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Retail FX
Axi's UK Unit Doubles FY23 FX and CFDs Revenue to $27.5 Million
2024-04-04T10:23:49.935+02:00
The company netted $2.07 million in net profits for the year.
The average month-end client money balance jumped to $21.3 million.
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Retail FX
Pepperstone's UK Profit Jumps to £10M in FY23 with a Spike in Non-Trading Revenue
2024-04-03T07:36:06.406+02:00
The trading revenue of the UK-registered subsidiary jumped 30 percent.
The company ended the year with over £10 million in net profit.
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Brokers
Robinhood Launches in the UK, but ‘Pauses’ Margin Trading
2024-03-19T09:51:21.247+02:00
The broker initially launched margin trading under “regulatory exemption” but is now in talks with the regulator.
It offers zero-fee services to UK customers.
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Retail FX
FCA Naming Firms under Probe May “Cause Circumstances to Spiral out of Control”
2024-03-05T17:29:52.802+02:00
Deterrence is a key factor in enforcement, but it is not a goal that stands alone.
With regard to the FCA’s initiative, deterrence will probably grow, but it comes at a price.
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CryptoCurrency
Revolut Folds in UK, Robinhood Bets on EU: What’s Shaping Crypto in Europe?
2023-12-19T13:17:38.935+02:00
Both the UK and EU are bridging crypto-specific rules and regulations.
The UK’s rules are mainly around the limitations of crypto promotions.
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Retail FX
'Double Dipping': FCA Wants Investment Platform to Cease the Controversial Practice
2023-12-12T10:20:00.000+02:00
Many investment firms retain interest in customers' cash balances and charge fees for cash management.
UK firms have until 29 February to address the issues raised by the FCA.
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Executive Moves
Revolut Hires UK CEO Ahead of Banking License Approval
2023-11-02T12:35:41.426+02:00
The UK fintech applied for a banking license in the country in 2021.
Francesca Carlesi will head the Revolut entity that has applied for the banking license.
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CryptoCurrency
UK Clarifies FCA’s Incoming Role in Regulating Stablecoins
2023-10-30T12:58:01.398+02:00
The UK government is planning to propose legislation around stablecoin next year.
The FCA will have a broader oversight of the fiat-backed stablecoins.
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Retail FX
No More “Screen Switching”: Pepperstone Floats Spread Betting on TradingView
2023-08-31T19:20:04.314+02:00
The feature is available to the broker's traders in the UK.
Pepperstone UK during fiscal year 2022 saw a surge in profit before tax.
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Retail FX
Trade Nation Caps Off 2022 with 300% Profit Growth in the UK
2023-08-16T23:56:43.285+02:00
The CFD provider recently got licensed in Seychelles.
The firm continues to build up its presence in the sports industry.
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CryptoCurrency
300 Crypto Firms Jostled; Only 13% Clear UK FCA's Registration Hurdle
2023-08-14T16:14:23.604+02:00
The British watchdog refused five applications and rejected 22.
FCA's rules on advertising digital assets will come into force on October 8, 2023.
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Retail FX
Hirose UK's Profit Swells by 400% in 2023, but Turnover Mirrors 2021
2023-08-12T00:28:14.916+02:00
The British broker's profit previously sank 87% to £59K.
However, the new profit level pales compared to the £465K from the fiscal year 2021.
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Retail FX
Darwinex’s Profit Soars 70% in the UK as Trader Equity Remains Stable
2023-08-04T22:57:31.493+02:00
Darwinex's operator, Tradeslide, reported 117% growth in AUM.
The broker recently integrated with Interactive Broker and launched Darwinex Zero.
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Retail FX
CFI Invests in European Football, Inks Deal with Sheffield United
2023-08-04T19:06:52.299+02:00
The broker says the deal will provide "worldwide exposure for our business."
The firm has already established its presence in the MENA sports industry.
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Retail FX
Consumer Duty Comes into Effect in the UK
2023-07-31T08:01:34.580+02:00
Consumer duty rules for products and services that are open for sale and renewal have become effective.
A survey found that a third of the firms would not fully comply with the rules by the deadline.
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Executives
Robinhood Hires Freetrade’s Jordan Sinclair to Champion UK Launch
2023-07-28T00:44:16.635+02:00
Public.com and Webull recently launched in the UK.
Robinhood aims to launch in the UK before year-end.
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CryptoCurrency
UK Govt. Rejects Lawmakers’ Push to Regulate Crypto Trading as Gambling
2023-07-20T14:33:08.509+02:00
The lawmakers in May argued that 'unbacked' crypto assets carry 'huge price volatility'.
However, the government believes such treatment violates international standards.
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Payments
The Adoption of Open Banking and Its Impact on the Payments Industry in the United Kingdom
2023-07-17T14:07:18.182+02:00
Get to know the open banking landscape in the UK.
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Retail FX
ADSS Quits UK Market to ‘Refocus’ on Other Entities
2023-07-14T18:54:01.495+02:00
ADSS said the group remains 'well-capitalized'.
The firm's local entity gained FCA authorization in 2012.
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Brokers
Public.com Expands beyond the US, Launches in the UK
2023-07-13T10:00:00.000+02:00
The platform will offer 5,000 US-listed equities to customers in the UK.
It is the first international market for the company outside the US.
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Regulation
‘A Lighter Regulatory Touch’? FCA’s Enforcement Cases Plummet in FY 22/23
2023-07-10T20:11:40.453+02:00
The number of cases that the FCA opened dropped from 190 to 100 in FY22/23.
The British watchdog said its enforcement approach remains 'unchanged'.
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Brokers
XTB Goes beyond CFDs in the UK, Launches Stock Trading
2023-07-06T12:41:31.281+02:00
It provides access to shares and ETFs listed in 15 major exchanges.
It also offers commission-free services to the first €100,000 traded.
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CryptoCurrency
UK Bill to Help Seize Crypto in Criminal Cases Gets Lords’ Approval
2023-07-04T23:06:03.071+02:00
Lawmakers previously added provisions related to terrorist activity.
UK government recently introduced an 'economic crime levy'.
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Retail FX
UK CFDs Broker City Credit Capital Goes Bankrupt, Enters Administration
2023-07-04T18:10:18.521+02:00
FCA appointed joint administrators for the firm last Friday.
CCCUK operated under the trading names CIX Markets and Markets Trader.
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CryptoCurrency
FCA Provides 4 'Legal Routes' for Compliance with Upcoming Crypto Promotion Rules
2023-07-04T15:34:22.946+02:00
The FCA's new rules require ‘clear risk warnings’ on any crypto advert.
Thus, up to 2 years imprisonment, an unlimited fine, or both for violation of the rules.
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