Weekly Roundup: Revolut pauses crypto, FCA won’t compensate Premier FX customers

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.

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


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    Institutional FX, Uncategorized

    Why retail brokers are launching prime services

    Insights are provided by leading industry experts, including Elina Pedersen, Co-CEO & CRO of Your Bourse; Andrew Saks, Chief Product Officer at TraderEvolution; Natalia Zakharova, Head of Business Development at FXOpen; and Jay Mawji, CEO of Infinox.

    Institutional FX

    Cboe to launch MSCI-based options and volatility indices

    “We are excited to expand our Cboe-MSCI toolkit with additional index options and volatility indices – an enhancement that will not only broaden our customers’ product choice, but also enrich the ways they interact with and analyze the global markets.”


    Traxys taps Quantifi for risk management in commodities trading

    “We wanted to take a more sophisticated approach to risk management and have a consolidated view of risk exposures across our global operating model. Quantifi was our preferred choice as it has a track record of success in the commodities markets.”

    Digital Assets

    Startale Labs Secures Funding for Web3 Expansion

    Startale Labs, a leader in Japan’s Web3 development, including Astar Network and Startale Web3 Cloud, has raised an additional $3.5m from UOB Venture Management and Samsung Next. This seed extension round boosts their total seed funding to $7m, following a $3.5m investment from Sony Network Communications in June 2023.

    Retail FX

    XS.com acquires South African broker Ubutyebi Financial Services

    XS.com, the multi-regulated financial services provider, has made a strategic move to expand its presence in Africa by acquiring Ubutyebi Financial Services, a licensed Financial Service Provider (FSP) in South Africa regulated by the Financial Sector Conduct Authority (FSCA).

    Digital Assets

    Hong Kong advances legislation on stablecoins and crypto trading

    Hong Kong is moving forward with legislation to regulate stablecoins and crypto over-the-counter (OTC) trading in the latest effort to develop a legal framework to service the city’s digital-asset industry.

    Digital Assets

    Do Kwon to be extradited to US as South Korea request overturned

    Terraform Labs co-founder Do Kwon is set to be extradited to the United States to face fraud charges related to massive losses suffered by U.S. investors due to its algorithmic stablecoin collapse.

    Retail FX

    Prop firm Instant Funding pauses US accounts, citing ThinkMarkets ban

    Proprietary trading firm Instant Funding has become the latest retail platform to halt onboarding new US clients, citing a recent decision by their partner broker, ThinkMarkets.

    Retail FX

    Funded Trader and Alpha Capital switch to cTrader, Lark Funding to DXTrade

    Proprietary trading firms Lark Funding and Alpha Capital have both announced changes to their operations that mainly affect their business with US clients.