Credit Suisse Fined, 24Option Banned From Italy: Editor’s Pick

Stay up to date with the most interesting stories in the crypto and FX space.

As the last full week of the year draws to a close, let’s take a look back at the top stories dominating the forex and cryptocurrency industries in our best of the week segment.

Monex launches new equity trading app aimed at young traders

Japanese securities company Monex Inc. launched a new mobile-based equity trading app targeted to Millenials and young traders.

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As Finance Magnates covered, the recent upgrade to the app allows Japanese equities trading along with the buying and selling of investment instruments like exchange-traded funds (ETFs) and real estate investment trust (REIT)

Analysis: When brokerages fail, whose fault is it?

The UK is the financial epicenter of the world, with strict regulations and processes in place. However, recent broker failures are raising questions over the adequacy of regulation. Just this month alone, two UK brokers collapsed into administration.

Finance Magnates explored the risks, reasons, and the blame apportioning when a broker fails.

Credit Suisse Securities fined $6.5m after FINRA filing

A FINRA (Financial Industry Regulatory Authority) filing against Credit Suisse Securities saw a fine of $6.5 million levied following violations of Supervision and Market Access Rules between 2010 to 2014.

As reported by Finance Magnates, Credit Suisse accepted the findings that it failed to address nearly 50,000 alerts from FINRA for potential manipulative trading over a four year period.

B2Prime becomes first licensed prime broker in Belarus

First reported by Finance Magnates, the National Bank of the Republic of Belarus (NBRB) issued an operating license this week to B2Prime, part of broker technology provider B2Broker.

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B2Prime now becomes the first forex prime broker to acquire a license to operate in Belarus in accordance with the country’s local legislation.

24Option trading services banned in Italy by Consob

CySEC-licensed Rodeler Limited, which operates a number of trading brands including 24option.com has been ordered to cease operations in Italy following a ruling by Consob, the Italian securities regulator.

As well as being banned from providing investment services in Italy, the company and its Cypriot intermediary are also banned from soliciting customers or continuing its current relations with Italian clients

Four unauthorized brokers blacklisted by CySec

CySec, the Cyprus Securities and Exchange Commission, continued its clampdown on unauthorized brokers this week with the blacklisting of four FX brands.

Finance Magnates reported that Nervic Fx Trade, Crypt Fx Tm, Urban Fx Trade, and Intense Fx Trade are to be added to the CySec blacklist after being found facilitating FX and cryptocurrency trading without authorization, as well as misleadingly claiming affiliation with Bdswiss Holding Plc which is regulated and licensed in Cyprus.

USGFX’s assets frozen by ASIC

USGFX, one of the oldest foreign exchange brokers in the Pacific Rim, this week received interim orders from the Federal Court in Sydney to have their assets frozen by ASIC (The Australian Securities and Investments Commission).

However, as reported by Finance Magnates, USGFX issued a statement contesting some of the findings by ASIC. You can read ASIC’s rulings and the subsequent USGFX’s reply here.

 

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