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Retail FX

News Nuggets | 21 November: FCA and FMA Warns against Clones and Fraudsters

  • Also, ASIC published enforcement plan; Plaid hires Adyen executive.
  • Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
Tuesday, 21/11/2023 | 10:21 GMT by Damian Chmiel
Retail FX

Clone Firm Impersonates Legitimate IG Markets: FCA Warning

  • Last week, the FCA revealed that a total of 54 entities were issued warnings.
  • If approached by an unauthorized or clone firm, individuals are urged to reach out to the FCA.
Monday, 13/11/2023 | 13:00 GMT by Tareq Sikder
Retail FX

FCA Cautions against Clone Firm Impersonating Finalto

  • Finalto Pro is allegedly using the details of the FCA-authorized firm to deceive users.
  • Separately, CySEC has warned against four unauthorized investment firms.
Friday, 10/11/2023 | 17:09 GMT by Jared Kirui
Retail FX

Santander’s Shadowy Twin Triggers FCA Warning

  • The British regulator warns against impersonating the popular bank.
  • This month is another warning from the FCA about a clone firm.
Wednesday, 08/11/2023 | 10:48 GMT by Damian Chmiel
Retail FX

FCA's Review Reveals Alarming Trend: APP Scam Losses Soar

  • In the first half, there were £239.3 million in losses from APP scams, marking an increase of 22%.
  • £152.8 million, representing 64% of the losses, was reimbursed to victims.
Tuesday, 07/11/2023 | 12:08 GMT by Tareq Sikder
Retail FX

FCA Issues Warning about Clone Firm Impersonating Plus500UK

  • A deceptive entity is operating under the website www.plus500un.com
  • The public is urged to stay cautious and promptly report any suspicious financial activities to the FCA.
Monday, 06/11/2023 | 14:56 GMT by Tareq Sikder
Retail FX

News Nuggets | 6 November: VT Markets Expands Team; eToro Implements New Tax Rules

  • Also, CFTC files fraud charges against FX operator; ASIC launches legal action against Telstra Super.
  • Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
Monday, 06/11/2023 | 12:12 GMT by Damian Chmiel
CryptoCurrency

FCA's Q3 Report Reveals 5,310 Amended Financial Promotions amid Regulatory Scrutiny

  • Unauthorized firms faced 488 alerts, with 11% of them attributed to clone scams.
  • The UK's markets watchdog is focusing on the new financial promotions regime.
Friday, 03/11/2023 | 14:29 GMT by Jared Kirui
CryptoCurrency

FCA Unveils Fresh Guidance amidst Crypto Marketing Turmoil in the UK

  • The new crypto marketing rules have been in effect in the UK for a month.
  • Many firms still fail to meet the requirements, so the FCA is publishing new guidance.
Thursday, 02/11/2023 | 13:31 GMT by Damian Chmiel
CryptoCurrency

PayPal Gains Approval to Offer Crypto Services in the UK

  • The organization can hold and sell crypto but cannot expand its crypto offerings.
  • Interactive Brokers, Bitstamp, Komainu, and PayPal are the four companies to receive FCA crypto registration.
Wednesday, 01/11/2023 | 15:21 GMT by Tareq Sikder
Retail FX

FCA Issues Warning against Saxo Bank Impersonators

  • Clone firms imitate authorized entities to deceive people.
  • According to the regulator, there is an alarming surge in clone scammers.
Wednesday, 01/11/2023 | 13:44 GMT by Jared Kirui
Retail FX

News Nuggets | 31 October: XS.com Hires New Manager; Scope Markets Expands CFDs Portfolio

  • Also, FCA takes action on BNPL contracts; NFA fines Oscar Gruss & Son and MFA Urges UK regulators to eliminate reduntant regulations.
  • Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
Tuesday, 31/10/2023 | 10:03 GMT by Finance Magnates Staff
CryptoCurrency

FCA: Bitfinex May Be Promoting Financial Services "Without Our Permission"

  • The regulator said that investors dealing with the crypto exchange may not be protected by the FSCS.
  • "Bitfinex is very disappointed by the action taken by the FCA," the exchange stated.
Friday, 27/10/2023 | 20:54 GMT by Jared Kirui
CryptoCurrency

Crypto Marketers Face New Hurdles as FCA Tightens Rules

  • The agency has identified recurring issues in crypto marketing since new regulations took effect on 8 October.
  • The FCA has issued 221 alerts and is collaborating with various businesses to curb illegal promotions.
Wednesday, 25/10/2023 | 09:56 GMT by Damian Chmiel
CryptoCurrency

Binance Faces Ongoing Exodus of Key Executives, UK CEO Departs

  • This move underscores the ongoing crypto regulatory pressure in the UK.
  • Farnell joined Binance in 2021 and assumed the role of CEO of Eqonex.
Tuesday, 24/10/2023 | 13:51 GMT by Jared Kirui
Retail FX

News Nuggets | 23 October: Vantage Lowers Copy Trading Barrier; FCA Warns against MS Clone

  • Also, Ebury opened a global training center in Malaga; Odeon Capital faces FINRA sanctions.
  • Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
Monday, 23/10/2023 | 10:47 GMT by Finance Magnates Staff
Retail FX

FCA's Data Publication: 5% Surge in Customer Complaints in H1

  • The Home Finance Product Group experienced a positive reduction of 10% in complaints.
  • Decumulation and Pensions experienced a notable rise of 20% in complaints.
Friday, 20/10/2023 | 11:40 GMT by Tareq Sikder
FinTech

FCA and Modulr Agree on Customer Onboarding Restrictions amid Regulatory Changes

  • The UK's Financial Conduct Authority takes action against Modulr.
  • Modulr temporarily halts onboarding due to new UK regulations.
Tuesday, 17/10/2023 | 12:43 GMT by Tareq Sikder
Retail FX

FCA Closes IBP Markets amidst Concerns of Financial Crime Risks

  • Restrictions have been imposed against the broker.
  • Administrators have been appointed to manage clients' assets in the firm.
Friday, 13/10/2023 | 17:51 GMT by Jared Kirui
Retail FX

FCA Data Reveals Surge in Whistleblower Reports in Q2

  • Most reports were submitted with contact details for further follow-up.
  • During Q2, 300 reports containing 821 allegations were made.
Friday, 13/10/2023 | 15:59 GMT by Jared Kirui
FinTech

FCA's Ongoing Commitment: Cybersecurity and Data Protection Enforcement

  • Equifax Ltd's lack of transparency resulted in a slow response and delayed notification to affected individuals.
  • The FCA imposed an £11,164,200 fine on Equifax Ltd as penalties.
Friday, 13/10/2023 | 11:54 GMT by Tareq Sikder
Institutional FX

Barclays’ Former CEO Fined £1.8 Million by FCA

  • A legal battle looms as appeals to the Upper Tribunal challenge the FCA's decision.
  • The FCA emphasizes the CEO's role in exercising sound judgment.
Thursday, 12/10/2023 | 12:09 GMT by Tareq Sikder
Retail FX

News Nuggets | 11 October: Tiger Brokers Hires New CEO; FCA Censures LCF

  • Also, Consob ordered the blackout of 5 websites; OKX hired a new head of compliance.
  • Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
Wednesday, 11/10/2023 | 09:58 GMT by Damian Chmiel
CryptoCurrency

Binance Faces Regulatory Hurdles in Meeting UK Crypto Ad Rules

  • Rebuildingsociety.com can't approve crypto ads due to regulatory restrictions.
  • Binance had partnered with the company to comply with FCA's new regulations.
Tuesday, 10/10/2023 | 16:49 GMT by Jared Kirui
CryptoCurrency

How Will Nexo Adjust to New Rules from the FCA?

  • Are concerns of crypto firms' exodus valid?
Tuesday, 10/10/2023 | 13:28 GMT by Pedro Ferreira
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