Fazzaco Weekly Digest: Binance Cancels UK Registration; Executives Move at NAGA; Citi and DBS Fined for Breaching AML Rules

Last week, the UK Financial Conduct Authority (FCA) revealed that Binance had submitted a cancellation request of its FCA permissions, another move by the crypto giant following its withdrawal from the Dutch and Cyprus markets this month.

Forex brokers, meanwhile, appear to be doing well. Last week, Moneta Markets received an operational license from the Financial Services Authority of Seychelles. ATFX had also obtained an Arrangement and Advice license from the UAE Securities and Commodities Authority, allowing it to provide financial consulting and analysis services in the region.

What is more noteworthy is that Invast Global, a leading multi-asset broker, announced the rebrand of its prime brokerage business to 26 Degrees Global Markets, in order to reposition its target markets.

In addition, new executive appointments at NAGA, AUS Global, OANDA, Titan FX​ and Trading Technologies​ were also widely followed by the industry.

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

1. Binance Cancels Registration with UK FCA​

According to the UK Financial Conduct Authority (FCA)’s update, Binance Markets Limited, the UK branch of the cryptocurrency exchange Binance, has submitted a cancellation request of its FCA permissions which was completed on 30 May 2023.

Now, no other entity in the Binance Group holds any form of UK authorisation or registration to conduct regulated business in the UK. 

2. NAGA Appoints Michael Milonas as CEO, Hires Sam Chaney as CCO

NAGA Group, a German-based fintech company that operates a regulated Neo-Broker, Neo-Banking app and Crypto platform, announced expansions and changes of its top management team. Michael Milonas to assume the role of NAGA's Group CEO & Chief Strategy Officer (CSO) with Benjamin Bilski further focusing on technology as Chief Information Officer (CIO) and Sam Chaney joins NAGA as Chief Commercial Officer (CCO) to drive global growth in emerging markets.

Michael Milonas has played a critical role in the growth of NAGA and was responsible for the strategic development, distribution partnerships, and revenue growth. With his vast abundance of experience, Michael Milonas builds, expands and manages NAGA's global network of crucial and valuable partnerships.

3. Listen to the Article: Invast Is Now 26 Degrees, and This Is Why They Renamed Themselves​

As we reported last week here at Fazzaco, Invast Global, a leading multi-asset broker based in Sydney, has rebranded its prime brokerage business as 26 Degrees Global Markets (or 26 Degrees), aiming to significantly increase its market share in the $20 billion prime brokerage services industry over the next five years. Today, we will explore the story behind Invast Global's rebranding to 26 Degrees.

As they state on their website, 26 Degrees entered the prime brokerage market with the purpose of providing services specifically for those institutional clients who were affected by the banking crisis. Specifically, these include hedge funds with assets under management below $150 million, family offices and so on. These institutions were the ones most affected by the exit of Tier 1 investment banks. And the remaining banks chose to avoid providing services for hedge funds and other clients with assets under management below $2 million. This is exactly what 26 Degrees saw as an opportunity.

4. ATFX Secures Category-Five License From UAE's SCA

ATFX, a leading global brokerage group, announced that it has received the Arrangement and Advice license from the UAE Securities and Commodities Authority (SCA), thus further strengthening its licensing in the Middle East.

The license was granted to ATFX Mena Financial Services LLC, which is a subsidiary of AT Global Markets Intl Ltd that owns the ATFX Brand and trademark. It has gained the Category Five status under the SCA's licensing regime allowing it to introduce clients as well as provide financial consultation and financial analysis.

5. AUS Global Appoints Sunny Lethyy as the Country Manager for Vietnam​

AUS Global, is thrilled to announce the appointment of Ms. Sunny as the country manager of its new office in Vietnam.

Ms. Sunny brings with her a wealth of experience in the forex trading industry, having held various valuable roles at the financial market across Asia. Her knowledge and expertise in the forex industry are expected to strengthen AUS Global's position in the Vietnamese market and contribute significantly to the company's growth.

6. Citi and DBS, Among Others, Fined S$3.8M for Breaching AML Rules

The Monetary Authority of Singapore (MAS) has imposed penalties amounting to S$3.8m on Citibank, DBS, OCBC, and Swiss Life for breaches of its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements.

DBS is penalized S$2.6m for breaches between June 2015 to February 2020 related to accounts maintained by 11 corporate customers.

7. Moneta Markets Expands Global Reach with New Seychelles License​

Moneta Markets, a retail FX and CFDs broker, continues growing its international reach, having received an operational license from the Financial Services Authority of Seychelles (FSA).

"Obtaining our Seychelles license is a testament to our growth – it reaffirms our commitment to offering secure, regulated financial services to our clients worldwide," said David Bily, the CEO and Founder of Moneta Markets.