New US playbook for crypto assets

This week, the U.S SEC and the CFTC jointly issued new guidance clarifying how federal laws apply to crypto. The duo outlined the conditions under which a token transitions from being a security to a commodity.

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SEC Chairman Paul S. Atkins said that the new guide “acknowledges what the former administration refused to recognize – that most crypto assets are not themselves securities.”

TODAY 🚨: The Commission issued an interpretation that clarifies the application of federal securities laws to crypto assets.

This is a major step to provide greater clarity regarding the Commission’s treatment of crypto assets.

Read the release here: https://t.co/DDykVLHZQI pic.twitter.com/zbLFS2JH6g

— U.S. Securities and Exchange Commission (@SECGov) March 17, 2026

What does it mean for brokers? The framework sets clearer boundaries for participation in crypto while redefining their approach to risk oversight and compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term in this evolving market. The risk is now in the day-to-day operations, where the status of a crypto asset can change depending on how it is marketed.

Our interpretation on crypto assets—grounded in existing law and informed by extensive public input—acknowledges what the former administration refused to recognize...

Most crypto assets are not themselves securities.pic.twitter.com/fbHan0vmmb

— Paul Atkins (@SECPaulSAtkins) March 17, 2026

It also marks a major milestone in crypto regulation, introducing a five-category classification system that replaces the previous regulatory uncertainty. However, by shifting from a disclosure-focused model to one centered on market conduct, the framework also raises concerns about potential gaps in investor protection and the balance between innovation and oversight.

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Banks apply insider trading rules to prediction markets

Policies are also shifting in the fast‑moving prediction markets space. Big banks are starting to look at how their existing compliance rules apply to prediction markets. This is one of the first clear signs that event‑based trading is moving into formal corporate policy rather than sitting on the sidelines.

JPMorgan Chase is among the first to review its internal rules on staff trading these contracts and may issue explicit guidance for its 320,000 employees on using platforms like Kalshi and Polymarket.

Crypto exchanges push into TradeFi

Meanwhile, in crypto land, diversification is quickly becoming the new house rule. Crypto platforms are increasingly moving into trading products that used to belong firmly to traditional finance.

The latest example is Kraken, which in late February said it would offer perpetual futures on tokenized stocks to non-US clients, giving traders 24/7 access to equity-like price movements with up to 20x leverage and the ability to go long or short.

These products initially track tokenized versions of major equity indices, commodities and well-known public companies. Perpetual futures are often described as the missing link in tokenized equities because they have no expiry date.

IG considers crossing the Atlantic

IG Group is considering shifting its listing from London to New York to deepen its footprint in one of the world’s biggest financial markets. The broker said it is reviewing where its shares are listed, where the company is legally based, and whether it should pursue acquisitions as part of a broader growth strategy.

Chief Financial Officer Clifford Abrahams told Bloomberg that a U.S. listing could help IG stand out more among its competitors, draw in fresh investors, and give it more options for deal-making. He also noted that such a move could benefit employees by giving them better access to global capital markets and potentially more attractive equity-based incentives.

IG reported record revenue of £1.12 billion in 2025, supported by strong double-digit growth in net trading revenue and a boost in new clients from its Freetrade integration. Net trading revenue for the 12 months to 31 December 2025 rose 10% to £1,004.6 million, up from £910.6 million in 2024.

Swissquote bullish on 2026 revenue

More numbers came from Swissquote, where the firm expects to end 2026 with net revenue of CHF 760 million and pre-tax profit of CHF 385 million. It has also lifted its 2028 net revenue goal from CHF 900 million to CHF 950 million, but trimmed its pre-tax profit margin target from 55 percent to 53 percent.

This guidance follows a strong 2025, when Swissquote reported net revenue of CHF 723.3 million and pre-tax profit of CHF 420.2 million, up 9.4 percent and 21.6 percent, respectively. Last year’s revenue was helped by higher trading activity, which pushed net fee and commission income up 17.5 percent to CHF 209.4 million and net trading income up 52.6 percent to CHF 119.5 million.

Colmex Pro to exit CFDs, halts new clients

It is not all well with some brokers in the CFD space, and Colmex Pro is the latest example. The Cyprus-regulated firm has stopped taking on new retail clients for contracts for difference (CFDs), as it gradually pulls out of the product line.

Colmex Pro says this move is part of a longer-term plan to shift its business toward investment products and market access services. The broker now plans to focus on offerings such as equities, ETFs and other exchange-traded instruments.

HTFX to exit UK after dropping CySEC license

HTFX is scaling back its regulated presence in Europe after applying to cancel its Financial Conduct Authority (FCA) licence on January 7, 2026. The application came shortly after the broker officially renounced its CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term licence earlier in the month, signalling a broader withdrawal from two major European regulatory markets. Corporate filings show that HTFX’s ownership has undergone significant changes since 2023.

Before October of that year, control rested with Lijun Li and an offshore company, which held authority from August 2022. The UK entity is now managed by Stephen Williams and Levy Benarroch, serving as director and CEO, respectively. The company’s dual exit from CySEC and the FCA underscores a clear shift away from the region’s tightly regulated frameworks.

Admirals not onboarding CFD users under Jordan and Kenya Licenses

Admirals stopped onboarding clients under its Jordanian license in the fourth quarter of 2025 and has also ceased taking on new clients through its Kenyan entity. Instead, new traders from both countries are now being registered under the company’s Seychelles license.

A customer service executive told Finance Magnates that clients had been notified about the shift and were offered solutions tailored to regulatory requirements and individual needs. However, the representative said the company could not share additional details for compliance reasons.

iFOREX shares stagnate

It’s been two weeks since any activity was seen in iFOREX Financial Trading Holdings shares on the London Stock Exchange, and the lack of movement is drawing attention. The CFD broker, which finally listed on the LSE’s Main Market on February 25 after an eight-month delay, was trading around 207 pence per share—about 6% higher than its 195p offer price.

However, this slight gain doesn’t reveal much about investor sentiment or trading momentum. When iFOREX launched its IPO at 195 pence per share, it issued 4.49 million new shares, equal to just 20.2% of its total share capital. None of the existing investors sold their stakes, keeping most of the stock tightly held. The offering raised £8.75 million, giving the company an overall valuation of roughly £43.3 million, but with so few shares in public hands, the market now feels more frozen than free.

Is the Comoros license mirage ending?

The only legitimate financial regulator in the Union of Comoros is the Banque Centrale des Comores, despite claims from a few island-based authorities. Some entities suggest that a small fee and tropical branding can buy regulatory legitimacy, but that couldn’t be further from the truth.

The Union of Comoros consists of three islands off the East African coast—Ngazidja (Grande Comore), Mwali (Mohéli) and Ndzwani (Anjouan).

While the country has a history of political and legal quirks, its financial regulation is more complicated than advertised. Two local bodies, the Anjouan Offshore Finance Authority (AOFA) and the Mwali International Services Authority (MISA), claim to issue banking, forex, and insurance licenses. However, their authority to do so is highly questionable.

CFD brokers face tougher UK reporting rules

Still in the regulatory front, the FCA confirmed new rules to improve how financial firms, including CFD brokers, report operational incidents and issues involving third-party providers.

The regulator said the updated framework will make reporting clearer, more consistent, and easier to follow. It is also meant to help authorities respond faster to serious disruptions such as cyberattacks or power outages, while giving firms clearer guidance on what and when to report.

The changes follow a rise in cyber threats and operational risks across the sector. According to the FCA, more than 40% of cyber incidents reported in 2025 involved third-party providers. Recent outages affecting services linked to Cloudflare and Amazon Web Services have underscored the industry’s growing dependence on external technology partners.

Brokers confident in Singapore’s FX growth

Finally, as foreign exchange (FX) trading activity continues to rise in Singapore, market participants express confidence that the country’s connectivity and trading infrastructure can support both current and future demand. Industry stakeholders say the systems in place are well-equipped to handle growing transaction volumes and increasing global participation.

According to the Bank for International Settlements’ triennial survey of global FX and OTC derivatives markets, Singapore’s average daily FX trading volume rose by 60% between April 2022 and April 2025. The growth was largely driven by strong trading in the US dollar, Japanese yen, and euro, cementing Singapore’s position as one of the world’s leading FX hubs.

At the same time, Singapore’s Monetary Authority of Singapore is advancing its leadership in asset tokenization through Project Guardian, launched in 2022. The initiative has already seen money market funds and bonds tokenized and settled on-chain, reflecting the country’s balanced approach to innovation and regulation.