Infinox Suspends Trading Services
The news that is raising concerns in the industry is the suspension of trading services for at least a dozen contracts for differences (CFDs) brokers by the institutional arm of Infinox, citing suspicious and potential breaches of market conduct standards. The liquidity provider even halted the withdrawals of at least one broker.
The letters sent by Infonox to the affected brokers cited that the “Clause 5” of its client agreement allows it to temporarily suspend the new trades of its clients if there is an ongoing investigation under concerns of regulatory and compliance obligations.
“As a regulated and responsible brokerage, we have both a legal and ethical duty to act when such behaviour is uncovered,” an Infinox representative said.
However, the affected brokers believe that they were not involved in any “fraudulent” activity or contract breach.
Infonox Owner to Buy Skilling
Meanwhile, an investor group led by Marc Joppeck, who also owns Infinox, has agreed to acquire Skilling.com, a CFDs broker with a significant presence in the Nordic region.
Skilling is regulated in Cyprus and the Seychelles. So, now the acquisition deal is pending for regulatory approval.
“The firm’s presence in the Nordic region is a hugely attractive addition for the Group,” Joppeck said on the latest deal.
Exness Enters Jordan
Exness opened its first regional office in Amman after obtaining a license from the Jordan Securities Commission (JSC).
The move places another international broker in a market where, until recently, the regulation of foreign exchange trading remained limited. The broker emphasised that its Jordan branch is intended to strengthen the company’s presence in the Middle East and North Africa (MENA) region.
This launch reflects our deep commitment to the Jordanian market and to traders across the region,” said Mohammad Amer, CEO of Exness Jordan.
Mitrade in South Africa
Mitrade bought the South African firm, Fridah Asset Managers, regulated by the country's Financial Sector Conduct Authority (FSCA), to enter the emerging African market. The new owner plans to rebrand the South African company to Mitrade.
“This acquisition forms part of a broader strategy to promote inclusivity by expanding access to credible, regulated brokers across regions like LATAM and MENA,” said Kevin Lai, Vice President of Mitrade.
CMC Markets Pilots Stock Tokenisation
CMC Markets has completed the private placement of a shareholding in the UK using distributed ledger technology (DLT), or in other words, it has tokenised stocks.
The broker highlighted that the stock tokenisation has been implemented as a proof of concept.
Its corporate broking arm, CMC CapX, facilitated the placement of the hybrid shareholding, while StrikeX acted for the issuer to create the mirror token, reflecting the shareholding, on the Arbitrum Layer 2 blockchain.
My Forex Funds Hints at Comeback
Prop trading firm My Forex Funds appears to be preparing for a return. It was posted on social media that updates would be shared soon, and followers were asked to be patient.
In a recent community update, the CEO, Murtuza Kazmi, wrote: “There is a lot of misleading information coming from various influencer accounts. The only updates the community can trust are the official updates from us or the court system.”
My Forex Funds faced legal action from the US Commodities and Futures Trading Commission over alleged fraud, which shuttered its service overnight in 2023. However, a US court threw away the lawsuit and sanctioned the regulator due to irregularities in building the case against the prop firm.
Trading 212 Launches Crypto Trading
Trading 212 has launched crypto trading services, weeks after onboarding a lead for its crypto operations. However, it will offer cryptocurrencies under its Cyprus-based entity.
The company will offer Bitcoin, Ethereum, Solana, and other crypto assets, which can be traded from its crypto account, separate from its regular contracts for differences (CFDs) account.
The launch followed Christos Drakos’s appointment as the lead for the broker’s crypto operations. He previously worked at Revolut and ETX Capital.
- Exclusive: Infinox Suspends Trading Services for Multiple CFD Brokers
- Exness Receives Jordan License, Opens Amman Office as Competition Grows
- Exclusive: Richard Elston Left CMC Markets after 10 Years
Dubai Cracks Down on Unlicensed Crypto Firms
Dubai‘s crypto regulator imposed financial penalties and issued cease-and-desist orders to 19 firms found offering crypto services outside the official regulatory framework.
Following thorough investigations, the local crypto regulator identified multiple entities violating licensing requirements and marketing regulations in the virtual asset sector.
The regulator enacted fines ranging from AED 100,000 to AED 600,000, scaling penalties according to severity and scope of offenses. Beyond financial sanctions, these companies received orders to immediately halt their unlicensed operations and desist from promoting unauthorised services within or from Dubai.
Kazakhstan Targets Illegal Crypto Platforms
Kazakhstan is taking action against unlawful activity in the cryptocurrency sector, closing several platforms this year. The country’s Financial Monitoring Agency said that 130 crypto platforms linked to money laundering schemes had been shut down.
The agency confirmed that $16.7 million in cryptocurrencies connected to these operations had been seized.
