XRP Whales, Binance Ban, ZA Crypto Block, New FX Licences: Editor's Pick

In a busy week for news, let's take a look back at the biggest news stories of the week from the worlds of Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term, fintech and crypto in our best of the week segment.

XRP Millionaire Transfers 26 Million Coins from Binance

At the start of a disastrous weekend for crypto exchange giant Binance, Finance Magnates reported on a recent transfer of XRP worth approximately $18 million from Binance to a digital wallet.

An XRP account moved 26 million coins from Binance to an unknown crypto wallet on Thursday 24th June at 17:00.

Read more on the XRP whale here.

Japan’s FSA Warns against Crypto Exchange Giant Binance

Friday got worse for Binance. Japan’s top financial market regulator, the Financial Services Agency (FSA) issued a warning against Binance as the cryptocurrency exchange continues to offer services in the country without authorization.

The warning issued on Friday said that Binance has been providing crypto exchange services in the country without registering with the FSA.

Read more on the Japanese FSA Binance Warning here.

Binance Banned in UK by FCA

The final part of the weekend Binance trilogy of bad news was the FCA banning Binance Group from the UK. The FCA said:

“Binance Markets Limited is not permitted to undertake any regulated activity in the UK. This firm is part of a wider Group (Binance Group).”

“Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA.”

Read more on the Binance UK ban here.

South African Banks Block Crypto Purchases on Overseas Exchanges

As Finance Magnates reported on Wednesday, South African banks are blocking transactions of their clients who are opting to purchase 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 on international exchanges.

The move was prompted by the new rules imposed on the industry by the central bank.

Read more on the South African Bank block on crypto here.

AETOS Gains Regulatory Licence in the Cayman Islands

AETOS Capital Group Holdings Limited, an FX and CFDs trading services provider, has gained a new regulatory business license from the Cayman Islands Monetary Authority.

AETOS already holds operational licenses from regulators in the United Kingdom, Australia and Vanuatu.

Read more on the AETOS Cayman Islands Licence here.

Fxview Expands Operations with a Subsidiary in Saint Vincent and Grenadines

Fxview, a Cyprus-based financial services provider, announced today that it has established an offshore subsidiary in Saint Vincent and Grenadines to expand the company’s operations.

Earlier this month, Finvasia Group, the owner of different brands in fintech and financial services, announced the acquisition of a 100% stake in Fxview for an undisclosed amount.

Read more on the FXview Saint Vincent and Grenadines subsidiary here.

UK Authorities Seize $158 Million Worth in Cryptocurrencies

Detectives from the UK Metropolitan Police’s Economic Crime Command conducted the largest cryptocurrency seizure in the country, and it is believed to be one of the largest globally.

According to the announcement, the authorities seized £114 million ($158.8 million) worth in virtual currencies on Wednesday, reportedly related to a money laundering case.

Read more on the crypto seizure here.

South Africa Is Looking at $3.6B Bitcoin Fraud as Africrypt Founders Flee

South Africa is looking at the country’s biggest cryptocurrency fraud as the two Africrypt Founders, Raees and Ameer Cajee, disappeared with Bitcoins worth $3.6 billion belonging to the investors of the fund.

Ameer Cajee, the Chief Operating Officer of Africrypt, wrote to the investors informing them that the investment platform has been hacked which forced them to halt operations.

Read more on the Africrypt Fraud here.