Weekly Roundup: Republican to end Fed, Bankman-Fried moves to California

abdelaziz Fathi

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.

Weekly Roundup

FX Market

21 Republican representatives want to “End the Fed”

Representative Thomas Massie (R-KY), in a move backed by 20 more Republicans, has introduced the Federal Reserve Board Abolition Act, which intends to abolish the Board of Governors of the Federal Reserve and the Federal Reserve banks, as well as the Federal Reserve Act (the 1913 law that created the Federal Reserve System). Read More

N26 fined €9.2 million in Germany for money laundering concerns

Germany’s financial regulator, BaFin, has imposed a fine of €9.2 million ($10.00 million) on the online bank N26 for systematic delays in filing reports of suspected money laundering in 2022, the regulator announced on Tuesday. Read More

IC Markets taps TipRanks’ trading research tools

Sydney-based IC Markets has completed integration of TipRanks’s rating tools, which ranks analysts and financial bloggers based on their picks’ performance analysis, in a bid to provide its clients with new research capabilities. Read More

Swissquote joins Fortex Hub to expand liquidity distribution

ECN trading platform and technology provider, Fortex Inc. has announced a new integration with Swissquote Group, Switzerland’s provider of online trading services. Read More

Exclusive: Autochartist CEO Ilan Azbel Delivers Insight on AI at iFX EXPO LATAM 2024

In an insightful interview with FinanceFeeds at iFX EXPO LATAM 2024, Ilan Azbel, CEO of Autochartist, discussed the evolution of trading technology, effective trader engagement strategies, the integration of AI in trading analytics, and the cautious approach of regulated brokers towards its adoption. Read More

Robinhood enhances margin trading rates

Robinhood has significantly lowered its margin rates, which now vary based on a customer’s margin balance, with rates ranging from 5.7% to 6.75%. Read More

SEC’s Gensler reminds industry why T+1 is needed

The conversion of the U.S. securities market to a T+1 standard settlement cycle will take place on May 28, 2024, just a few days from now. Read More

ASIC orders TMGM to stop onboarding retail traders for 21 days

ASIC suspects that TMGM relies on an “inadequate retail investor questionnaire for compliance with its obligations” and lacks other controls in its onboarding process to assess whether clients are likely to be in its target markets. Read More

CFTC fines JP Morgan $200 million for not monitoring billions of orders

In 2021, in the course of onboarding a new trading exchange, J.P. Morgan discovered its surveillance of trading on multiple venues and trading systems was not operating correctly, resulting in gaps in J.P. Morgan’s trade surveillance on these venues. Read More

HSBC relocates US headquarters to The Spiral, New York

HSBC has opened its new U.S. headquarters at The Spiral, a renowned office building in New York City’s Hudson Yards neighborhood. Read More

Crypto Markets

Bakkt promotes Ray Kamrath to CCO of Crypto

Bakkt has promoted Ray Kamrath to Chief Commercial Officer of the company providing custody, trading, and onramps to the crypto space. Read More

BitGo offers custody of underlying assets of CoinDesk 20 Index

BitGo is set to offer custody of the underlying assets that make up the CoinDesk 20 Index through a partnership with CoinDesk Indices. Read More

Bitget appoints Gracy Chen as CEO

Bitget has appointed Gracy Chen as the new Chief Executive Officer (CEO) of the leading crypto exchange founded in 2018 and known for its copy trading feature. Read More

London Stock Exchange to list crypto ETPs for first time

The London Stock Exchange (LSE) will list crypto exchange-traded products (ETPs) for the first time later this month, following the approval of prospectuses from WisdomTree (WT) and 21Shares by the Financial Conduct Authority (FCA). Read More

Sam Bankman-Fried moves to low-security prison in California

Sam Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, is being transferred to a new prison facility, The Wall Street Journal reported. Read More

Coinbase resumes XRP trading in New York after nine-month hiatus

Coinbase has resumed trading for XRP in New York, the company’s chief legal officer, Paul Grewal, announced on Thursday. This comes after a nine-month suspension of the cryptocurrency on the exchange due to regulatory scrutiny. Read More

Court rules against YouTuber Ian Balina for selling Sparkster token

A U.S. federal judge has ruled in favor of the Securities and Exchange Commission (SEC) in a case against crypto YouTuber Ian Balina. The Texas court found that he violated securities laws by participating in and promoting an initial coin offering (ICO) of Sparkster (SPRK) tokens in 201. Read More

Elon Musk mourns Kabosu, Dogecoin responds with price jump

Dogecoin (DOGE) price climbed on Friday after the passing of Kabosu, the Shiba Inu who inspired the meme cryptocurrency. Read More

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Digital Assets

Gemini Earn users to recover $2.18 billion in crypto payouts

Cryptocurrency exchange Gemini has agreed to pay $50 million worth of digital assets to investors in its Gemini Earn program as part of a settlement with the New York Attorney General (NYAG), announced on Friday.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: British Pound (GBP) Weakness, US Inflation, Euro, USD June 14 ,2024

British Pound weakens due to lower inflation expectations, potential policy changes from Reform Party, and broader economic concerns.

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Q2 2024’s Top 5 Cryptos to Buy: BlockDAG, Pepe, Toncoin, Solana and Render

Learn about 2024’s Q2 top 5 cryptos. Explore potential high-return and advancements of altcoins like BlockDAG, Pepe, Toncoin, Solana, and Render.

Fundamental Analysis, Tech and Fundamental, Technical Analysis

GBPCAD Technical Analysis Report 14 June, 2024

GBPCAD currency pair can be expected to fall further toward the next support level 1.7250, former strong resistance from last year.

Digital Assets

Binance acquitted of tax evasion in Nigeria, now faces AML charges

Nigeria has dropped tax evasion charges against two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, after the world’s largest cryptocurrency exchange appointed a local representative to handle court processes related to the allegations.

Digital Assets

Trezor launches new hardware wallet ‘Safe 5’ with fresh security features

Crypto hardware wallet manufacturer Trezor announced on Friday the launch of its latest flagship product, the Trezor Safe 5, featuring upgraded security to promote self-custody of digital assets.

Institutional FX

Tradeweb enhances RFQ trading in bonds and ETFs

“Clients can now leverage predictive analytics and data to unveil deeper insights at the list level, providing them with an unparalleled level of precision throughout every point of the RFQ trading process.”

Industry News

US repatriates $1.4B misappropriated 1MDB funds to Malaysia

1MDB was created to promote economic development in Malaysia, but instead it went to Hollywood, a superyacht, a Monet and Van Gogh, as part of a $4.5 billion money laundering scheme.

Crypto Insider, Web3

What’s New in Web3 in 2024

Is Web3 really the future of the internet? It certainly seems so. In 2024, the momentum behind decentralized technologies, blockchain, and token-based economies will be stronger than ever.

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