This week, while the industry’s top leaders met at the annual IFX Expo Hong Kong, a lot has happened in the forex and cryptocurrency industries. So let’s take a moment to see what the most interesting stories of the past week were, in our latest best of the week analysis.
Crypto ETF? Not yet…
Once again, the quest for creating a Bitcoin ETF ends with a disappointment. Cboe BZX Exchange has shelved this week its proposal for a coveted bitcoin ETF license.
The application was initially filed by Cboe in collaboration with money management firm VanEck and blockchain company SolidX in June 2018. To read more about this, click here.
Zotapay is the new sponsor of Spanish FC Alavés
As Finance Magnates reported exclusively, Global payments provider Zotapay has signed a sponsorship deal with Spanish football club Deportivo Alavés
As a part of the deal, the team will present Zotapay’s logo on the player’s shirts, at the press lounge, and in several other branded locations. Beyond that, the firm will also process part of the club’s transactions, such as the sale of branded merchandise. To learn the details of the deal, click here.
Is it time to regulate Forex education?
Education is one of the most popular and cost-effective methods of marketing and client acquisition. Hundreds of brokers are operating internal education departments or using the numerous outsourced education providers.
In most cases, those firms are in the business of providing the crucial know-how for traders. But, in other cases, we’re facing hucksters, who think that the end justifies any means.
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As of yet, regulators haven’t stepped into the FX education space and, for now, it doesn’t look like they will. Still, with the retail industry under so much scrutiny and so many problematic FX educators trying to hock less than reputable services, it’s in brokers’ interest to address the problem before it gets out of hand. To read the full analysis, click here.
Nukkleus to launch OTC crypto trading desk
As Finance Magnates revealed exclusively this week, Nukkleus Capital is set to be launching an over-the-counter (OTC) cryptocurrency trading desk. With this move, the US-based boutique brokerage firm intends to target the promising institutional market.
Nukkleus Capital is also going to be launching a cryptocurrency exchange, NukkX, in the first quarter of this year. For more details on the move, click here.
Adam Toro to head HF Markets’ new UK arm
HF Markets (formerly HotForex), who only recently moved into the UAE market after gaining the Dubai license, has received an FCA license. Heading the new subsidiary as Chief Executive Officer (CEO) is Adam Toro, HF Markets has confirmed to Finance Magnates.
If the name sounds familiar, that’s because Toro was the previous CEO of Amana Financial Services UK, the British subsidiary of Amana Capital. Click here for more information on the move.
Miko Matsumura criticizes centralized exchanges: “They’re the Matrix”
What does Miko Matsumura, one of cryptos industry’s leading thought leaders, think of centralized crypto exchanges? Well, apparently he’s not very keen about their services (to say the least).
Finance Magnates recently interviewed the Co-founder of the Evercoin cryptocurrency exchange and General Partner at Gumi Cryptos. “I see this world a little bit like the Matrix, which is that if you go to a custodial exchange, you’re now in the Matrix. You’ve recreated the banking system. People think they’re transferring Bitcoin into their account at an exchange–like, the blockchain doesn’t think that’s what’s happening.” To read the full interview, click here.