His 'arrest' was related to the activities of his end-to-end encrypted messaging app.
The Russian embassy in France is taking “immediate steps” to clarify the situation.
Pavel Durov, the billionaire founder and CEO of the encrypted messaging platform Telegram, was "arrested" on Saturday evening by the French authorities at Le Bourget airport, which is located outside Paris, local media TF1 TV reported.
The 39-year-old was detained around 8 pm local time after his private jet landed at the French airport. He travelled to the European country from Azerbaijan.
Although the reason for his detention and then "arrest" remains unknown, it is reported to be related to the activities of his messaging platform. It is also unclear if he has only been detained or have been arrested too, as multiple reports suggest that it is only a detention for the time being. Any official confirmations from either side are yet to come.
A Popular, Yet Controversial Platform
Durov and his brother founded Telegram in 2013, prioritising end-to-end encryption on the platform, meaning no one can intercept messages. However, he had to leave Russia the following year as he refused to comply with the local government’s order to shut down opposition communities on the platform.
Telegram has become one of the top social media platforms, with about 900 million active users. Financial services companies and trading signal providers also use it to grow trader-specific communities.
However, Telegram is also a hotbed for scams and fraud. A survey by Finance Magnates and FXStreet found that Telegram is at the top when it comes to financial fraud victims losing funds.
After his exodus from Russia, Durov runs Telegram from Dubai. The Russian-born entrepreneur holds dual citizenship in the United Arab Emirates and France. His net worth is estimated to be $15.5 billion.
The Interest of Russia
Interestingly, Russia took an active interest in Durov following his arrest. The Russian embassy in France issued a statement saying that it is taking “immediate steps” to clarify the situation. Russian news agency TASS also reported that an embassy representative clarified that the embassy is proactively taking the steps without any request from Durov’s team.
Telegram or Durov’s legal team has yet to issue any official response to the captivity.
Pavel Durov, the billionaire founder and CEO of the encrypted messaging platform Telegram, was "arrested" on Saturday evening by the French authorities at Le Bourget airport, which is located outside Paris, local media TF1 TV reported.
The 39-year-old was detained around 8 pm local time after his private jet landed at the French airport. He travelled to the European country from Azerbaijan.
Although the reason for his detention and then "arrest" remains unknown, it is reported to be related to the activities of his messaging platform. It is also unclear if he has only been detained or have been arrested too, as multiple reports suggest that it is only a detention for the time being. Any official confirmations from either side are yet to come.
A Popular, Yet Controversial Platform
Durov and his brother founded Telegram in 2013, prioritising end-to-end encryption on the platform, meaning no one can intercept messages. However, he had to leave Russia the following year as he refused to comply with the local government’s order to shut down opposition communities on the platform.
Telegram has become one of the top social media platforms, with about 900 million active users. Financial services companies and trading signal providers also use it to grow trader-specific communities.
However, Telegram is also a hotbed for scams and fraud. A survey by Finance Magnates and FXStreet found that Telegram is at the top when it comes to financial fraud victims losing funds.
After his exodus from Russia, Durov runs Telegram from Dubai. The Russian-born entrepreneur holds dual citizenship in the United Arab Emirates and France. His net worth is estimated to be $15.5 billion.
The Interest of Russia
Interestingly, Russia took an active interest in Durov following his arrest. The Russian embassy in France issued a statement saying that it is taking “immediate steps” to clarify the situation. Russian news agency TASS also reported that an embassy representative clarified that the embassy is proactively taking the steps without any request from Durov’s team.
Telegram or Durov’s legal team has yet to issue any official response to the captivity.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Fintel Flexes Muscles with 13% Revenue Boost, but Investors Have a Different Take
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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Follow FMevents across our social media platforms for news, insights, and event updates.
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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