Yukom Exec Arrested, LSEG Rejects HKEX’s Offer: Editor’s Pick

Stay on top of the most interesting news with our best of the week segment.

Another week has passed on the foreign exchange (forex) and cryptocurrency industries.

Yukom saga continues: person arrested in Budapest

A 28-year-old person a of dual Israeli-French citizenship and a 44-year-old person with US citizenship were arrested earlier this month by the Hungarian Police.

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As Finance Magnates reported exclusively last Sunday, the 28-year-old in custody is allegedly a person named Daniel, who served as the Yukom’s VP Marketing.

He is suspected of defrauding American investors through the activity of call centers operated in Ukraine and Mauritius and may face 20 years in Jail.

Buterin is warm to Libra

Regulators and members of the industry are critical and pessimistic about Facebook’s, but when it comes to the leader of the second-largest coin and platform Vitalik Buterin, the future looks brighter.

“There’s definitely people looking at making a Libra Litecoin that runs on the Ethereum blockchain,” said Ethereum co-founder. “I think we should extend an open hand to systems that are more decentralized than we would like.”

Buterin spoke at the Ethereal Summit in Tel Aviv last week, along with his partner and the founder of Consensys Joseph Lubin and commented on Libra and the development of the blockchain system’s upcoming update.

Is there a secondary market for Libra investment tokens?

Speaking of Libra, the coin has yet to be launched, but news of a black market for the association’s investment tokens are voiced by several sources.

Finance Magnates spoke to Tomer Barel, the chief operating officer at Facebook’s blockchain project Calibra at the Ethereal Summit in Tel Aviv on last week. Barel said that the social media giant has no connection to trading that is taking place in Libra investment tokens.

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“[The tokens] don’t exist yet,” said Barel. “If someone is selling them, it’s on their own, and it’s their problem.” When asked if the people dealing in Libra tokens are effectively selling “thin air,” Barel replied in the affirmative.

Deutsche Bank hops on JPMorgan’s DLT bandwagon

Deutsche Bank has joined the JPMorgan Chase-led Interbank Information Network (IIN), one of the financial services industry’s largest blockchain projects.

By joining INN, Deutsche Bank will be able to provide better services to its clients as well as lower the cost of processing difficult payments, according to Ole Matthiessen, the head of Deutsche’s cash management division

To read the full story, click here

Interview with ATFX

Last week Finance Magnates caught up with Wei Qiang Zhang, Managing Director of ATFX UK, to discuss the launch of the firm’s new institutional trading desk.

“Our future plans include the introduction of share trading, as well as expanding our product range based on current platforms, and adjusting our product specification to meet the trends in the market,” said the London-based broker’s managing director. “Our institutional desk is set to add CFD products to its platform in the imminent future.”

LSEG responds to HKEX’s offer with “no thank you”

After the dramatic £32 billion acquisition offer from Hong Kong Exchanges and Clearing Limited, The London Stock Exchange Group has announced it rejects the proposal.

In its statement, the LSEG said that its board had concerns about the amount of money offered by HKEX, the strategy proposed by the Hong Kong firm and its deliverability.

Analysis: Swiss FX traders deposited the most in July

July trading stats reveal interesting details about traders’ deposits. Switzerland and Norway lead the charts in July, with an average deposit of $3,481.8 and $3,247.4., respectively, per trader.

Traditionally we had Australia high in this ranking. The average deposit from “the land down under” came to $2,947.3 in July. The list of top ten countries according to deposits was closed by two Arabian Gulf states – Saudi Arabia and the United Arab Emirates.

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