Colt Partners with AsiaNext
Colt Technology Services has teamed up with AsiaNext, announcing a strategic partnership that brings enhanced digital infrastructure solutions to the world of high-frequency crypto trading. This alliance aims to bridge the gap between mainstream finance and secure digital asset trading by using Colt's innovative Multicast Market Data in the Cloud and PrizmNet solutions.
"It's an incredibly exciting time for Asia, as regulatory clarity helps it become a global hub for the crypto ecosystem, and we're very proud to be named one of the first digital infrastructure partners for AsiaNext," Russell Toop, the Team Lead of Capital Markets Asia at Colt, commented.
CME Group to Launch New APAC Reference Rates for Digital Assets
In collaboration with CF Benchmarks, CME Group is set to introduce two APAC-specific reference rates for bitcoin and ether. These reference rates will provide a daily rate for the U.S. dollar value of these digital assets.
The introduction of these APAC rates highlights the growing importance of the APAC region in global cryptocurrency trading. The new rates are complementary to the existing ones, serving different time zones.
Fortex and Haame CRM Announce Platform Integration
Fortex has integrated its flagship XForce ECN trading platform with Haame CRM, a top-tier CRM solution from Hong Kong. This collaboration aims to enhance the trading experience by leveraging the capabilities of both platforms. Both Fortex and Haame have emphasized the importance of user experience and technological advancement in this integration initiative.
"Headquartered in Hong Kong, Haame is a leader in the development of financial technology innovations and digital services," the press release stated. "They are dedicated to serving institutional clients such as brokers and asset managers with professional financial CRM management systems. Haame systems are built around a core rule calculation engine, enabling rapid customization of business revenue sharing structures for broker clients."
Helio Lending Faces Legal Repercussions over False Licensing Claims
Melbourne-based cryptocurrency lender, Helio Lending Pty Ltd (Helio), was penalized with a non-conviction bond after misrepresenting its licensing status. In a 2019 news article, the company falsely claimed that it possessed an Australian credit license, which it did not hold.
Having offered crypto-backed loans to consumers, this misrepresentation led to misleading consumers about the legal protection they were entitled to. Helio pleaded guilty, which influenced the sentence, while another related charge was withdrawn.
Federal Court Rules on ASIC's Case against CBA and Colonial
The Full Federal Court dismissed the ASIC's appeal against a prior ruling, which had dismissed ASIC's case against the Commonwealth Bank of Australia (CBA) and Colonial First State Investments Limited for alleged conflicted remuneration law violations.
ASIC had accused the CBA and its subsidiary, Colonial, of breaching remuneration laws when they struck a deal for CBA to distribute Colonial's Essential Super product. Though the appeal was rejected, the Full Court clarified the meaning of conflicted remuneration provisions for future instances.
BaFin Investigates Unauthorized Financial Services Platforms
BaFin, the German financial regulator, issued warnings regarding First Invest Capital and CorsairControl Investment. Both companies are allegedly offering financial services in Germany without the necessary BaFin license.
Interested parties are advised to verify a company's licensing status using BaFin's company database before engaging in any financial activities.
FINRA Fines Instinet
FINRA has settled with Instinet, LLC over alleged reporting inaccuracies and supervisory failure violations. Without admitting or denying the allegations, Instinet has agreed to a censure, a fine of $3,800,000, and retaining an independent consultant for compliance oversight.
"From the start of its Consolidated Audit Trail (CAT) reporting obligation on June 22, 2020, through the present, Instinet failed to timely and accurately repo data for tens of billions of order events to the CAT Central Repository in violation of FINRA Rules 6830, 6893, 2010. lnstinet also failed to establish and maintain a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with CAT reporting rules in violation of FINRA Rules 3110 and 2010," FINRA commented in the statement.
ZetaChain Secures $27m in Latest Funding Round
The blockchain company, ZetaChain, successfully closed a $27 million funding round with contributions from renowned participants. Launched in 2021, ZetaChain's mission is to bring universal interoperability to the crypto world, and this funding round will likely bolster its efforts in achieving this goal.
"ZetaChain's purpose is to simplify managing assets and data across multiple blockchains, which remains a complicated and fragmented process that's hindering hundreds of millions of new users joining the web3 ecosystem," Ankur Nandwani, the Core Contributor at ZetaChain, commented. "Our EVM-compatible cross-chain smart contracts alleviate these issues by allowing decentralized app developers to build services that are faster, more secure, and easy to use."
Currencycloud Witnesses Rapid Growth in Australia
After receiving its Australian Financial Services license in 2022, Currencycloud, a multi-currency business solutions provider, reported an increase of nearly 70% in its customer base. With the fintech industry in Australia booming, Currencycloud aims to further diversify its clientele, targeting sectors like regulated derivative brokerages, PSPs, and wealthtech firms.
"Australia’s Fintech scene has seen remarkable growth in recent years. The Federal Government’s Trade and Investment Commission (Austrade) recognizes this potential and has positioned Australian Fintech as one of the fastest-growing markets in the world, on the back of Australia’s $10 trillion financial services industry,” Nick Briscoe, the Country Manager of Currencycloud Australia, commented.
