Fazzaco Weekly Digest: BDSwiss Bags UAE License; Traders Trust CEO Introduces Prop Trading Brand; Binance Founder CZ Officially Behind Bars

Here are some of the most read forex, crypto, fintech, and prop trading news pieces and articles from Fazzaco over the last week.

1. BDSwiss Bags UAE's SCA Category 5th License, Eyes Expansion In MENA​

BDSwiss, a leading financial services group offering Forex and CFD investment services, has received the prestigious Category 5th license ('Financial Consultations and Introduction') from the UAE's Securities & Commodities Authority (SCA). This significant milestone marks the strategic expansion in the Middle East and North Africa (MENA) region, reinforcing BDSwiss' commitment to providing top-tier investment services and strengthening its global presence.

The SCA Category 5th license authorizes BDSwiss to operate within the UAE, offering its clients a wide array of financial products and services, including forex trading, CFDs, and other investment solutions. With this regulatory approval, BDSwiss aims to deliver enhanced, secure, and transparent trading experiences to both retail and institutional investors in the region.

2. Traders Trust CEO Introduces New Prop Trading Brand TradingCult

Nicola Berardi, CEO of Cyprus-based online trader Traders Trust, has launched a new prop trading brand called TradingCult.

The newly prop brand announced its introduction on X, stating: "Brace yourselves! The wait is over! The moment has arrived! We are thrilled to announce the launch of Trading Cult, our innovative proprietary trading firm! Our mission? To fund your trading journey."

3. Listen to the Article: Binance Founder CZ Officially Behind Bars, But Not For Long​

Changpeng Zhao (CZ) is finally behind bars.

Over the past year, the legal battle between Binance's founder and the U.S. government has dominated crypto news headlines. Following the 2022 FTX liquidity crunch and the dramatic arrest of its founder, Sam Bankman-Fried (SBF), after fleeing to the Bahamas, many speculated that CZ would face a similar fate. However, unlike SBF, CZ, though incarcerated, will be released after just four months. I mean, he can even catch up Thanksgiving with his family.

4. LMAX Group Introduces FX NDFs Trading in Singapore and London

LMAX Group, a leading operator of institutional exchanges for FX and digital assets trading, has launched FX Non-Deliverable Forwards (NDFs) trading in two matching centres, Singapore (SG1) and London (LD4).

Late last year LMAX Exchange, the Group's global institutional FX exchange, has secured a Recognised Market Operator (RMO) licence from the Monetary Authority of Singapore (MAS), which allows the company to provide NDF trading in Singapore and London.

5. Punit Ghumra Joins Exinity as Group Chief Financial Officer​

Fazzaco has learned that seasoned finance expert Punit Ghumra has joined Exinity, a leading online trading provider for CFDs, stocks, FX, Indicies and commodities, as Group Chief Financial Officer (CFO), based in Dubai.

Ghumra shared on LinkedIn earlier today: "Excited to share that I've joined Exinity as Group CFO! I'm looking forward to contributing to the company's vision and working with an incredibly talented team to achieve new heights."

6. May Crypto Spot Volumes Still Decline at An Average of -33.61%

Based on spot trading volume data since May 2024, Fazzaco has compiled the performance of the top ten crypto exchanges. In this month, the crypto market's growth dropped 28.17% compared to last month. All ten exchanges in the article have dropped back to their February level, if not lower.

7. ASIC Revokes AFS Licence of XTrade​

The Australian Securities and Investments Commission (ASIC) today has cancelled the Australian financial services (AFS) licence of retail over the counter (OTC) derivatives issuer XTrade.AU Pty Ltd (XTrade).

XTrade, a part of the international XTrade Group, has held AFS licence 343628 since 12 April 2010, offering clients opportunities to trade in contracts for difference (CFDs) and foreign exchange contracts (FX contracts).