It started on Monday: The SEC sued Binance, then came the lawsuit against Coinbase.
The exchanges are now questioning the integrity of the SEC's Chair.
SEC Chair Gary Gensler speaking at LATOKEN’s Blockchain Economic Forum 2018 in San Francisco
Earlier this week, the US Securities and Exchange Commission (SEC) brought simultaneous lawsuits against two leading cryptocurrency exchanges, Binance and Coinbase. Utilising their influence, both exchanges decided to fight the legal battle.
Lawsuits against Two Exchanges
The US securities regulator's on-and-off investigations against big crypto players were known for a while. On Monday, it went public with the lawsuit against Binance, its two affiliated entities, and the Founder/CEO, Changpeng Zhao. The 13 charges against the defendants include operating illegal trading platforms, offering unregistered crypto asset securities, and commingling customers' funds.
A court filing revealed that the US securities market regulator started investigating Binance in 2020.
When the crypto industry was still reeling from the actions against Binance, the SEC announced another lawsuit on Tuesday against the America-listed crypto exchange, Coinbase. The charges against this exchange include operating an illegal trading platform that offered unregistered crypto asset securities; the SEC also accused Coinbase of offering a staking-as-a-service program without authorization.
Consecutive Court Motions
Following the lawsuit, the SEC filed multiple motions in court against Binance: the regulator is seeking permission to freeze the assets of Binance.US. According to the court filing, Binance moved $12 billion in customer funds to entities controlled by the CEO, Zhao.
The allegations against Binance and Zhao are grave. Though the US operations of Binance were independent on paper, the lawsuit included statements of executives who admitted that Zhao and Binance.com ultimately controlled the executive decisions at Binance.US.
BAM Trading officially operates Binance.US without Zhao in any of its executive roles. However, BAM Trading employees referred to the controls of Zhao and Binance on the company as 'shackles' that prevented them from understanding and freely operating the US platform. A former CEO of BAM Trading even told Binance's CFO that her "entire team feels like [it had] been duped into being a puppet."
Binance's Actions
Experts believe that the SEC's lawsuit might not damage the global dominance of Binance but would break Binance.US. Indeed, the US affiliate has already made some harsh operational decisions.
Changpeng Zhao, CEO of Binance. Source: LinkedIn
Binance.US indefinitely suspended its over-the-counter (OTC) operations and removed 10 crypto pairs listed against BTC and BUSD. The SEC's complaint alleged BNB and BUSD to be unregistered securities and labeled 10 other cryptocurrencies listed on the exchange in this category.
The operational changes of Binance.US continued today (Friday); it announced the suspension of USD deposits and warned that its payment partners would terminate withdrawal support by June 13. Now, the exchange is going all-crypto and indirectly has asked its users to withdraw USD funds immediately.
The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. https://t.co/AZwoBOgsqS and our business partners have not been spared in the use of these tactics, which has created… pic.twitter.com/rlIe6swIoY
Meanwhile, in a memo seen on Thursday by Chinese crypto media Odaily Planet Daily, Zhao reportedly cautioned staff members about their communication, noting that "everything you say may appear in court (or on the internet) one day," according to Google translation of the media outlet's report. The Binance CEO further reportedly called the SEC's use of its employees' chats "ridiculous."
Political Side Is Heating Up
The lawmakers are now also taking an interest in the alleged illegal operations of Binance in the US. Two Democratic senators, Elizabeth Warren, and Chris Van Hollen, sent a letter to the Attorney General, Merrick Garland seeking a Department of Justice investigation into the exchange. They alleged that Binance and its US affiliate might have lied to Congress about business practices.
"This is a serious matter," the letter stated. "While Mr Zhao has claimed that Binance.US is a 'fully independent entity', in reality, he controls the company as a 'de facto subsidiary' of Binance."
What Is Happening with Coinbase?
Coinbase, which is also facing an SEC lawsuit, is a public company. Its shares took a heavy dent since the SEC sued the company. In the last five trading sessions, the Nasdaq-listed company (Nasdaq: COIN) lost more than 15.6 percent of its value but recovered from the button it hit on Tuesday.
Unlike Binance, Coinbase is not accused of any customer fund misappropriation or shady business practices. The SEC alleged that it functions as an exchange, brokerage, and clearing agency, which are separate under US laws, without registering to engage in these activities.
The SEC's Chair, Garry Gensler, in a speech yesterday (Thursday) at the Piper Sandler Global Exchange & Fintech Conference, stressed that existing US securities rules applied to crypto platforms, and they must separate "the exchange, broker-dealer, and clearing functions."
Gensler thinks separating the three functions will "help mitigate the conflicts that can arise with the commingling of such services."
"With wide-ranging noncompliance, frankly, it's not surprising that we've seen many problems in these markets. We've seen this story before. It's reminiscent of what we had in the 1920s before the federal securities laws were put in place. Hucksters. Fraudsters. Scam artists. Ponzi schemes," he added.
JUST IN: SEC Chair Gary Gensler says crypto is all "hucksters, fraudsters, scam artists." pic.twitter.com/1xRWUMzbel
However, Coinbase confirmed that it will not shutter its staking service, which, according to the regulator, is illegal. Earlier, the SEC reached a settlement with Kraken that led to the exchange shutting its staking service.
The Tackle of Binance and Coinbase
Both Binance and Coinbase are now defending themselves publicly and trying to get public discourse in their favor. The US courts will decide the fate of the lawsuits, but the exchanges need public trust in their business to operate smoothly.
In an official response to the SEC lawsuit, Binance said that the allegations concerning users' assets on its US trading platform are at risk and "simply wrong," adding that: "there is zero justification for the [SEC] Staff's action in light of ample time the Staff had to conduct their investigation."
Brian Armstrong, CEO of Coinbase
On top of that, the exchange alleged that the SEC abandoned its efforts to reach a negotiated settlement to resolve the investigations and rushed "to claim jurisdictional ground from other regulators" rather than seek to serve the interest of investors.
Coinbase's CEO additionally responded to the SEC allegations with a tweet, stating the team is "confident in our facts and the law." He also highlighted that the accusations against Coinbase differ from Binance, though he only mentioned "others out there" without naming Binance.
Regarding the SEC complaint against us today, we're proud to represent the industry in court to finally get some clarity around crypto rules.
Remember: 1. The SEC reviewed our business and allowed us to become a public company in 2021. 2. There is no path to "come in and…
— Brian Armstrong 🛡️ (@brian_armstrong) June 6, 2023
The lawsuits came after Binance.US and Coinbase received a Wells Notice from the SEC.
Gensler Is the Target
Both Binance and Coinbase are at present directly attacking Gensler, who believes most cryptocurrencies can be categorized as securities. His stance on crypto has dramatically changed over the years.
The lawyers of Binance sent a letter to the SEC, revealing that Gensler "offered to serve as an advisor" to the crypto exchange and want him to recuse from the legal case.
"Mr Gensler should have been recused from any consideration in this matter based on this history and the prospect that Mr Gensler may be a material fact witness," the letter added. "To date, the Staff has never confirmed whether Mr Gensler has recused himself, and if he has not, the Commission's explanation for why not."
While speaking at a conference, Coinbase's CEO called Gensler an "outlier" and revealed that the exchange approached the SEC for registration but received an "icy reception" from the Commission's Chair at the first meeting.
Insider Trading?
Binance is a private company, but Coinbase is public. A day before the SEC brought the lawsuit against Coinbase, its CEO sold a significant amount of his shares in the company, a regulatory filing revealed.
Armstrong sold 29,730 shares of the company on June 5 before Coinbase shares plummeted with an initial dip of 20 percent. However, the transactions look planned, as Armstrong has been selling Coinbase shares regularly since last November. He submitted a 10b5-1 plan last August, notifying the regulator time and size of the transactions in advance.
Coinbase executives continue dumping millions of dollars of Coinbase stock.
Nothing inspires more confidence in your company than dumping millions of dollars in stock as your company is being sued for selling unregistered securities.
— Bitfinex’ed 🔥🐧 Κασσάνδρα 🏺 (@Bitfinexed) June 8, 2023
Earlier this week, the US Securities and Exchange Commission (SEC) brought simultaneous lawsuits against two leading cryptocurrency exchanges, Binance and Coinbase. Utilising their influence, both exchanges decided to fight the legal battle.
Lawsuits against Two Exchanges
The US securities regulator's on-and-off investigations against big crypto players were known for a while. On Monday, it went public with the lawsuit against Binance, its two affiliated entities, and the Founder/CEO, Changpeng Zhao. The 13 charges against the defendants include operating illegal trading platforms, offering unregistered crypto asset securities, and commingling customers' funds.
A court filing revealed that the US securities market regulator started investigating Binance in 2020.
When the crypto industry was still reeling from the actions against Binance, the SEC announced another lawsuit on Tuesday against the America-listed crypto exchange, Coinbase. The charges against this exchange include operating an illegal trading platform that offered unregistered crypto asset securities; the SEC also accused Coinbase of offering a staking-as-a-service program without authorization.
Consecutive Court Motions
Following the lawsuit, the SEC filed multiple motions in court against Binance: the regulator is seeking permission to freeze the assets of Binance.US. According to the court filing, Binance moved $12 billion in customer funds to entities controlled by the CEO, Zhao.
The allegations against Binance and Zhao are grave. Though the US operations of Binance were independent on paper, the lawsuit included statements of executives who admitted that Zhao and Binance.com ultimately controlled the executive decisions at Binance.US.
BAM Trading officially operates Binance.US without Zhao in any of its executive roles. However, BAM Trading employees referred to the controls of Zhao and Binance on the company as 'shackles' that prevented them from understanding and freely operating the US platform. A former CEO of BAM Trading even told Binance's CFO that her "entire team feels like [it had] been duped into being a puppet."
Binance's Actions
Experts believe that the SEC's lawsuit might not damage the global dominance of Binance but would break Binance.US. Indeed, the US affiliate has already made some harsh operational decisions.
Changpeng Zhao, CEO of Binance. Source: LinkedIn
Binance.US indefinitely suspended its over-the-counter (OTC) operations and removed 10 crypto pairs listed against BTC and BUSD. The SEC's complaint alleged BNB and BUSD to be unregistered securities and labeled 10 other cryptocurrencies listed on the exchange in this category.
The operational changes of Binance.US continued today (Friday); it announced the suspension of USD deposits and warned that its payment partners would terminate withdrawal support by June 13. Now, the exchange is going all-crypto and indirectly has asked its users to withdraw USD funds immediately.
The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. https://t.co/AZwoBOgsqS and our business partners have not been spared in the use of these tactics, which has created… pic.twitter.com/rlIe6swIoY
Meanwhile, in a memo seen on Thursday by Chinese crypto media Odaily Planet Daily, Zhao reportedly cautioned staff members about their communication, noting that "everything you say may appear in court (or on the internet) one day," according to Google translation of the media outlet's report. The Binance CEO further reportedly called the SEC's use of its employees' chats "ridiculous."
Political Side Is Heating Up
The lawmakers are now also taking an interest in the alleged illegal operations of Binance in the US. Two Democratic senators, Elizabeth Warren, and Chris Van Hollen, sent a letter to the Attorney General, Merrick Garland seeking a Department of Justice investigation into the exchange. They alleged that Binance and its US affiliate might have lied to Congress about business practices.
"This is a serious matter," the letter stated. "While Mr Zhao has claimed that Binance.US is a 'fully independent entity', in reality, he controls the company as a 'de facto subsidiary' of Binance."
What Is Happening with Coinbase?
Coinbase, which is also facing an SEC lawsuit, is a public company. Its shares took a heavy dent since the SEC sued the company. In the last five trading sessions, the Nasdaq-listed company (Nasdaq: COIN) lost more than 15.6 percent of its value but recovered from the button it hit on Tuesday.
Unlike Binance, Coinbase is not accused of any customer fund misappropriation or shady business practices. The SEC alleged that it functions as an exchange, brokerage, and clearing agency, which are separate under US laws, without registering to engage in these activities.
The SEC's Chair, Garry Gensler, in a speech yesterday (Thursday) at the Piper Sandler Global Exchange & Fintech Conference, stressed that existing US securities rules applied to crypto platforms, and they must separate "the exchange, broker-dealer, and clearing functions."
Gensler thinks separating the three functions will "help mitigate the conflicts that can arise with the commingling of such services."
"With wide-ranging noncompliance, frankly, it's not surprising that we've seen many problems in these markets. We've seen this story before. It's reminiscent of what we had in the 1920s before the federal securities laws were put in place. Hucksters. Fraudsters. Scam artists. Ponzi schemes," he added.
JUST IN: SEC Chair Gary Gensler says crypto is all "hucksters, fraudsters, scam artists." pic.twitter.com/1xRWUMzbel
However, Coinbase confirmed that it will not shutter its staking service, which, according to the regulator, is illegal. Earlier, the SEC reached a settlement with Kraken that led to the exchange shutting its staking service.
The Tackle of Binance and Coinbase
Both Binance and Coinbase are now defending themselves publicly and trying to get public discourse in their favor. The US courts will decide the fate of the lawsuits, but the exchanges need public trust in their business to operate smoothly.
In an official response to the SEC lawsuit, Binance said that the allegations concerning users' assets on its US trading platform are at risk and "simply wrong," adding that: "there is zero justification for the [SEC] Staff's action in light of ample time the Staff had to conduct their investigation."
Brian Armstrong, CEO of Coinbase
On top of that, the exchange alleged that the SEC abandoned its efforts to reach a negotiated settlement to resolve the investigations and rushed "to claim jurisdictional ground from other regulators" rather than seek to serve the interest of investors.
Coinbase's CEO additionally responded to the SEC allegations with a tweet, stating the team is "confident in our facts and the law." He also highlighted that the accusations against Coinbase differ from Binance, though he only mentioned "others out there" without naming Binance.
Regarding the SEC complaint against us today, we're proud to represent the industry in court to finally get some clarity around crypto rules.
Remember: 1. The SEC reviewed our business and allowed us to become a public company in 2021. 2. There is no path to "come in and…
— Brian Armstrong 🛡️ (@brian_armstrong) June 6, 2023
The lawsuits came after Binance.US and Coinbase received a Wells Notice from the SEC.
Gensler Is the Target
Both Binance and Coinbase are at present directly attacking Gensler, who believes most cryptocurrencies can be categorized as securities. His stance on crypto has dramatically changed over the years.
The lawyers of Binance sent a letter to the SEC, revealing that Gensler "offered to serve as an advisor" to the crypto exchange and want him to recuse from the legal case.
"Mr Gensler should have been recused from any consideration in this matter based on this history and the prospect that Mr Gensler may be a material fact witness," the letter added. "To date, the Staff has never confirmed whether Mr Gensler has recused himself, and if he has not, the Commission's explanation for why not."
While speaking at a conference, Coinbase's CEO called Gensler an "outlier" and revealed that the exchange approached the SEC for registration but received an "icy reception" from the Commission's Chair at the first meeting.
Insider Trading?
Binance is a private company, but Coinbase is public. A day before the SEC brought the lawsuit against Coinbase, its CEO sold a significant amount of his shares in the company, a regulatory filing revealed.
Armstrong sold 29,730 shares of the company on June 5 before Coinbase shares plummeted with an initial dip of 20 percent. However, the transactions look planned, as Armstrong has been selling Coinbase shares regularly since last November. He submitted a 10b5-1 plan last August, notifying the regulator time and size of the transactions in advance.
Coinbase executives continue dumping millions of dollars of Coinbase stock.
Nothing inspires more confidence in your company than dumping millions of dollars in stock as your company is being sued for selling unregistered securities.
Arnab Shome is an electronics engineer-turned-financial editor. He holds a Bachelor of Technology from the National Institute of Technology, Agartala. He entered the retail trading industry about a decade ago, covering the cryptocurrency market for Finance Magnates, and later expanded his coverage to include forex and CFDs as well.
His work at Finance Magnates includes C-level interviews, data-driven analysis, opinion pieces, and scoops of industry exclusives. He also contributes to Finance Magnates’ quarterly industry report.
Area of coverage:
1. CFD broker-related news
2. Industry-related Regulatory updates and developments
3. New retail trading trends
4. Prop trading industry updates
5. Executive interviews
Education:
Bachelor of Technology - National Institute of Technology, Agartala (India)
Retail Traders Get Tokenized US IPO Allocations at Offer Price as Payward Expands xStocks
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For every feature and product, someone has to decide: build it in-house or buy from a vendor. In Singapore and across APAC, local banks and global players face the same question with very different constraints.
This session gathers heads of technology and e-trading to compare how client demand and cost structures shape their choices, and how long it actually takes to ship in each.
Attendees will walk away with:
First-hand view of how client feedback informs decision-making across different market participants.
Understanding pain points and benefits of working with 3rd party integrations at scale.
Insight into products and innovation banks’ retail and trading heads will look for in 2026.
For every feature and product, someone has to decide: build it in-house or buy from a vendor. In Singapore and across APAC, local banks and global players face the same question with very different constraints.
This session gathers heads of technology and e-trading to compare how client demand and cost structures shape their choices, and how long it actually takes to ship in each.
Attendees will walk away with:
First-hand view of how client feedback informs decision-making across different market participants.
Understanding pain points and benefits of working with 3rd party integrations at scale.
Insight into products and innovation banks’ retail and trading heads will look for in 2026.
For every feature and product, someone has to decide: build it in-house or buy from a vendor. In Singapore and across APAC, local banks and global players face the same question with very different constraints.
This session gathers heads of technology and e-trading to compare how client demand and cost structures shape their choices, and how long it actually takes to ship in each.
Attendees will walk away with:
First-hand view of how client feedback informs decision-making across different market participants.
Understanding pain points and benefits of working with 3rd party integrations at scale.
Insight into products and innovation banks’ retail and trading heads will look for in 2026.
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As Singapore's capital-intensive requirements leave only a few retail brokers active in the city-state, there are many opportunities to be made in and around.
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As Singapore's capital-intensive requirements leave only a few retail brokers active in the city-state, there are many opportunities to be made in and around.
This session gathers regulators, advisors, and operators who have set up across multiple APAC jurisdictions to break down figures, what's working, what's breaking, and what's next.
Attendees will walk away with:
Survey of capital thresholds and other requirements across regions in APAC
Nuanced understanding of Singapore's role in the retail trading space
Glimpse into parallel developments in digital assets and RWA
As Singapore's capital-intensive requirements leave only a few retail brokers active in the city-state, there are many opportunities to be made in and around.
This session gathers regulators, advisors, and operators who have set up across multiple APAC jurisdictions to break down figures, what's working, what's breaking, and what's next.
Attendees will walk away with:
Survey of capital thresholds and other requirements across regions in APAC
Nuanced understanding of Singapore's role in the retail trading space
Glimpse into parallel developments in digital assets and RWA
As Singapore's capital-intensive requirements leave only a few retail brokers active in the city-state, there are many opportunities to be made in and around.
This session gathers regulators, advisors, and operators who have set up across multiple APAC jurisdictions to break down figures, what's working, what's breaking, and what's next.
Attendees will walk away with:
Survey of capital thresholds and other requirements across regions in APAC
Nuanced understanding of Singapore's role in the retail trading space
Glimpse into parallel developments in digital assets and RWA
As Singapore's capital-intensive requirements leave only a few retail brokers active in the city-state, there are many opportunities to be made in and around.
This session gathers regulators, advisors, and operators who have set up across multiple APAC jurisdictions to break down figures, what's working, what's breaking, and what's next.
Attendees will walk away with:
Survey of capital thresholds and other requirements across regions in APAC
Nuanced understanding of Singapore's role in the retail trading space
Glimpse into parallel developments in digital assets and RWA
As Singapore's capital-intensive requirements leave only a few retail brokers active in the city-state, there are many opportunities to be made in and around.
This session gathers regulators, advisors, and operators who have set up across multiple APAC jurisdictions to break down figures, what's working, what's breaking, and what's next.
Attendees will walk away with:
Survey of capital thresholds and other requirements across regions in APAC
Nuanced understanding of Singapore's role in the retail trading space
Glimpse into parallel developments in digital assets and RWA
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Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
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For fintechs who try to capture the retail investment crowd, payments can be a game-changer from user experience to back-office plumbing.
This session brings together builders from across the payment ecosystem to examine how new rails are altering the way capital moves in APAC and beyond.
Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
For fintechs who try to capture the retail investment crowd, payments can be a game-changer from user experience to back-office plumbing.
This session brings together builders from across the payment ecosystem to examine how new rails are altering the way capital moves in APAC and beyond.
Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
For fintechs who try to capture the retail investment crowd, payments can be a game-changer from user experience to back-office plumbing.
This session brings together builders from across the payment ecosystem to examine how new rails are altering the way capital moves in APAC and beyond.
Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
For fintechs who try to capture the retail investment crowd, payments can be a game-changer from user experience to back-office plumbing.
This session brings together builders from across the payment ecosystem to examine how new rails are altering the way capital moves in APAC and beyond.
Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
For fintechs who try to capture the retail investment crowd, payments can be a game-changer from user experience to back-office plumbing.
This session brings together builders from across the payment ecosystem to examine how new rails are altering the way capital moves in APAC and beyond.
Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
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Acquisition is getting more expensive. Most brokers already know that. The harder question is what happens after the client funds the account.
This session looks at how broker loyalty programmes are moving from “nice-to-have rewards” into a serious retention layer inside the client portal.
In this session, Desmond Leong, CEO of Returning.AI, will break down the practical mechanics behind high-performing broker loyalty programmes: what to reward, what not to reward, how onshore and offshore entities need different incentive structures, what belongs in the rewards store, and how brokers can recycle reward budgets back into trading value instead of letting them disappear as pure cost.
The talk will cover common mistakes brokers make when launching loyalty programmes, including copying retail-style rewards, ignoring jurisdictional constraints, over-relying on bonuses, failing to connect rewards to lifecycle stages, and measuring vanity engagement instead of retention, LTV, CAC payback, deposits, and active trading behaviour.
Attendees will leave with a clear do-and-don’t framework they can use to pressure-test their own loyalty strategy.
Why loyalty is no longer a “nice-to-have” marketing feature for brokers
The building blocks of any loyalty program and what they mean: points, tiers, missions, stores, leaderboards, boosters, and cashback-style mechanics
Understanding of how key regulators read loyalty incentives and where the compliance lines are
What should go in the rewards store, and what quietly destroys ROI
How trading credits, rebates, VIP perks, education, and service benefits can recycle value back into the brokerage
The 5 mistakes brokers should avoid when building or buying a loyalty programme
Real figures from a live deployment: what moved in daily activity, tier progression, and trader spend
Acquisition is getting more expensive. Most brokers already know that. The harder question is what happens after the client funds the account.
This session looks at how broker loyalty programmes are moving from “nice-to-have rewards” into a serious retention layer inside the client portal.
In this session, Desmond Leong, CEO of Returning.AI, will break down the practical mechanics behind high-performing broker loyalty programmes: what to reward, what not to reward, how onshore and offshore entities need different incentive structures, what belongs in the rewards store, and how brokers can recycle reward budgets back into trading value instead of letting them disappear as pure cost.
The talk will cover common mistakes brokers make when launching loyalty programmes, including copying retail-style rewards, ignoring jurisdictional constraints, over-relying on bonuses, failing to connect rewards to lifecycle stages, and measuring vanity engagement instead of retention, LTV, CAC payback, deposits, and active trading behaviour.
Attendees will leave with a clear do-and-don’t framework they can use to pressure-test their own loyalty strategy.
Why loyalty is no longer a “nice-to-have” marketing feature for brokers
The building blocks of any loyalty program and what they mean: points, tiers, missions, stores, leaderboards, boosters, and cashback-style mechanics
Understanding of how key regulators read loyalty incentives and where the compliance lines are
What should go in the rewards store, and what quietly destroys ROI
How trading credits, rebates, VIP perks, education, and service benefits can recycle value back into the brokerage
The 5 mistakes brokers should avoid when building or buying a loyalty programme
Real figures from a live deployment: what moved in daily activity, tier progression, and trader spend
Acquisition is getting more expensive. Most brokers already know that. The harder question is what happens after the client funds the account.
This session looks at how broker loyalty programmes are moving from “nice-to-have rewards” into a serious retention layer inside the client portal.
In this session, Desmond Leong, CEO of Returning.AI, will break down the practical mechanics behind high-performing broker loyalty programmes: what to reward, what not to reward, how onshore and offshore entities need different incentive structures, what belongs in the rewards store, and how brokers can recycle reward budgets back into trading value instead of letting them disappear as pure cost.
The talk will cover common mistakes brokers make when launching loyalty programmes, including copying retail-style rewards, ignoring jurisdictional constraints, over-relying on bonuses, failing to connect rewards to lifecycle stages, and measuring vanity engagement instead of retention, LTV, CAC payback, deposits, and active trading behaviour.
Attendees will leave with a clear do-and-don’t framework they can use to pressure-test their own loyalty strategy.
Why loyalty is no longer a “nice-to-have” marketing feature for brokers
The building blocks of any loyalty program and what they mean: points, tiers, missions, stores, leaderboards, boosters, and cashback-style mechanics
Understanding of how key regulators read loyalty incentives and where the compliance lines are
What should go in the rewards store, and what quietly destroys ROI
How trading credits, rebates, VIP perks, education, and service benefits can recycle value back into the brokerage
The 5 mistakes brokers should avoid when building or buying a loyalty programme
Real figures from a live deployment: what moved in daily activity, tier progression, and trader spend
Acquisition is getting more expensive. Most brokers already know that. The harder question is what happens after the client funds the account.
This session looks at how broker loyalty programmes are moving from “nice-to-have rewards” into a serious retention layer inside the client portal.
In this session, Desmond Leong, CEO of Returning.AI, will break down the practical mechanics behind high-performing broker loyalty programmes: what to reward, what not to reward, how onshore and offshore entities need different incentive structures, what belongs in the rewards store, and how brokers can recycle reward budgets back into trading value instead of letting them disappear as pure cost.
The talk will cover common mistakes brokers make when launching loyalty programmes, including copying retail-style rewards, ignoring jurisdictional constraints, over-relying on bonuses, failing to connect rewards to lifecycle stages, and measuring vanity engagement instead of retention, LTV, CAC payback, deposits, and active trading behaviour.
Attendees will leave with a clear do-and-don’t framework they can use to pressure-test their own loyalty strategy.
Why loyalty is no longer a “nice-to-have” marketing feature for brokers
The building blocks of any loyalty program and what they mean: points, tiers, missions, stores, leaderboards, boosters, and cashback-style mechanics
Understanding of how key regulators read loyalty incentives and where the compliance lines are
What should go in the rewards store, and what quietly destroys ROI
How trading credits, rebates, VIP perks, education, and service benefits can recycle value back into the brokerage
The 5 mistakes brokers should avoid when building or buying a loyalty programme
Real figures from a live deployment: what moved in daily activity, tier progression, and trader spend
Acquisition is getting more expensive. Most brokers already know that. The harder question is what happens after the client funds the account.
This session looks at how broker loyalty programmes are moving from “nice-to-have rewards” into a serious retention layer inside the client portal.
In this session, Desmond Leong, CEO of Returning.AI, will break down the practical mechanics behind high-performing broker loyalty programmes: what to reward, what not to reward, how onshore and offshore entities need different incentive structures, what belongs in the rewards store, and how brokers can recycle reward budgets back into trading value instead of letting them disappear as pure cost.
The talk will cover common mistakes brokers make when launching loyalty programmes, including copying retail-style rewards, ignoring jurisdictional constraints, over-relying on bonuses, failing to connect rewards to lifecycle stages, and measuring vanity engagement instead of retention, LTV, CAC payback, deposits, and active trading behaviour.
Attendees will leave with a clear do-and-don’t framework they can use to pressure-test their own loyalty strategy.
Why loyalty is no longer a “nice-to-have” marketing feature for brokers
The building blocks of any loyalty program and what they mean: points, tiers, missions, stores, leaderboards, boosters, and cashback-style mechanics
Understanding of how key regulators read loyalty incentives and where the compliance lines are
What should go in the rewards store, and what quietly destroys ROI
How trading credits, rebates, VIP perks, education, and service benefits can recycle value back into the brokerage
The 5 mistakes brokers should avoid when building or buying a loyalty programme
Real figures from a live deployment: what moved in daily activity, tier progression, and trader spend
Acquisition is getting more expensive. Most brokers already know that. The harder question is what happens after the client funds the account.
This session looks at how broker loyalty programmes are moving from “nice-to-have rewards” into a serious retention layer inside the client portal.
In this session, Desmond Leong, CEO of Returning.AI, will break down the practical mechanics behind high-performing broker loyalty programmes: what to reward, what not to reward, how onshore and offshore entities need different incentive structures, what belongs in the rewards store, and how brokers can recycle reward budgets back into trading value instead of letting them disappear as pure cost.
The talk will cover common mistakes brokers make when launching loyalty programmes, including copying retail-style rewards, ignoring jurisdictional constraints, over-relying on bonuses, failing to connect rewards to lifecycle stages, and measuring vanity engagement instead of retention, LTV, CAC payback, deposits, and active trading behaviour.
Attendees will leave with a clear do-and-don’t framework they can use to pressure-test their own loyalty strategy.
Why loyalty is no longer a “nice-to-have” marketing feature for brokers
The building blocks of any loyalty program and what they mean: points, tiers, missions, stores, leaderboards, boosters, and cashback-style mechanics
Understanding of how key regulators read loyalty incentives and where the compliance lines are
What should go in the rewards store, and what quietly destroys ROI
How trading credits, rebates, VIP perks, education, and service benefits can recycle value back into the brokerage
The 5 mistakes brokers should avoid when building or buying a loyalty programme
Real figures from a live deployment: what moved in daily activity, tier progression, and trader spend
Stablecoins from Experimentation to Implementation
Stablecoins from Experimentation to Implementation
Stablecoins from Experimentation to Implementation
Stablecoins from Experimentation to Implementation
Stablecoins from Experimentation to Implementation
Stablecoins from Experimentation to Implementation
With over $300 billion in stablecoins now in circulation and APAC regulators moving from frameworks to enforcement, the conversation has shifted.
Held in partnership with 8Circle, this session brings together the builders of new payment rails and the institutions putting them to work.
Attendees will walk away with:
A clear view of which stablecoin use cases have cleared proof of concept and are now operating at scale in APAC
Understanding of what the MAS Payment Services Act and Hong Kong's fiat stablecoin licensing regime mean for brokers and payment providers in practice
Insight into the infrastructure gaps firms most commonly underestimate before going live
Perspective on where the next wave of adoption is heading and what existing systems need to accommodate
With over $300 billion in stablecoins now in circulation and APAC regulators moving from frameworks to enforcement, the conversation has shifted.
Held in partnership with 8Circle, this session brings together the builders of new payment rails and the institutions putting them to work.
Attendees will walk away with:
A clear view of which stablecoin use cases have cleared proof of concept and are now operating at scale in APAC
Understanding of what the MAS Payment Services Act and Hong Kong's fiat stablecoin licensing regime mean for brokers and payment providers in practice
Insight into the infrastructure gaps firms most commonly underestimate before going live
Perspective on where the next wave of adoption is heading and what existing systems need to accommodate
With over $300 billion in stablecoins now in circulation and APAC regulators moving from frameworks to enforcement, the conversation has shifted.
Held in partnership with 8Circle, this session brings together the builders of new payment rails and the institutions putting them to work.
Attendees will walk away with:
A clear view of which stablecoin use cases have cleared proof of concept and are now operating at scale in APAC
Understanding of what the MAS Payment Services Act and Hong Kong's fiat stablecoin licensing regime mean for brokers and payment providers in practice
Insight into the infrastructure gaps firms most commonly underestimate before going live
Perspective on where the next wave of adoption is heading and what existing systems need to accommodate
With over $300 billion in stablecoins now in circulation and APAC regulators moving from frameworks to enforcement, the conversation has shifted.
Held in partnership with 8Circle, this session brings together the builders of new payment rails and the institutions putting them to work.
Attendees will walk away with:
A clear view of which stablecoin use cases have cleared proof of concept and are now operating at scale in APAC
Understanding of what the MAS Payment Services Act and Hong Kong's fiat stablecoin licensing regime mean for brokers and payment providers in practice
Insight into the infrastructure gaps firms most commonly underestimate before going live
Perspective on where the next wave of adoption is heading and what existing systems need to accommodate
With over $300 billion in stablecoins now in circulation and APAC regulators moving from frameworks to enforcement, the conversation has shifted.
Held in partnership with 8Circle, this session brings together the builders of new payment rails and the institutions putting them to work.
Attendees will walk away with:
A clear view of which stablecoin use cases have cleared proof of concept and are now operating at scale in APAC
Understanding of what the MAS Payment Services Act and Hong Kong's fiat stablecoin licensing regime mean for brokers and payment providers in practice
Insight into the infrastructure gaps firms most commonly underestimate before going live
Perspective on where the next wave of adoption is heading and what existing systems need to accommodate
With over $300 billion in stablecoins now in circulation and APAC regulators moving from frameworks to enforcement, the conversation has shifted.
Held in partnership with 8Circle, this session brings together the builders of new payment rails and the institutions putting them to work.
Attendees will walk away with:
A clear view of which stablecoin use cases have cleared proof of concept and are now operating at scale in APAC
Understanding of what the MAS Payment Services Act and Hong Kong's fiat stablecoin licensing regime mean for brokers and payment providers in practice
Insight into the infrastructure gaps firms most commonly underestimate before going live
Perspective on where the next wave of adoption is heading and what existing systems need to accommodate
