News Nuggets | 9 August: GO Markets Expands into Asia; BaFin Investigates Worldcoin

Financial Commission Flags Suspected Broker-Dealer

The Financial Commission (FinCom) has cautioned the public against Monstrade, a broker allegedly defrauding traders and investors. According to a statement shared with Finance Magnates by the commission, traders have raised concerns about the broker.

Thus, FinCom has warned traders not to engage with the company or its associated websites. Additionally, the regulator has issued warnings against individuals purporting to represent the entity.

Kaiko Joins Google Cloud Partners’ Advantage Program

The cryptocurrency data provider Kaiko has announced that it is joining Google Cloud Partners' Advantage Program. This partnership is expected to provide Google Cloud users access to data, including that of Web3 enterprises, Kaiko said.

Elodie de Marchi, the Chief Operating Officer at Kaiko, said: "Being able to have access to high-quality datasets, risk management, and valuation tools tailored to crypto assets is crucial for any participants to make the best investment decisions."

WisdomTree Reports Double-Digit Growth in Net Inflows for July

The New York-based asset management company WisdomTree Investments released its monthly metrics for July, disclosing more than USD $300 million in net inflows during the period. The net inflows increased 19% year-to-date to USD $9 billion, according to a statement issued today (Wednesday).

WisdomTree's assets under management (AUM) year-to-date is USD $97 billion, while the average total AUM is USD $90 billion. Currently, the asset manager operates in 21 states in the US.

Fed Unveils New Program to Manage Crypto Activities among Banks

The US Federal Reserve has started a new program to manage the crypto activities of financial institutions in the US. Additionally, the central bank has issued a requirement that regulated lenders should obtain approval before engaging in crypto activities.

"A state member bank should demonstrate that it has established appropriate risk management practices for the proposed activities, including having adequate systems in place to identity, measure, monitor, and control the risks of its activities," the regulator explained.

SEC Charges Former Hedge Fund Managing Director of Fraud

The Securities and Exchange Commission (SEC) has charged a former hedge fund executive for allegations of misuse and misappropriation of investors' funds.

The complaint, filed before a federal District Court in Colorado, accused Chad Stickforth, the former Managing Director of RSF, of raising about USD $5.4 million from twenty investors. According to the regulator, the victims of the alleged fraud were told that the money would be used to trade futures contracts, commodity interests, and options on their behalf.

GO Markets Partners with Options Technology

Options Technology, a financial technology and market data solutions company, has been chosen as the primary market data provider for GO Markets' Asian market endeavors. The partnership will initially focus on delivering Hong Kong Stock Exchange data and redistributing CFD products, with the hope of taking this success global.

GO Markets, a global financial service provider, has selected Options for its superior risk-monitoring features, efficient data management, and world-class infrastructure. Danny Moore, the CEO at Options, highlighted that this alliance emphasizes the company's dedication to helping firms like GO Markets excel in today's dynamic financial environment.

"We are delighted to be selected as GO Markets' primary market data provider for their expansion into the Asian Markets," Moore added.

FCA Issues New Warnings on Unauthorized Firms

The Financial Conduct Authority (FCA) has released warnings against several firms and individuals operating without authorization or registration. Among these are Perfect Kinetic Flipper, PRIESTLY, BRAVERMAN & ASSOCIATES LLC, AllianceheritageFX, Geniovest, and several others.

The FCA warns the public to be wary of such unauthorized entities and underscores the potential risks involved in engaging with them. The complete list can be found here.

German Regulator Investigates Worldcoin

As reported by Handelsblatt, Germany's financial regulator, BaFin, has initiated an investigation into the digital currency Worldcoin. The probe is centered around companies that might be targeting the German market without the necessary permission, such as running their operations in the German language. At the moment, Worldcoin has not provided any comments regarding the investigation.

"We are monitoring Worldcoin's activities. If a company turns to the German market without the necessary permission, for example with a website or app in German, we investigate it," the spokeswoman at BaFin originally commented in German.

GERMAN REGULATOR BAFIN INVESTIGATING DIGITAL CURRENCY WORLDCOIN - HANDELSBLATT

— *Walter Bloomberg (@DeItaone) August 8, 2023

APRA Removes Liquidity Requirement for Bendigo and Adelaide Bank

The Australian Prudential Regulation Authority (APRA) announced that Bendigo and Adelaide Bank no longer need to maintain additional cash reserves, following the bank's efforts to address liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term requirement concerns.

Previously in 2020, APRA had penalized the bank for not meeting the liquidity standard and demanded an extra 10% liquidity cover ratio. The bank has since rectified the situation to APRA's satisfaction, removing this additional requirement.

RaiseFX Celebrates Growth in African Market

RaiseFX, a CFDs broker, has announced a milestone of accumulating 12,000 active traders in Africa. Dany Mawas, the CCO of RaiseFX, expressed delight at this achievement and reaffirmed its dedication to the region's economy and the trading community.

"The African continent holds immense potential, and we are delighted to witness the remarkable growth of our trading community. We are committed to expanding our reach across Africa, supporting the aspirations of traders, and contributing to the region's growing economy. The journey to 12,000 active traders is just the beginning, as we are about to release exciting new services and products to 'further improve our users' trading experience in Africa. RaiseFX is dedicated to becoming the preferred choice for traders in the region," Mawas added.

Goliaths Collaborates with Currencycloud for Global Investment

Cyprus-based social investment app, Goliaths, has joined forces with Currencycloud to provide clients with instantaneous trading benefits and access to competitive foreign exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term rates. This partnership enables Goliaths to handle over 30 currencies effortlessly for each trade, streamline in-app deposit methods, and improve overall user experience.

Goliaths' integration with Currencycloud is a testament to their commitment to offering an efficient and comprehensive investment platform.

FCA Warns of Loan Fee Fraud amidst Summer Spending

As summer spending pressures mount, the FCA has kickstarted a campaign to raise awareness about loan fee fraud. The current data reveals that 55% of UK adults are more anxious about their finances this summer compared to the previous year.

Due to the increase in people turning to credit or loans for summer expenses, there's a heightened risk of falling prey to loan fee fraud. The FCA has issued a checklist to help consumers guard against such fraud.

Payabl. Secures UK EMI Licence

Payabl. Group, one of Europe's top PayTechs, has acquired an Electronic Money Institution (EMI) license in the UK, marking a significant milestone in its growth journey. With Brexit changes affecting the rate of EMI licenses granted, payabl.'s achievement stands out, given that the approval rate for EMI applications has drastically decreased in recent years. Payabl. now looks forward to expanding its team and merchant portfolio with this new authorization.