Taking a Look Back at All the Stories that Made 2016 – Best of the Week

Finance Magnates offers informative summaries of the year in forex, binary options, fintech and blockchain.

During the last days of the year most of the top headlines everywhere are summaries, and this was the case with our coverage during this passing week too. Our editors brought you everything you needed to know about the news in 2016 from the worlds of forex, binary options, fintech and the blockchain. Still, the world of online financial trading never rests for long and a story about one of the most contentious issues in the industry resurfaced again this week with new revelations.

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On Monday we published 2016 – a Year of Institutional Adoption, Hype and Drama for Blockchain. It offers a look at the fastest changing ecosystem of companies and projects, with new cryptocurrencies rising up seemingly out of nowhere and disappearing just as fast.

At the same time blockchain technology is also being used for disrupting many other sectors of the economy at such a speed that it’s hard to keep up with all the daily updates. For this we have chosen just four big stories that dominated the news this year and spanned 2016 as the backdrop to everything else: Ethereum, ICOs, Bitcoin, going mainstream and predictions for 2017.


On Tuesday we exclusively revealed that a European regulator was investigating client complaints about IronFX. According to the report, CySEC’s officers found that the company lacked the necessary control mechanisms to prevent such conduct. Additionally, they found a violation in that the formula used to calculate the amount due to customers, meaning that it was not fair – it was designed against customers and for the benefit of the brokerage.

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The firm soon responded and regarding the most important issue, the “$176m Client Money Hole”, IronFX said in essence that the report’s $176 million figure includes bonuses and not just deposits. Beyond this the company thinks that the audit report fails to represent the full situation, and it says it is taking steps to rectify the matter – presumably meaning in court or with the regulator itself.


On Wednesday we published 2016 – The Year that the Forex Black Swans Were Tamed. The lengthy summary explains how the retail foreign exchange regulatory landscape shifted dramatically in 2016, and why it is to shift even more in 2017.

The role of the SNB in 2016, ranging markets and pockets of volatility, the Brexit and the FCA’s troubles, the French regulatory ban and EU worries, CySEC’s challenge of establishing credibility, Trump’s impending presidency and hopes for the US market and more are among the topics covered.


On Thursday we published Fintech in 2016: Collaboration, Investments and Regulation Grow Up. In this article, we tried to highlight key fintech prospects and challenges around the world, as well as key trends and insights related to the fintech industry, to get a better understanding of what to expect in 2017.

Regulators’ support and concerns, the state of fintech in China, maturing robo-advisors and the Blockchain are among the topics covered.

Binary Options

On Friday we published 2016 – The Binary Options Conundrum and an Uncertain Future. The binary options branch of the industry has had its worst year on record. Regardless of the monetary gains that some companies made, their prospects for the future have become dim.

Next year could become the ‘make it or break it year’ for binary options businesses. Any further push towards Wild West-type operations is sure to affect the industry even more and ultimately destroy the last remaining good reputation that some companies have.

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