Weekly Roundup: Ripple CEO hacked, Westpac fined over $12b trade

abdelaziz Fathi

Now that the first month of 2024 is over, let’s take a look back at top stories that dominated the financial markets in our Weekly Round coverage.

FX Market

Westpac’s fine over $12b pre-hedging trade in Australia puts regulators under spotlight

The Federal Court of Australia has found Westpac Banking Corporation guilty of engaging in unconscionable conduct during a major financial transaction in October 2016. This involved a $12 billion interest rate swap, the largest transaction of its kind in the history of the Australian financial market. Read More

UK regulator fines HSBC £57 million for deposit protection issues

The UK Prudential Regulation Authority (PRA) has imposed a fine of £57,417,500 on HSBC Bank plc (HBEU) and HSBC UK Bank plc (HBUK) for significant failures in deposit protection. Read More

FX trading contributes only 10% to XTB’s 2023 revenue

Poland-based Forex and CFDs broker, XTB has reported its final results for Q4 of 2023 and the full fiscal year ending on December 31, 2023, showing one of its most successful corporate years. Read More

LSEG launches two FX market solutions for Pakistan’s transition to e-FX trading

The London Stock Exchange Group (LSEG) has announced the launch of two new solutions for the Foreign Exchange (FX) interbank market in Pakistan: Matching and Market Tracker. Read More

VT Markets obtains Financial Commission’s membership

Multi-asset brokerage firm VT Markets has been granted membership of the Financial Commission, marking the most recent inclusion into the ranks of this self-regulatory organization. Read More

HashKey Exchange launches new FX service

HashKey Exchange, a Hong Kong-licensed virtual asset exchange, has launched a new foreign exchange service, aimed at offering users a more convenient and efficient trading experience. Read More

Crypto Markets

SEC charges Brenda Chunga and Xue Lee for $1.7 billion crypto scam HyperFund

The Securities and Exchange Commission (SEC) has charged Xue Lee and Brenda Chunga with involvement in a fraudulent crypto asset pyramid scheme called HyperFund. Read More

ESMA proposes strict guidelines for non-EU crypto firms

The European Securities and Markets Authority (ESMA) has put forward a proposal that could affect how non-EU based crypto companies operate within the European Union. Read More

Binance opens door for external custody of crypto assets

Binance has started allowing some of its larger traders to use independent banks for holding their assets. The move comes as traders are unease over the security of assets on the world’s largest cryptocurrency exchange, especially following its recent fine by US authorities. Read More

Ripple co-founder hacked for 213 million XRP worth $113 million

Ripple co-founder Chris Larsen revealed on Wednesday that there had been “unauthorized access” to some of his personal XRP accounts. Read More

Financial Commission welcomes Opal Yang to Dispute Resolution Committee

The Financial Commission (FinaCom PLC), a dispute resolution service that caters to the financial services industry, has appointed Ms. Opal Yang, Founder and CEO of New Direction Solution, to its Dispute Resolution Committee (DRC). Read More

Celsius distributes $3 billion to creditors via PayPal and Coinbase

Celsius Network, after 18 months of bankruptcy proceedings, has officially concluded its Chapter 11 case. The now-defunct crypto lending platform announced that it would distribute $3 billion in cryptocurrency and fiat to its creditors. Read More

UK firms distance themselves from Binance amid FCA scrutiny

Binance, the world’s largest cryptocurrency exchange, is encountering resistance in its attempt to re-enter the UK market. This challenge arises from reluctance among potential local partners, particularly due to regulatory concerns. Read More

  • Read this next

    Digital Assets

    SBF claims “zero loss” to FTX customers, 100-year sentence is “grotesque”

    Sam Bankman-Fried, the former FTX CEO who was found guilty of fraud charges last year, is facing his sentencing next month. But before that day arrives, he’s making a plea for what he considers a fair shake.

    Digital Assets

    Bitcoin nears $62,000, sparking retail buying frenzy

    Bitcoin dashed past the $61,000 barrier on Wednesday, a peak it hadn’t touched since the waning days of November 2021.

    Market News

    OPEC+ Extension of Oil Output Cut Causes Rally

    The dynamics surrounding crude oil are indeed fascinating, given its unique role as both a globally traded commodity and a vital energy source deeply influenced by the OPEC+ alliance’s decisions.

    Institutional FX

    DKK reports 226% growth in 2023 with eyes on African expansion

    “Our numbers are beginning to show how we are powering, the growth required by emerging markets, and we plan for the success of our strategies to continue to thrive in 2024.”

    Industry News

    ‘WTF’ as in ‘What The Fraud?’, Sumsub’s new podcast on digital fraud

    “We found a lack of informative podcasts talking about digital fraud threats and prevention for business owners. So, we decided to dive in and share our expertise along with industry top minds in the ‘What The Fraud?’ podcast.”

    Digital Assets

    Coin Metrics integrates market data from Cboe Digital

    “We are pleased to work with Coin Metrics and believe that having quality and timely data, and systems to analyze that data, will help crypto markets mature as well as evolve to become a core component of a diversified investment portfolio. We are focused on providing access and solutions to the spot and derivatives crypto market in a way which mirrors an investor’s experience with traditional markets.”


    AU10TIX launches KYB solution to address regulatory requirements

    “Our customers have been requesting a comprehensive KYB solution, because money laundering and fraud have become far too prevalent in the corporate world. Our unified KYB/KYC solution is essential for identifying bad actors and maintaining a safe business environment in 2024.”

    Digital Assets

    Japan Is Rapidly Emerging As A Global Leader In Compliant Crypto Payments

    Japan is often hailed as one of the most forward-thinking nations in the crypto industry, with its government taking a very positive stance on the potential of concepts such as Web3. 

    Digital Assets

    Kraken launches institutional arm

    “If you already work with Kraken, you know how much we care about offering high quality products and a client-first experience. We’ve been the leading crypto exchange for more than a decade and through Kraken Institutional, we’ll offer the same deep expertise and cutting-edge technology to propel trading excellence for institutions.”