Weekly Review: Nigeria Proposes New CFD Rules; SVG Pauses Crypto Applications

Saturday, 05/09/2026 | 07:00 GMT by Tareq Sikder
  • Deriv has secured a banking licence in Saint Vincent and the Grenadines.
  • XTB co-founder has sold another 9.4 million shares for approximately $410 million.
Nigeria, Securities and Exchange Commission
Nigeria's Securities and Exchange Commission Headquarters.

Regulatory changes, business expansion and product diversification shaped a busy week across retail trading and fintech. Regulators in Nigeria and Saint Vincent and the Grenadines introduced measures affecting leveraged products and virtual asset businesses, while Deriv secured a banking licence in SVG.

Elsewhere, brokers and prop firms continued adapting to changing trader demand. AI automation, futures trading and broader product offerings featured prominently, while prediction markets faced questions over retail participation and profit concentration. XTB’s founder also reduced his stake again, while Revolut moved closer to establishing a US banking operation.

Nigeria Proposes New FX and CFD Framework

Nigeria’s Securities and Exchange Commission has proposed its first dedicated framework for the foreign exchange and CFD industry, tightening rules for retail trading. The framework bans binary options and places a 1:2 leverage cap on crypto-related CFD products.

It also targets social media marketing, prohibiting promoters and executives from using luxury lifestyles to suggest wealth was generated through retail trading. The SEC’s measures form part of a broader effort to strengthen oversight of leveraged products and retail promotion.

The new framework gives brokers and promoters clearer conduct requirements while imposing tighter limits on products viewed as higher risk. It represents a significant regulatory step for Nigeria’s growing retail trading market.

Saint Vincent Freezes New Virtual Asset Applications

The Financial Services Authority of Saint Vincent and the Grenadines has suspended new applications for virtual asset businesses until further notice. The regulator said the move will allow it to strengthen internal capacity while continuing to process and supervise the country’s growing virtual asset sector.

Applications submitted before September 1, 2026, will continue through the existing review process and are not affected by the suspension. The FSA described the measure as precautionary and administrative, without linking it to enforcement action against existing virtual asset businesses. No date has been set for reopening applications.

The authority said it will announce when submissions can resume, leaving prospective applicants unable to file new virtual asset business applications in the meantime.

Deriv Secures Banking Licence in SVG

Rakshit Choudhary, CEO of Deriv
Rakshit Choudhary, CEO of Deriv

Deriv has obtained a banking licence from the Financial Services Authority of Saint Vincent and the Grenadines, expanding the CFD broker’s regulated presence in the jurisdiction. Chief Executive Officer Rakshit Choudhary said the licence forms part of a broader effort to expand Deriv’s jurisdictional reach.

The licence was granted to an entity separate from Deriv’s existing offshore business in SVG. The banking status is expected to reduce the broker’s reliance on third parties for deposits and withdrawals, giving it greater control over parts of its payments infrastructure.

The development follows Deriv’s earlier application for the licence and comes as the broker continues expanding its international operations, including a new office in Mauritius earlier this year.

Deriv Targets 75% AI Workflow Automation

Deriv CEO Rakshit Choudhary has outlined how the broker is using artificial intelligence to automate large parts of its operations, with a target of automating 75% of manual workflows by the end of 2026. Choudhary said client-facing applications are now built using AI and that the company has moved automation into areas including HR, finance, compliance, marketing, product and engineering.

Deriv has brought in more than 100 AI engineers to help non-engineering staff use the technology and runs weekly training sessions. Choudhary also said the company is building an internal intelligence system based on its business context and decision history. He described the strategy as focused on improving efficiency while acknowledging AI’s impact on jobs.

Mattus Urges CFD Brokers to Diversify

Tickmill co-founder Ingmar Mattus told Finance Magnates that CFD brokers face increasing pressure from futures, prediction markets, tighter regulation and a reluctance to diversify. He argued that established firms risk losing relevance if they focus too heavily on higher-margin CFD products while traders move towards equities, ETFs, futures and other instruments.

Mattus said brokers need to respond more quickly to changing client demand, noting that newer platforms can introduce products far faster than traditional firms. He also identified risk management and access to banking services as growing challenges for brokerage businesses.

Through Andromeda Capital Partners, Mattus has backed diversification projects including TradersYard and MetroTrade, reflecting his view that brokers need broader offerings to remain competitive.

XTB Founder Sells Another $410 Million Stake

XTB co-founder Jakub Zabłocki has sold another 9.4 million shares in the Warsaw-listed broker for approximately $410 million, reducing his stake to 27.78% from 35.78%. The shares were sold at 160 zlotys each through an accelerated bookbuilding process, representing an 8% discount to XTB’s market price at the time.

Movement of XTV shares in 2026 (Google Finance)
Movement of XTV shares in 2026 (Google Finance)

The transaction was carried out through XX ZW Investment Group, a Luxembourg-registered vehicle majority owned by Zabłocki. It marks at least the fifth reduction in his holding since 2023. Despite the latest sale, Zabłocki remains XTB’s largest shareholder and continues to sit on the company’s supervisory board. The transaction follows several earlier disposals by the broker’s co-founder.

Brokers Shift Loyalty Strategies Beyond Trading Rewards

Retail brokers are increasingly moving beyond simple rebates and trade-based rewards as they look for ways to retain clients in a more competitive market. Cash incentives can attract traders, but brokers are placing greater emphasis on events, education, support, insights, platform quality and broader client relationships.

The shift reflects the high cost of acquiring new customers, with firms looking for loyalty programmes that encourage longer-term engagement rather than simply increasing trading activity. Brokers are also using community-based benefits and exclusive experiences to strengthen their relationship with clients.

The approach marks a move away from the traditional assumption that higher trading frequency alone is enough to build loyalty, as firms seek to compete on the wider client experience.

FTMO Expands Into Futures With Beta Launch

FTMO has launched a beta version of its futures prop trading offering, expanding the Prague-based firm beyond its established CFD-focused model. FTMO Futures requires traders to complete an evaluation before moving to a Sim-Funded Account, with challenges offering up to $450,000 in simulated capital.

CEO Otakar Suffner and CTO Marek Vasicek from FTMO
From left: FTMO CEO Otakar Suffner and CTO Marek Vasicek at Finance Magnates London Summit

The beta includes Growth and Pro account structures with different withdrawal rules. The launch comes as several prop firms broaden their product ranges and explore futures as an alternative to CFDs. FTMO has also resumed services for US-based traders, offering its US product through MetaTrader 5.

The firm previously suspended US services in 2024. Its return follows changes across the prop trading sector and the wider adoption of alternative operating models.

Prediction Markets Face Retail Profit Concentration Questions

Prediction markets are facing growing questions over whether their rapid expansion could create an uneven environment for retail participants. An analysis published by Finance Magnates highlighted data showing a large share of profits on Polymarket being captured by a very small group of accounts.

Profit Gap

The concentration raises questions about whether well-capitalised or better-informed traders could gain a persistent advantage as more retail participants enter the market. The issue goes beyond whether prediction markets should be treated as gambling or financial markets.

Their appeal has grown rapidly among retail traders, while platforms compete with brokers and other venues for trading activity. The experience of other markets suggests excessive concentration of profits could eventually undermine participation if smaller traders consistently lose.

Revolut Wins Conditional US Bank Charter Approval

Revolut has received conditional approval from the US Office of the Comptroller of the Currency for a national bank charter, marking a step towards establishing its own banking operation in the country. The fintech had previously considered entering US banking through an acquisition but changed course in January to pursue a charter directly.

Founder and CEO Nik Storonsky said the company wants to serve US customers fully and directly with its broader range of products and services. The conditional approval does not yet allow Revolut to operate as a full national bank.

The company must continue working with the OCC, FDIC and Federal Reserve to complete the requirements associated with the charter before it can operate under the new structure.

Regulatory changes, business expansion and product diversification shaped a busy week across retail trading and fintech. Regulators in Nigeria and Saint Vincent and the Grenadines introduced measures affecting leveraged products and virtual asset businesses, while Deriv secured a banking licence in SVG.

Elsewhere, brokers and prop firms continued adapting to changing trader demand. AI automation, futures trading and broader product offerings featured prominently, while prediction markets faced questions over retail participation and profit concentration. XTB’s founder also reduced his stake again, while Revolut moved closer to establishing a US banking operation.

Nigeria Proposes New FX and CFD Framework

Nigeria’s Securities and Exchange Commission has proposed its first dedicated framework for the foreign exchange and CFD industry, tightening rules for retail trading. The framework bans binary options and places a 1:2 leverage cap on crypto-related CFD products.

It also targets social media marketing, prohibiting promoters and executives from using luxury lifestyles to suggest wealth was generated through retail trading. The SEC’s measures form part of a broader effort to strengthen oversight of leveraged products and retail promotion.

The new framework gives brokers and promoters clearer conduct requirements while imposing tighter limits on products viewed as higher risk. It represents a significant regulatory step for Nigeria’s growing retail trading market.

Saint Vincent Freezes New Virtual Asset Applications

The Financial Services Authority of Saint Vincent and the Grenadines has suspended new applications for virtual asset businesses until further notice. The regulator said the move will allow it to strengthen internal capacity while continuing to process and supervise the country’s growing virtual asset sector.

Applications submitted before September 1, 2026, will continue through the existing review process and are not affected by the suspension. The FSA described the measure as precautionary and administrative, without linking it to enforcement action against existing virtual asset businesses. No date has been set for reopening applications.

The authority said it will announce when submissions can resume, leaving prospective applicants unable to file new virtual asset business applications in the meantime.

Deriv Secures Banking Licence in SVG

Rakshit Choudhary, CEO of Deriv
Rakshit Choudhary, CEO of Deriv

Deriv has obtained a banking licence from the Financial Services Authority of Saint Vincent and the Grenadines, expanding the CFD broker’s regulated presence in the jurisdiction. Chief Executive Officer Rakshit Choudhary said the licence forms part of a broader effort to expand Deriv’s jurisdictional reach.

The licence was granted to an entity separate from Deriv’s existing offshore business in SVG. The banking status is expected to reduce the broker’s reliance on third parties for deposits and withdrawals, giving it greater control over parts of its payments infrastructure.

The development follows Deriv’s earlier application for the licence and comes as the broker continues expanding its international operations, including a new office in Mauritius earlier this year.

Deriv Targets 75% AI Workflow Automation

Deriv CEO Rakshit Choudhary has outlined how the broker is using artificial intelligence to automate large parts of its operations, with a target of automating 75% of manual workflows by the end of 2026. Choudhary said client-facing applications are now built using AI and that the company has moved automation into areas including HR, finance, compliance, marketing, product and engineering.

Deriv has brought in more than 100 AI engineers to help non-engineering staff use the technology and runs weekly training sessions. Choudhary also said the company is building an internal intelligence system based on its business context and decision history. He described the strategy as focused on improving efficiency while acknowledging AI’s impact on jobs.

Mattus Urges CFD Brokers to Diversify

Tickmill co-founder Ingmar Mattus told Finance Magnates that CFD brokers face increasing pressure from futures, prediction markets, tighter regulation and a reluctance to diversify. He argued that established firms risk losing relevance if they focus too heavily on higher-margin CFD products while traders move towards equities, ETFs, futures and other instruments.

Mattus said brokers need to respond more quickly to changing client demand, noting that newer platforms can introduce products far faster than traditional firms. He also identified risk management and access to banking services as growing challenges for brokerage businesses.

Through Andromeda Capital Partners, Mattus has backed diversification projects including TradersYard and MetroTrade, reflecting his view that brokers need broader offerings to remain competitive.

XTB Founder Sells Another $410 Million Stake

XTB co-founder Jakub Zabłocki has sold another 9.4 million shares in the Warsaw-listed broker for approximately $410 million, reducing his stake to 27.78% from 35.78%. The shares were sold at 160 zlotys each through an accelerated bookbuilding process, representing an 8% discount to XTB’s market price at the time.

Movement of XTV shares in 2026 (Google Finance)
Movement of XTV shares in 2026 (Google Finance)

The transaction was carried out through XX ZW Investment Group, a Luxembourg-registered vehicle majority owned by Zabłocki. It marks at least the fifth reduction in his holding since 2023. Despite the latest sale, Zabłocki remains XTB’s largest shareholder and continues to sit on the company’s supervisory board. The transaction follows several earlier disposals by the broker’s co-founder.

Brokers Shift Loyalty Strategies Beyond Trading Rewards

Retail brokers are increasingly moving beyond simple rebates and trade-based rewards as they look for ways to retain clients in a more competitive market. Cash incentives can attract traders, but brokers are placing greater emphasis on events, education, support, insights, platform quality and broader client relationships.

The shift reflects the high cost of acquiring new customers, with firms looking for loyalty programmes that encourage longer-term engagement rather than simply increasing trading activity. Brokers are also using community-based benefits and exclusive experiences to strengthen their relationship with clients.

The approach marks a move away from the traditional assumption that higher trading frequency alone is enough to build loyalty, as firms seek to compete on the wider client experience.

FTMO Expands Into Futures With Beta Launch

FTMO has launched a beta version of its futures prop trading offering, expanding the Prague-based firm beyond its established CFD-focused model. FTMO Futures requires traders to complete an evaluation before moving to a Sim-Funded Account, with challenges offering up to $450,000 in simulated capital.

CEO Otakar Suffner and CTO Marek Vasicek from FTMO
From left: FTMO CEO Otakar Suffner and CTO Marek Vasicek at Finance Magnates London Summit

The beta includes Growth and Pro account structures with different withdrawal rules. The launch comes as several prop firms broaden their product ranges and explore futures as an alternative to CFDs. FTMO has also resumed services for US-based traders, offering its US product through MetaTrader 5.

The firm previously suspended US services in 2024. Its return follows changes across the prop trading sector and the wider adoption of alternative operating models.

Prediction Markets Face Retail Profit Concentration Questions

Prediction markets are facing growing questions over whether their rapid expansion could create an uneven environment for retail participants. An analysis published by Finance Magnates highlighted data showing a large share of profits on Polymarket being captured by a very small group of accounts.

Profit Gap

The concentration raises questions about whether well-capitalised or better-informed traders could gain a persistent advantage as more retail participants enter the market. The issue goes beyond whether prediction markets should be treated as gambling or financial markets.

Their appeal has grown rapidly among retail traders, while platforms compete with brokers and other venues for trading activity. The experience of other markets suggests excessive concentration of profits could eventually undermine participation if smaller traders consistently lose.

Revolut Wins Conditional US Bank Charter Approval

Revolut has received conditional approval from the US Office of the Comptroller of the Currency for a national bank charter, marking a step towards establishing its own banking operation in the country. The fintech had previously considered entering US banking through an acquisition but changed course in January to pursue a charter directly.

Founder and CEO Nik Storonsky said the company wants to serve US customers fully and directly with its broader range of products and services. The conditional approval does not yet allow Revolut to operate as a full national bank.

The company must continue working with the OCC, FDIC and Federal Reserve to complete the requirements associated with the charter before it can operate under the new structure.

About the Author: Tareq Sikder
Tareq Sikder
  • 2457 Articles
  • 44 Followers
About the Author: Tareq Sikder
Tareq is a financial writer with 15 years of experience covering global markets. His work spans technical analysis, forex broker reviews, and market sentiment, with a focus on topics relevant to retail traders. He joined Finance Magnates in 2023. At Finance Magnates, he serves as News Editor, covering retail forex and CFD brokers, cryptocurrency exchanges, fintech firms, and regulatory developments shaping the trading industry. He holds an Honours degree in Information Technology from Anfell College, London. Education: Honours degree Information Technology, Anfell College, London
  • 2457 Articles
  • 44 Followers

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