As the first week of November draws to a close, here are the news stories that dominated the worlds of Forex, Fintech and Crypto in our best of the week segment.
Exclusive: Has Tradersoft Been Shutdown?
Tradersoft, the online trading technology platform provider, has abruptly shuttered all of its services Finance Magnates has learned. The shutdown came overnight, without any prior notice or warning.
Though the company website is still operating as usual without showing any notice of the shutdown, unconfirmed reports suggest emails have been sent to customers informing them of the immediate closure.
The trading technology provider was linked to recent police raids.
Read more on the Tradersoft shutdown here.
JPMorgan Renews Its Long-Term Price Target of $146,000 per Bitcoin
JPMorgan, the US-based investment bank, recently renewed its price target of $146,000 for Bitcoin amid a jump in institutional adoption.
A report published by Business Insider citing JPMorgan’s research note highlights the growing demand for Bitcoin and other digital currencies. “Considering how big the financial investment into gold is, any such crowding out of gold as an ‘alternative’ currency implies big upside for bitcoin over the long term,” Nikolaos Panigirtzoglou, a JPMorgan strategist, said in the report.
Read more on the JPMorgan Bitcoin price prediction here.
Exclusive: UK Broker ZenFinex Applies for Dubai and Seychelles Licenses
In another Finance Magnates exclusive, we revealed that UK-headquartered ZenFinex, which offers forex and CFDs trading, has applied for operational licenses from the regulators in Dubai and Seychelles.
The broker is in the ‘final stages’ of obtaining licenses from the Dubai Financial Services Authority (DFSA) and the Financial Services Authority Seychelles (FSA). Currently, it is operating with a Financial Conduct Authority (FCA) license that it obtained in March 2019.
“We submitted regulatory applications to both the DFSA (Dubai) and FSA (Seychelles) regulators this past 12 months,” Nick Cooke, the Founder and Board Member at ZenFinex, confirmed to Finance Magnates.
Read more on the ZenFinex new licenses here.
Tesla to Start Accepting Shiba Inu (SHIB) as Payment?
Shibu Inu (SHIB) was once again rarely out of the crypto news. Elon Musk-led Tesla Inc. (Nasdaq: TSLA), which is the top manufacturer of electric cars, is possibly planning to accept payments for its cars with the popular meme token, Shiba Inu (SHIB). According to an analysis of the source code of the Tesla website, the name SHIBA was found along with Bitcoin and other regular payment methods.
First posted by a Reddit user, the name of the meme token in Tesla website source code was confirmed by many social media users on both Reddit and Twitter, including some publicly known coders.
Read more on the Tesla Shibu story here.
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Binance Launches Shiba Inu (SHIB)-Dogecoin (DOGE) Trading Pair
Binance is making cryptocurrency trading more interesting by launching the Shiba Inu and Dogecoin trading pair on Tuesday.
“Binance will open trading for SHIB/DOGE trading pair at 2021-11-02 08:00 AM (UTC),” Binance wrote on its official announcement on Monday.
With this, Binance will be the first major cryptocurrency exchange to offer a trading pair of two meme tokens.
Read more on the Binance SHIB DOGE trading pair here.
Israeli Court Unseals Names of Suspected Forex Scammers Arrested
A Jerusalem court has unsealed the names of the alleged four people that were involved in forex fraud and arrested during raids in October in Tel Aviv.
According to The Times of Israel, Pavel Kotler, 47, of Holon; Yuri Dashevsky, 33, of Kfar Saba; Nimrod Blachman, 33, hometown unknown; and Chen Malka, 31, of Tel Aviv have been considered suspicious of running binary options, forex and cryptocurrency fraud that targeted German citizens.
Read more on the Israeli scammers named here.
PrimeXM Records Again over $1 Trillion in Trading Volume during October
PrimeXM, an FX trading industry technology provider, published its trading volumes report for October 2021, noting another milestone hit for the period in monthly trading volume.
According to the metrics across its four major data center locations, the company surpassed the $1 trillion threshold in monthly volume for the fifth consecutive month, reaching over $1.10 trillion, which is a 23% yearly increase compared to last year’s figure of $894.36 billion.
In addition, the average daily volume (ADV) for October was $52.38 billion, with October 6 as the highest daily trading volume day of the month, accounting for around $62.09 billion in turnover.
Read more on the PrimeXM record October here.
CME Group Witnesses a 32% Surge in Overall ADV during October 2021
October was also a good month for the CME Group, The operator of one of the largest US derivatives exchanges released its monthly trading metrics for October 2021, noticing an increase in the average daily volume (ADV) of interest rate contracts.
According to the report, interest rate contracts surged 94% on a yearly basis, while the overall ADV soared 32% on a yearly basis to 20.4 million contracts during the period.
Read more on the CME Group October metrics here.