PayPal Crypto, eToro US, Wirecard Collapse: Editor’s Pick

ICYMI: The biggest news stories of the week

In a busy week of news, let’s take a look back at the biggest stories from the fintech, forex, and crypto spheres, in our best of the week segment.

Is PayPal Poised to Enter Crypto? All You Need to Know

Dominating the crypto news at the start of the week was talk that PayPal is to Reportedly Support Cryptocurrency Direct Transactions.

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The story started with a leaked report which stated that several people familiar with the matter confirmed that Paypal was working on building a direct buying and sales portal for cryptocurrencies within its own app and its subsidiary, Venmo.

Finance Magnates delved deeper into the story and analyzed the veracity of the news and the implications.

Read the Is PayPal Poised to Enter Crypto? All You Need to Know analysis here.

eToro Secures FINRA Membership, Extends Stock Trading to US Market

As Finance Magnates reported, Social investing platform eToro announced that the Financial Industry Regulatory Authority, Inc. (FINRA), had approved its membership application.

Receiving the license from the Wall Street independent regulator will legally enable the SEC-registered firm to buy and sell regulated securities on behalf of others.

Being a FINRA member broker-dealer also allows eToro to extend its commission-free stocks offering to clients in the US, nearly 13 months after it introduced the service in Europe and the UK markets, with the product now available in over 100 countries.

Read more on the eToro US Market Move here.

Wirecard Saga Continues

As Finance Magnates reported on Tuesday, Markus Braun, the former chief executive of Wirecard, has been arrested over the charges of false accounting and market manipulation.

According to a statement of Munich prosecutors, Braun was involved in artificially inflating the balance sheet of the company and also revenue to make Wirecard look attractive to the investors and clients.

Then, on Thursday, Wirecard, the German payments giant embroiled in €1.9 billion ($2.1 billion) scandal, filed for insolvency. Read more on Wirecard Files for Insolvency with Missing €1.9 Billion here.

The drama wasn’t quite over, as Friday saw the UK’s Financial Conduct Authority (FCA) announce that it has ordered Wirecard UK to cease all regulated activity, freezing customer funds.

Read more on the Wirecard FCA Action here.

Equiniti Rebrands as EQ

As Finance Magnates reported on Monday, UK-based financial and technology solutions provider Equiniti, announced that it is becoming EQ.

The new label, EQ, aligns the company’s branding with its three core divisions: EQPaymaster, EQ Boardroom, and EQ Digital; alongside the US division, EQ US, the firm revealed.

Read more on the Equiniti Rebrand here.

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Ally Financial Cancels $2.65 Billion CardWorks Acquisition

Ally Financial announced on Wednesday that it had terminated the acquisition and merger deal of CardWorks set for $2.65 billion.

The decision was taken due to the ongoing market fluctuations and economic stress caused by the COVID-19 pandemic. None of the parties will be liable for any termination or break-up fees as the termination of the deal was agreed upon mutually.

Read more on the Ally Financial Cancelled CardWorks Acquisition here.

SEC Orders Telegram to Pay $18M Fine, Refunds $1.2 Billion to Investors

The SEC Telegram ongoing drama took a new turn this week. The US Securities and Exchange Commission (SEC) revealed a proposed settlement with Telegram that involves civil penalties, as well as limitations for any future plans to revive its crypto ambitions.

The order, which Telegram consented to without admitting or denying the findings, imposes an $18.5 million penalty and requires the social network to disgorge nearly $1.2 billion to refund investors after its scheduled release of the Gram token failed.

Read more on the SEC Telegram Order here.

Liverpool FC Wins Premier League, TigerWit to Expand Deal

In a Finance Magnates exclusive, we revealed that following on from Liverpool FC’s winning of the Premier League, TigerWit, who is the club’s sponsor, has plans to further utilize and extend the sports sponsorship,

Read more on the TigerWit Liverpool Deal and Plans here.

BTC Post-COVID: Safe Havens, Trading, & Custody According to the Experts

In an unmissable webinar, Finance Magnates met with four leading experts to discuss the future of Bitcoin in a post-COVID-19 world.

On Tuesday, June 23rd, Finance Magnates sat with (virtually) with Multicoin Capital’s Kyle Samani, Anchorage’s Diogo Monica, WazirX’s Nischal Shetty, and Huobi’s Darryn Pollock to discuss Bitcoin in a post-COVID world.

We asked each of the guests to share their thoughts on whether or not Bitcoin’s status as a safe-haven asset was changed as a result of the COVID-19 pandemic.

Catch the webinar/podcast/analysis of BTC Post-COVID: Safe Havens, Trading, & Custody According to the Experts here.

iSignthis Seeks Initial Damages of $27 Million From ASX

With more drama than any Australian soap opera, the iSignthis (ISX) and ASX battle continue.

iSignthis (ISX), a payments identity company, has published a filing with the Australian Securities Exchange (ASX) this Tuesday, seeking initial damages in excess of $27 million from the ASX, as part of its ongoing legal battle with the Australian exchange.

Including exclusive quotes to Finance Magnates, read more on the iSignthis ASX damages claim here.

 

 

 

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