FCA Crypto Ban, $13 Billion E*TRADE Sale, Morris Coin Arrest: Editor’s Pick

ICYMI: The biggest news stories of the week.

In a busy week for news, here are the stories that dominated the worlds of forex, fintech and crypto, in our picks of the week segment.

‘Morris Coin’ Ponzi Scheme Busted: 36-Year-Old Man Arrested in India

As Finance Magnates reported at the start of the week, a 36-year old man has been arrested by police in the southern Indian state of Kerala in connection with operating ‘Morris Coin’ – a three-pronged cryptocurrency Ponzi scheme that promised ‘mouthwatering’ returns to investors.

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Police were tipped off by someone who was not directly involved in the Ponzi scheme and the man arrested was identified in the New Indian Express as Nishad K.

Read more on the Morris Coin arrest here.

Morgan Stanley Closes $13 Billion E*TRADE Acquisition Deal

Morgan Stanley (NYSE: MS) last week closed its $13 billion acquisition of the New York-based discount broker-dealer, E*TRADE Financial Corporation.

The two companies agreed on the deal in February 2020, and the investment bank later revealed that it was pushing to close it in the fourth quarter of this year. They sealed the deal only two days after receiving a green light from the Federal Reserve.

Read more on the Morgan Stanley E*Trade Acquisition here.

UK’s FCA Bans Retail Sale of Crypto Derivatives

Dominating the Crypto news this week, was The Financial Conduct Authority (FCA) which was officially banning the sale of cryptocurrency derivatives and exchange-traded notes (ETNs) to all retail customers in the United Kingdom. 

“The FCA considers these products to be ill-suited for retail consumers due to the harm they pose,” the FCA stated.

The latest order passed by the regulator has banned the sale, marketing, and distribution of any type of crypto derivatives, including contracts for difference, options, and futures, and ETNs for any domestic or overseas company operating in the UK.

Read more on the FCA Crypto Derivatives ban here.

Hackers Breached Telegram, Email Accounts of 20 Israeli Crypto Execs: Report

Hackers targeted approximately 20 Israeli cryptocurrency executives in early September, demanding payments of digital currency after hacking into their phones and stealing their identities.

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According to Haaretz, the failed attack also involved a major telecom company, a cybersecurity firm called Pandora, and ‘perhaps even the Israeli Shin Bet’, the Israeli internal security service that is known as the Israel Security Agency, Mossad and Israel’s National Cyber Security Authority were additionally involved in the investigation.

Read more on the Israeli Crypto Exec Hack here.

Finablr Accepts Buyout Bid from Prism Advance Solutions

Finablr has received a takeover offer from technology and software solutions firm, Prism Advance Solutions for its UK-listed business, the payments group announced on Tuesday.

The offer was made for purchasing 100 percent share capital of Finablr Limited and its subsidiaries. The London Stock Exchange (LSE) filing detailed that Prism wants to restructure and settle debts of the group and will shuffle its board.

Read more on the Finablr Buyout Bid here.

KuCoin Identifies Attackers in the $281 Million Crypto Hack

Recently, hacked crypto exchange, KuCoin has identified the perpetrators behind the multi-million dollar breach.

The crypto exchange was hacked on September 26, making it one of the largest centralized exchange breaches so far. Though initially it was estimated that over $150 million in digital currencies were siphoned from the exchange’s hot wallets, the number was later raised to around $281 million.

Co-founder and CEO of the exchange, Johnny Lyu, said that law enforcement officials are already taking action against the attackers. However, no further details were revealed.

Read more on the KuCoin Hack Latest here.

XTB Signs Football Coach José Mourinho as Brand Ambassador

Polish FX and CFD brokerage, XTB has signed footballing legend, José Mourinho as its brand ambassador.

According to the deal, Mourinho will be the global ambassador of the broker for the next two years. and a ‘Be like José’ campaign will be launched to promote its products with its new ambassador’s face.

Read more on the XTB and José Mourinho deal here.


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