BinckBank failed to comply with asset segregation rules, risk management standards, and fair treatment of customers.
Saxo Bank, as the “legal successor of BinckBank,” has been held responsible for these violations.
The Netherlands Authority for the Financial Markets (AFM) has imposed a €1.6 million fine on Saxo Bank for regulatory breaches by BinckBank, which has since been merged with the forex and contracts for differences (CFDs) broker. Saxo Bank chose not to contest the fine.
Saxo as the “Legal Successor”
Saxo Bank acquired BinckBank, an online investment platform, in 2019 and completed the merger of the two platforms last year. The AFM announced the fine today (Tuesday), holding Saxo accountable as BinckBank's legal successor.
Additionally, Saxo is currently evaluating acquisition offers after unsuccessful attempts at a public listing. Reports suggest interest from prominent investors, including Altor Equity Partners, Centerbridge Partners, and Interactive Brokers Group.
Details of the Violations
The Dutch regulator stated that BinckBank breached rules on asset segregation, risk management, and customer treatment during its transition to Saxo Bank. These violations, deemed “very serious,” exposed investors to unnecessary risks and undermined their confidence.
The breaches occurred between January 1, 2021, and April 11, 2023, during Saxo’s ownership. The AFM began its investigation into BinckBank in 2022 following consumer complaints and concerns raised by the company’s accountant in a critical assurance report.
Customer grievances included delayed transactions, incorrect charges, and difficulties in locating shares. The AFM found that the platform lacked proper investment portfolio records, exercised insufficient control over essential business operations, and failed to act in customers’ best interests.
Jos Heuvelman, Director at the AFM; Photo: AFM
“Investors must trust that their capital is safe,” said Jos Heuvelman, Director at the AFM. “At BinckBank, this was not the case. It is irresponsible that investors faced risks due to administrative and process shortcomings. Furthermore, it is unacceptable that customers with complaints did not receive adequate support.”
The fine comprises three administrative penalties:
€500,000 for significant administrative shortcomings in investment portfolio records.
€500,000 for insufficient control over business processes.
€600,000 for inadequate customer treatment.
These shortcomings created uncertainty about the rightful owners of investments and funds. Customers faced issues such as delayed transfers, transaction processing errors, and overcharges for costs and taxes. Those attempting to switch brokers also encountered delays in transferring their portfolios.
The Netherlands Authority for the Financial Markets (AFM) has imposed a €1.6 million fine on Saxo Bank for regulatory breaches by BinckBank, which has since been merged with the forex and contracts for differences (CFDs) broker. Saxo Bank chose not to contest the fine.
Saxo as the “Legal Successor”
Saxo Bank acquired BinckBank, an online investment platform, in 2019 and completed the merger of the two platforms last year. The AFM announced the fine today (Tuesday), holding Saxo accountable as BinckBank's legal successor.
Additionally, Saxo is currently evaluating acquisition offers after unsuccessful attempts at a public listing. Reports suggest interest from prominent investors, including Altor Equity Partners, Centerbridge Partners, and Interactive Brokers Group.
Details of the Violations
The Dutch regulator stated that BinckBank breached rules on asset segregation, risk management, and customer treatment during its transition to Saxo Bank. These violations, deemed “very serious,” exposed investors to unnecessary risks and undermined their confidence.
The breaches occurred between January 1, 2021, and April 11, 2023, during Saxo’s ownership. The AFM began its investigation into BinckBank in 2022 following consumer complaints and concerns raised by the company’s accountant in a critical assurance report.
Customer grievances included delayed transactions, incorrect charges, and difficulties in locating shares. The AFM found that the platform lacked proper investment portfolio records, exercised insufficient control over essential business operations, and failed to act in customers’ best interests.
Jos Heuvelman, Director at the AFM; Photo: AFM
“Investors must trust that their capital is safe,” said Jos Heuvelman, Director at the AFM. “At BinckBank, this was not the case. It is irresponsible that investors faced risks due to administrative and process shortcomings. Furthermore, it is unacceptable that customers with complaints did not receive adequate support.”
The fine comprises three administrative penalties:
€500,000 for significant administrative shortcomings in investment portfolio records.
€500,000 for insufficient control over business processes.
€600,000 for inadequate customer treatment.
These shortcomings created uncertainty about the rightful owners of investments and funds. Customers faced issues such as delayed transfers, transaction processing errors, and overcharges for costs and taxes. Those attempting to switch brokers also encountered delays in transferring their portfolios.
Arnab Shome is an electronics engineer-turned-financial editor. He holds a Bachelor of Technology from the National Institute of Technology, Agartala. He entered the retail trading industry about a decade ago, covering the cryptocurrency market for Finance Magnates, and later expanded his coverage to include forex and CFDs as well.
His work at Finance Magnates includes C-level interviews, data-driven analysis, opinion pieces, and scoops of industry exclusives. He also contributes to Finance Magnates’ quarterly industry report.
Area of coverage:
1. CFD broker-related news
2. Industry-related Regulatory updates and developments
3. New retail trading trends
4. Prop trading industry updates
5. Executive interviews
Education:
Bachelor of Technology - National Institute of Technology, Agartala (India)
IG Group Weighs Move from London to Wall Street: Report
Finance Magnates Awards 2026 – Nominations Now Open
Finance Magnates Awards 2026 – Nominations Now Open
The Finance Magnates Awards 2026 nominations are now open. 🏆
From fintech innovators to leading brokers, this is where the finance industry celebrates its biggest achievements.
Winners will be announced at the Cyprus Gala Dinner on November 6, 2026.
Nominate your brand now.
https://awards.financemagnates.com/?utm_source=linkedin&utm_medium=video&utm_campaign=nominations-open
#FMAwards #FinanceMagnates #FintechAwards #Fintech #FinanceIndustry
The Finance Magnates Awards 2026 nominations are now open. 🏆
From fintech innovators to leading brokers, this is where the finance industry celebrates its biggest achievements.
Winners will be announced at the Cyprus Gala Dinner on November 6, 2026.
Nominate your brand now.
https://awards.financemagnates.com/?utm_source=linkedin&utm_medium=video&utm_campaign=nominations-open
#FMAwards #FinanceMagnates #FintechAwards #Fintech #FinanceIndustry
Finance Magnates Awards 2026 | Nominations Now Open 🏆#Fintech #FMAwards #TradingIndustry
Finance Magnates Awards 2026 | Nominations Now Open 🏆#Fintech #FMAwards #TradingIndustry
Lights on. Cameras ready. 🎬
Finance Magnates Awards 2026 nominations are now open. 🏆
#FMAwards #FinanceMagnates #FintechAwards #Fintech
Lights on. Cameras ready. 🎬
Finance Magnates Awards 2026 nominations are now open. 🏆
#FMAwards #FinanceMagnates #FintechAwards #Fintech
Exness sees trust as the key theme for growth in MENA Trading Growth for 2026
Exness sees trust as the key theme for growth in MENA Trading Growth for 2026
Mohammad Amer, Regional Commercial Director at Exness, sits down to discuss the booming MENA financial trading market. Find out why Dubai is key to the company's growth strategy, how a mobile-first generation is changing expectations, and why trust will be the defining theme for traders in 2026.
In this interview, you'll learn:
* Why Dubai and the MENA region are critical growth markets for fintech and online trading.
* How Exness is addressing the demands of mobile-first, younger traders through engineering, platform stability, and transparent conditions.
* The essential role local talent plays in providing a culturally relevant and compliant user experience.
* Mohammad Amer's outlook on the future of the online trading industry and why stronger controls and systems are necessary.
* Why "trust" isn't just a brand value, but has commercial value—and why he predicts 2026 will be the "Year of Trust."
Key Takeaways:
➡️ The MENA region is rapidly shaping global financial markets.
➡️ New traders expect stability, precise execution, and transparency.
➡️ Local expertise is key to regulatory compliance and user experience.
➡️ Future success belongs to firms capable of meeting rising standards across regulation and platform consistency.
Read the full article at: https://www.financemagnates.com/thought-leadership/exness-sees-trust-as-the-key-theme-for-growth-in-mena-trading-growth-for-2026/
#Exness #MENA #Trading #FinTech #Dubai #OnlineTrading #FinanceMagnates #MohammadAmer #Trust #MobileTrading
Mohammad Amer, Regional Commercial Director at Exness, sits down to discuss the booming MENA financial trading market. Find out why Dubai is key to the company's growth strategy, how a mobile-first generation is changing expectations, and why trust will be the defining theme for traders in 2026.
In this interview, you'll learn:
* Why Dubai and the MENA region are critical growth markets for fintech and online trading.
* How Exness is addressing the demands of mobile-first, younger traders through engineering, platform stability, and transparent conditions.
* The essential role local talent plays in providing a culturally relevant and compliant user experience.
* Mohammad Amer's outlook on the future of the online trading industry and why stronger controls and systems are necessary.
* Why "trust" isn't just a brand value, but has commercial value—and why he predicts 2026 will be the "Year of Trust."
Key Takeaways:
➡️ The MENA region is rapidly shaping global financial markets.
➡️ New traders expect stability, precise execution, and transparency.
➡️ Local expertise is key to regulatory compliance and user experience.
➡️ Future success belongs to firms capable of meeting rising standards across regulation and platform consistency.
Read the full article at: https://www.financemagnates.com/thought-leadership/exness-sees-trust-as-the-key-theme-for-growth-in-mena-trading-growth-for-2026/
#Exness #MENA #Trading #FinTech #Dubai #OnlineTrading #FinanceMagnates #MohammadAmer #Trust #MobileTrading
Paytiko CEO Razi Salih on Why Payment Orchestration is a MUST-HAVE for Brokers in 2026
Paytiko CEO Razi Salih on Why Payment Orchestration is a MUST-HAVE for Brokers in 2026
At iFX Expo Dubai, Finance Magnates spoke with Razi Salih, CEO at Paytiko, about the evolution of the payments ecosystem and why payment orchestration has shifted from an option to a necessity for brokers, prop firms, and exchanges.
Mr. Salih explains how global expansion, the need for deep localisation, and the sheer number of new payment methods, from instant banking to stablecoins, are driving this critical infrastructure shift.
#PaymentOrchestration #Fintech #Brokerage #TradingPayments #RaziSalih #Paytiko #iFXExpoDubai #Stablecoins #AIinFintech
At iFX Expo Dubai, Finance Magnates spoke with Razi Salih, CEO at Paytiko, about the evolution of the payments ecosystem and why payment orchestration has shifted from an option to a necessity for brokers, prop firms, and exchanges.
Mr. Salih explains how global expansion, the need for deep localisation, and the sheer number of new payment methods, from instant banking to stablecoins, are driving this critical infrastructure shift.
#PaymentOrchestration #Fintech #Brokerage #TradingPayments #RaziSalih #Paytiko #iFXExpoDubai #Stablecoins #AIinFintech
Altima CTO Sunil Jadhav: Solving Data Fragmentation & Lag for Brokers & Prop Firms
Altima CTO Sunil Jadhav: Solving Data Fragmentation & Lag for Brokers & Prop Firms
Altima CTO Sunil Jadhav sits down with Finance Magnates to discuss the core technology challenges facing CFD brokers and proprietary trading firms today.
Jadhav explains how the industry's reliance on batch processing and fragmented systems (where CRMs, risk tools, and trading platforms operate with separate 'sources of truth') leads to delayed data and inconsistent operational decisions. He argues that real-time event processing is essential for managing fast-moving trading activity and risk.
Learn how Altima's unified, event-driven architecture, connecting Altima CRM, Altima Prop, IB systems, and risk management through a single backbone, is designed to provide synchronous data and better operational coordination for modern brokerage and prop firm stacks.
Key Topics:
- Broker and Prop Firm Data Challenges
- The problem of delayed data processing (batch processing vs. real-time events)
- Fragmented systems and conflicting data sources
- Altima's unified, event-driven solution architecture
- The concept of a "risk-aware CRM"
- Built-in risk management in Altima Prop
#Altima #financemagnates #iFXDubai #FinTech #BrokerTech #PropFirm #CFDBroker #TradingTechnology #RealTimeData #RiskManagement #CRM #FinancialMarkets #EventDrivenArchitecture
Altima CTO Sunil Jadhav sits down with Finance Magnates to discuss the core technology challenges facing CFD brokers and proprietary trading firms today.
Jadhav explains how the industry's reliance on batch processing and fragmented systems (where CRMs, risk tools, and trading platforms operate with separate 'sources of truth') leads to delayed data and inconsistent operational decisions. He argues that real-time event processing is essential for managing fast-moving trading activity and risk.
Learn how Altima's unified, event-driven architecture, connecting Altima CRM, Altima Prop, IB systems, and risk management through a single backbone, is designed to provide synchronous data and better operational coordination for modern brokerage and prop firm stacks.
Key Topics:
- Broker and Prop Firm Data Challenges
- The problem of delayed data processing (batch processing vs. real-time events)
- Fragmented systems and conflicting data sources
- Altima's unified, event-driven solution architecture
- The concept of a "risk-aware CRM"
- Built-in risk management in Altima Prop
#Altima #financemagnates #iFXDubai #FinTech #BrokerTech #PropFirm #CFDBroker #TradingTechnology #RealTimeData #RiskManagement #CRM #FinancialMarkets #EventDrivenArchitecture
