GAIN, Saxo, eToro, and a Binary Options Arrest: Best of the Week
Catch up on last week's top stories.
GAIN, Saxo, eToro and Cobalt all appeared in last week’s top stories.
New York arrest
Lee Elbaz, former CEO of binary options technology provider Yukom, has been arrested in New York. This followed an FBI investigation into wire fraud and conspiracy to facilitate wire fraud.
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The firm provided technology to Eagle Option and Binary Book. The unlicensed companies targeted clients in the US.
“We are still in the early stages of the case, and have not been presented with an indictment. The company believes that there are quite a few mistakes in the theory presented by the prosecution, and that in due course the evidence gathered will portray a very different picture,” said Dr. Zvi Gabbay of Barnea & Co., representing the defendant.
GAIN’s revenues improve
GAIN Capital’s UK entity, reporting the consolidated metrics of City Index and Forex.com UK, has filed its annual report for 2016 with the UK Companies House. The firm reports a 39 percent annualized increase in revenues.
Brexit the US election positively affected the company’s top and bottom lines.
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IG does well too
The first quarter of fiscal 2018 ended for IG Group the company on the 31st of August 2017, and it reported a 21 percent improvement in revenues year-on year.
The increase defied both a relatively quiet summer and the ongoing Brexit debacle.
Saxo Bank’s Italian connection
Saxo Bank, the Danish multi-asset trading and technology provider, plans to form an exclusive partnership with Italian bank Banca Generali.
Through this agreement, Saxo Bank will be able to offer its technology and online trading services to clients and financial advisors. Through dynamic hedging, Banca Generali will be able to offer a range of expanded services to its private and corporate clients.
eToro UK sitting pretty
eToro UK Limited, the UK subsidiary of a leading social trading brand, has reported tripled revenues year-on-year.
The company’s net income totalled £1.8 million ($2.4 million). Administrative expenses also increased, marking a total of £1.7 million ($2.3 million), for a net profit of £106,000 ($143,000).
Commenting to Finance Magnates, founder and CEO Yoni Assia said: “2016 was a record year for eToro globally. We have seen significant growth continue in 2017, both globally and for eToro UK, and expect 2017 to be another record year for out company.”
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