In a busy week for news, let's take a look back at the stories that dominated the worlds for Forex, Fintech and Crypto in our best of the week segment.
Shiba Inu (SHIB) Whale Transactions Are Surging
Shiba Inu (SHIB) remains one of the most popular coins, trending in the last few weeks. The meme token has gained significant value in 2021 due to a sharp rise in its retail interest. As a result, SHIB’s whale transactions have reached a record high.
According to Santiment, one of the leading crypto analytics firms, SHIB whales are moving the digital asset in large amounts. Last month, a leading SHIB whale account purchased nearly $43 million worth of SHIB coins. Following the purchase, the price of the meme coin jumped significantly. On 6 October 2021, SHIB’s price jumped by more than 60% within a few hours.
Read more about the Shiba Inu (SHIB) Whale Transactions here.
Exness Posts 7.6% Rise in September Trading Volume
Global forex and CFDs broker, Exness, has disclosed its key trading metrics for September, showing a trading volume jump for another month. According to the broker’s figures, the total trading volume for last month came in at $947 billion, which is 7.6 percent higher than the previous month.
This is the second-highest monthly trading volume reported by the broker after it peaked in July.
Year-over-year, the trading volume on the brokerage platform jumped by more than 58 percent. With the continued rally, Exness is poised to name itself as one of a small select group of retail brokers handling monthly trading activities worth more than $1 trillion.
Read more on the Exness September Trading Volume here.
SFC Imposes $5.5 Million Fine on Ample Capital Limited
Hong Kong’s Securities and Futures Commission (SFC) announced this week that it has reprimanded and fined Ample Capital Limited (ACL) $5.5 million.
According to SFC, the authority has imposed a fine on Ample Capital Limited for failing to discharge its duties as the sponsor in the listing application of COCCI International Limited (COCCI) between 2016 and 2017.
Read more on the Ample Capital Limited (ACL) fine here.
CFTC Charges Texas Man for $3.9M Forex and Crypto Fraud
The Commodity Futures Trading Commission (CFTC) has cracked down on another fraudulent investment scheme as it filed a civil enforcement action against Abner Alejandro Tinoco and his company Kikit & Mess Investments, LLC for misappropriating investors’ funds.
Announced on Wednesday, the Texan has solicited and misappropriated more than $3.9 million.
The agency detailed that the alleged perpetrator has been running the scheme since at least September 2020. He managed to gather the funds from at least 61 clients with assurances of managing their customized trading portfolios in foreign exchange (forex) and cryptocurrency investments.
Read more on the latest Forex and Crypto fraud here.
Prytek CEO Andrey Yashunsky on Value Creation, Good Vibes and Future Plans
I got the opportunity to interview Prytek CEO Andrey Yashunsky for Finance Magnates.
The impassioned CEO has led Prytek to complete 180 deals, including 20 merger deals and founded 3 new technology companies in the last years. In the process, establishing a global business with an end-to-end Business Operating Platform-as-a-Service (BOPaaS) and SaaS offerings to be reckoned with.
Read my interview with Prytek CEO Andrey Yashunsky here.
ASIC Proposes to Extend Retail CFDs Restrictions till 2031
The Australian financial market regulator, ASIC has published a consultation paper on Monday seeking a further extension of the already imposed restrictions on the sale and distribution of retail contracts for differences (CFDs) until April 1, 2031.
The regulator imposed ongoing restrictions on retail CFDs by the end of March this year. However, the product intervention order will expire on March 23, 2022, unless it is extended.
Read more on the ASIC CFDs restrictions extension here.
Bitcoin ETF Launched: 3 Things You Must Know
After years of waiting, the Securities and Exchange Commission (SEC) finally approved the first Bitcoin futures exchange-traded fund (ETF) to list on the US stock exchange.
The listing turned out to be hit as investors' demand poured in quickly, so Finance Magnates thought it would be a good time to have a look further at Bitcoin ETFs.
Read Bitcoin ETF Launched: 3 Things You Must Know here.
Facebook Novi Wallet: Will It Be a Gamechanger for the Crypto Industry?
In a Finance Magnates analysis, we took a good look at the new Novi wallet from Facebook and its possible future success and impact.
This week, the social network giant, Facebook unveiled the pilot for its digital wallet Novi, initially targeting US and Guatemala users.
As in all the spheres, voices in favour and against Novi sparked widespread discussion, almost entirely on the issue of privacy.
Read more on the Facebook Novi Wallet discussion here.
Al Ansari Exchange Collaborates with Ripple
Ripple was one again in the news this week. Ripple announced on Wednesday that Al Ansari Exchange, a UAE-based foreign exchange and global money transfer company, has joined RippleNet, Ripple’s global cloud-based financial technology network.
In an official announcement, Ripple mentioned that Al Ansari Exchange will connect with the leading money transfer technology company, MoneyMatch to provide same-day remittances to Malaysia through RippleNet Cloud.
Read more on the Al Ansari Exchange Collaborates with Ripple here.
Ripple Highlights New Milestones of Tranglo’s Partnership
Staying with Ripple, who later this week highlighted the success so far from its partnership with the Asian payment provider, Tranglo.
Asia is one of the fastest-growing Blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp
Read this Term regions around the world. Several financial institutions in Asia have formed key partnerships to improve cross-border Payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
Read this Term in the region.
Ripple stated that the partnership has demonstrated significant momentum during the last 6 months and informed of plans of expansion in the region.
Read more on the Ripple Tranglo momentum here.
Interview: Equiti’s Iskandar Najjar on Growth, Regional Expansion and Future Plans
Recently, Finance Magnates got the chance to interview Iskandar Najjar, CEO of Equiti Group. Najjar is an industry veteran with nearly two decades of experience in the global financial markets. Under his leadership, Equiti Group continues to evolve and experience rapid growth and significant expansion.
In the latest discussion, the CEO of Equiti Group opened up about the Group’s recent expansion and the future of the retail and institutional FX market.
Read the Iskandar Najjar, CEO of Equiti Group, interview here.
Brokers Are Encouraging UK Clients to Trade with Foreign Firms: FCA
The UK Financial Conduct Authority (FCA) has published a Perimeter Report for 2020-2021, highlighting complex issues and regulatory responses to the gaps in the country’s financial services industry.
Calling out the forex and contracts for differences (CFDs) trading platforms, the watchdog agency said that it has identified several brokers encouraging clients to trade with entities in third-country jurisdictions rather than their UK business.
These companies are using this method of introducing brokers (IBs) and affiliates to carry out unregulated activities, the British regulator highlighted.
Read more on the FCA Broker report here.
In a busy week for news, let's take a look back at the stories that dominated the worlds for Forex, Fintech and Crypto in our best of the week segment.
Shiba Inu (SHIB) Whale Transactions Are Surging
Shiba Inu (SHIB) remains one of the most popular coins, trending in the last few weeks. The meme token has gained significant value in 2021 due to a sharp rise in its retail interest. As a result, SHIB’s whale transactions have reached a record high.
According to Santiment, one of the leading crypto analytics firms, SHIB whales are moving the digital asset in large amounts. Last month, a leading SHIB whale account purchased nearly $43 million worth of SHIB coins. Following the purchase, the price of the meme coin jumped significantly. On 6 October 2021, SHIB’s price jumped by more than 60% within a few hours.
Read more about the Shiba Inu (SHIB) Whale Transactions here.
Exness Posts 7.6% Rise in September Trading Volume
Global forex and CFDs broker, Exness, has disclosed its key trading metrics for September, showing a trading volume jump for another month. According to the broker’s figures, the total trading volume for last month came in at $947 billion, which is 7.6 percent higher than the previous month.
This is the second-highest monthly trading volume reported by the broker after it peaked in July.
Year-over-year, the trading volume on the brokerage platform jumped by more than 58 percent. With the continued rally, Exness is poised to name itself as one of a small select group of retail brokers handling monthly trading activities worth more than $1 trillion.
Read more on the Exness September Trading Volume here.
SFC Imposes $5.5 Million Fine on Ample Capital Limited
Hong Kong’s Securities and Futures Commission (SFC) announced this week that it has reprimanded and fined Ample Capital Limited (ACL) $5.5 million.
According to SFC, the authority has imposed a fine on Ample Capital Limited for failing to discharge its duties as the sponsor in the listing application of COCCI International Limited (COCCI) between 2016 and 2017.
Read more on the Ample Capital Limited (ACL) fine here.
CFTC Charges Texas Man for $3.9M Forex and Crypto Fraud
The Commodity Futures Trading Commission (CFTC) has cracked down on another fraudulent investment scheme as it filed a civil enforcement action against Abner Alejandro Tinoco and his company Kikit & Mess Investments, LLC for misappropriating investors’ funds.
Announced on Wednesday, the Texan has solicited and misappropriated more than $3.9 million.
The agency detailed that the alleged perpetrator has been running the scheme since at least September 2020. He managed to gather the funds from at least 61 clients with assurances of managing their customized trading portfolios in foreign exchange (forex) and cryptocurrency investments.
Read more on the latest Forex and Crypto fraud here.
Prytek CEO Andrey Yashunsky on Value Creation, Good Vibes and Future Plans
I got the opportunity to interview Prytek CEO Andrey Yashunsky for Finance Magnates.
The impassioned CEO has led Prytek to complete 180 deals, including 20 merger deals and founded 3 new technology companies in the last years. In the process, establishing a global business with an end-to-end Business Operating Platform-as-a-Service (BOPaaS) and SaaS offerings to be reckoned with.
Read my interview with Prytek CEO Andrey Yashunsky here.
ASIC Proposes to Extend Retail CFDs Restrictions till 2031
The Australian financial market regulator, ASIC has published a consultation paper on Monday seeking a further extension of the already imposed restrictions on the sale and distribution of retail contracts for differences (CFDs) until April 1, 2031.
The regulator imposed ongoing restrictions on retail CFDs by the end of March this year. However, the product intervention order will expire on March 23, 2022, unless it is extended.
Read more on the ASIC CFDs restrictions extension here.
Bitcoin ETF Launched: 3 Things You Must Know
After years of waiting, the Securities and Exchange Commission (SEC) finally approved the first Bitcoin futures exchange-traded fund (ETF) to list on the US stock exchange.
The listing turned out to be hit as investors' demand poured in quickly, so Finance Magnates thought it would be a good time to have a look further at Bitcoin ETFs.
Read Bitcoin ETF Launched: 3 Things You Must Know here.
Facebook Novi Wallet: Will It Be a Gamechanger for the Crypto Industry?
In a Finance Magnates analysis, we took a good look at the new Novi wallet from Facebook and its possible future success and impact.
This week, the social network giant, Facebook unveiled the pilot for its digital wallet Novi, initially targeting US and Guatemala users.
As in all the spheres, voices in favour and against Novi sparked widespread discussion, almost entirely on the issue of privacy.
Read more on the Facebook Novi Wallet discussion here.
Al Ansari Exchange Collaborates with Ripple
Ripple was one again in the news this week. Ripple announced on Wednesday that Al Ansari Exchange, a UAE-based foreign exchange and global money transfer company, has joined RippleNet, Ripple’s global cloud-based financial technology network.
In an official announcement, Ripple mentioned that Al Ansari Exchange will connect with the leading money transfer technology company, MoneyMatch to provide same-day remittances to Malaysia through RippleNet Cloud.
Read more on the Al Ansari Exchange Collaborates with Ripple here.
Ripple Highlights New Milestones of Tranglo’s Partnership
Staying with Ripple, who later this week highlighted the success so far from its partnership with the Asian payment provider, Tranglo.
Asia is one of the fastest-growing Blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp
Read this Term regions around the world. Several financial institutions in Asia have formed key partnerships to improve cross-border Payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
Read this Term in the region.
Ripple stated that the partnership has demonstrated significant momentum during the last 6 months and informed of plans of expansion in the region.
Read more on the Ripple Tranglo momentum here.
Interview: Equiti’s Iskandar Najjar on Growth, Regional Expansion and Future Plans
Recently, Finance Magnates got the chance to interview Iskandar Najjar, CEO of Equiti Group. Najjar is an industry veteran with nearly two decades of experience in the global financial markets. Under his leadership, Equiti Group continues to evolve and experience rapid growth and significant expansion.
In the latest discussion, the CEO of Equiti Group opened up about the Group’s recent expansion and the future of the retail and institutional FX market.
Read the Iskandar Najjar, CEO of Equiti Group, interview here.
Brokers Are Encouraging UK Clients to Trade with Foreign Firms: FCA
The UK Financial Conduct Authority (FCA) has published a Perimeter Report for 2020-2021, highlighting complex issues and regulatory responses to the gaps in the country’s financial services industry.
Calling out the forex and contracts for differences (CFDs) trading platforms, the watchdog agency said that it has identified several brokers encouraging clients to trade with entities in third-country jurisdictions rather than their UK business.
These companies are using this method of introducing brokers (IBs) and affiliates to carry out unregulated activities, the British regulator highlighted.
Read more on the FCA Broker report here.
