Bankrupt Bittrex Reaches $24M Settlement with SEC

Bittrex, the crypto exchange sued by the US Securities and Exchange Commission (SEC) in April over alleged illegal operations, has secured the securities regulator’s agreement to settle the case by paying $24 million. Previously, the exchange agreed to the penalty amount to resolve allegations that it offered unregistered securities to investors in the United States.

Announcing the agreement today (Wednesday) in a statement, Bittrex emphasized that the amount will be paid by its affiliate in the US, and not Bittrex Global. The exchange neither admits nor denies the allegations raised by the securities watchdog.

Meanwhile, Bittrex filed for bankruptcy protection in the US in May 2023, with the US Treasury's Office of Foreign Assets Control as its largest creditor. The move came less than a month after the exchange grounded its operations in the country.

Abu Dhabi Grants License for M2 to Offer Crypto Services

The Abu Dhabi’s Financial Services Regulatory Authority (FSRA) has granted M2, a virtual asset company, permission to operate a multilateral trading facility for crypto services in the UAE. Developed with a focus on enhancing trust and security, M2 aims to establish integrity within the cryptocurrency sector.

According to a statement shared by Abu Dhabi Global Market on X social media, the platform, set to launch later in 2023, will enable both institutional and retail clients to engage in buying, selling, and storing virtual assets like Bitcoin.

HKEX Posts Strong Financial Performance in H1 2023 amid Surging Revenue

The stock exchange of Hong Kong (HKEX) has released its interim results for 2023, disclosing remarkable growth in revenue and profit. HKEX’s revenue and other income for this period reached HKD $10 billion, showcasing an increase of 18% from the previous year.

The exchange’s revenue from core business increased 5% year-over-year to HKD $9.7 billion compared to the first half of 2023. Despite a rise of 7% in operating expenses reportedly due to increased staff costs and professional fees, the company’s EBITDA margin reached 75%, representing an upswing of 3 percent points in price from the same period in 2022.

UK FinTech Growth Partners Eyes Startups with New Investment Fund

The UK FinTech Growth Partners has unveiled an investments initiative targeting growth-stage FinTech companies, primarily focusing on those between Series B and pre-IPO stages; the company said in a statement today (Wednesday).

The fund’s inaugural capital deployment is scheduled for the fourth quarter, and it plans to invest between £10 million and £100 million per endeavor. Operating with the intention of making a minority equity investment, the FinTech Growth Fund will not only inject capital but reportedly offers guidance to its portfolio companies.

Nomura Partners with Angeleno Group: Pioneering Clean Energy Investment

The Tokyo-based Nomura Holdings and the Los Angeles-based Angeleno Group have entered into a partnership aimed at promoting investments in clean energy and climate solutions. The collaboration aims to accelerate the global transition to renewable energy sources.

Additionally, the deal involves Nomura’s investment in Angeleno Group’s recent fund, focused on nurturing clean energy and climate solutions startups in North America.

eToro Partners with Reflexivity Research

eToro has declared a strategic partnership with Reflexivity Research, an analysis firm focused on crypto-native research. The collaboration aims to deliver informative and innovative content concerning bitcoin and cryptoassets.

The partnership will lead to a new content initiative named 'BTC etc.' which will feature a weekly crypto market overview, as well as a monthly podcast. This podcast will be integrated into eToro's 'Digest & Invest' series and will host experts from both firms, discussing the latest in the crypto world.

"We are thrilled to be partnering with Reflexivity Research to bring our users even more valuable insights about the world of crypto," Mati Alon, the Editor in Chief at eToro, commented. "As a crypto pioneer, we see it as our responsibility to provide accessible, timely and relevant content for our users."

Brokeree's Social Trading Adds New Languages

Brokeree Solutions, in its recent update, has expanded the linguistic range supported by its Social Trading platform. This move aims to cater to a broader audience, enabling them to leverage the platform's innovative features.

Social Trading, a copy trading platform, empowers brokers to launch trading signal sharing throughout their trading ecosystem. Reacting to the needs of brokers in the Southeast Asian region, the platform now supports Malay and Indonesian languages. The platform now boasts accessibility in over 14 languages, including Chinese, Korean, Thai, and Hindi.

Julia Ilychova, the Operations Director at Brokeree Solution, discussed the firm's expansion strategies, emphasizing the team's growth and the concerted efforts towards establishing a more substantial foothold in regions like APAC, Middle East, Africa, the Americas, EU, and the UK. The recent opening of an office in Cyprus testifies to this commitment.

Warning against Fortexs.com by BaFin

BaFin, the German financial regulator, has issued a warning against the financial offerings presented by Fortexs on its website, fortexs.com. The company allegedly claims to operate under the jurisdictions of Cyprus, Belize, and Mauritius and suggests having a business location in London, both of which BaFin disputes.

The name 'Fortexs' can mislead customers, as it is associated with a technology provider in the FX and CFD space, 'Fortex'.

Klar Obtains $100M Credit Facility from Victory Park Capital

Klar, a digital financial services platform based in Mexico City, has announced the procurement of a $100 million credit facility from Victory Park Capital, a global alternative investment firm. This financial backing aims to aid Klar during its pivotal growth phase as it broadens its offerings, especially in the realm of transparent credit cards.

Since its inception in 2019, Klar has experienced significant growth, leading the charge in the Mexican financial sector by providing accessible credit lines to millions. The recent collaboration with Victory Park Capital emphasizes Klar's commitment to democratizing credit access in Mexico.

Cboe's Proceedings against Goldman Sachs

Goldman Sachs & Co., LLC has presented a Letter of Consent to Cboe BZX Exchange, Inc., proposing a settlement for alleged violations of exchange rules. While neither admitting nor denying the allegations, Goldman Sachs has been under scrutiny for its compliance with the Large Options Position Report (LOPR) reporting obligations.

This is not the first instance of Goldman facing disciplinary action. In 2017, the firm was fined $2,500,000 for similar LOPR reporting violations and related supervisory failures.

Jefferies Recruits from Credit Suisse

Jefferies has onboarded Jon Gegenheimer, a former Managing Director at Credit Suisse, to strengthen its US technology dealmaking arm. Based in San Francisco, Gegenheimer will directly report to Cameron Lester and Jason Greenberg, the global Co-Heads of Jefferies' technology, media, and telecom investment banking division.

This hiring is part of Jefferies' strategic expansion, which recently saw the firm recruit top talents from other competitors.

Ex-Singapore Parliamentarian Introduces Stablecoins

Calvin Cheng, an investor and ex-parliamentarian from Singapore, has unveiled two new stablecoins through his rebranded Swiss company, Anchored Coins. The company, which joined the Swiss VQF earlier in 2023, will issue a Swiss Franc-backed stablecoin (ACHF) and a Euro-backed stablecoin (AEUR) on Ethereum and BNB Chain blockchains.

Both stablecoins will be backed 1-to-1 by their respective fiat currencies. Cheng emphasizes the stability of Swiss banking and Switzerland's clear regulatory guidelines as key reasons behind the launch, aiming to provide alternatives to US dollar-pegged stablecoins.