Weekly Roundup: Revolut pauses crypto, FCA won’t compensate Premier FX customers
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.
Beyond the Buzz: Industry Experts Unpack AI’s Rise in Retail Trading
In the first part of this review, we discussed how AI is used in retail trading, highlighting relevant trends, benefits, risks, and mitigation techniques. Today, we’re featuring insights from industry professionals on their projections for the future development of this trend. Read More
FMLS:2023 exclusive: Cboe’s Richard Barden on market data as European retail brokers go B2B
At FMLS:2023, Richard Barden highlighted the cost implications of non-compliance in market data, the growing interest in European options amid a saturated FX space, and brokers’ expansion into B2B territory. Read More
UK FCA refuses to compensate collapsed Premier FX’s customers
The FCA disagrees with the recommendation for ex-gratia compensation for distress, inconvenience, and consequential loss, maintaining that an apology and a payment for complaint handling delays are more appropriate. Read More
HFM relaunches Copy Trading as a multi-regulated brokerage service
Now cross-regulated, the platform is under the oversight of some of the world’s most respected financial authorities, ensuring heightened security for both funds and personal data. Read More
FlexTrade integrates with FXall
FlexTrade Systems, a renowned entity in multi-asset execution and order management systems, has entered into a collaboration with LSEG to offer FlexTRADER EMS clients direct access to FXall, LSEG’s eminent electronic trading platform for global currency products. Read More
Revolut loses $32.2 million in 2022 despite higher revenues
British fintech firm Revolut has published its delayed accounts for 2022, nearly three months after missing the original deadline for filing its financial results on September 13. Read More
ASIC-regulated Prospero Markets gets AFS license suspended
ASIC announced the suspension of Prospero’s Australian Financial Services (AFS) licence, effective from 20 December 2023 until 28 February 2024. This suspension prohibits the CFD broker from offering financial services during this period. Read More
Also join us as we break down the week’s top stories in crypto that are relevant to your interests.
Revolut pauses crypto services for UK business customers
British fintech firm Revolut is set to pause some of its cryptocurrency services for UK business customers starting January 3, 2024. This decision comes in response to the UK’s tightened regulations on cryptocurrency advertising and marketing. Read More
FTX unveils plan for creditor repayment, but key questions unresolved
FTX Trading Ltd., embroiled in a high-profile bankruptcy case following a massive fraud scandal, has presented its latest proposal for reimbursing billions of dollars to its customers and creditors. Read More
Binance and CZ pay billions in settlement with CFTC
The U.S. District Court for the Northern District of Illinois has approved a settlement requiring Binance and its former CEO, Changpeng “CZ” Zhao to pay hefty fines to the Commodity Futures Trading Commission (CFTC). Read More
Ripple secures VASP status in Ireland
Ripple has been added to the Central Bank of Ireland’s list of registered Virtual Asset Service Providers (VASPs). Read More
Do Kwon’s extradition delayed following Montenegro court decision
The extradition of Do Kwon, co-founder of Terraform Labs, has been postponed as the Appellate Court in Montenegro cancelled an earlier ruling. Kwon, arrested earlier this year on charges related to an alleged attempt to travel on a fake passport, awaits the outcome of the court review while in custody in Montenegro. Read More
Coinbase secures French market regulator’s approval
America’s largest cryptocurrency exchange, Coinbase, has registered with France’s financial market regulator, AMF (Autorité des marchés financiers). Read More
Digital Yuan used in first cross-border gold settlement
The Bank of China’s Shanghai branch has completed the first cross-border settlement using China’s digital yuan, or e-CNY, for precious metals. On December 20, the bank processed a 100 million yuan ($14 million) transaction for gold via the Shanghai Financial Exchange International Board. Read More
Hong Kong authorizes crypto spot ETFs
The Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have jointly addressed the evolving dynamics in the virtual asset (VA) sector with a comprehensive circular, guiding intermediaries in their VA-related activities. Read More
