BrokersView Expo Closes; FastBull Contest Kicks Off; FXCM Reports Losses; Regulation Updates in South Africa, Cyprus; CFTC Report
Fazzaco continued extensively covering the latest trends in forex, crypto, fintech, and prop trading last week. We also updated the monthly report released by CFTC and published the announcement of the official kick-off of FastBull Trading Contest.
Below are news and articles for the Fazzaco's last week recap.
BrokersView Expo Abu Dhabi Concludes Successfully, Looking Forward to Our Next Encounter
After two exciting days, the BrokersView Expo Abu Dhabi 2024 has come to a successful close at the Conrad Hotel Abu Dhabi!
As the first financial exhibition in Abu Dhabi, this Expo has injected a shot of adrenaline into this market that has not received enough attention for a long time, marking a major leap forward for the financial industry in Abu Dhabi.
FXCM UK's Parent Company Reports 350% Net Loss for 2023
Stratos Markets, the parent company of FXCM UK, reported a significant financial downturn in 2023, with a net loss of $2.5 million - representing a 350% decline from its previous year's profit. The loss was driven by a drop in retail trading volumes and reduced market volatility, with the company's turnover falling by 115.7%.
FSCA Suspends Banxso's License Amid Regulatory Concerns
South Africa's Financial Sector Conduct Authority (FSCA) has temporarily pulled the financial service provider license of online trading platform Banxso amid serious concerns over its business practices. The regulator's investigation uncovered issues such as misleading Deepfake ads and aggressive sales tactics that could pressure clients into making rushed decisions without proper risk assessments. These practices violate regulatory guidelines and raise ethical questions about how clients are treated.
Cyprus Prepares for MiCA Implementation: October 30 Deadline for Crypto Firms
Cyprus is set to enact significant changes for crypto-asset service providers (CASPs) as the October 30 deadline approaches. The Cyprus Securities and Exchange Commission (CySEC) has announced that it will halt the acceptance of notifications from firms in the European Economic Area (EEA) for cross-border crypto services. This move is in anticipation of the new Markets in Crypto-Assets (MiCA) regulations, which will be fully implemented by December 30, 2024.
2024 FastBull Global Trading Contest S1 Officially Starts!
29,138 traders from the worldwide have registered for the 2024 FastBull Global Trading Contest S1 till the deadline. The contest officially starts today! From October 15 to October 31, 2024, all participants will come together on the FastBull platform to showcase their trading talents!
The US Commodity Futures Trading Commission (CFTC) has released its latest monthly report, which shows that the total volumes of the retail forex funds of six institutions in August 2024 continued to see a 2.83% M-o-M decline.
Subscribe Now
