Fazzaco Weekly Digest: CAPEX.com Awarded as Romania's Second Biggest Tech Startup; Revolut India New CTO; StoneX Fined $425,000
Take a look at the latest happenings in this week's news digest from around the forex and fintech industry. Here are some of the top headlines from this past week.
1. CAPEX.com Wins Award as Romania's Second Biggest Tech Startup
CAPEX.com has been recognized as one of Romania's fastest-growing most innovative startups on the path to becoming the next generation of public companies.
Established in 2017, the fintech startup that operates in online trading has been providing customers with a trading platform for financial instruments in various markets. The award recognizes CAPEX.com as one of the most successful Romanian technology startups based largely on the company's positive cash flow and strong operational performance.
2. Revolut India Names Saleem Arshad as New CTO
UK-based super-app Revolut has appointed Saleem Arshad as the new chief technology officer (CTO) for its India operations.
In his new role, Arshad will help shape Revolut's product offerings and technology for the Indian market, where it plans to launch soon.
3. StoneX Fined $425,000 to Settle Charge with ICE Futures U.S.
StoneX Financial Inc (StoneX Financial) and its affiliate StoneX Markets LLC (StoneX Markets) agreed to pay a collective penalty of $425,000 and a profit of $225,606.8 to settle with ICE Futures U.S.
A subcommittee of the ICE Futures U.S. Business Conduct Committee (BBC) determined yesterday (July 20) that StoneX Financial and StoneX Markets repeatedly violated the Exchange Rule 4.04 between May 2020 and May 2021 by engaging in improper pre-hedging.
4. Online Broker eToro to Update FX Conversion Fees for Deposit and Withdrawal Transactions
The social investment and trading network, eToro, will update its FX conversion fees for EU currencies to USD for deposit and withdrawal transaction on August 2, 2022.
eToro explains that the move is aimed at providing users with a seamless experience while simplifying their operations. The eToro platform operates in U.S. dollars, so all currency deposits and withdrawals on the platform must be converted to U.S. dollars, which incurs currency conversion fees. eToro states that clients can see the amount in USD and the conversion rate applied before depositing or withdrawing.
Cryptocurrency exchange Zipmex announced on Wednesday (July 20) that it has suspended withdrawals, becoming the latest cryptocurrency exchange to halt withdrawals.
Zipmex tweeted: "Due to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners … we would be pausing withdrawals until further notice."
6. IG Group's Active Clients in FY22 Jump 31%, Revenue and Profit Hit Record
IG Group, a financial broker listed in London, today released its results for the financial year ended 31 May 2022 (FY22). The broker generated record revenue and profit during the year.
According to the results, IG Group's net trading revenue reached £972.3 million in FY22, which is 16% higher compared to £837.3 million in FY21. The company's total revenue was up 16% to £973.1 million from last year's £837.6 million.
7. ETFs CFDs Added to FP Markets's MT5 Platform
FP Markets, an Australian Regulated global Forex Broker, has added ETFs CFDs to its wide range of products available to trade on the global markets.
FP Markets offers various ETFs that contain many types of investments, including stocks, commodities, bonds or a mixture of investment types.
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