News Nuggets | 18 October: GTC Appoints Cypriot Head; JustMarkets Revamps IB Program

Sarah Hall Joins Global Trade Capital to Head Cyprus Office

Global Trade Capital (GTC Group) welcomes Sarah Hall as the General Manager of its new office in Cyprus. Hall, a seasoned industry veteran with over 15 years of experience, has previously worked at Etoro, FX Pro, and Saxo Bank.

She joins GTC from her most recent role at Axi, where she was the Global Head of Settlements. Her expertise in risk and fraud prevention is expected to enhance GTC's policies, ensuring high service and security standards for clients. As part of the company's expansion plans, Hall will focus on setting up the Cyprus branch and enhancing the customer success department.

"Sarah’s extensive industry experience and expertise will play a crucial role in our journey of growth and innovation in the financial services sector,” said Jack Zheng, the CEO of GTC Group.

JustMarkets Launches Revamped IB Program

JustMarkets has rolled out an upgraded version of its Introducing Broker (IB) program. The program has a six-level structure that offers enhanced commissions and benefits as partners meet specified trading volume criteria. Notably, the program includes a 3-month boost period where trading volume from new referrals is tripled, allowing partners to scale up quickly.

The program has introduced several new features aimed at incentivizing partners, including an enhanced commission of $25 per lot and the potential for additional monthly rewards of up to $2,000 for client onboarding and trading volume boosts. It also offers an automated rebate system for easy reward sharing, competitive spreads on key instruments like gold, swap-free trading for all traders, and gap protection to prevent slippages.

CySEC Focuses on Financial Literacy During World Investor Week 2023

The Cyprus Securities and Exchange Commission (CySEC) successfully concluded its activities for World Investor Week 2023. Partnering with global Supervisory Authorities, CySEC focused on promoting financial literacy.

The week-long event included various activities and emphasized key themes like Investor Resilience, Crypto Assets, and Sustainable Finance. This effort is in line with CySEC’s goal to inform investors about potential risks and encourage sound financial decisions.

SEC Charges Illinois Resident with Insider Trading

The US Securities and Exchange Commission (SEC) has charged Brian Marc Rubin with insider trading. Rubin, a resident of Deerfield, Illinois, allegedly traded Array BioPharma Inc. stock options based on nonpublic information obtained from his spouse, who works at Array.

Rubin consented to a judgment that would prevent him from violating antifraud provisions and require him to pay back illegal profits totaling $90,458 along with additional penalties.

Liminal Custody Solutions Announces Major Rebranding

Liminal Custody Solutions has launched a comprehensive rebranding initiative, positioning itself as an expert in digital asset custody and wallet solutions. The rebranding has occurred as the digital asset industry increasingly focuses on security and risk mitigation. The move aims to keep Liminal at the forefront of delivering secure and compliant digital asset custodial solutions, particularly in the APAC and MENA regions.

"We anticipate a mature, compliant, and standardized web3 ecosystem across the APAC and MENA regions, which will attract institutions to build on Web3,” Mahin Gupta, the Founder of Liminal, said. “This rebrand aligns with our long-term vision of offering secure, compliant, and efficient custody solutions.”

ASIC Releases First Integrated Financial Reporting and Audit Surveillance Report

The Australian Securities and Investments Commission (ASIC) has released its first integrated financial reporting and audit surveillance program findings. As a result, adjustments of $215 million were made to financial information released by ASX-listed companies. The report also highlighted insufficient disclosure of material business risks and other financial report issues.

“Under our integrated financial reporting and audit surveillance program, ASIC targets financial reports for review using risk-based criteria. These include where we have identified potential issues in revenue recognition or asset valuation,” said Greg Yanco, the Executive Director for Regulation and Supervision at ASIC.

Zodia Custody Launches SAF3 in Australia

Zodia Custody has introduced SAF3, a digital asset custody platform designed for institutions in Australia. SAF3 offers bank-grade cold wallet storage accessible in real-time and includes features for risk management and fraud detection.

Julian Sawyer, the CEO of Zodia Custody, emphasized the importance of responsible institutional adoption for Australia's growing digital asset industry.

BitGo Acquires HeightZero for Wealth Management Solutions

BitGo Holdings, Inc. has acquired HeightZero, a digital asset management platform aimed at providing comprehensive solutions for wealth managers. The acquisition positions BitGo as one of the pioneering digital asset companies catering to the wealth management sector.

This move aligns with BitGo's long-term business growth strategy, particularly in the current crypto winter.