Fazzaco Weekly Digest: ASIC Bans Sale of Binary Options; NFA Orders OANDA to Pay

Take a look at the latest happenings in this week's news digest from around the forex, fintech and crypto industry. Here are some of the top headlines from this past week.

1. ASIC Confirms to Ban the Sale of Binary Options to Retail Clients

The Australian Securities & Investments Commission (ASIC) today published an announcement regarding new rules for binary options trading, banning the issue and distribution of binary options to retail clients, effective 3 May 2021.

The decision was made after the Australian regulator found that binary options have resulted in and are likely to result in significant detriment to retail clients.

ASIC reviews in 2017 and 2019 found that approximately 80% of retail clients lost money trading binary options. According to the watchdog, binary options are likely to result in cumulative losses to retail clients over time because of their product characteristics.

2. NFA Orders OANDA to Pay $200,000 Fine for Reporting Violations

The National Futures Association (NFA), the self-regulatory organisation for the U.S. derivatives industry, has ordered OANDA, which has been a NFA Member since 2003, to pay a $200,000 fine for failing to submit accurate daily forex reports.

The Decision, issued by NFA's Business Conduct Committee (BCC), is based on a Complaint issued by the BCC and a settlement offer submitted by OANDA.

According to the complaint, in May 2018, OANDA was acquired by a subsidiary of a private equity and investment advisory firm. The acquisition closed in October 2018. Starting at about the time of the acquisition, NFA noted an increase in the number and degree of deficiencies occurring at the firm.

3. Acuity Partners With Equiti for AI News Analytics Technology Deployment

Equiti Group, a global provider of multi-asset financial products has signed a three-way partnership with news analytics firm Acuity Trading and leading news provider Dow Jones.

This partnership will allow Equiti's clients across the world to leverage the combined power of market moving news from Dow Jones Newswires and Acuity's AI news analytics technology to help strengthen their trading strategies.

4. Match-Trade Technologies' Match2Pay Crypto Payment Gateway Integrated With Praxis Cashier

Praxis Cashier, a technology provider that has developed the ultimate smart cashier software, has recently included the Match2Pay crypto payment gateway in the company's platform.

The partnership between Match-Trade technologies and Praxis, both leading companies providing services for the forex industry, is a response to the expectations of many brokers who want to offer their clients a wide range of payment options without complicated integration with multiple providers.

5. Exness Promotes Artem Seledtsov to Markets Business Director

Exness, an international award-winning retail FX group of brokers, with licenses in Seychelles, Cyprus, United Kingdom, announced that it has promoted Artem Seledtsov as new markets business director.

In his new role, he will be responsible for developing Exness’ new markets around the world. In addition, he will ensure the thorough establishment of business structures and models in a variety of new countries and regions.

6. CySEC Warns Regulated Entities of Compliance Deficiencies

Following a review of the compliance of the Regulated Entities with the compliance function requirements pursuant to Article 17(2) of the Investment Services and Activities and Regulated Markets Law (the Law), the Cyprus Securities and Exchange Commission (CySEC) has identified common deficiencies that it wishes to highlight to all Regulated Entities, aiming at helping them to increase the effectiveness of their compliance function.

On the basis of key findings in the review, the Cypriot watchdog invites all Regulated Entities to consider whether they comply with their obligations as per Article 17(2) of the Law, and, where appropriate, to take corrective measures.

7. Integral Reports a 3.6% YoY Decrease in ADV in March 2021

The leading financial technology company Integral reported its monthly ‎trading volumes for March 2021, showing a 3.6% decrease in average daily volumes (ADV) from a year earlier.

According to the company, its ADV for the month of March touched $53.6 billion, indicating an increase of 6.3% compared to the previous month, and a decrease of 3.6% compared to the same period in 2020.

March 2021 represented the second highest monthly volumes on record for Integral, second only to March 2020 which saw considerable volumes due to the pandemic-induced volatility.