from an LSE filing made today by the company.

The sale of the company’s subsidiary MarketFinancials Limited for a consideration of €100,000 was initially announced in January 2019. Until February 28, 2018, MarketFinancials was the provider of market maker services and risk management to B.O. Tradefinancials (BOT), a binary options business. MarketFinancials’ only source of income in 2018 was derived from the provision of market maker and risk management services to BOT and, as a consequence of the cessation of BOT’s activities, MF has not traded since the end of February 2018.

As at end-June 2018, MarketFinancials had net assets of approximately US$88,600 and was held on the balance sheet of the Group at nil carrying cost. For the year to December 31, 2017, it made a net profit of approximately US$45,600.

In today’s update, TechFinancials says the sale of MarketFinancials is progressing but remains conditional on the consent of the Seychelles Financial Services Authority. This approval is yet to be received and is required under the sale purchase agreement by June 30, 2019.

Also today, TechFinancials said trading in its historical business remains challenging, mainly due to tightening regulation. The company will be reporting revenues of approximately US$7.6 million for the year, on which it will report an operating loss.

Read this next

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

Digital Assets

Prisma Finance suffers $10 million crypto exploit, attack ongoing

Liquid staking protocol Prisma Finance fell victim to a security exploit on March 28, resulting in nearly $10 million in Prisma mkUSD and wrapped stETH being stolen by hackers.

Digital Assets

Masa and LayerZero: Bridging Blockchains for Data Sovereignty

Masa Network is poised to revolutionize the personal data landscape with its upcoming launch as a cross-chain platform, making it accessible on a variety of blockchains right from the start.

Digital Assets

Big Time Generates over $100M in Revenue since Preseason

Innovative game developer Big Time Studios announces that its highly anticipated free-to-play multiplayer action/MMO RPG Big Time, has generated $100M in revenue. According to the team, players transacted a total volume of over $230M, without selling a single token.

Digital Assets

Centralized exchanges are 10 times more popular than DEXs in Western Europe

Western European traders are found to prefer centralized exchanges over decentralized ones as CEX traffic outpaces DEXs by a factor of ten.

Market News

Stock Market Analysis: Is NVDA Losing Its Leadership?

Since the beginning of the week, the S&P 500 Index (US500) has seen a modest increase of about 0.58%, whereas NVDA’s share price has experienced a decline of approximately 3.8%. This recent divergence raises concerns among Nvidia stock investors — could it signify a loss of NVDA’s market leadership?

<