Ripple Faces Lawsuit, Google Marketing Ban Bites: Best of the Week

Catch up on last week's top stories.

Crypto Persia

An Iranian government official revealed last week that billions of dollars have poured out of the country in exchange for cryptocurrency.

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This has a political significance, as it looks like economic sanctions are to be reapplied on the country. Cryptocurrency is a way around the restrictions.

Google and data privacy

The new GDPR rules of the European Union were implemented by Google last week, which among other things limit digital publishers using one of Google’s ad-management tools from sharing data with more than 12 vendors.

This is likely to dramatically increase advertising costs for foreign exchange brokers.

Ripple faces lawsuit from disgruntled customer

One man lost 500 dollars trading Ripple’s cryptocurrency, and in response has filed a class action lawsuit against the blockchain payment company.

The lawsuit revolves around whether XRP should be considered a security, and the verdict will set a precedent.

Following the ambulance

A shareholder rights-focused law firm took the opportunity presented by the aforementioned lawsuit to investigate the claims against Ripple and invite other customers to join in.

Amana Capital launches cryptocurrency CFD trading

UAE and UK-based foreign exchange broker Amana Capital announced the release of contracts for difference based on Bitcoin, Ethereum, Litecoin, and Ripple.

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CEO Ahmad Khatib said: “Making cryptocurrencies available for CFDs traders across the world, falls in line with our strategic mission to further diversify our financial offerings and services.”

Cryptocurrency broker steps away from derivatives

Foreign exchange brokerage eToro informed its customers that their cryptocurrency CFDs holdings will be switched to actual cryptocurrency. It is doing this because it wants to move towards a more long-term product.

Customers are able to opt out by contacting the customer service department.

Israeli banks called out on attempts to block cryptocurrency

Two major Israeli banks were taken to court for refusing to process fiat money which was raised via cryptocurrency. One account belonged to a single customer, and once to a Bitcoin mining business.

Both banks were ordered to drop the restrictions by the Israeli court system – setting a significant precedent.

Diamond industry blockchain startup raises $1.6 million, which is releasing a cryptocurrency based on the value of diamonds, raised the money in its first funding round.

Finance Magnates visited the firm’s office in the Tel Aviv diamond exchange last week.

What do foreign exchange firms think of the Google marketing ban?

The EU, Google, and Mastercard have all implemented drastic restrictions on the advertising of the foreign exchange industry and its services.

Finance Magnates spoke with executives from a number of affected companies to hear their take on the situation.

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