It's that time of the week when we have a look back at the biggest news stories from the worlds of Forex, Fintech and Crypto in our best of the week segment.
eToro Might Have to Push SPAC Merger Deadline Again: Report
eToro featured prominently in the news this week. On Monday, reports emerged that eToro’s attempt for a public listing is at risk as the broker might fail to close its merger with the American blank-check company before the end of 2021.
The multi-asset broker already pushed the closure deadline from the end of the third quarter of 2021 to the fourth quarter of the year. The report pointed out that though there are only a few weeks left for the end of the closure deadline, “no shareholders meetings [are] in sight [and] it is clear that the merger will not be completed in 2021.”
Read more on the eToro SPAC news here.
UK Regulator Clamps Down on eToro, Coinbase for ‘Misleading’ Crypto Ad
On Wednesday, the Advertising Standards Authority (ASA), has been actively cracking down on non-compliant crypto ads, most recently on Coinbase and eToro (UK).
According to the ASA’s announcement on Wednesday, both the companies ran paid ads on online platforms to promote their cryptocurrency services. However, those ads were labeled as ‘irresponsible’ and ‘misleading’.
Read more on the ASA eToro, Coinbase ruling here.
Finvasia Acquires Social Trading Platform ZuluTrade
Finvasia, a financial services holding company, announced on Tuesday that it has acquired a major social trading network, ZuluTrade.
Apart from ZuluTrade, Finvasia now owns more than a dozen financial services brands. Along with ZuluTrade, the acquisition deal includes AAAFx, which holds a portfolio management license from HCMC and is the default broker for the services of ZuluTrade.
The acquisition came as a part of Finvasia’s push to expand its presence across Europe, North America and the Middle East.
Read more on the Finvasia Zulutrade acquisition here.
Robinhood Acquires Cross-Exchange Crypto Trading Platform Cove Markets
American no-fee broker Robinhood announced on Tuesday that it has acquired the cross-exchange trading platform, Cove Markets.
The acquisition will allow investors on Robinhood to easily manage their cryptocurrency accounts.
The official blog post highlighted that both companies ‘share a common goal of making investing in cryptocurrencies simpler and lower cost’.
As part of the acquisition, the Cove Markets Co-Founders, Scott Knudsen and Victor Glava, along with their team, will join Robinhood’s crypto unit.
Read more on the Robinhood Cove Markets Acquisition here.
What Do You Get When You Buy an NFT?
Finance Magnates joins the debate going on in the NFT world around models of ownership and Intellectual Property.
Read more on the models of ownership and Intellectual Property debate here.
Russian Central Bank Plans Cryptocurrency Ban
The Russian central bank is moving forward with its anti-crypto stance and is planning to ban all cryptocurrency investments in the country, Reuters reported.
Citing two anonymous sources close to the regulator, the publication detailed that the move is being taken as the central bank is concerned over the risks to the country’s financial stability with rising cryptocurrency transactions.
Read more on the Russian Crypto ban here.
Bank of England Issues Warning on Rising Crypto Market
The Bank of England (BOE) released its financial stability report and outlined the risks associated with the growing crypto market. The BOE mentioned that the crypto assets currently pose limited risks to the financial stability of the United Kingdom.
However, the BOE highlighted that its rapid growth will create issues for the financial system.
Read more on the BOE Crypto Warnings here.
