CySEC Limits Cryptocurrency CFDs as Industry Goes All In – Best of the Week

Volante, IQ Option and more appeared in the top headlines of the trading industry news over the past week.

Over the past year we have see the online trading industry adopt and focus on cryptocurrencies like never before – last week we saw one of the industry’s most important hubs taking steps to limit CFDs, a step up from the warnings and bans against tokens that we have been seeing up until now.

Everyone loves crypto

On Monday we reported that Financial Commission, the self-regulatory association dedicated to ensuring sound practices across the financial services industry, will begin accepting Bitcoin and Ethereum as payment for its services.

Throughout the week brokers made announcements about new cryptocurrency-related offerings, like Saxo Bank adding an Ethereum tracker to its platformRoboForex adding CFDs on BTC/USD and ETH/USD, and Tickmill entering the cryptocurrency market.

1000 attendee milestone

On Tuesday Finance Magnates announced that with the London Summit 2017 a month away (November 14-15), it has already reached over 1,000 confirmed attendees.

Featuring a wide range of distinguished speakers, panel discussions, and hands-on workshops, the London Summit will have something for all attendees. The event is on pace for its largest iteration yet, with attendance up nearly 60 percent relative to 2016. More attendees means more networking and more business opportunities.

IQ Blockchain

On Wednesday we exclusively reported that IQ Option has committed to funding a massive project called the ‘Open Trading Network’.

The company is aiming to create a cross-chain solution that enables transactions across different blockchains. The firm has identified the lack of cross-chain technology as a key challenge for the continued development of the crypto-world.

VolanteFX

On Thursday we exclusive reported that Volante Investments is planning to roll out a new comprehensive trading service for individuals, VolanteFX.

The new service will emphasize real-time support for retail and professional forex traders, helping create a one-stop service for incorporating all facets of trading into one cohesive portal.

CySEC puts limits on crypto CFD trading

On Friday we reported that Cypriot regulator CySEC has outlined a set of rules on offering crypto CFDs.

Among these, brokers have to cap the leverage on their cryptocurrency offerings at 1:5, brokers will need to cap their turnover in cryptocurrencies to 15 percent of total turnover on a quarterly basis, and license passporting is forbidden.

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