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Retail FX
UK CFDs Broker City Credit Capital Goes Bankrupt, Enters Administration
FCA appointed joint administrators for the firm last Friday.
CCCUK operated under the trading names CIX Markets and Markets Trader.
Tuesday, 04/07/2023 | 16:10 GMT
by
Solomon Oladipupo
CryptoCurrency
FCA Provides 4 'Legal Routes' for Compliance with Upcoming Crypto Promotion Rules
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.
Tuesday, 04/07/2023 | 13:34 GMT
by
Solomon Oladipupo
Retail FX
Weekly Poll: Do the Long-Term Benefits of UK Consumer Duty Outweigh Short-Term Costs?
Catch this week's poll on Finance Magnates' Linkedin.
Industry execs last week overwhelmingly supported multiple licenses among brokers.
Tuesday, 04/07/2023 | 11:11 GMT
by
Finance Magnates Staff
Retail FX
Exclusive: FCA "Will Not Move the Consumer Duty Deadline"
The UK watchdog answers some burning questions ahead of a looming deadline
Non-compliance by CFDs brokers will be met with 'swift and assertive' action
Monday, 03/07/2023 | 12:37 GMT
by
Arnab Shome
Retail FX
Only 61% of CFDs Brokers Will Fully Comply with UK’s Consumer Duty by Deadline
The FCA questioned 44 CFD brokers to know the industry’s position.
100% of CFD brokers know the requirements and understand how they will be applied.
Monday, 03/07/2023 | 04:38 GMT
by
Arnab Shome
CryptoCurrency
UK Moves Closer to Crypto Laws with Parliament’s Upper House Approval
The Treasury recently consulted with the public on draft crypto rules.
The FCA's new rules for crypto ads will come into force in early October.
Monday, 19/06/2023 | 21:32 GMT
by
Solomon Oladipupo
CryptoCurrency
Binance Deregisters in the UK, Expediting Its EU Exodus
The unit was initially flagged by the FCA in mid-2021.
It never started to offer services and thus had no users.
Monday, 19/06/2023 | 06:11 GMT
by
Arnab Shome
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FinTech
Revolut Suffers Another Valuation Hit as Molten Ventures Cuts Stake by 40%
Schroeder in April made a cut of 46% to its stake in the challenger bank.
Revolut recently reported its first full year of profit.
Thursday, 15/06/2023 | 15:26 GMT
by
Solomon Oladipupo
Retail FX
UK, New Zealand Regulators Slam 46 Illegal Trading Platforms
The platforms offer trading in FX/CFDs, stock and cryptocurrency.
The FMA said Market Radar and Rolvi Trade's customers cannot withdraw funds.
Monday, 12/06/2023 | 16:53 GMT
by
Solomon Oladipupo
Retail FX
Capital World Markets’ Run-Away Director Bags 14-Year Jail Sentence
Anthony Constantinou, who fled during the trial, was imprisoned on Friday.
The CWM boss fleeced investors of £70M via a Ponzi scheme.
Friday, 09/06/2023 | 17:27 GMT
by
Solomon Oladipupo
CryptoCurrency
FCA Seeks Incentives Ban with New Crypto Promotion Rules
The new rules will become effective from October 8.
Other requirements of the rules include risk disclosure and due diligence.
Thursday, 08/06/2023 | 05:39 GMT
by
Arnab Shome
CryptoCurrency
UK Lawmakers Seek Official's Appointment to Oversee Crypto Regulations
The lawmakers made 53 recommendations for crypto regulations.
Earlier, another group of UK lawmakers wanted to regulate crypto trading as gambling.
Monday, 05/06/2023 | 09:34 GMT
by
Arnab Shome
Retail FX
UK Banks to Pay £47M in Redress to Struggling Borrowers
The UK regulator found over 195,000 stressed customers.
It now wants to make pandemic-era rule permanent.
Thursday, 25/05/2023 | 10:33 GMT
by
Arnab Shome
CryptoCurrency
Canada Beats US, UK and China in Number of Gen Z Investors: FINRA
The study is based on a survey of nearly 2,900 Gen Z investors across the regions.
More than half of zoomers in the US are investors with crypto as their top choice.
Wednesday, 24/05/2023 | 22:18 GMT
by
Solomon Oladipupo
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FinTech
UK Tech Lobby Chief Backs Regulators against Microsoft, Revolut Spats
The banking application of Revolut is reportedly going to be scrapped.
A UK antitrust regulator blocked the merger of Microsoft and Activation Blizard.
Monday, 22/05/2023 | 04:56 GMT
by
Arnab Shome
Retail FX
Trade.com’s UK Operator Becomes Profitable with 216% Revenue Jump
The trading brand launched its UK operations in October 2019.
It netted £140,694 last year in profit.
Wednesday, 17/05/2023 | 08:56 GMT
by
Arnab Shome
CryptoCurrency
Crypto Trading Should Be Regulated as Gambling: UK Lawmakers
The lawmakers highlighted that Bitcoin and Ether are unbacked and volatile.
However, the UK government wants to regulate crypto as financial services.
Wednesday, 17/05/2023 | 05:42 GMT
by
Arnab Shome
Retail FX
UK Flags Plus500 Clone, Italy Blocks ‘XTB Empire,’ 3 Others
The clone operates via www.fxplus500.co.uk.
Italy's CONSOB blacklisted 'VirtuFinance', Activ4X and Goldy Deal.
Friday, 12/05/2023 | 13:43 GMT
by
Solomon Oladipupo
CryptoCurrency
Crypto Lender Nexo Moves to Disband UK Subsidiaries
However, the firm told Bloomberg it is not planning to leave the European country.
Nexo is battling prosecution in Bulgaria.
Thursday, 11/05/2023 | 21:20 GMT
by
Solomon Oladipupo
CryptoCurrency
Binance Eyes UK amid Regulatory Challenges in the US
The US regulators are taking action against many crypto companies.
Earlier, Binance withdrew its FCA registration application.
Thursday, 11/05/2023 | 11:28 GMT
by
Arnab Shome
FinTech
FCA Fines Banque Havilland £10M for Qatar-Targeted 'Manipulative Trading' Doc
The doc allegedly contains trading strategies that could hurt the Qatari economy.
The watchdog also imposed various fines on three ex-employees of the London branch.
Friday, 05/05/2023 | 21:23 GMT
by
Solomon Oladipupo
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FinTech
"We Will Outlaw So-Called ‘SIM Farms’": UK PM Declares War on Financial Fraud
Sunak launched a plan to tackle scams: "Fraud accounts for over 40% of crime."
The UK will ban all cold calls for financial products.
Wednesday, 03/05/2023 | 07:51 GMT
by
Arnab Shome
Retail FX
FCA Finds “Gaps in Surveillance” among UK CFDs Providers
The FCA found weak surveillance of market manipulation and abuse of non-equity asset classes.
However, most of the regulator's findings 'were largely positive'.
Wednesday, 26/04/2023 | 16:41 GMT
by
Solomon Oladipupo
CryptoCurrency
UK Crypto Revenue Growing Faster than US, Projected 125% in 2023
The UK's crypto revenue is expected to grow 18.9% annually, reaching $3.77 billion by 2027.
UK profits on digital assets are set to grow strongest among the top 5 digital economies in 2023.
Tuesday, 25/04/2023 | 11:02 GMT
by
Damian Chmiel
Binary Options
UK Court Jails Three for Binary Options Scam
BMG offered investments in binary options trading but was a scam in reality.
The convicts used the investors' funds for personal spending.
Friday, 07/04/2023 | 06:36 GMT
by
Arnab Shome
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