Week in Review: Crypto.com Enters CFDs, iFOREX Plans Late-June IPO

Crypto.com acquires CySEC-regulated broker

Cryptocurrency exchange Crypto.com obtained a Markets in Financial Instruments Directive license through its acquisition of Cyprus-based A.N. Allnew Investments Ltd, the operator of the LegacyFX trading brand.

The acquisition, approved by the Cyprus Securities and Exchange Commission, allows Crypto.com to offer a broader range of traditional financial products to eligible users across the European Economic Area, including securities, derivatives, and contracts for difference.

Kraken launches crypto derivatives in Europe

Still with crypto, Kraken launched its crypto derivatives products for European customers, offered under a Cyprus licence acquired by the American crypto exchange earlier this year.

The exchange can now obtain a Markets in Financial Instruments Directive licence from Cyprus to offer crypto derivatives across other countries in the European Economic Area.

A pullback from the European retail market?

This week, we analyzed a new trend among retail brokers who are moving away from Europe to serve emerging markets instead. Exness, IronFX, FXTM, BDSwiss, and RoboMarkets built their brand dominance by serving retail European clients.

However, none of them currently offer services to retail clients on the continent, and there are only a few of their names. The experts say the markets in the United Kingdom and Europe have been a top target for retail brokers for years.

This is largely due to the high-income levels in these regions, which made it too profitable to ignore retail traders. However, broker strategies in Europe are now being questioned, as many top brands have either exited the region or stopped offering services to retail clients altogether.

iForex intends to go public in late June

iForex, the contracts for differences broker preparing to go public, intends to list its shares on the main market of the London Stock Exchange in late June this year. However, the company has yet to disclose the valuation sought or other financial details.

Eyal Carmon, who founded iForex in 1996, currently operates the company under two entities, one regulated in the British Virgin Islands and the other in Cyprus.

Carmon will remain the majority shareholder following the public listing. He has also agreed to enter into a “relationship agreement” with the company after the listing.

XTB Co-Founder continues liquidation

Jakub Zablocki, co-founder of XTB, sold over 9.4 million shares of the Polish online trading platform at a price of PLN 78 each, raising a total of PLN 733.6 million (around $194 million).

Zablocki served as Chief Executive of XTB until early 2017. He remained on the board of directors until October last year and now acts as an Advisor to the Board.

In numbers this week: NAGA EBITDA falls over 50%

NAGA Group, the publicly listed company behind the retail trading app NAGA, reported a 7% year-over-year revenue increase in the first quarter of 2025, according to unaudited figures released this week.

The Hamburg-based fintech saw group revenues climb to €16.4 million in Q1, up from €15.3 million in the same period last year, driven by higher commission income, new client onboarding, and increased trading activity amid volatile global markets. Quarterly EBITDA stood at €1 million, down from €2 million in Q1 2024, with the margin falling temporarily to 6%.

Prop firm FundedNext is entering the brokerage space

In the prop space, FundedNext, launched in 2022, is officially entering the brokerage space with the launch of FNmarkets. The brokerage brand, authorised in Comoros, has already applied for licences in Mauritius and from the Dubai Financial Services Authority.

At the same time, nearly two-thirds of retail prop traders work with multiple trading firms simultaneously, primarily to manage risk and increase available capital, according to a new survey conducted by PipFarm in April 2025.

The newest study, which collected responses from 2,777 prop traders, found that 63% of participants trade with more than one proprietary trading firm concurrently.

Revolut aims for 10 million users in France

Lastly, Revolut, the London-based neobank with crypto services, plans to invest more than €1 billion ($1.1 billion) in France and apply for a French banking license.

This was announced at the Choose France summit, which President Emmanuel Macron hosted in Paris. The firm intends to establish its EU headquarters in Paris and hire at least 200 employees within three years.