Crypto Pyramid Scheme Sparks $100M Lawsuit in China

Five executives of a prominent Filecoin mining project have been accused of orchestrating a pyramid scheme in China. The prosecutors have alleged that the executives of Shenzhen Space-Time Cloud technology devised a plan that scammed investors about USD $100 million.

The lawsuit stated that the executives, including Lai Mouhang and Lai Moujun, established the company in 2018 and gradually expanded its operations by allegedly luring participants with promises of substantial profits through Filecoin's reward system.

Bloomberg Enhances FX Pricing Quality Analysis with New Tools

Bloomberg has launched a suite of FX pricing tools accessible to FXGO's clients via the MISX multi-asset reporting tools. These tools offer rapid assessment and evaluation of pricing quality and performance for pricing requests; the company said in a statement today (Tuesday).

Tod Van Name, the Global Head of Foreign Exchange Electronic Trading at Bloomberg, said: "These new pricing quality analytics in MISX provide both buy and sell-side market participants with unparalleled breadth and depth of analysis and output that can help them make more informed trading decisions and achieve better outcomes."

Apex Advisor Solutions Integrates AdvisorArch

The subsidiary of Apex Fintech Solutions, Apex Advisor, has partnered with AdvisorArch to streamline investment processes. The collaboration aims to modernize and automate investments while maintaining options for customization.

By leveraging AdvisorArch's integration, Apex Advisor Solutions would reportedly grant advisors and fintech companies access to a versatile rebalancer. This feature supports tasks such as tax loss harvesting, direct indexing, and fractional share trading.

Percent Attains Broker-Dealer Status

The credit marketplace platform Percent has been registered as a broker-dealer. According to a statement issued by the company today (Tuesday), the registration will enable it to expand access to credit amid growing demand.

Nelson Chu, the founder and CEO of Percent, said: "Given private credit's recession-resilient nature and the boom we are seeing in the asset class, becoming a registered broker dealer is the next step in our pursuit to provide an even more elevated customer experience."

Devexperts Launches DXcharts Lite and Trial Versions

Devexperts has introduced a trial and a Lite open-source version of its financial charting library, DXcharts. Aimed at fintech developers, both versions allow for wider accessibility and integration.

The trial version, available for 30 days, requires a simple sign-up, while the Lite version offers core features free of charge. Through these launches, Devexperts hopes to promote growth in the financial industry, allowing even independent developers to integrate advanced charting into their offerings easily.

"We are dedicated to driving the growth of the financial industry as a whole," Evgeny Sorokin, the Chief Product Officer at Devexperts, commented. The launch of DXcharts Lite empowers developers working on commercial projects, open-source enthusiasts, and individuals interested in effortlessly integrating charts into their financial products. With DXcharts Lite, they can seamlessly leverage the core features of DXcharts, risk-free and at no cost."

FCA Warns against Seven Unauthorized Entities

The Financial Conduct Authority (FCA) has updated its warning list, flagging seven entities as unauthorized or unregistered. Among them, BOOST CAPITAL ACADEMY, International Fraud Watch, BITPRIMAL, and Market Brokerage are some of the entities operating without the FCA's approval.

Additionally, Brown & Andrews, Loans Avenue, and Smart Direct Broker are reportedly imitating authorized firms and targeting UK residents. Consumers are advised to be cautious and ensure due diligence before engaging with such entities.

Binance Announces Removal of Select Trading Pairs

The cryptocurrency exchange, Binance has publicized its decision to discontinue trading for several spot trading pairs. These trading pairs will be removed in three phases starting on 17 August 2023.

Binance is set to discontinue trading for the following spot pairs:

• On 17 August 2023 at 03:00 (UTC): BETA/BNB, BTTC/BUSD, CELR/BNB, CHZ/GBP, CTK/BUSD, DENT/BUSD.
• On 17 August 2023 at 06:00 (UTC): ENJ/BRL, GAL/EUR, JST/BUSD, MANA/BRL, NEO/RUB, NKN/BUSD.
• On 17 August 2023 08:00 (UTC): RUNE/GBP, SAND/BRL, SNT/BUSD, SUN/BUSD, VET/GBP.

While these specific pairs are being delisted, users can still trade the involved assets through other available pairs on Binance. The company also urges users to adjust or cease their trading bot operations for these pairs to prevent potential losses.

BaFin Investigates Cryptowall-Trading

Germany's financial regulator, BaFin, has issued a warning concerning the website cryptowall-trading.de. The site offers a platform for trading financial instruments. However, BaFin suspects the site operators provide services without the necessary permissions.

Crucial company information is missing from the site, and claims of commercial register entries are unverified. BaFin emphasizes that companies must possess appropriate permissions to offer such services within Germany.

MAS Introduces Regulatory Framework for Stablecoins

The Monetary Authority of Singapore (MAS) has unveiled a new regulatory framework focusing on the stability of stablecoins within the country. Designed digital tokens with a consistent value pegged to specified fiat currencies can function as a trusted medium for various digital transactions.

Under the framework, stablecoin issuers must meet certain conditions regarding value stability, capital, redemption, and disclosure. Only those fulfilling all criteria can label their stablecoins as 'MAS-regulated'. The move aims to differentiate MAS-sanctioned stablecoins from other tokens, safeguarding user interests.

EFG Bank Faces Monetary Penalties

The Hong Kong Monetary Authority (HKMA) recently concluded its investigation of EFG Bank AG, Hong Kong Branch (EFGHK), leading to disciplinary actions under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).

The authority has levied a fine of HK$16,000,000 against EFGHK for its AMLO breaches. The decision was influenced by EFGHK's violations between 2012 and 2018, which revolved around customer due diligence, onboarding, and inadequate monitoring systems.

Nevertheless, the HKMA has recognized EFGHK's remedial steps, cooperation, and lack of prior AMLO disciplinary records.