Bitcoin Whales, FX Acquisitions, ETH Options Expiry, XRP: Editor’s Pick

ICYMI: the biggest news stories of the week.

In a stable week for news, 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.

XRP Wallet Transfers 176 Million Coins

The trading week started with news that XRP whale addresses have started moving the world’s 7th most valuable digital currency amid market volatility.

According to the latest data published by blockchain tracking and analytics firm, Whale Alert, a leading XRP wallet transferred 176 million coins worth approximately $146 million on Saturday 12 May.

Read more on the XRP Whales here.

Bitcoin Whales Accelerate BTC Transfers around $40,000 Level

Staying with Whale movements, Bitcoin (BTC) millionaires have accelerated the movement of the world’s largest cryptocurrency.

WhaleAlert highlighted a transaction involving the transfer of 5,001 Bitcoin on Tuesday from the US-based cryptocurrency exchange Coinbase to a digital wallet. The total value of the transfer stands at around $202 million.

Read more on the Bitcoin Whales here.

US SEC Charges Three Individuals Allegedly Tied to a $30 Million ICO Fraud

The US Securities and Exchange Commission (SEC) announced on Tuesday that three other individuals had been charged in a $30 million initial coin offering (ICO) scam.

According to the press release, the defendants Ali Asif Hamid of Oakville, Ontario, Canada, Michael Gietz of Idaho Falls, Idaho, and Cristine Page of Brooklyn, New York, were part of the scheme led by Boaz Manor, who is currently convicted, and his associate, Edith Pardo.

The complaint was filed before the US District Court of New Jersey. Per the documents, the defendants had leadership roles within the ICO fraud, helping to hide Manor’s position within the criminal scheme.

Read more on the SEC charges here.

ECU Group Accuses HSBC of Fraud and Misconduct Made on Its FX Trading Desk

The ECU Group has accused the multinational investment bank, HSBC of fraud and misconduct within its foreign exchange (forex) trading desk between 2004 and 2006.

According to a report published by the Financial Times, quoting a hearing at the UK High Court on Monday, an alleged ‘rotten culture’ between such a period allowed bankers to misuse confidential data.

The ECU Group claims that HSBC is responsible for having committed fraud related to 52 forex trades it placed with the bank in those years.

Read more on the ECU Group HSBC Accusations here.

Deposit Contract of ETH 2.0 Reaches 5.6 Million Ethereum

Ethereum 2.0, a much-awaited network upgrade of Ethereum (ETH), now has more than 5.6 million coins under its deposit contract, which is the highest level on record.

According to the latest data posted by Etherscan, the total value of ETH locked under the staking contract of Ethereum 2.0 stands at around $13.5 billion.

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Read more on ETH 2.0 here.

ETH’s Upcoming Options Expiry Date Is the Largest in 2021: What Could Happen?

Ether is set to face its largest options expiry date, so far in 2021, in what a Cointelegraph report has called a “make-or-break” moment for ETH markets. More than $1.5 billion worth of open interest in ETH will be settled on June 25th.

The upcoming expiry is 30 percent larger than the one that took place on March 26th, which coincided with a 17 percent plunge in the price of Ether over five days, bottoming out at around $1550. However, following the March expiry, the price of Ether rallied nearly 60 percent within three weeks.

Now, analysts are wondering whether Ether’s next moves could follow along a similar trajectory. Read more on ETH’s Options Expiry here.

Interactive Brokers (UK) Posts 21% Jump in 2020 Revenue

Interactive Brokers (UK) Limited, the British subsidiary of the American brokerage giant, has published its annual financials for the year 2020, ending December 31, showing an impressive jump in yearly revenue and in other key metrics.

The FCA-regulated entity reported a total turnover of £42.3 million for the period, compared to the previous year’s £35 million. The brokerage generated its revenue by charging commissions on all executed trades.

Read more on the Interactive Brokers (UK) results here.

Finvasia Group Announces Acquisition of Fxview

Finvasia Group announced on Tuesday that it has acquired Cyprus-based financial services provider, Fxview for an undisclosed amount. Fxview offers trading services in multiple assets, including FX and commodities.

According to the press release, Finvasia has acquired a 100% stake in Fxview to expand its portfolio and to develop a strong presence in the European market through the latest acquisition.

Read more on the Finvasia Fxview acquisition here.

Global Kapital Enters the US Acquiring a FINRA-Licensed Broker-Dealer

Global Kapital Group (GKG), which operates multiple brokerage brands globally, announced on Wednesday that it has acquired a United States-based broker-dealer that is licensed by the Financial Industry Regulatory Authority (FINRA).

Per the press release shared with Finance Magnates, the group will commence its US operations under the SEC-registered entity, GK TRADE New York LLC. The licensed entity can legally onboard clients in the country and is allowed to offer trading services with securities and mutual funds.

Read more on the Global Kapital acquisition here.

Interview: CySEC’s Demetra Kalogerou on Crypto, EU, Future Policy and More

Finance Magnates got the opportunity recently to interview Mrs Demetra Kalogerou, Chairwoman of CySEC. A respected voice in the global financial services industry, Demetra is approaching a full decade as Chairwoman of CySEC, having been first elected in September 2011.

After a challenging twelve months involving pandemics, regulations and Brexit, Mrs Kalogerou opens up on the key subjects past, present and future affecting financial services.

Read more on the Demetra Kalogerou interview here.


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