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 is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
73% of Young Investors Say Traditional Wealth Building Is Broken – Here’s How They Trade Instead
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
