Hostage Takers, Boxers and New Regulations – Best Stories of the Week

Tradologic, USGFX and more featured in last week's top stories.

Even during the lazy summer period, the online trading industry keeps making very interesting headlines. This week we saw brokers under siege in China, technology providers expanding their range and even a boxing champion promoting an ICO.

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Shanghaied

On Monday it was reported that a group of rogue FX traders were holding employees of the Australian brokerage USGFX hostage. A group of upwards of fifty investors stormed USGFX’s Shanghai office as an act of reprisal for losing over $2 million.

Luckily, the situation was resolved the next day. In a statement sent to Finance Magnates, the firm said: “USGFX is also continuing to work with the local authorities to assist them in any way necessary. The safety and well-being of the staff caught up in this situation was the number 1 priority of USGFX and it is a great relief now that they are free.”

The end of an era at Leverate

On Tuesday we exclusively reported that Kobi Gur, CEO of Leverate, has resigned.

Leverate commented on Gur’s resignation: “Mr. Kobi Gur, CEO of Leverate for the last two years, has advised the Board of Directors of his intention to leave his current position in order to pursue other interests. The Board has accepted the resignation which will be effective in 90 days. The Board wishes to express its appreciation to Kobi for his devoted efforts to steer the company in these challenging times. The Board wishes Kobi every success in his new endeavors.”

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Are you significant?

On Wednesday we reported that CySEC has sent out a notification to Cyprus Investment Firms (CIFs) regarding changes to the definition of what constitutes a ‘significant’ CIF.

CySEC also says that it is the responsibility of the CIF to do a periodical assessment of whether it qualifies as a significant CIF. If it does qualify, then it is supposed to establish and put in place comprehensive strategies and systems applicable to the designation, and this should be completed within 3 months of it satisfying the criteria.

Tradologic MT5

On Thursday we reported that Tradologic has become the latest trading technology provider to offer MT5 to its customers.

Michael Golod, CEO of Tradologic, commented: “We are happy to announce our cooperation with MetaQuotes Software. MetaTrader 5 is a significant addition to our suite of solutions. As a customer oriented company Tradologic is always striving to satisfy each customer, aiming for the highest standards of excellence. Now Tradologic is even more ambitious to conquer new markets and to develop its product portfolio further.”

$hit t$n of money

On Friday we covered an Instagram post by boxing champion Floyd Mayweather promoting the Stox ICO to his more than 16 million followers.

Sharing a photo of himself sitting in a private jet in front of a table full of dollars, Mayweather wrote: “I’m gonna make a $hit t$n of money on August 2nd on the Stox.com ICO.”

Stox is being developed by the invest.com group and will deploy its smart token STX using the Bancor protocol to guarantee liquidity on Ethereum.

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