FX Slows Down in US, Deutsche Continues Job Cuts: Editor’s Pick

Stay up to date with all the latest developments in the crypto and FX space.

Another week has passed on the foreign exchange (forex) and crypto markets. Bitcoin.com launched its cryptocurrency exchange, and Deutsche Bank continued with its job cuts. To stay up to date with all the latest developments in this space, here is some of the most interesting news in our best of the week segment.

US retail FX deposits slow down in July

After showing a general upward trend, the number of deposits made by retail FX traders in the United States has slowed down during July. As Finance Magnates reported, the CFTC’s monthly report revealed that the FX funds held at brokerages operating in the country came in at $537.9 million. 

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This figure is $110 million or 17 percent lower than the $648.6 million reported in June. Recording the biggest loss on a percentage basis was Interactive Brokers, which lost nearly $70 million in retail forex deposits.

Bitcoin.com launches crypto exchange

This past week, Bitcoin.com launched its cryptocurrency exchange with a unique feature – a negative trading fee. Specifically, the “negative” trading fee is 0.3 percent, meaning traders will earn money for the execution of each trade on the platform. 

This will be valid until a trader reaches a cumulative trade worth $1 million. In addition, pre-registered members will receive 25 percent of future transaction fees. Find out more about the digital asset exchange here.

Binary options execs are avoiding the US

It’s not a good time to be a former executive of the now-defunct binary options industry in Israel. In fact, these executives are outright afraid of going to the United States Finance Magnates learned this week.

The news comes less than a week after American authorities jailed Melissa Turdiev for a year. Turdiev, a former reality TV star, was arrested in September 2018 as she tried to board a flight from Los Angeles to Tel Aviv.

Deutsche Bank axes more traders

The job cuts continue at Deutsche Bank as this week, Niru Raveendran, head of credit trading for central and eastern Europe reportedly left the German lender.

As Finance Magnates reported, Raveendran helped run the desk for over four years, during which he was a rising star after he led fixed-income traders to generate $35 million profit in two weeks during the economic turmoil in Turkey.

Interview: Bitcoin SV is bigger than Craig Wright

The Bitcoin SV network has been full of controversy. A hash war, a series of legal battles, a number of delistings, and a court case over a deceased developer’s estate, have all taken place.

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However, the network is bigger than its creator, Craig Wright (who also claims to be the creator of the original Bitcoin network). That’s according to Jimmy Nguyen, the former CEO of nChain. 

You can see what else he said here.

Buffet, scandals and conspiracy theories: an interview with TRON

This week, Finance Magnates spoke to Cliff Edwards about developments at TRON and the media circus following the company. 

If you’re not aware, rumors have been swirling about canceled lunches with Warren Buffet, conspiracy theories claiming that company CEO Justin Sun had been arrested in China and there have been accusations thrown around by past employees.

How large is the PlusToken scam?

PlusToken, a cryptocurrency Ponzi scheme that allegedly took roughly $2.9 billion from investors–has so far been identified as the largest Ponzi scheme in crypto history, and the story is still unwinding.

What happened? Where did the money go? And can affected users expect to receive compensation (or any kind of help at all)? Read more here to find out.

ayondo German subsidiary files for insolvency

ayondo GmbH (AYG), the Frankfurt-based subsidiary of the retail trading group, has filed for insolvency this week. As Finance Magnates reported, the group, which has raised S$10 million since the filing, said “deteriorating conditions” in Europe were to blame.

Updates on the group’s stock exchange news feed indicate that the company, which provides social trading services, made the filings on 14th of August.

Ramy Soliman joins GMO-Z.com Trade UK

After having left his leading position at Stater Global Markets, due to the prime brokerage shutting down, Ramy Soliman has joined GMO-Z.com Trade UK as chief strategy officer.

“We are delighted to welcome Ramy to the team,” said Masahiro Funada, CEO of GMO-Z.com Trade UK. “To date our UK entity has been primarily focused on the retail side, however you will start to see some changes from us over the coming months as we look to grow our business within the institutional space.”

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