Credit Card Ban for UK Retail FX Traders? ASIC’s Proposals: Editor’s Pick

Keep up to date with the biggest news stories affecting the forex and crypto industries this week.

With an eventful January coming to a close, we look back at the news stories that impacted the forex and cryptocurrency industries in our best of the week segment.

FCA to follow the UKGC’s decision and ban credit cards?

A game-changing decision by the UK Gambling Commission to ban credit cards has led to some people within the industry including former GKFX CEO, Rod Martenstyn, forecasting that the Financial Conduct Authority (FCA) may well soon do the same.

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Finance Magnates explored the impact a credit card ban would have upon the UK’s retail FX and CFD trading as well as discussing the likelihood of such a ban with leading industry figures.

ASIC’s Product Intervention Measures under the spotlight

Following in the footsteps of ESMA, the Australian financial regulator, the Australian Securities, and Investments Commission (ASIC) is planning on adding further restrictions on CFD trading and banning binary options trading altogether.

Are the measures in Australia’s best interests? Finance Magnates took an in-depth look at the ASIC proposals and the possible effect they could have on the Australian economy. Read more about the proposed ASIC measures and their potential impact here.

Reserve Bank of India clarifies crypto position

As the debate on the Indian crypto ban heats up in the courts, the Reserve Bank of India (RBI) clarified that digital currencies are not banned in the country, but banking support on their trading is.

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Finance Magnates reported on the latest in the ongoing court battles concerning the legality of crypto in India.

Cryptocurrency usage in 2020 analyzed

In a detailed and interesting analysis, Finance Magnates answered the key questions: who’s actually using crypto? What are they using it for? And what are the factors that are known to be hindering cryptocurrency adoption?

Legislation, user-friendliness, and crypto’s future are all discussed and explored with some surprising conclusions.

Ripple’s Q4 sales declined by 80%

As Finance Magnates reported, Ripple XRP’s figures took a massive hit in the last quarter as total sales plummeted to $13.08 million from $66.24 million in the previous quarter – a decline of 80.2 percent.

XRP, the third-largest digital currency in the market, suffered as the company paused programmatic sales. The average daily volume of XRP in the market also declined from $198.10 million in Q3 to $187.34 million in Q4.

AvaTrade settles with Canadian regulator

Leading broker AvaTrade has settled allegations by the Alberta Securities Commission (ASC) that it was operating as an unregistered entity in violation of a Canadian province’s securities laws.

As Finance Magnates covered, the watchdog explained that even though AvaTrade ran afoul of securities laws, the misconduct resulted from a degree of inadvertent behavior, and staff found no evidence of dishonest conduct. AvaTrade has agreed to pay an administrative penalty worth $30,000 and to disgorge $213,428.00 representing its net revenue from the trades made by the province’s residents.

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