Fazzaco Weekly Digest: ABN AMRO to Acquire BUX; Binance Withdraws Abu Dhabi Licence; How GenAI Will Reshape the Forex Market

Last week, ABN AMRO and TMX Group​ made acquisitions to expand their businesses, while digital asset infrastructure provider Taurus SA established a new office in Frankfurt, Germany, consolidating its leading position in Europe. 

According to Fazzaco, the top 10 cryptocurrency exchanges, including Binance, Coinbase and OKX, saw an increase in spot trading volume in November, but their recent experiences vary. Binance withdrew its Abu Dhabi license application while Coinbase announced plans to offer options for spot trading cryptocurrencies outside the U.S.. 

Generative AI has revolutionized forex and Fazzaco's latest audio article explains how it will reshape FX trading and alter the fabric of forex dynamics. 

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

1. ABN AMRO to Acquire Neobroker BUX​

ABN AMRO Bank N.V. (ABN AMRO) announced that it has reached an agreement to acquire BUX, one of Europe's most rapidly growing neobrokers. With this acquisition, ABN AMRO aims to strengthen its footprint in the retail investment space and substantially enhance its digital offering.

Since it was founded in 2013, BUX has grown to be one of Europe's leading neobrokers with 500,000 clients, and operating across eight markets, the company claims in an announcement.

2. Listen to the Article: How GenAI Will Reshape the Forex Market in 2024

As Fazzaco mentioned in the year-end forecast, A 2024 Pan-Financial Industry Outlook, the year 2024 heralds a seismic shift in the financial cosmos - a phenomenon aptly termed the generative artificial intelligence (GenAI) Revolution, indicating a new era in the realm of forex. Within this dynamic upheaval, the bedrock of transformation lies in the omnipotent reign of AI, reshaping the contours of FX trading and altering the very fabric of forex dynamics.

Intricately entwined within this transformative wave is the disruptive power of GenAI, not just evolving but revolutionizing the Forex landscape. We all know that traditionally, Forex required an encyclopedic grasp of economic indicators, market savvy, and a knack for data analysis. Human expertise was the bedrock of success. However, the GenAI Revolution defies tradition. It implies an epoch where AI takes the reins, weaving automation, augmented decision-making capabilities, and unparalleled efficiency into forex trading.

3. Top 10 Exchanges' Spot Volumes Continue to Climb in Nov, Average Gain Hits 62.97%​

Based on spot trading volume data since November 2023, Fazzaco has compiled the performance of the top ten crypto exchanges. In this month, the crypto market continues the growth that began in October, with all exchanges among the top ten achieving a month-over-month increase in trading volume. The largest increase was seen in Kucoin, with a staggering 109.25% growth, while the smallest increase was from Gate.io, at 36.53%. The average increase across the top ten reached 62.97%, surpassing last month's average growth rate of 61.09%.

The world's largest cryptocurrency exchange had a spot trading volume of US$310.13 billion in November, a 53.89% growth from US$201.55 billion US dollars in October.

4. Binance Withdraws Abu Dhabi Licence Bid as It Weighs Structure

Binance has withdrawn an application for an Abu Dhabi licence, the latest sign that the giant crypto exchange is reassessing its global structure as regulatory pressures mount.

The Binance unit, called BV Investment Management, pulled the application with Abu Dhabi's financial regulator, a spokesperson for Binance said last week.

5. ThinkMarkets Integrates TradingView to Enhance Charting Capabilities​

ThinkMarkets, the leading multi-asset trading provider, announced on Thursday (December 15, 2023) that it is integrating TradingView, the all-things trading platform for traders and the global leader in charting and analysis tools, with ThinkTrader web, the web version for its proprietary trading platform.

TradingView will serve as ThinkTrader web's new charting software. This enhancement is part of ThinkMarkets's ongoing commitment to providing customers with the best trading experience possible. 

6. Retail Trading Platform Tradu Taps Crossover as Primary Digital Asset Execution Partner

The forthcoming multi-asset trading platform rolled out by Stratos Group, Tradu, has selected Crossover Markets, a digital asset trading technology firm, as the primary digital asset execution partner.

Tradu crypto flow will be routed to Crossover's execution-only crypto electronic communication network (ECN), CROSSx, which will offer tailored liquidity, high-speed execution, maximum throughput and tight spreads.

7. Taurus Expands in Europe with New Office in Frankfurt, Germany​

Taurus SA, Europe's leading institutional-grade digital asset infrastructure provider, announced the expansion of its operations with a new office in Frankfurt, Germany, continuing its international growth and reinforcing its technology leadership in Europe. 

The expansion aligns with increased demand for digital asset custody and tokenization in Germany from financial institutions and corporations, as well as regulatory framework clarification from Bafin, Germany's financial regulator. This includes the eWPG "Electronic Securities Act", facilitating tokenized securities adoption, and crypto registrar providing a framework for digital assets custody services, said the fintech in its latest announcement.