News Nuggets | 18 July: Binance and CS to Cut Staff; Big Banks Partner on FX Trading

Elliptic Taps FOMO Pay for Compliance in Cryptocurrencies

A cryptocurrency risk management firm, Elliptic has partnered with FOMO Pay, a payments services company based in Singapore. The partnership will enable FOMO Pay to use the services of Elliptic to enhance its due diligence processes when onboarding customers.

Lim Wee Teck, the Head of Compliance at FOMO Pay, expressed optimism about the deal, saying: "One of the main reasons we partnered with Elliptic was for their high asset coverage, in-depth data intelligence and quick turnaround time, which allows for accurate and efficient identification of anomalies in digital assets."

Exness Expands Presence in Africa with Scholarships to Kenyan Students

Exness has partnered with United States International University (USIU), a university in Kenya, to award students scholarships. The partnership is part of the efforts by the online CFD platform to expand its services in Africa.

Dubbed Exness Fintech Scholarship, Exness explained on LinkedIn that the program aims to support outstanding university students pursuing science, technology, engineering, and math courses.

Binance Reduces Employee Benefits and Cuts Staff

The global cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f Read this Term, Binance is reportedly reducing certain employee benefits due to a drop in profit. This follows changes in the market environment and regulatory climate and may signal further cost-cutting measures.

Binance is also reportedly laying off between 1,500 and 3,000 of its global workforce, following an ongoing Justice Department investigation. This represents a significant reduction in the company's employment, and the layoffs are expected to continue until the end of the year.

CZ dismisses reports of staff cuts at Binance, claims 'this happens in every company'. pic.twitter.com/TEr2I50K6P

— Crypto Crib (@Crypto_Crib_) July 15, 2023

MUFG, Morgan Stanley Collaborate on Forex Trading

Mitsubishi UFJ Financial Group (MUFG) and Morgan Stanley are set to deepen their ongoing collaboration with a new initiative involving foreign exchange trading and Japanese equity research for institutional clients.

This strategic move follows MUFG's $9 billion investment in Morgan Stanley in 2008, demonstrating the growing synergy between these two financial powerhouses.

Credit Suisse Announces London Staff Cuts

Credit Suisse has announced plans to reduce its London investment banking staff by 80 roles, Financial News reported today (Tuesday). This is part of the bank's anticipated deep layoffs when Credit Suisse undertakes an integration process with UBS.

The cuts represent approximately 30% of its London-based investment banking employees.

IPC Partners With CryptoStruct

IPC Systems, a secure communications and multi-cloud connectivity solutions provider, and CryptoStruct, a leading cryptocurrency market data and trading solution provider, are teaming up to deliver enterprise-grade data to IPC's Connexus Crypto trading ecosystem.

The Connexus Crypto system, launched in November 2021, facilitates complex trading strategies, reduces risk, and provides low latency connectivity to several global crypto exchanges. The partnership aims to boost its market reach by offering traders access to CryptoStruct's advanced market data solutions.

StoneX Group Rebrands Coininvest to StoneX Bullion

StoneX Group Inc. has announced the launch of StoneX Bullion, a rebranding of its Coininvest platform. The site allows users to buy, sell, and invest in high-quality precious metals including silver, gold, platinum, and palladium, and serves clients worldwide.

The rebranding aligns StoneX's retail metals trading platform with its broader brand, with the company planning further enhancements and service offerings for StoneX Bullion customers.

TS Imagine Hires Christian Dietmann for Its UK Sales Team

TS Imagine, a global provider of trading, portfolio, and risk management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term solutions, has announced the appointment of Christian Dietmann to its EMEA sales team.

Dietmann will focus primarily on UK sales, bringing his experience from previous roles at TP ICAP's Parameta Solutions and Liquidnet Investment Analytics. The move aims to bolster TS Imagine's sales capabilities in the UK market.

Growing Interest in Sustainable Investments among French Youngsters

Following a biannual survey, the Autorité des marchés financiers (AMF) reveals growing interest in sustainable investments among the French population, particularly those under 35.

The survey shows that two-thirds of respondents consider sustainable development issues when making savings decisions. This rising awareness and interest are indicative of a shift towards more sustainable investment choices in the French market.

Starling Bank Chooses Napier for AML Compliance

UK-based digital challenger bank, Starling, has selected Napier as its technology platform for Anti-Money Laundering (AML) and counter-terrorism financing (AML/CTF) solutions.

Napier's Transaction Screening solution from the Napier Continuum platform will support Starling Bank's mission of providing customers with fast technology, fair service, and honest values.