Among the week's top highlights: Revolut finally obtained a license in the UK, as one of the big forex and CFD top brands joined the prop trading bandwagon. Also, one of the top Wall Street bitcoin miners was fined $138 million.
Revolut CEO, Nikolay Storonsky. Source: Flickr
Revolut Receives The UK Banking License after 3 Years of Efforts
Fintech giant Revolut finally obtained its long-awaited UK banking license this week, marking a significant turning point for the London-based company after a three-year application process. The Prudential Regulation Authority granted the license with restrictions, a common practice for new entrants to the UK banking sector.
This status allows Revolut to build out its banking operations before a gradual full-scale launch. This approval comes after Revolut addressed several regulatory hurdles, including concerns about its financial reporting. The company recently received an unqualified audit opinion from the UK’s accountancy advice firm BDO, resolving previous issues related to revenue recognition and IT systems.
Revolut Becomes a UK Bank, but What Does a 'Mobilisation' Stage Mean?
it is important to note that Revolut's license is currently in the “mobilization” stage, also referred to as “Authorisation with Restrictions.” Many new banks, including challenger banks like Monzo, Starling, Atom Bank, Zopa Bank, GB Bank, and Kroo, have reportedly gone through a similar “mobilization” stage.
In the mobilization state, one of the major restrictions on the banking license recipient is the £50,000 annual deposit limit by customers. Revolut plans to circumvent these restrictions by continuing to offer services to UK residents under the existing e-money institution license authorized by the Financial Conduct Authority.
IG Group’s FY24 Profit Plummets: Sides £150M for New Share Buyback Program
IG Group Holdings ended its fiscal year 2024, which concluded on May 31, with a pre-tax profit of £400.8 million, an 11% YoY drop, while the adjusted figure declined 7% to £456.3 million. Factoring in taxes, the company netted £307.7 million in profits, a 15% decline, while the adjusted figure dropped 12% to £350.3 million.
Interestingly, IG expanded its share buyback program, allocating an additional £150 million to it, which is expected to be completed by January 31, 2025. The London-headquartered company had a total annual revenue of £987.3 million, a 3% YoY decrease. The broker's annual net trading revenue also declined 10% to £844.9 million due to reduced trading activities.
IG Group's financial summary for FY24
CMC Markets Reaffirms £360 Million Guidance as Revolut Deal Gains Traction
CMC Markets released its first-quarter results for
fiscal year 2025, where it described its performance as in line with management
expectations. The firm mentioned that it is currently on track to achieve its
projected net operating income of £320–360 million for the full year.
In the latest update, CMC Markets highlighted consistent progress on its institutional and business-to-business strategy, including a
recent partnership with Revolut. The initial onboarding of Revolut clients has
begun, and some are reportedly actively trading on the platform.
Alpha Group’s H1 2024 Revenue Jumps 16%
Alpha Group International released its trading update, revealing that it generated £64 million in group revenue, a 16% yearly jump, in the first six months of 2024. Out of the total, corporate revenue came in at £30 million, an increase of 12%, while institutional revenue jumped by 15% to £33 million.
When it comes to the total income, it came in at £107 million, a jump of 19% from £90 million in the first six months of 2023. The total income was also boosted by an additional £42 million in net treasury income. The average client balances increased by 16% to £2.07 billion.
UK’s FCA Gives Green Light to Kuwait-Based Broker NCM
NCM Investment, a financial brokerage firm headquartered in Kuwait, was licensed by the Financial Conduct Authority (FCA). According to the company, this authorization indicates that it meets the FCA's standards for financial operations and consumer protection.
NCM Investment was established in 2009. The company specializes in financial instruments, including FX, commodities, precious metals, CFDs, and related products.
Source: FCA
F1 Racing Legend Shifts Gears to Financial Markets with CFI Deal
Online trading provider CFI announced a multi-year partnership with seven-time Formula 1 world champion Lewis Hamilton, naming him as its new global brand ambassador. According to a press release, CFI has entered into a multi-year partnership with Lewis Hamilton, who has been competing in the Formula 1 World Championships since 2007, currently for the Mercedes AMG Petronas Team.
As part of this collaboration, CFI will be able to use Hamilton’s presence in its marketing materials. Additionally, the broker made a donation to Mission 44, a foundation run by Hamilton aimed at building a more inclusive future for young people.
Blueberry Markets Is the Latest CFDs Broker to Launch Prop Trading Platform
Blueberry Markets, a forex and contracts for differences (CFDs) broker that previously provided services to many prop trading firms, launched a prop trading service under the brand Blueberry Funded.
Although Blueberry Funded's website is now live, it is yet to show any details of the services to be offered. It only displays a countdown of more than 12 days, which might be for the platform's launch.
A screenshot of Blueberry Funded's website
Spot Ether ETFs to Start Trading Today Amid SEC’s Final Approval
The final stamp on the S-1 registration forms of the spot Ethereum ETF issuers came two months after the regulator approved the listing of the crypto instruments on the Nasdaq, New York Stock Exchange, and Chicago Board Options Exchange.
A recent security breach at WazirX, resulting in a staggering $230 million loss, sent shockwaves through India's cryptocurrency ecosystem. This incident has led to intense scrutiny of current security practices and crucial discussions about safeguarding digital assets in an increasingly risky environment. Users are concerned about the ease with which fraudsters can manipulate exchanges.
The incident ranks among the major hacks in the history of crypto exchanges and has left the crypto community pondering how easily fraudsters can manipulate crypto exchanges. One X user named Chandrashekhar wondered how “hackers can withdraw funds from the exchange, but legitimate exchange users cannot withdraw their own tokens or hold them in self-custody.”
FCA Penalizes Coinbase's CBPL £3.5 Million for Violating High-Risk Customer Restrictions
CB Payments Limited (CBPL), part of the Coinbase Group, operates a global cryptoasset trading platform and was fined £3,503,546 by the Financial Conduct Authority (FCA) for breaching a regulatory requirement. The fine resulted from CBPL's failure to comply with a rule that prevented it from offering services to high-risk customers.
While CBPL itself does not handle cryptoasset transactions, it facilitates customer access to these transactions through other Coinbase Group entities. The firm is not registered for crypto asset activities in the UK.
Largest Bitcoin Miner on Wall Street Ordered to Pay $138 Million
Lastly, Marathon Digital Holdings, Inc., the largest Bitcoin mining company by market capitalization, was ordered to pay $138 million in damages this week following a unanimous jury verdict in a breach of contract lawsuit.
The verdict, issued in a federal court, concluded that Marathon had breached a non-disclosure, non-circumvention agreement with Michael Ho, the Chief Strategy Officer of Marathon's direct competitor, Hut 8.
Revolut Receives The UK Banking License after 3 Years of Efforts
Fintech giant Revolut finally obtained its long-awaited UK banking license this week, marking a significant turning point for the London-based company after a three-year application process. The Prudential Regulation Authority granted the license with restrictions, a common practice for new entrants to the UK banking sector.
This status allows Revolut to build out its banking operations before a gradual full-scale launch. This approval comes after Revolut addressed several regulatory hurdles, including concerns about its financial reporting. The company recently received an unqualified audit opinion from the UK’s accountancy advice firm BDO, resolving previous issues related to revenue recognition and IT systems.
Revolut Becomes a UK Bank, but What Does a 'Mobilisation' Stage Mean?
it is important to note that Revolut's license is currently in the “mobilization” stage, also referred to as “Authorisation with Restrictions.” Many new banks, including challenger banks like Monzo, Starling, Atom Bank, Zopa Bank, GB Bank, and Kroo, have reportedly gone through a similar “mobilization” stage.
In the mobilization state, one of the major restrictions on the banking license recipient is the £50,000 annual deposit limit by customers. Revolut plans to circumvent these restrictions by continuing to offer services to UK residents under the existing e-money institution license authorized by the Financial Conduct Authority.
IG Group’s FY24 Profit Plummets: Sides £150M for New Share Buyback Program
IG Group Holdings ended its fiscal year 2024, which concluded on May 31, with a pre-tax profit of £400.8 million, an 11% YoY drop, while the adjusted figure declined 7% to £456.3 million. Factoring in taxes, the company netted £307.7 million in profits, a 15% decline, while the adjusted figure dropped 12% to £350.3 million.
Interestingly, IG expanded its share buyback program, allocating an additional £150 million to it, which is expected to be completed by January 31, 2025. The London-headquartered company had a total annual revenue of £987.3 million, a 3% YoY decrease. The broker's annual net trading revenue also declined 10% to £844.9 million due to reduced trading activities.
IG Group's financial summary for FY24
CMC Markets Reaffirms £360 Million Guidance as Revolut Deal Gains Traction
CMC Markets released its first-quarter results for
fiscal year 2025, where it described its performance as in line with management
expectations. The firm mentioned that it is currently on track to achieve its
projected net operating income of £320–360 million for the full year.
In the latest update, CMC Markets highlighted consistent progress on its institutional and business-to-business strategy, including a
recent partnership with Revolut. The initial onboarding of Revolut clients has
begun, and some are reportedly actively trading on the platform.
Alpha Group’s H1 2024 Revenue Jumps 16%
Alpha Group International released its trading update, revealing that it generated £64 million in group revenue, a 16% yearly jump, in the first six months of 2024. Out of the total, corporate revenue came in at £30 million, an increase of 12%, while institutional revenue jumped by 15% to £33 million.
When it comes to the total income, it came in at £107 million, a jump of 19% from £90 million in the first six months of 2023. The total income was also boosted by an additional £42 million in net treasury income. The average client balances increased by 16% to £2.07 billion.
UK’s FCA Gives Green Light to Kuwait-Based Broker NCM
NCM Investment, a financial brokerage firm headquartered in Kuwait, was licensed by the Financial Conduct Authority (FCA). According to the company, this authorization indicates that it meets the FCA's standards for financial operations and consumer protection.
NCM Investment was established in 2009. The company specializes in financial instruments, including FX, commodities, precious metals, CFDs, and related products.
Source: FCA
F1 Racing Legend Shifts Gears to Financial Markets with CFI Deal
Online trading provider CFI announced a multi-year partnership with seven-time Formula 1 world champion Lewis Hamilton, naming him as its new global brand ambassador. According to a press release, CFI has entered into a multi-year partnership with Lewis Hamilton, who has been competing in the Formula 1 World Championships since 2007, currently for the Mercedes AMG Petronas Team.
As part of this collaboration, CFI will be able to use Hamilton’s presence in its marketing materials. Additionally, the broker made a donation to Mission 44, a foundation run by Hamilton aimed at building a more inclusive future for young people.
Blueberry Markets Is the Latest CFDs Broker to Launch Prop Trading Platform
Blueberry Markets, a forex and contracts for differences (CFDs) broker that previously provided services to many prop trading firms, launched a prop trading service under the brand Blueberry Funded.
Although Blueberry Funded's website is now live, it is yet to show any details of the services to be offered. It only displays a countdown of more than 12 days, which might be for the platform's launch.
A screenshot of Blueberry Funded's website
Spot Ether ETFs to Start Trading Today Amid SEC’s Final Approval
The final stamp on the S-1 registration forms of the spot Ethereum ETF issuers came two months after the regulator approved the listing of the crypto instruments on the Nasdaq, New York Stock Exchange, and Chicago Board Options Exchange.
A recent security breach at WazirX, resulting in a staggering $230 million loss, sent shockwaves through India's cryptocurrency ecosystem. This incident has led to intense scrutiny of current security practices and crucial discussions about safeguarding digital assets in an increasingly risky environment. Users are concerned about the ease with which fraudsters can manipulate exchanges.
The incident ranks among the major hacks in the history of crypto exchanges and has left the crypto community pondering how easily fraudsters can manipulate crypto exchanges. One X user named Chandrashekhar wondered how “hackers can withdraw funds from the exchange, but legitimate exchange users cannot withdraw their own tokens or hold them in self-custody.”
FCA Penalizes Coinbase's CBPL £3.5 Million for Violating High-Risk Customer Restrictions
CB Payments Limited (CBPL), part of the Coinbase Group, operates a global cryptoasset trading platform and was fined £3,503,546 by the Financial Conduct Authority (FCA) for breaching a regulatory requirement. The fine resulted from CBPL's failure to comply with a rule that prevented it from offering services to high-risk customers.
While CBPL itself does not handle cryptoasset transactions, it facilitates customer access to these transactions through other Coinbase Group entities. The firm is not registered for crypto asset activities in the UK.
Largest Bitcoin Miner on Wall Street Ordered to Pay $138 Million
Lastly, Marathon Digital Holdings, Inc., the largest Bitcoin mining company by market capitalization, was ordered to pay $138 million in damages this week following a unanimous jury verdict in a breach of contract lawsuit.
The verdict, issued in a federal court, concluded that Marathon had breached a non-disclosure, non-circumvention agreement with Michael Ho, the Chief Strategy Officer of Marathon's direct competitor, Hut 8.
CFD Broker RA Prime Joins Financial Commission for Dispute Resolution Support
Marketing in 2026 Audiences, Costs, and Smarter AI
Marketing in 2026 Audiences, Costs, and Smarter AI
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Educators, IBs, And Other Regional Growth Drivers
Educators, IBs, And Other Regional Growth Drivers
When acquisition costs rise and AI generated reviews are exactly as useful as they sound, performing and fair partners can make or break brokers.
This session looks at how these players are shaping access, trust and user engagement, and what the most effective partnership models look like in 2025.
Key Themes:
- Building trader communities through education and local expertise
- Aligning broker incentives with long-term regional strategies
- Regional regulation and the realities of compliant acquisition
- What’s next for performance-driven partnerships in online trading
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Zander Van Der Merwe, Key Individual & Head of Sales at TD Markets
-Brunno Huertas, Regional Manager – Latin America at Tickmill
-Paul Chalmers, CEO at UK Trading Academy
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #BrokerGrowth #FintechPartnerships #RegionalMarkets
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
When acquisition costs rise and AI generated reviews are exactly as useful as they sound, performing and fair partners can make or break brokers.
This session looks at how these players are shaping access, trust and user engagement, and what the most effective partnership models look like in 2025.
Key Themes:
- Building trader communities through education and local expertise
- Aligning broker incentives with long-term regional strategies
- Regional regulation and the realities of compliant acquisition
- What’s next for performance-driven partnerships in online trading
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Zander Van Der Merwe, Key Individual & Head of Sales at TD Markets
-Brunno Huertas, Regional Manager – Latin America at Tickmill
-Paul Chalmers, CEO at UK Trading Academy
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #BrokerGrowth #FintechPartnerships #RegionalMarkets
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
The Leap to Everything App: Are Brokers There Yet?
The Leap to Everything App: Are Brokers There Yet?
As the arms race to bundle investing, personal finance, and wallets under super apps grows fiercer, brokers are caught between a rock and a hard place.
This session explores unexpected ways for industry players to collaborate as consumer habits evolve, competitors eye the traffic, and regulation becomes more nuanced.
Speakers:
-Laura McCracken,CEO | Advisory Board Member at Blackheath Advisors | The Payments Association
-Slobodan Manojlović,Vice President | Lead Software Engineer at JP Morgan Chase & Co.
-Jordan Sinclair, President at Robinhood UK
-Simon Pelletier, Head of Product at Yuh
Gerald Perez, CEO at Interactive Brokers UK
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As the arms race to bundle investing, personal finance, and wallets under super apps grows fiercer, brokers are caught between a rock and a hard place.
This session explores unexpected ways for industry players to collaborate as consumer habits evolve, competitors eye the traffic, and regulation becomes more nuanced.
Speakers:
-Laura McCracken,CEO | Advisory Board Member at Blackheath Advisors | The Payments Association
-Slobodan Manojlović,Vice President | Lead Software Engineer at JP Morgan Chase & Co.
-Jordan Sinclair, President at Robinhood UK
-Simon Pelletier, Head of Product at Yuh
Gerald Perez, CEO at Interactive Brokers UK
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Mind The Gap: Can Retail Investors Save the UK Stock Market?
Mind The Gap: Can Retail Investors Save the UK Stock Market?
As the dire state of listing and investment in the UK goes from a financial services problem to a national challenge, the retail investing industry is taken to task.
Join a host of executives and experts for a candid conversation about the future of millions of Brits, as seen from a financial services standpoint:
-Are they happy with the Leeds Reform, in principle and in practice?
-Is it the government’s job to affect the ‘saver’ mentality? Is it doing well?
-What can brokers and fintechs do to spur UK investment?
-How can the FCA balance greater flexibility with consumer protection?
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Nicola Higgs, Partner at Latham & Watkins
-Dan Lane, Investment Content Lead at Robinhood UK
-Jack Crone, PR & Public Affairs Lead at IG
-David Belle, Founder at Fink Money
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #RetailInvesting #UKFinance
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As the dire state of listing and investment in the UK goes from a financial services problem to a national challenge, the retail investing industry is taken to task.
Join a host of executives and experts for a candid conversation about the future of millions of Brits, as seen from a financial services standpoint:
-Are they happy with the Leeds Reform, in principle and in practice?
-Is it the government’s job to affect the ‘saver’ mentality? Is it doing well?
-What can brokers and fintechs do to spur UK investment?
-How can the FCA balance greater flexibility with consumer protection?
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Nicola Higgs, Partner at Latham & Watkins
-Dan Lane, Investment Content Lead at Robinhood UK
-Jack Crone, PR & Public Affairs Lead at IG
-David Belle, Founder at Fink Money
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #RetailInvesting #UKFinance
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
