Robinhood Hack, OKEx Chaos, G20 Stablecoins, CEX.IO Broker CySEC: Editor's Pick

In a quieter week for news, here are the stories from the worlds of forex, fintech and crypto that dominated this week's headlines, in our best of the week segment.

G20 Wants to Regulate Stablecoins before Launch

As Finance Magnates reported, the G20’s Financial Stability Board (FSB) has once again stressed on the recommendation of regulating ‘global stablecoins’ (GSC).

In the report published on Tuesday, the FSB published a roadmap to complete the international setting-standard work by December 2021. Nations need to establish the standards by July 2022 and then review and assess their need for another year.

Read more on the G20 and stablecoins here.

Sources Say Nearly 2,000 Robinhood Accounts Breached by Hackers

Nearly 2,000 brokerage accounts at Robinhood were compromised by an attack that gave hackers the ability to take over users’ trades and funds.

The number of hacked accounts is much bigger than previously thought when Robinhood said last week ‘a limited number’ became a target of hackers after their personal data was compromised outside of its platform.

Read more on the Robinhood hack here.

OKEx Suspends All Withdrawals Indefinitely

OKEx, one of the fastest-growing crypto spot and derivatives exchanges, has suspended all withdrawals indefinitely, citing it lost touch with one of its private key holders.

In an official statement published on Friday morning, the exchange detailed that it has suspended all withdrawals since 11 am (Hong Kong time) on October 16.

Read more on the issue of the OKEx withdrawals here

Exclusive: CEX.IO Broker Secures 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 CIF License

In a Finance Magnates exclusive, we revealed that a company within CEX.IO, a cryptocurrency exchange based in the United Kingdom, has received approval from CySEC to operate as a market-making Cyprus investment firm.

The new brand, dubbed ‘CEX.IO Broker’, is intended to provide a regulatory stamp for the company’s business that is mainly focused on digital assets and Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.

Read more on the CEX.IO Broker CySec Licence here

Best Execution and RTS27 and 28 Abandonment in ESMA’s Pipeline

ESMA’s recent publication has questioned the efficacy of best execution (including RTS 27 and 28). In a popular op-ed, Quinn Perrott, CEO of TRAction breaks down for Finance Magnates exactly what is ESMA's current stance on best execution during the coronavirus pandemic.

Read more on Best Execution and RTS27 and 28 Abandonment in ESMA’s Pipeline here.

GO Markets Becomes Sponsor of Chelsea FC

As the football games come in thick and fast, so do the football sponsorships.

Another broker-football partnership was inked recently, as Australian brokerage firm, GO Markets signed a sponsorship deal with popular London-based football club, Chelsea FC.

Announced on Friday, the brokerage gained the status of Chelsea’s official online trading partner.

Read more on the GO Markets Chelsea Sponsorship here.

Nominations Now Open – Will Your Brand Win a Finance Magnates Award?

Looking to get recognized as an industry brand leader amongst your peers in 2020? Now is your chance as nominations have opened for the annual Finance Magnates Awards.

The final winners will be announced at the FMLS Virtual Summit – FMVS 2020, which will take place on November 18, 2020. For nearly a decade, the London Summit Awards have celebrated the achievements of leading brands that have excelled in their respective fields of business.

The process to win a Finance Magnates Award has started. Nominate your favourite brand here.