Fazzaco Weekly Digest: Capex.com and NAGA Merger; Binance and Its Former CEO Settle with CFTC; Executive Moves Since November

Last week, industry giant CAPEX.com and the NAGA Group reached a strategic merger agreement to create a global financial powerhouse with a combined user base of over 1.5 million.

In the crypto space, after settling SEC charges​, Binance and its former CEO Changpeng Zhao paid $2.85 billion in fines and reached a settlement agreement with the CFTC. While some crypto firms, including Ripple, Coinbase​, and Circle, have made new progress in licensing.

Regarding global markets, Cboe Canada has finally received all necessary approvals to unify its Canadian operations formally.

Executive turnover is the norm in the industry.  Last week, IG, HKEX​, Options Technology, and other companies announced their latest executive appointments.  In addition, according to Fazzaco's statistics since November, hiring is still the main way financial services firms expand their leadership teams.

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. Why Is the Capex.com and NAGA Merger A Game-Changer?​

Fazzaco News recently just covered the shocking news of CAPEX.com, a leading online trading platform, announcing a strategic merger agreement with The NAGA GROUP, the provider of the All-in-One Financial Super App, NAGA.

The deal is said to be creating a global fintech powerhouse with a combined user base of over 1.5 million and a projected revenue of USD 90 million in 2023. But what does this merger mean to the market? What is the story behind this merger? Let's dig a little deeper into it today.

2. Andrew Wood Leaves CMC Markets for IG Prime as Institutional Sales Manager

Fazzaco learned that Andrew Wood, an experienced Business Development Manager with a demonstrated history of working in the financial services industry, has moved to IG Prime, IG Group's institutional department that offers institutional trading and prime brokerage solutions, as Institutional Sales Manager.

Andrew joins IG Prime from CMC Markets APAC & Canada, a leading provider of online trading, technology and execution, where he served as Head of Institutional Sales APAC. He worked with the company for the past seven years.

3. INFINOX Expands Payment Options with EMIs​

INFINOX Global, a London-based Forex and CFD broker, is expanding its payment options with the addition of Electronic Money Institutions (EMIs), offering clients a secure, convenient, and globally accessible alternative to traditional bank transfers.

The broker notes that, with EMIs currently available in over 200 countries, this introduction unlocks a world of possibilities for INFINOX's geographically diverse client base. Traders now can enjoy instant deposits and withdrawals.

4. Binance and Its Former CEO Zhao to Pay $2.8Bn in Total to Settle with CFTC

The Commodity Futures Trading Commission (CFTC) yesterday (December 18, Monday) announced that the U.S. District Court for the Northern District of Illinois has approved the previously announced settlement and entered a consent order of permanent injunction, civil monetary penalty, and equitable relief against Changpeng Zhao and his companies Binance Holdings Limited, Binance Holdings (IE) Limited, and Binance (Services) Holdings Limited (together, Binance). 

In formalizing the settlement initially announced on November 21, the court finds Zhao and Binance violated the Commodity Exchange Act (CEA) and CFTC regulations, imposes a $150 million civil monetary penalty personally against Zhao, and requires Binance to disgorge $1.35 billion of ill-gotten transaction fees and pay a $1.35 billion penalty to the CFTC. The order also obligates Zhao and Binance to make certifications as to the existence, application, and efficacy of Binance's improved compliance controls, and permanently enjoins them from further violations as charged.

5. A Dynamic Report of 51 Executive Moves of 31 Brokers, Fintechs & Crypto Firms Since Nov 2023​

The calendar has turned to December 2023, and Fazzaco would like to wish everyone a very happy holiday in advance. This year, we have been continuously following the executive moves of various brokers and fintech companies in the financial sector, as well as some crypto firms. In the following article, we present a statistical analysis of the executive movements in the forex / crypto market from November 2023 to date (December 18).

By filtering the Fazzaco News database, the data in this article uses a total of 32 news under the Executive Moves tag reported by Fazzaco since November 2023, involving 51 job changes across 31 companies.

6. Cboe Canada Obtains Approval to Unify Its Canadian Operations

Cboe Canada announced on Monday that it has received all necessary approvals to formally unify its Canadian operations by integrating the NEO Exchange, the MATCHNow alternative trading system (ATS), and other related regulated Canadian entities into one corporate entity under the umbrella of Cboe Canada, effective January 1, 2024.

As a unified entity, Cboe Canada is expected to provide its clients with a comprehensive portfolio of trading capabilities through a single point of access, allowing both its clients and the Canadian capital markets as a whole to access greater efficiency and enhanced quality of service.

7. Ripple Gets Registered as Virtual Asset Service Provider in Ireland​

The US-based leader in enterprise blockchain and crypto solutions, Ripple, announced on Tuesday (December 19, 2023) that its Irish subsidiary Ripple Markets Ireland Limited (Ripple Markets) has received registration as a Virtual Asset Service Provider with the Central Bank of Ireland.

With this registration, Ripple Markets can delivered certain digital asset services in the region. Beyond that, Ripple is looking to serve customers across the European Economic Area once the Markets in Crypto Assets Regulation (MiCA) takes effect at the end of 2024.