Alibaba Starts Mining, IronFX Changes Name: Best of the Week

Catch up on last week's top stories.

JFD Brokers and ACON

Cyprus-based JFD Brokers has bought a 51% stake in German bank ACON, with the option to purchase a further 20% in the future.

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The deal with the Munich-based bank is pending regulatory approval.

Alibaba starts mining

Chinese e-commerce giant Alibaba has launched a cryptocurrency mining platform called P2P Nodes, registered in Nanjing.

The move comes as the Chinese government is making efforts to close down the country’s mining industry entirely.

IronFX changes name

Controversial brokerage IronFX has changed its name to Notesco Financial Services, following receipt of a $100 million investment from Gemini Financial Services.

The board of the investing company includes Prince Mishaal bin Abdullah bin Turki bin Abdulaziz Al-Saud.

Gramtoken.io ICO confirmed as fake by CEO of Telegram

Telegram founder and CEO Pavel Durov said on Twitter that Gramtoken.io is a scam. The website has been collecting ETH for fake tokens since the first of January this year.

TechCrunch reported on Gramtoken.io, which has a professional-looking website, as the legitimate Telegram ICO, but there was no mention of it anywhere from Telegram itself, causing suspicion. It is not yet clear who is responsible for the scheme.

BitConnect shuts down

Cryptocurrency firm BitConnect, which was labelled a Ponzi scheme by Vitalik Buterin, has announced the shutdown of its lending program and exchange platform. Users have been promised $363.42 for each BitConnect token held.

BitConnect is based in the UK, and has been served with cease-and-desist orders in Texas and North Carolina. The company blames DDoS attacks and bad press for its decision.

Mitsubishi UFJ Financial Group launches crpyocurrency, exchange

Japan’s largest financial group is launching a cryptocurrency exchange later this year, along with a new currency called MUFG Coin. Each MUFG Coin is to be worth approximately one yen.

The bank has already notified the Japanese financial watchdog of its plans, which include “organizing contests” for MUFG Coin-based business ideas in March 2018.

ESMA to ban binary options

The European Securities Markets Authority has issued a statement on its final proposals for the retail forex and CFDs industry, which include a total ban on binary options.

The European regulator is also proposing margin requirements that vary from 1:5 to 1:30, and mandatory negative balance protection.

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