In a news-packed week, let’s take a look back at the stories that have dominated the worlds of Forex, Fintech and Crypto, in our best segment of the week.
Shiba Inu (SHIB) whale transactions increase
Shiba Inu (SHIB) remains one of the most popular pieces, trending in recent weeks. The token itself has gained significant value in 2021 due to a sharp increase in its interest in retail. As a result, SHIB whale transactions reached an all-time high.
According to Santiment, one of the leading crypto analysis companies, SHIB whales are moving digital asset in large quantities. Last month, a large SHIB whale account purchased nearly $ 43 million worth of SHIB coins. After the purchase, the price of the coin itself increased dramatically. On October 6, 2021, the price of SHIB jumped over 60% in a matter of hours.
Learn more about Shiba Inu Whale Transactions (SHIB) here.
Exness posts 7.6% increase in transaction volume in September
Global Forex and CFD broker Exness disclosed its top trading metrics for September, showing an increase in trading volume for another month. According to the broker’s figures, the total trading volume for the last month amounted to $ 947 billion, up 7.6% from the previous month.
This is the second highest monthly trading volume reported by the broker after peaking in July.
Year over year, trading volume on the brokerage platform has jumped over 58%. With the rally continuing, Exness is poised to emerge as one of the select small groups of retail brokers with monthly trading activities worth over $ 1,000 billion.
Learn more about Exness’s September trading volume here.
SFC fines Ample Capital Limited $ 5.5 million
Hong Kong’s Securities and Futures Commission (SFC) announced this week that it reprimanded and fined Ample Capital Limited (ACL) $ 5.5 million.
According to SFC, the authority fined Ample Capital Limited for failing to fulfill its sponsor functions in COCCI International Limited’s (COCCI) registration application between 2016 and 2017.
Learn more about the Ample Capital Limited (ACL) fine here.
CFTC accuses Texas Man of $ 3.9 million in Forex and crypto fraud
The Commodity Futures Trading Commission (CFTC) cracked down on another fraudulent investment program by bringing a civil action against Abner Alejandro Tinoco and his company Kikit & Mess Investments, LLC for embezzlement of investor funds.
Announced Wednesday, the Texas man has solicited and embezzled more than $ 3.9 million.
The agency clarified that the alleged perpetrator had been running the program since at least September 2020. He was successful in raising funds from at least 61 clients with the assurance of managing their personalized trading portfolios in forex investments (forex ) and in cryptocurrency.
Learn more about the latest Forex and Crypto frauds here.
Andrey Yashunsky, CEO of Prytek, on Creating Value, Good Vibes, and Future Plans
I had the opportunity to interview Andrey Yashunsky, CEO of Prytek, for Finance Magnates.
The passionate CEO led Prytek to complete 180 deals including 20 merger deals and founded 3 new tech companies over the past few years. In the process, establish a global business with an end-to-end business operating platform (BOPaaS) and SaaS offerings to be reckoned with.
Read my interview with Andrey Yashunsky, CEO of Prytek, here.
ASIC proposes to extend restrictions on retail CFDs until 2031
Australia’s financial markets regulator ASIC on Monday released a consultation paper calling for a further extension of restrictions already imposed on the sale and distribution of Retail Contracts for Differences (CFDs) until April 1, 2031.
The regulator has imposed continued restrictions on retail CFDs by the end of March this year. However, the service order produced will expire on March 23, 2022, unless extended.
Learn more about the CFD ASIC restriction extension here.
Bitcoin ETF launched: 3 things you should know
After years of waiting, the Securities and Exchange Commission (SEC) has finally approved the first Bitcoin futures exchange-traded fund (ETF) to be listed on the US stock exchange.
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The listing was also found to be affected by the rapid influx of investor demand. Financial magnates I thought this would be a good time to dig deeper into Bitcoin ETFs.
Read Bitcoin ETF Launched: 3 Things You Need To Know Here.
Facebook Novi Wallet: Will it be a game-changer for the crypto industry?
In a Financial magnates Analysis, we have taken a good look at Facebook’s new Novi portfolio and its possible future success and impact.
This week, social media giant Facebook unveiled the pilot of its Novi digital wallet, initially targeting US and Guatemalan users.
As in all spheres, voices for and against Novi have sparked a wide debate, almost entirely on the issue of privacy.
Learn more about the Novi Wallet Facebook discussion here.
Al Ansari Exchange collaborates with Ripple
Ripple was in the news again this week. Ripple announced on Wednesday that Al Ansari Exchange, a United Arab Emirates-based global money exchange and transfer company, has joined RippleNet, Ripple’s cloud-based global financial network technology.
In an official announcement, Ripple mentioned that Al Ansari Exchange will connect with leading money transfer technology company MoneyMatch to deliver same-day remittances to Malaysia through RippleNet Cloud.
Learn more about Al Ansari Exchange Collaborates with Ripple here.
Ripple highlights new steps in Tranglo partnership
Stay with Ripple. which later this week highlighted the success so far of its partnership with Asian payment provider Tranglo.
Asia is one of the fastest growing blockchain regions in the world. Several financial institutions in Asia have formed key partnerships to improve cross-border payments in the region.
Ripple said the partnership has shown significant momentum over the past 6 months and informed plans for future expansion in the region.
Learn more about the Ripple Tranglo dynamic here.
Interview: Iskandar Najjar from Equiti on growth, regional expansion and future plans
Recently, Financial magnates had the chance to interview Iskandar Najjar, CEO of Equiti Group. Najjar is an industry veteran with nearly two decades of experience in global financial markets. Under his leadership, Equiti Group continues to evolve and experience rapid growth and significant expansion.
During the last discussion, the CEO of Equiti Group spoke about the recent expansion of the group and the future of the retail and institutional forex market.
Read the interview with Iskandar Najjar, CEO of Equiti Group here.
Brokers encourage UK clients to trade with foreign companies: FCA
The UK’s Financial Conduct Authority (FCA) has released a scope report for 2020-2021, highlighting complex issues and regulatory responses to gaps in the country’s financial services sector.
Calling for forex trading platforms and contracts for difference (CFDs), the watchdog said it had identified several brokers encouraging clients to trade with entities located in third country jurisdictions rather than their UK operations. .
These companies use this method of introducing brokers (IBs) and affiliates to conduct unregulated activities, the UK regulator said.
Learn more about the FCA Broker report here.