Fazzaco Weekly Digest: 31 Brokers' Client Profitability in December; New CFD Brokerage TibiGlobe Launches; 2023 Major Events in Crypto Industry

At the beginning of the new year, Fazzaco wishes everyone a happy new year in 2024!

Last week, we reviewed major events in the crypto industry in 2023, including FTX's collapse and Binance's regulatory crisis.

At the same time, the Central Bank of Nigeria finally lifted the ban on crypto trading at the end of the year, while India​, on the contrary, blocked several crypto exchanges such as Binance and HTX.

In addition, Fazzaco collected data on the profit/loss ratio of client accounts from 31 brokers in the last month of 2023. Among them, only 27.17% of client accounts on average achieved profits.

The end of the year is also the peak time for job hopping. For example, FXGlobe COO Todor Georgiev moved to Traders Trust, while Tickmill sales expert Christoforos Panagiotou​ joined Fxview.

In terms of institutional activities, the launch of the new broker TibiGlobe attracted industry attention. Monex Group and Blackstone​ announced their respective acquisition plans to expand their global businesses.

Here are the related details, as well as some of the most read forex, fintech, and crypto news pieces and articles from Fazzaco in the last week of 2023.

1. Fazzaco Reports: Client Account Profit/Loss Ratio of 31 Brokers in December 2023​

Fazzaco collected the data of profit/loss ratio of client accounts from 31 brokers in December 2023. The brokers we have in this month-on-month comparison remained the same as last month.

Among the 31 brokers this month, an average of 27.17% of client accounts achieved profits, while 72.83% of client accounts suffered losses. Compared with the average data in November, the winning rate of client accounts decreased by 0.03%.

2. Nigerian Central Bank Lifts Ban on Crypto Trading

Nigeria's central bank has lifted a ban on transacting in cryptocurrencies, while saying global trends had shown a need to regulate such activities, the bank said in its latest circular.

The Central Bank of Nigeria (CBN) in Feb. 2021 barred banks and financial institutions from dealing in or facilitating transactions in crypto assets, citing money laundering and terrorism financing risks.

3. New CFD Brokerage TibiGlobe Launches​

Fazzaco learned that TibiGlobe, a licensed CFD broker, has gone live. TibiGlobe is the trading name of TibiGlobe (PTY) Ltd, providing trading on the MT5 platform.

The company is mainly operated from Cyprus, but regulated by the Financial Sector Conduct Authority (FSCA) of South Africa with FSP license.

4. Institutional Spot FX Trading Volumes in November 2023 Disclosed, CME Leads with 10.43% Growth

The institutional spot FX trading volume of major platforms still sees mixed results in November 2023. Among the six major institutions, Cboe FX and 360T reported a drop in their spot FX average daily volume (ADV), while CLS, Euronext FX, FxSpotStream, and CME EBS saw an increase month-on-month. Moscow Exchange's data was excluded from this month.

In November 2023, Cboe FX's spot ADV decreased from US$46.75 billion in October to US$45.91 billion, a 1.80% decrease, but higher than the same month of last year, which was 41.88 billion.

5. Todor Georgiev Moves to Traders Trust as COO from FXGlobe​

Todor Georgiev, a leader with years of experience in the finance industry with honed skills in operations and management, has joined Traders Trust, a leading provider of online trading services, as Chief Operations Officer (COO), out of Cyprus.

Based on his LinkedIn profile, Todor took on the role in September. During his career, he has held a number of executive and operational roles of licensed medium and large brokerage groups of companies. Besides, he comes from a legal background with emphasis on business administration mixed with regulatory compliance and project management.

6. Monex Group to Acquire Majority Stake in Canada's Digital Asset Manager 3iQ

Monex Group, Inc. (Monex Group), a Japanese online trading services provider, announced its plan to acquire the majority stake of 3iQ Digital Holdings, Inc. (3iQ), a leading digital asset investment fund manager based in Ontario, Canada.

Yuko Seimei, CEO of Monex Group, commented: "Our long term strategy is to strengthen our asset management business, and by welcoming 3iQ to our group, we aim to achieve high growth by capturing the crypto asset management needs of institutional investors and crypto asset exchanges around the world, which are expected to grow in the future."

7. Listen to the Article: Crypto Chronicles: The Most Memorable Events of 2023​

Time always slips away unnoticed, and soon 2023 will be in the past as we step into 2024. Throughout this year, Fazzaco has been closely following the developments in the crypto and digital asset industry. Together, we've witnessed numerous significant events: the ongoing saga of the FTX incident, the impact of Generative AI, the initiation of crypto industry regulations in regions like Hong Kong, the frequent rebranding of Huobi (HTX), and the regulatory hurdles faced by Binance.

Now, let's take a moment to review and remember the major events that shaped the crypto industry this year.