Komainu Joins UK Crypto Register amid New Ad Rules
Komainu, a crypto custody joint venture, successfully registered with the UK's Financial Conduct Authority (FCA) right before new promotional rules came into effect. The new rules mandate that firms be registered in the UK to approve their advertisements and convey risk warnings to users. Failure to comply could result in up to two years of imprisonment.
Several unregistered crypto companies have altered their services in the UK following new advertising rules. The FCA has promptly updated its list of unauthorized firms after introducing new laws. The regulator added more than 140 firms to its warning list, including notable names like KuCoin and Houbi. The FCA continues its vigilance in monitoring and regulating the crypto space to ensure consumer protection and compliance with existing laws.
CNMV Issues Warnings against Unregistered Entities
The National Securities Market Commission (CNMV) in Spain has issued warnings against various entities that are not registered with it. These entities include Finflow X, Europefx, Turbo, Bridge Stone Limited, Carax Forex, Capital-Gatewaycg, Higtechnordpro Limited, Tradecmf, Cmf Group Ltd, Virgobank, Terema Invest, Ucoin Capital, Palo Market, And Zermatt Group Llc. These firms are not authorized to offer investment services or other activities under the CNMV's regulatory supervision.
Among the warned entities, one notable inclusion is finexlimited.com, which is a clone site not associated with Grand Capital Ltd, a company duly registered in Spain. According to CNMV, these institutions are not in compliance with the requirements to provide investment services, posing potential risks to investors and the general public. The CNMV continues monitoring and regulating the market to ensure consumer protection.
FCA Welcomes Transition Plan Taskforce Disclosure Framework
The UK's FCA has welcomed the publication of the Transition Plan Taskforce Disclosure Framework. The framework aims to provide better information on how companies plan to transition to a low emission economy. It offers a set of recommendations to ensure high-quality and consistent climate transition plan disclosures.
"Companies will need to think strategically about how they respond and contribute to the transition to a low emissions, climate-resilient future," said Sacha Sadan, the Director of Environmental, Social and Governance at FCA.
FxPro Introduces New MT5 Account Types
FxPro has unveiled new account types for its MetaTrader 5 (MT5) platform, offering more flexibility and features to traders. The new accounts, Standard, Raw+, and Elite, cater to different types of traders and offer features like competitive spreads and raw spreads with zero markups.
These accounts come with versatile trading options across 2000+ shares, Forex, indices, metals, and more. FxPro also offers the choice between Hedging and Netting account settings to enhance trading strategies. These new account types are currently available only to clients in specific jurisdictions.
Smart Money Raises Concerns over Undelivered Services
Several New Zealand residents have raised red flags about Smart Money's "emergency cash" service and subscription cancellation policies. The service has not delivered the promised "emergency cash" to subscribers and continues to debit funds from their accounts without allowing cancellations.
Testimonials on Smart Money's website are suspected to be fraudulent, the New Zealand's FMA warned. Smart Money is not associated with any New Zealand-based business named Smart Money Advice, and caution is advised when dealing with the company.
Metro Bank Secures Financing, Avoids Takeover
Metro Bank has secured a capital raise of £325m and £600m in debt refinancing, staving off speculation about a potential takeover. Spaldy Investments, Metro Bank's largest shareholder, led the equity raise and will now hold a 53% stake in the bank.
The new funds will enable Metro Bank to expand its specialist mortgage lending operation. Despite this positive turn of events, industry experts caution that Metro Bank still needs to address issues like deposit shortages to prevent similar crises in the future.
Oliver Haste Joins Propellant.digital as Head of EMEA Product
Oliver Haste has been appointed as the Head of EMEA Product at Propellant.digital, a fintech company specializing in data analytics. Haste, who recently led data-related projects at Goldman Sachs, is expected to enhance Propellant's platform and client experience. Propellant's second senior appointment in five weeks indicates the company's ambitious growth plans in the data analytics space.
"It is an exciting time to work in data analytics," said Oliver Haste. "Regulators understand that data holds the key to market transparency while investors realise that the data they need for better investment outcomes is within reach – but organising and analysing it remains the real challenge. Propellant's unique solution unlocks the full potential of market data and I aim to push the boundaries of what all market participants can expect from data analytics software."
Warsaw Stock Exchange Partners with Equinix for New Trading System
The Warsaw Stock Exchange (GPW) has chosen Equinix to host its new Warsaw Automated Trading System. The partnership aims to enhance the Polish capital market's global reach and facilitate GPW's growth plans. The new system is expected to be launched in November 2024, with test market access ready by the end of 2023.
"Migrating to Equinix's WA3 data center allows GPW to offer more capabilities to our clients and enhanced trading performance. In today's world, for financial services companies like GPW it is crucial to position trading platforms for maximum performance, connectivity and flexibility. With the global reach of Equinix, GPW is tapping into the ecosystem where all the major market players are present enabling us to achieve unparalleled growth potential in the sector," said Izabela Olszewska, a Member of the Management Board at the Warsaw Stock Exchange.
