As another volatile week in the markets ends, let’s take a look back at the biggest news stories from the worlds of forex, fintech and crypto in our best of the week segment.
eToro Expands Collaboration with AS Monaco, Becomes Main Partner
eToro announced this week that the company has expanded its collaboration with AS Monaco, one of the most famous professional football clubs in France.
eToro has become the main partner of AS Monaco through a multi-year deal and is eToro’s first front-of-shirt presence in football.
Read more on the eToro AS Monaco sponsorship deal here.
Nexo Officially Integrates Cardano’s ADA into Its Platform
Cryptocurrency-backed loan platform, Nexo announced on Wednesday that it has added Cardano (ADA) to its offering within the platform. Users could now buy ADA and get cashback while earning daily interests and borrow against the crypto asset through its credit line product.
The addition of the fifth most valuable cryptocurrency in terms of market capitalization followed an enthusiastic social media campaign to get Cardano added.
Read more on the Nexo Cardano addition here.
Binance Exits Canada’s Ontario amid Mounting Regulatory Scrutiny
This time last week, Finance Magnates reported on the Binance UK ban. Now, a week later, Binance’s troubles have continued to mount.
Binance announced that it was to stop its services to clients from Ontario, Canada, due to mounting regulatory obligations for crypto businesses in the country’s most populous province.
“Regrettably, Binance can no longer continue to service Ontario-based users,” Binance stated in an announcement on Friday.
Read more on Binance’s Ontario exit here.
Binance Not Registered in Cayman Islands, Regulator Starts Investigation
The week did not get any better for Binance. On Friday, Binance’s regulatory worries were far from over, as the Cayman Islands Monetary Authority (CIMA) is the latest regulatory to announce that the cryptocurrency exchange has not been registered or licensed by the regulator to operate under its jurisdiction.
Friday’s announcement by the regulator specifies that none of Binance, Binance Group, Binance Holdings Limited are ‘registered, licensed, regulated or otherwise authorized’ by the regulator.
Read more on the Cayman Islands Binance announcement here.
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Signs of Recovery? BTC Could Flip $40K Resistance to Support
In another rollercoaster week for digital currencies, Bitcoin is continuing to trade within the $30K – $40K range for the fourth week in a row. Finance Magnates took the opportunity to analyse whether there really are signs of recovery.
With expert insights from Justin Hartzman, Chief Executive of Canadian cryptocurrency trading platform, CoinSmart, Doug Schwenk, Chairman and Chief Executive of Digital Assets Research (DAR) and Tom Howard, Head of Business Development & Growth at PowerTrade this is a must-read Bitcoin analysis.
Read more on Bitcoin’s next move here.
UK Crypto Firms Are Withdrawing FCA Registration Applications
Cryptocurrency companies are dropping the United Kingdom as one of the preferred jurisdictions as the number of withdrawals of the applications for regulatory registration has increased significantly.
The Financial Conduct Authority (FCA) mandated the registration of crypto businesses. However, the approval process turned out to be extremely slow. Out of the many submitted applications, the British regulator only gave the green light to six crypto firms that include the Winklevoss twins’ Gemini and Arca.
Read more on the UK crypto withdrawals here.
IG Group Completes the Acquisition of Tastytrade after Regulatory Approval
The IG Group confirmed on Monday that it has completed the acquisition of Tastytrade, a US-based online broker and a trading education platform. The deal was formalized after the firm received the regulatory and anti-trust green light to complete the business manoeuvre.
According to the announcement, the total consideration comprises a total of $300 million in cash and the issuance of 61 million new ordinary shares in IG Group to Tastytrade shareholders.
Read more on the IG Group Tastytrade acquisition here.
Charles Schwab Faces SEC Probe for Robo Advisory Reporting
As Finance Magnates reported on Friday, Charles Schwab Corp is facing an investigation by the US Securities and Exchange Commission (SEC) over concerts of history disclosures of its robo advisory solutions.
In a Form 8-K filing with the securities market regulator, the broker said that it is responding to an investigation arising from a compliance examination. “The investigation largely concerns historic disclosures related to the Schwab Intelligent Portfolios® (SIP) digital advisory solution,” it added.
Read more on the Charles Schwab SEC investigation here.