It’s been a busy week for the forex and cryptocurrency industries. Find out the biggest weekly stories and more in our best of the week segment.
The foreign exchange (forex) and cryptocurrency markets remained in the spotlight, thanks to recent events. In Spain, the Barcelona Trading Conference (BTC) took place on July 10 and 11, with professionals in the space speaking on the biggest issues affecting the sector. Find out what was said and more in our best of the week segment.
Who is bidding for GAIN Capital (if any)
Last week, one of the world’s largest forex brokers GAIN Capital made the news. Well, almost made the news. On Tuesday, Finance Magnates reported on rumors surrounding a possible upcoming acquisition of the US-listed broker by another industry player.
Later on, we tried to assess who might be bidding to buy the company and who might be capable of actually going all the way. Amongst the mentioned names, the rivals: Plus500, IG, and CMC Markets. Other possibilities include Jefferies and one of the Australian brokers.
The only bipartisan topic in divided America is opposing crypto
US President Donald Trump has revealed his views on cryptocurrency, Bitcoin and Libra. And there’s no better way to make a policy statement, than an early morning Tweet. But not only the Donald expressed cryptosceptic views. Democratic presidential candidates and congressmen have also claimed that digital currencies may be perilous and malicious and suggested they should be restricted.
Ahead of the 2020 US Presidential elections, there seems to be only one policy consensus: curb the growth of crypto.
LMAX Global arrives at Cyprus
LMAX Global announced this Wednesday that the Cyprus Securities and Exchange Commission (CySEC) had approved its application to acquire CB Capital Business ltd – a Cyprus regulated broker. Once the deal is completed, LMAX Global, which is part of the LMAX Exchange Group, will be able to build out and provide a better service to its institutional and intermediary clients based in Southern Europe, Cyprus and the Middle East.
Post-acquisition, CB Capital Business ltd will be brought under the LMAX Global brand, as a European legal entity – “LMAX Broker Europe ltd.”
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Libra summoned to D.C.
David Marcus, the head of Facebook’s Libra project has made an appearance in front of not one but both chambers of the United States Congress. During the first session, at the US Senate Banking Committee, Marcus faced some tough questions from the Senators. A day later, it was the House Financial Services Committee who got to interview the tech executive.
Marcus continuously tried to assure the congressmen that Libra will focus on the handling of users’ data and guarding their privacy.
“The Libra Association will establish the rules of the road and will prioritize privacy and consumer protection, and it will implement safeguards that will require service providers on the Libra network to fight money-laundering, terrorism financing, and other financial crimes.”
ParagonEX & MICT merger continues with major Chinese deal
After fresh news of a significant deal with MICT, BNN Technology has confirmed this week that it closed a new major deal. The company’s exclusive partner, Beijing New Net Science & Technology Development Limited (New Net) signed a deal with one of the largest Chinese retail outlets.
The deal enables the company to promote and market the rollout of a lottery platform with a Chinese retail group that owns close to 10,000 locations in the country. The nationwide service contract is for lottery technology, promotion, and marketing.
BNN and New Net will deliver specialized technology, strategy, marketing, and promotional services for dedicated lottery outlets to be deployed in the retailer’s stores, selling Welfare Lottery and Sports Lottery tickets.
How can and should the crypto-community address exchange hacks?
Paraphrasing the famous quote: hackers can move halfway across the world, while the regulators are still putting on their shoes. Crypto hacks have become almost a regular thing, with traders losing their tokens to criminals.
Regulators across the globe have shown they either don’t know how or don’t want to address the issue of retrieving lost funds. Finance Magnates examined the practices of retrieving users’ funds post hack, using the latest Bitpoint story as a case study.