Weekly Roundup: Marex and Apex go public, No escape for Binance’s CZ

abdelaziz Fathi

The foreign exchange and cryptocurrency markets are always active, and this past week was no exception. Stay ahead with a selection of essential stories and updates that matter most to market participants.

Our latest FX roundup dives deep into this dynamic market, offering expert analysis, insightful commentary, and an overview of the key trends.

Infographic: Interest rate and FX derivatives are driving the rise of the OTC derivatives market

These trends suggest a growing and evolving OTC derivatives market, with an increased focus on risk management and regulatory compliance. The rise in clearing rates, along with the increased initial margin requirements, reflects a more cautious approach to risk in the financial services industry. Read More

iGaming veteran Breon Corcoran replaces June Felix as IG CEO

Spread betting and CFDs broker IG Group plc announced the appointment of Breon Corcoran, the former chief executive of Paddy Power Betfair, as its new CEO, effective from January 29, 2024. Read More

Marex seeks US listing following failed UK IPO, eyes $2.8B valuation

London-headquartered commodities broker Marex has kicked off plans for a US listing, opting against a London public float after a failed attempt two years ago. Read More

Quadcode Markets: IQ Option-sister FX broker secures license in Bahamas

Quadcode Markets has acquired a trading license in the Bahamas. This development marks a crucial step in the company’s strategy to expand its global presence and enhance its commitment to compliance and security for its users. Read More

Fortex releases new version of XForce mobile trading app

Dubbed ‘Fortex 7,’ the company said the latest update arrives as a response to growing global demand on mobile trading, particularly in regions like Europe and the Middle East. Read More

26 Degrees at FMLS:23: Why the PoP broker encourages the tough conversations with retail brokers

At the recent Finance Magnates London Summit 2023, 26 Degrees executives Lochlan White, Chief Commercial Officer – EMEA and James Meek, Director, Prime Services, spoke about the main trends within the FX industry and the role of the Prime of Prime broker in addressing the new challenges faced by retail brokers. Read More

Apex Fintech revives IPO plans after failed $5B merger

Dallas-based Apex Fintech Solutions, a provider of custody and clearing services, has confidentially filed for an initial public offering (IPO), giving it another shot after it cancelled its $4.7 billion SPAC deal in 2021. Read More

AI in Retail Trading: What to Know About its Growing Impact

In this article, we’re discussing how AI is used in retail trading, highlighting relevant trends, benefits, risks, and mitigation techniques. Let’s get started!

Also join us as we break down the week’s top stories in crypto that are relevant to your interests.

No escape for Binance’s CZ: Court blocks travel before sentencing

A federal judge in Seattle has ruled that Chanpeng Zhao, the former CEO of Binance, is not permitted to return to his home in the United Arab Emirates before his sentencing in the United States, set for February. Read More

Montenegro approves Do Kwon’s extradition to US

Do Kwon, the former CEO of cryptocurrency startup Terraform Labs, is facing extradition to the United States to face fraud charges.  Read More

FTX battles IRS in court over $24 billion tax dispute

The conflict between the U.S. Internal Revenue Service (IRS) and the bankrupt crypto firm FTX Trading Ltd. has intensified, with FTX challenging the IRS’s demand for $24 billion in unpaid taxes. Read More

HTX sees $258 million outflow after resuming post-hack operations

Crypto exchange HTX (formerly known as Huobi Global) saw a substantial $258 million in net outflow since it resumed operations on November 25, following a major security breach. Read More

S&P casts doubt on Tether’s stability, USDT reserves

S&P Global Ratings has expressed concerns about the ability of Tether (USDT) to maintain its peg to the U.S. dollar, reserve transparency, risk appetite, and more. Read More

Philippines to ban Binance, OctaFX and MiTrade in three months

Kelvin Lee, the head of the Philippines Securities and Exchange Commission (SEC), has provided clarity on the impending ban of Binance, stating that it will take effect three months after the issuance of an advisory. Read More

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    Magic Square Expands with TruePNL Acquisition

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    The Future of Prediction Markets? Zeitgeist Launches Decentralized Court System

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    Crypto exchange Kraken fires back at SEC lawsuit, claiming overreach

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    Exness Named a Best Place to Work in 2024

     Global leader Exness, tops in retail trading volume, earns 2024 “Best Place to Work” award, cementing its employee-centric culture after three prior years of winning the Cyprus national title.

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    Swan Bitcoin taps Bakkt for crypto offering in the US

    “We are thrilled to be taking this exciting step forward in our partnership with Swan. This is just the beginning of our collaboration, as we intend to explore further growth opportunities together in the future, including expansion into international markets.”

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    Polkadot Awards Bifrost a 500,000 DOT Loan to Enhance Liquid Staking Adoption

    Bifrost, a leader in liquid staking solutions, has secured a 500,000 DOT loan from Polkadot’s treasury to expand the reach and utility of its vDOT product within the ecosystem.