CySec Suspensions, Crypto Scams and Bitcoin $10k: Editor's Pick

In a relatively quiet week for news, here are the standout stories from the Fintech, Forex, and Crypto world, in our picks of the week segment.

CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term Suspends 24option, TradeATF, Magnum FX and F1Markets on FCA Request

In a breaking story, Finance Magnates covered the CySecCIF suspension of several forex brokers that were caught up in promoting their products in the UK.

After rumours of the suspension being Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term related were quashed, details emerged that the Cyrpriot regulator was acting on the bequest of the UK regulatory watchdog.

Hoch Capital Ltd (trading as iTrader and tradeATF), Magnum FX (Cyprus) Ltd (trading as ET Finance), Rodeler Ltd (trading as 24option) and F1Markets Ltd (trading as Investous, StrattonMarkets and Europrime) used fake celebrity endorsements for their products on social media.

Read more on the CySEC suspensions here.

GAIN Capital Shareholders Vote 71% in Favour of INTL FCStone Acquisition

As Finance Magnates reported, INTL FCStone announced this week that GAIN Capital’s shareholders have overwhelmingly approved their $236 million combination deal.

The US market maker said more than 71 percent of votes cast Friday by the FX broker’s shareholders were in favour of the transaction, representing 86 percent of the total in attendance, well above the required two-thirds threshold.

INTL confirmed it proceeds with its initial plan to make an offer at closing to repurchase GAIN’s $92 million convertible notes due 2022. GAIN’s $60 million convertible notes due 2020 will be repaid from GAIN’s cash on hand prior to closing

Read more on the INTL FCStone Acquisition here.

CySEC Slaps XTrade Europe with €200,000 Fine over AML Lapses

In a busier than normal week for CySEC, the Cypriot watchdog announced that it has fined XTrade Europe Ltd €200,000 due to shortcomings in the company’s anti-money laundering programs.

Although details of the settlement haven’t yet been made public, the violations are believed to be related to the general principals of conduct related to the Money Laundering and Terrorist Financing Law (L. 188(Ι)/2007).

The enforcement action was a result of the compliance onsite investigation started by the regulator back in June 2018.

Read more on the XTRADE Europe CySec fine here.

After COVID-19, 2020 Could Be the Biggest Year Yet for Crypto Scams

Earlier this week, cybersecurity firm Cipher Trace published a report with findings that so far this year, nearly $1.4 billion dollars in cryptocurrency have been stolen by malicious actors.

In a widely-read Finance Magnates Analysis, we discussed why do these scams continue to be so effective? And has the crypto scam landscape changed–or do crypto criminals keep singing the same old song?

Read more on the 2020 Crypto scams here.

MoneyGram Enters Saudi Arabia with Local Bank Partnership

MoneyGram International, a leading cross-border peer-to-peer money transfer company, entered the Saudi Arabian market with partnerships with Al Rajhi Bank, an Islamic bank in the country, and Tahweel Al Rajhi, its remittance arm.

Announced on Friday, the partnership will cover both digital and walk-in services.

Read more on MoneyGram in Saudi Arabia here

SEC Makes Record Whistleblower Bounty of $50 Million

As Finance Magnates reported, a whistleblower is getting a cool $50 million from the Securities and Exchange Commission for blowing the whistle on misconduct that resulted in “a successful enforcement action” and returned “a significant amount of money” to harmed investors, the regulator said today.

The SEC made the award public on Thursday without naming whistleblower or the entity involved in its probes.

Read more on the Record $50 Million Whistleblower reward here

Bittrex, Poloniex Named in Bitcoin Price Manipulation Lawsuit

Another two major cryptocurrency exchanges – Bittrex and Ploniex – have been summoned to the court in connection to their involvement in the Bitcoin price manipulation in the 2017 bull run.

The original lawsuit was bought against Bitfinex and Tether. However, in June 3rd filings Bittrex and Poloniex have now been dragged into legal proceedings,

Read more on the Bittrex, Poloniex lawsuit here.

Pepperstone Secures Lucrative DFSA License in Dubai

In a Finance Magnates exclusive, we revealed that Pepperstone has secured a license from the Dubai Financial Services Authority (DFSA), a few months after it has already incorporated its new subsidiary, Pepperstone Financial Services (DIFC) Limited, in the Dubai International Financial Center (DIFC).

Read more on the Pepperstone DFSA License here.

As Political Unrest Unfolds, Bitcoin Tests $10k Again–Will it Stick?

As Bitcoin tested the $10k mark once again this week, Finance Magnates looked at why $10k is proving a sticking point for BTC and whether it can pass $10k and continue in an upward trajectory.

No stone was left unturned as we discussed all the factors for and against a bull run on Bitcoin

Read the Bitcoin $10k test analysis here

Will The Bahamas Remain an Attractive Jurisdiction Post Leverage Caps?

Last week, Finance Magnates broke the exclusive news that the Securities Commission of The Bahamas will be implementing a range of new regulations, including leverage restrictions and placing a ban on binary options trading for retail traders.

We asked and tried to answer the important questions like what type of after-effects might these new regulations have? Will The Bahamas still be a go-to destination for traders and brokers in search of higher leverage, or will it change the role the country plays within the global FX market?

Read the Bahamas Regulation Change analysis here.