News Nuggets | 29 August: New Match-Trader Head; TradingView Charts on MultiHODL

Hyphe’s German Subsidiary Secures BaFin License

Hyphe Markets, the German subsidiary of Amsterdam-based digital asset liquidity provider Hyphe, has obtained its BaFin license. With this approval, the company, based in Munich, is now categorized as an ‘Investment Firm’ under the German Securities Institutions Act and European Investment Firm Registration (IFR).

The company said that the BaFin license empowers Hyphe Markets to address the rising demand for highly regulated digital asset liquidity from German banks, brokers, and asset managers. The Co-Founder and COO of Hyphe Markets, Jürgen Kudszus, highlighted the company’s proprietary price discovery technology, Clear-Calculus, as important in revolutionizing the investment landscape.

SEC Charges Archipelago Trading Services for Failing SAR Compliance

The US Securities and Exchange Commission (SEC) has charged Archipelago Trading Services (ATSI) with allegedly failing to submit Suspicious Activity Reports (SARs), mandated reports on suspicious financial activities, between August 2012 and September 2020.

ATSI, which operates the Global OTC equity securities ATS, specializes in facilitating trades for microcap and penny stock securities, characterized by their high-risk nature and absence from national exchanges. Additionally, the SEC alleged that ATSI did not implement an anti-money laundering surveillance program until September 2020.

ISS Recommends Hut 8's Shareholders Approve Merger with USBTC

Hut 8 Mining Corp. has announced that Institutional Shareholder Services, a provider of corporate governance solutions, has advised shareholders of Hut 8 to vote in favor of the proposed merger with US Data Mining Group (USBTC).

This recommendation comes as Hut 8 advances toward a business combination with USBTC through an all-stock merger of equals. The merged entity, to be named Hut 8 Corp, plans to trade on the Nasdaq and the Toronto Stock Exchange (TSX) under the symbol ‘HUT’ upon approval.

Travelex International Group Post Impressive Q2 Results Driven by Passenger Numbers

Travelex International Group demonstrated a strong performance in the second quarter of the year, recording revenue of £136 million. This marked a notable increase of £19 million compared to the first quarter and a substantial £30 million (28%) rise from the previous year.

Travelex’s strong revenue recovery, primarily observed in retail businesses, was reportedly driven by a surge in global passenger numbers as travel restrictions were eased in the APAC region and consumer confidence in international travel grew across various markets.

Match-Trade Technologies Has Onboarded New Head of Match-Trader

Match-Trade Technologies has announced the joining of Alexis Droussiotis as the new Head of the Match-Trader platform. The appointment was made when the demand for the third-party trading platform grew significantly.

Droussiotis brings 15 years of industry experience to the new role. Most recently, he worked at PrimeXM, separating as the Chief Information Officer. He was a Director at the company. Other companies he worked at are SpotOption Exchange, Hoch Capital, Alpari, FXTM, Windsor Brokers, and PrimeTel.

"The decision to join Match-Trade was influenced by the company's significant advancements in the industry," said Droussiotis. "Their commitment to embracing emerging technology sets them apart, not only as a fintech company but also as a growing force in technological innovation. Match-Trade's focus on technological development is evident in its ongoing initiatives to improve broker operations and client experiences."

YouHodler Integrates TradingView Charts

YouHodler confirmed today (Tuesday) the integration of TradingView's advanced charts into MultiHODL, which is its flagship crypto trading tool.

According to YouHodler, the integration will offer MultiHODL users real-time data visualization, elevated trading experience, and informed decision-making capabilities.

"Market analysis lies in the core of successful trading," said Ilya Volkov, the CEO and Co-Founder of YouHodler. "This integration and our partnership with TradingView reflect our commitment to enhancing the trading experience for all our users, regardless of how seasoned they are. By adding advanced charting tools directly into MultiHODL, we empower the YouHodler community to make faster, better-informed decisions and execute successful trading strategies."

Triple-A Hires New General Manager

Singapore-based cryptocurrency payment gateway Triple-A has announced the appointment of Paulo Shargorodsky as its new General Manager for the Americas. Shargorodsky brings a wealth of experience from his previous roles at EBANX and Walmart, where he specialized in payments and financial services.

He aims to leverage this experience to expand Triple-A's footprint in the Americas, focusing on bridging the gap between fiat and cryptocurrency payments. Both Paulo and Triple-A's CEO, Eric Barbier, expressed enthusiasm about the strategic alignment and the potential for growth in the region.

SSimple Secures Angel Funding

SSImple, a SaaS DLT platform targeting the financial services industry, has successfully closed an angel funding round led by fintech expert David Little. The funding comes ahead of a major client announcement and aims to fuel the company's business expansion.

Matthew Cook has been appointed as the new Chairman of SSImple, effective immediately. Cook's appointment and the successful funding round are seen as significant steps for the company's future.

CoinSwitch Reduces Support Team

Indian cryptocurrency investment platform CoinSwitch has laid off more than a third of its customer support team due to low market activity. The downsizing affected 44 jobs, nearly 7% of the company's workforce.

Despite the layoffs, CoinSwitch has been actively hiring in other departments like product tech and compliance. The move comes as the crypto market in India faces challenges, including high taxes and reduced trading volumes.

SFC Targets Market Manipulation in Hong Kong

The Securities and Futures Commission (SFC) and the Independent Commission Against Corruption (ICAC) have conducted a joint operation against suspected market manipulation in Hong Kong. The operation focused on two companies listed on the Hong Kong Stock Exchange and involved searches of 14 premises.

One core member of the suspected syndicate was arrested, and restriction notices were issued to six brokers. The operation aims to protect the interests of the investing public and is part of ongoing investigations.

Hong Kong Regulators Update OTC Derivative Clearing Rules

The Hong Kong Monetary Authority (HKMA) and the SFC have concluded their joint consultation on amending Clearing Rules for over-the-counter (OTC) derivative transactions. The proposed amendments focus on interest rate swap transactions and are aligned with global interest rate benchmark reforms.

The changes have received general support and are expected to come into effect no earlier than 1 July 2024.

Boku Completes Microsoft DCB Service Migration for Three UK

The payments company, Boku (AIM: BOKU) has announced the completion of the migration of Microsoft direct carrier billing (DCB) service for Three UK. Now, Boku's Microsoft portfolio in the UK has three major carriers.

"I am very pleased to report the migration of Microsoft DCB services," said Mark Stannard, the Chief Business Officer, Boku. "That one of the world's largest companies has decided to undertake a move from another provider to Boku as its provider of local payment solutions is another testament to Boku's strengths."

Walbing Gains BaFin's License

Walbing, a business-to-business fintech firm, has obtained a payments service license from Germany's Federal Financial Supervisory Authority, locally known as BaFin. It will allow the company to offer payment services in the country under the German Payment Services Supervision Act.

"BaFin rightfully sets high standards for its licensees, and we are pleased to have met them," said Jörg Hörster, the Co-Founder and CEO of Walbing. "Obtaining the license solidifies our independent position in the market and reinforces our commitment to helping our customers optimize and automate their payment processes."

Bitget Partners with CoinStats

The crypto exchange, Bitget has enhanced its services through its latest partnership with CoinStats, a crypto portfolio tracker. Through this partnership, CoinStats users will be able to see their Bitget transaction data.

"With a million-strong user base, CoinStats is a trusted portfolio manager globally," said Narek Gevorgyan, the Founder and CEO of CoinStats. "Our users gain the distinct advantage of aggregating all their assets — whether in centralized exchanges, wallets, or DeFi protocols — into one unified platform. The Bitget integration enriches our substantial Bitget user community with advanced analytics."