News Nuggets | 3 May: BlackBull Adds DXtrade; Gate.io's New License

UK Regulator Raises Alarm on Clone of LCG

On Wednesday, the Financial Conduct Authority (FCA) warned investors against a clone of London Capital Group (LCG), an authorized spread betting and CFD trading provider. The British watchdog said the clone has been contacting British citizens, pretending to have requisite permission.

According to the FCA, the scam platform operates the websites: www.cintra.group/, www.londoncapitalgroup.pro and www.cint.pro/. However, the website of the authorized firm is www.lcg.com.

“Scammers may give out other false details, including email addresses, telephone numbers, postal addresses and Firm Reference Numbers,” the British watchdog noted, explaining how such illegal trading platforms operate. “They may mix these details with the genuine details of authorised firms. They may also change their contact details over time,” it added.

Spectrum Markets Onboards UniCredit Bank

Spectrum Markets, a Germany-based securitized derivatives trading provider, has added UniCredit Bank AG as its new member. The firm is the German subsidiary of UniCredit Group, a top European commercial bank.

“This new membership will see a mix of short and longer-term instruments listed on Spectrum Markets,” Nicky Maan, Spectrum Markets’ Chief Executive Officer, said in a LinkedIn post, adding that he expects the bank’s “credibility and expertise” will make for great partnership when combined with his company's "innovation mindset.”

“The pan-European bank will initially list a series of constant leverage warrants and covered warrant products, making these available to retail investors across Europe via their broker or bank,” Spectrum Markets explained in a statement.

BlackBull Markets Adds DXtrade Trading Platform

BlackBull Markets, a New Zealand-based retail broker, has launched its new FX and CFD trading platform BlackBull Trade based on Devexperts' DXtrade trading platform. It is a BlackBull Trade based on DXtrade CFD, which is Devexperts' turnkey FX, CFD, and crypto trading platform.

BlackBull Trade can be accessed on the web and on mobile, Android and iOS.

"Our trading platform can serve clients all over the world, it is in line with all regulations and takes into account different trading styles," said Jon Light, Devexperts' Director of the OTC Platform. "We hope BlackBull clients will appreciate everything this new platform can offer and will truly enjoy their trading experience."

CFDs Sales of Kiwoom Securities Is Under Investigation

South Korea's top financial market regulator, the Financial Supervisory Service (FSS), is investigating Kiwoom Securities to establish if the company was engaged in unfair sales of contracts for differences (CFDs).

The investigation is a part of broader scrutiny as the regulator is looking into a stock manipulation scandal that incurred a loss of around 8 trillion won (about $6 billion) in four days last month. In addition, the FSS is planning to investigate other securities firms.

BDSwiss Onboards New MENA Business Development Head

FX/CFDs broker, BDSwiss has hired Hassan Ibrahim as the new Middle East and North Africa (MENA) Head of Business Development, who will play a key role in the broker's expansion in the region.

He will be responsible for developing and strengthening relationships with clients and partners of BDSwiss in the GCC region. Moreover, he will create and execute plans to grow the business.

"The MENA region presents immense opportunities, and I am confident that with BDSwiss' already strong brand and expertise, we will continue to thrive in the region," Ibrahim said.

Gate.io Gains Italy License

An Italian entity of cryptocurrency exchange Gate Group has obtained a Virtual Asset Service Provider (VASP) from the local regulatory agency Organismo Agenti e Mediatori (OAM).

The new license will allow the company to offer several cryptocurrency services in Italy, including fiat-crypto and crypto-crypto exchanges, digital asset transfer and clearing services, wallets, and a few others.

"This is an important milestone for Gate Group to enter the European market and is also a remarkable achievement of our compliance-centric global expansion," said Dr Han Lin, the Founder and CEO of Gate Group. "Gate Group will follow stricter regulatory standards that further protect the security of user assets and strengthen our compliance capabilities."

HKEX Names Data and Analytics Co-Head

On Wednesday, Hong Kong Exchange & Clearing Limited (HKEX) announced the appointment of Patrick Khong as the Managing Director and Co-Head of Data and Analytics. He joined the firm from Hang Seng Bank and previously worked at HSBC.

In the new role, Khong will drive HKEX's data management strategy and oversee its data governance and design. Further, he will work on the delivery of data and analytics technology initiatives.

"His experience will be invaluable to us as we continuously look to strengthen our data infrastructure, drive operational efficiency, innovate to deliver greater opportunity for HKEX and our customers and execute on our strategy to connect today with tomorrow," said Richard Leung, HKEX Group's Chief Technology Officer.