The resignation of the CEO of Capital as well as a former Aussie investment manager charged with fraud.
Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
HSBC’s Hong Kong Subsidiary Limits
Crypto Firms to ‘Simple’ Accounts
Hang Seng Bank, a subsidiary of HSBC in
Hong Kong, has reportedly restricted the bank accounts which cryptocurrency companies
can open in the country. However, the bank has not disclosed the limitations
the accounts will have.
According to a report by Coindesk,
cryptocurrency companies based in Hong Kong are reportedly struggling to get a
bank account due to the reluctance of financial institutions and the limited staffing at the Securities and Futures Commission. This is despite the country
allowing companies to offer crypto services in the country.
The Hong Kong Monetary Authority (HKMA) recently urged major banks, including HSBC, Standard Chartered, and Bank of
China, operating in Hong Kong to accept cryptocurrency exchanges as clients.
This step is part of Hong Kong’s efforts to make the country a crypto hub.
DataArt and KX Partner to Enhance
Cloud-Based AI Services
The global software engineering company, DataArt has partnered with KX, the creators of the Artificial
Intelligence (AI) database, to address the challenges encountered when
moving real-time analytics data, machine learning (ML), and artificial
intelligence workloads into the cloud.
Some of the challenges include the high
cost and the inadequate performance of data-intensive applications. The
partnership will initially focus on the capital markets and the financial
services sector.
CVMV Issues Warnings against Ten Firms
The National Securities Market
Commission (CVMV) has issued a warning against ten companies allegedly
operating without its registration. The regulator announced today (Monday),
saying the companies were not authorized to provide investment services.
The mentioned firms are PRO TRADE,
SWIFTECFX, OKMIU LIMITED, FUNDSTRADEFX.COM, BINA XBT, BAER GROUP, FINEX TRADER,
SMART LIFE DIGITAL, BITBRIDGES, and STARTRADER.
Bitcoin Bank Breaker under
BaFin Investigation
The German
financial regulator, BaFin has issued a warning regarding Bitcoin Bank Breaker,
a platform offering trading of financial instruments via the website
bitcoin-bankbreaker.com. The regulator suspects that the operators of the site
are providing financial or investment services without the requisite
permissions.
As the
operators have not provided complete company details on their website, this has
raised some suspicion. BaFin emphasizes that anyone offering banking, financial, or
securities services in Germany must obtain permission from them. Investigations
are ongoing based on section 37 (4) sentence 1 of the German Banking Act.
FCA Announces 14-point
Action Plan for Cash Savings
FM, Financial Conduct Authority
The UK's
Financial Conduct Authority (FCA) has unveiled a 14-point action plan aimed at
ensuring that banks and building societies pass on interest rate rises
appropriately to savers. The plan also requires institutions to improve
communication with customers and offer better savings rate deals.
This
follows a review of the cash savings market, which revealed slower interest
rate rises for easy-access accounts compared to other accounts. Institutions
with the lowest savings rates must justify these rates per the Consumer Duty in
force. If unable to provide a satisfactory justification, the FCA may take
action. The plan also requires better communication with customers about their
options.
Safe Trust Wealth Operates
Unregistered and Not Based in NZ
The website
of Safe Trust, www.safe-trust.net, has raised concerns as it claims to be based
and regulated in New Zealand, offering investment packages.
However,
the entity is neither registered on the Financial Service Providers Register
(FSPR) nor licensed by the Financial Markets Authority (FMA), casting doubt on
its credibility. The FMA suspects that Safe Trust may be running a scam and
advises caution when interacting with the entity.
Deutsche Bank Expands
Investment Banking in South Korea
Deutsche
Bank has announced an expansion of its investment banking capabilities in South
Korea and is re-entering the local debt capital market. This move is marked by
strategic appointments, including hiring Adele Moon as the Head of Debt Capital
Market (DCM) for South Korea.
Based in
Seoul, Moon will work towards expanding Deutsche Bank's client footprint and
augmenting its robust advisory business. The bank has also hired Shinna Oh to develop relationships with corporates and global sponsors in Seoul.
This strategic recruitment underscores Deutsche Bank's commitment to strengthen
its South Korean financial market position.
MAS Plans to Boost
Anti-Money Laundering Defences
The
Monetary Authority of Singapore (MAS) is initiating a public consultation on a
revised framework to strengthen surveillance and defense against money
laundering risks in Singapore's Single Family Office (SFO) sector. The new
framework will introduce a harmonized class exemption for SFOs with specific
anti-money laundering requirements.
To qualify
for the class exemption, SFOs must meet certain criteria, including being
incorporated in Singapore and maintaining a business relationship with a
MAS-regulated financial institution for anti-money laundering checks. The
proposed framework aims to monitor better SFOs operating in Singapore and
mitigate any money laundering risks.
ICE Delists Bakkt Bitcoin Contracts
Intercontinental Exchange (ICE) has delisted all Bakkt Bitcoin futures contracts, except for the ones expiring in August and September, and Bakkt Bitcoin options contracts from last Friday. The exchange operator announced that it will no longer list Bakkt Bitcoin futures and options on its platform.
"The August and September 2023 expiry months will continue to be listed for trading through their regular Last Trading Days, which are August 24 and September 28, 2023, respectively," the announcement added.
New Zealand's FMA Announces New Market Standards
New Zealand's regulator, the Financial Market Authority (FMA), announced on Monday standards designated Financial Market Infrastructures (FMIs), which are multilateral systems enabling electronic payments and financial market transactions.
The new standards will come into effect on 1 March 2024 and were issued following two rounds of public consultation.
"Most of us don't think about the underlying infrastructures we rely on for daily economic life, but we can be severely impacted when something goes wrong," said New Zealand central bank's Deputy Governor, Christian Hawkesby. "If a designated FMI failed or encountered problems, electronic payments and financial market transactions could be severely disrupted. This, in turn, could have flow-on impacts for New Zealanders, our financial system, and the wider economy."
The CEO of Capita, Jon Lewis to Retire
Jon Lewis, who has been heading Capita as the CEO and Director since December 2017, has decided to retire and will step down from his role at the end of 2024. He will remain with the company until July 2024 to ensure a smooth transition of responsibilities. Capita has named Adolfo Hernandez as the CEO designate.
Jon Lewis, CEO at Capita
"It has been a privilege to lead the turnaround of Capita over the past five years," said Lewis. "I remain fully committed to delivering the Group's strategy and enabling a smooth transition to Adolfo as the new CEO over the coming months."
Former Aussie Investment Manager Charged for Fraud
Brett Paul Trevillian, a former investment manager in Australia, is facing four charges for making a false document to obtain a financial advantage. He was arrested on 20 July on an arrest warrant obtained by the Australian Securities and Exchange Commission (ASIC) and was released on bail on 28 July.
According to ASIC, Trevillian, who served as the Director of Metal Alpha Pty Ltd and the former investment manager of Trading Life Services Pty Ltd, created four forged portfolio performance verification reports between May 2019 and October 2019 and provided them to potential investors. All of these documents are allegedly fraudulent.
Trevillian is now looking at a maximum prison time of ten years for each charge.
Payment Platform Optty Adds Crypto Gateway
Optty has partnered with Triple-A, a licensed crypto payment gateway, to add cryptocurrency options to its existing payments platform. It will leverage Triple-A's white-label crypto payment gateway to broaden its payment options.
Triple-A is a crypto payment gateway licensed and registered in Singapore, Europe, and the United States.
"As the world's first true universal payments platform, Optty is agnostic and supportive of payments inclusion, a unique position that is designed to help retailers offer more choice than ever at checkout," said Natasha Zurnamer, the Founder and CEO of Optty.
"With one simplified integration, not only can retailers access over 90 BNPLs and local payment methods in over 120 countries — they can now switch on crypto payments, a natural progression in our aim to simplify payments for retailers all over the world."
HSBC’s Hong Kong Subsidiary Limits
Crypto Firms to ‘Simple’ Accounts
Hang Seng Bank, a subsidiary of HSBC in
Hong Kong, has reportedly restricted the bank accounts which cryptocurrency companies
can open in the country. However, the bank has not disclosed the limitations
the accounts will have.
According to a report by Coindesk,
cryptocurrency companies based in Hong Kong are reportedly struggling to get a
bank account due to the reluctance of financial institutions and the limited staffing at the Securities and Futures Commission. This is despite the country
allowing companies to offer crypto services in the country.
The Hong Kong Monetary Authority (HKMA) recently urged major banks, including HSBC, Standard Chartered, and Bank of
China, operating in Hong Kong to accept cryptocurrency exchanges as clients.
This step is part of Hong Kong’s efforts to make the country a crypto hub.
DataArt and KX Partner to Enhance
Cloud-Based AI Services
The global software engineering company, DataArt has partnered with KX, the creators of the Artificial
Intelligence (AI) database, to address the challenges encountered when
moving real-time analytics data, machine learning (ML), and artificial
intelligence workloads into the cloud.
Some of the challenges include the high
cost and the inadequate performance of data-intensive applications. The
partnership will initially focus on the capital markets and the financial
services sector.
CVMV Issues Warnings against Ten Firms
The National Securities Market
Commission (CVMV) has issued a warning against ten companies allegedly
operating without its registration. The regulator announced today (Monday),
saying the companies were not authorized to provide investment services.
The mentioned firms are PRO TRADE,
SWIFTECFX, OKMIU LIMITED, FUNDSTRADEFX.COM, BINA XBT, BAER GROUP, FINEX TRADER,
SMART LIFE DIGITAL, BITBRIDGES, and STARTRADER.
Bitcoin Bank Breaker under
BaFin Investigation
The German
financial regulator, BaFin has issued a warning regarding Bitcoin Bank Breaker,
a platform offering trading of financial instruments via the website
bitcoin-bankbreaker.com. The regulator suspects that the operators of the site
are providing financial or investment services without the requisite
permissions.
As the
operators have not provided complete company details on their website, this has
raised some suspicion. BaFin emphasizes that anyone offering banking, financial, or
securities services in Germany must obtain permission from them. Investigations
are ongoing based on section 37 (4) sentence 1 of the German Banking Act.
FCA Announces 14-point
Action Plan for Cash Savings
FM, Financial Conduct Authority
The UK's
Financial Conduct Authority (FCA) has unveiled a 14-point action plan aimed at
ensuring that banks and building societies pass on interest rate rises
appropriately to savers. The plan also requires institutions to improve
communication with customers and offer better savings rate deals.
This
follows a review of the cash savings market, which revealed slower interest
rate rises for easy-access accounts compared to other accounts. Institutions
with the lowest savings rates must justify these rates per the Consumer Duty in
force. If unable to provide a satisfactory justification, the FCA may take
action. The plan also requires better communication with customers about their
options.
Safe Trust Wealth Operates
Unregistered and Not Based in NZ
The website
of Safe Trust, www.safe-trust.net, has raised concerns as it claims to be based
and regulated in New Zealand, offering investment packages.
However,
the entity is neither registered on the Financial Service Providers Register
(FSPR) nor licensed by the Financial Markets Authority (FMA), casting doubt on
its credibility. The FMA suspects that Safe Trust may be running a scam and
advises caution when interacting with the entity.
Deutsche Bank Expands
Investment Banking in South Korea
Deutsche
Bank has announced an expansion of its investment banking capabilities in South
Korea and is re-entering the local debt capital market. This move is marked by
strategic appointments, including hiring Adele Moon as the Head of Debt Capital
Market (DCM) for South Korea.
Based in
Seoul, Moon will work towards expanding Deutsche Bank's client footprint and
augmenting its robust advisory business. The bank has also hired Shinna Oh to develop relationships with corporates and global sponsors in Seoul.
This strategic recruitment underscores Deutsche Bank's commitment to strengthen
its South Korean financial market position.
MAS Plans to Boost
Anti-Money Laundering Defences
The
Monetary Authority of Singapore (MAS) is initiating a public consultation on a
revised framework to strengthen surveillance and defense against money
laundering risks in Singapore's Single Family Office (SFO) sector. The new
framework will introduce a harmonized class exemption for SFOs with specific
anti-money laundering requirements.
To qualify
for the class exemption, SFOs must meet certain criteria, including being
incorporated in Singapore and maintaining a business relationship with a
MAS-regulated financial institution for anti-money laundering checks. The
proposed framework aims to monitor better SFOs operating in Singapore and
mitigate any money laundering risks.
ICE Delists Bakkt Bitcoin Contracts
Intercontinental Exchange (ICE) has delisted all Bakkt Bitcoin futures contracts, except for the ones expiring in August and September, and Bakkt Bitcoin options contracts from last Friday. The exchange operator announced that it will no longer list Bakkt Bitcoin futures and options on its platform.
"The August and September 2023 expiry months will continue to be listed for trading through their regular Last Trading Days, which are August 24 and September 28, 2023, respectively," the announcement added.
New Zealand's FMA Announces New Market Standards
New Zealand's regulator, the Financial Market Authority (FMA), announced on Monday standards designated Financial Market Infrastructures (FMIs), which are multilateral systems enabling electronic payments and financial market transactions.
The new standards will come into effect on 1 March 2024 and were issued following two rounds of public consultation.
"Most of us don't think about the underlying infrastructures we rely on for daily economic life, but we can be severely impacted when something goes wrong," said New Zealand central bank's Deputy Governor, Christian Hawkesby. "If a designated FMI failed or encountered problems, electronic payments and financial market transactions could be severely disrupted. This, in turn, could have flow-on impacts for New Zealanders, our financial system, and the wider economy."
The CEO of Capita, Jon Lewis to Retire
Jon Lewis, who has been heading Capita as the CEO and Director since December 2017, has decided to retire and will step down from his role at the end of 2024. He will remain with the company until July 2024 to ensure a smooth transition of responsibilities. Capita has named Adolfo Hernandez as the CEO designate.
Jon Lewis, CEO at Capita
"It has been a privilege to lead the turnaround of Capita over the past five years," said Lewis. "I remain fully committed to delivering the Group's strategy and enabling a smooth transition to Adolfo as the new CEO over the coming months."
Former Aussie Investment Manager Charged for Fraud
Brett Paul Trevillian, a former investment manager in Australia, is facing four charges for making a false document to obtain a financial advantage. He was arrested on 20 July on an arrest warrant obtained by the Australian Securities and Exchange Commission (ASIC) and was released on bail on 28 July.
According to ASIC, Trevillian, who served as the Director of Metal Alpha Pty Ltd and the former investment manager of Trading Life Services Pty Ltd, created four forged portfolio performance verification reports between May 2019 and October 2019 and provided them to potential investors. All of these documents are allegedly fraudulent.
Trevillian is now looking at a maximum prison time of ten years for each charge.
Payment Platform Optty Adds Crypto Gateway
Optty has partnered with Triple-A, a licensed crypto payment gateway, to add cryptocurrency options to its existing payments platform. It will leverage Triple-A's white-label crypto payment gateway to broaden its payment options.
Triple-A is a crypto payment gateway licensed and registered in Singapore, Europe, and the United States.
"As the world's first true universal payments platform, Optty is agnostic and supportive of payments inclusion, a unique position that is designed to help retailers offer more choice than ever at checkout," said Natasha Zurnamer, the Founder and CEO of Optty.
"With one simplified integration, not only can retailers access over 90 BNPLs and local payment methods in over 120 countries — they can now switch on crypto payments, a natural progression in our aim to simplify payments for retailers all over the world."
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25
Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
