Weekly Roundup: El Salvador’s Bitcoin hacked, prop firm faces lawsuit
Let’s take a look back at top stories that dominated the financial markets in our Weekly Round coverage. This week’s digest takes a deep dive into the most recent events and trends within the Forex, Fintech, and cryptocurrency.
FX Market
Exclusive: Prop firm Funded Engineer faces lawsuit from FPFX
Retail trading tech provider FPFX Technologies, LLC (FPFX Tech), has filed a lawsuit against the prop firm Funded Engineer and its associated operatives for alleged breaches of contract. Read More
Revolut to share user interactions data with ad agencies
Fintech giant Revolut is exploring new revenue streams by planning to share customer data with advertising partners. Read More
99.81% of NAGA shareholders approve merger with CAPEX.com
The Extraordinary General Meeting of NAGA shareholders has given the green light for the merger with CAPEX.com with a vote of 99.81%. Read More
Midas raises $45 million to expand brokerage beyond Turkey
Midas has raised $45 million in equity funding to expand and roll out three new products: cryptocurrency trading, mutual funds, and savings accounts. Read More
UK FCA sues Lee Steven Maggs for FX scam Kube Trading
The Financial Conduct Authority (FCA) has sued Lee Steven Maggs of Sittingbourne, Kent, for two counts of fraud and one count of breaching the Financial Services and Markets Act 2000 (FSMA). Read More
Crossover’s crypto ECN executed over $3 billion in Q1 2024
Crossover Markets’s CROSSx has executed 415,450 trades worth a notional trading volume of $3,153,752,406 in Q1 2024, the crypto ECN reported. Read More
Sterling to provide risk and margin support for fixed income
Sterling Trading Tech will support fixed-income securities by the end of Q2 2024, said the provider of technology in order management, risk and margin, and trading. Read More
Crypto Market
Cboe can save up to $15 million by closing crypto exchange
Cboe announced a realignment of its digital asset business in Q3 2024 after a strategic review that took into consideration the lack of regulatory clarity in the digital space. Read More
Mt. Gox sends yen, bitcoin, and bitcoin cash to creditors
Creditors of the defunct bitcoin exchange Mt. Gox have reported updates to their claim accounts, indicating specific amounts and dates for bitcoin and fiat currency repayments. Read More
Ontario court sues Binance for securities law violations
Ontario’s Superior Court of Justice has filed a class action lawsuit against cryptocurrency exchange Binance for allegedly selling crypto derivative products to retail investors without registration, violating securities laws. Read More
Ripple wants to reduce SEC’s $2 billion penalty to $10 million
Ripple Labs has responded to the U.S. Securities and Exchange Commission’s (SEC) recent demand for $2 billion in penalties, arguing that the amount should be substantially reduced to $10 million. Read More
SEC seeks $5.3 billion fine for Terraform and co-founder Do Kwon
Federal regulators are pursuing a fine of $5.3 billion against Terraform Labs and its co-founder Do Kwon for defrauding investors, following a recent verdict that found them liable for a multi-billion-dollar fraud. Read More
Monex Group expands crypto business with 3iQ takeover
Monex Group has completed the acquisition of a majority stake in 3iQ Digital Holdings, Inc., a Canadian digital asset investment fund manager, as part of its strategy to expand its crypto business. Read More
Binance’s CZ could stay in prison until 2027, wife begs for mercy
Changpeng “CZ” Zhao, the founder and former CEO of Binance, has apologized for his decisions and accepted “full responsibility” in a letter to U.S. District Judge Richard A. Jones. Read More
El Salvador refutes rumors of Bitcoin wallet hack
Chivo Wallet, El Salvador’s official cryptocurrency wallet, has dismissed reports of a hack involving its software source code and the data of over 5 million users associated with its KYC (Know Your Customer) procedures. Read More
