Fazzaco Weekly Digest: Exclusive Talk with Sumsub's CTO; 34 Broker's Client Profitability in June; Paysafe to Stop Supporting Binance

On the one of the hottest topics of the moment - AI, Vyacheslav Zholudev, co-founder and CTO of Sumsub, recently discussed the impact of generative artificial intelligence on the financial industry with Fazzaco.

Fazzaco also reported last week on a snapshot of the profit and loss of client accounts of 34 brokers in June, showing that 5 brokers had decreased loss rates in their clients' accounts.

Meanwhile, Binance, the largest cryptocurrency exchange by volume, has recently been the focus of attention in the crypto space. According to the latest news, the exchange's current EUR banking partner, Paysafe, will stop supporting it after this September, adding to the challenges faced by the crypto exchange.

In addition, the digital asset exchange, Bitpanda Pro, announced last week that it had changed its name to One Trading and had raised $33 million in Series A funding round.

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. Exclusive: June's Broker Report Shows 5 Brokers Improved Client Profitability​

Fazzaco gathered data from 34 brokers in June 2023. City Credit Capital does not have an update on its data, but the broker is still temporarily kept in the list. Darwinex was excluded from the list because it had outdated data and a low account loss ratio.

Among the 34 brokers, an average of 25.34% of client accounts were profitable this month, while 74.66% of them suffered losses. Specifically, FXOpen topped the list with a high win rate of 40%. Other brokers in the top 5 were ADS Securities (35%), JFD Brokers (33.14%), ThinkMarkets (33.05%) and Hantec Markets (30.61%).

2. Binance's EUR Banking Partner to Stop Supporting the Crypto Exchange after September 25

Binance's current EUR banking partner, Paysafe Payment Solutions Limited, will stop supporting the crypto exchange after September 25.

"Binance will be changing the provider for EUR deposits and withdrawals via Bank Transfer (SEPA). Our current partner, Paysafe, will no longer be providing these services to Binance users from 25th September 2023," a spokesperson for the exchange wrote in an email.

3. Exclusive Talk with Vyacheslav Zholudev, Co-Founder & CTO at Sumsub: How Far Can We Trust AI?​

A few months ago, Fazzaco had the privilege of having an exclusive in-depth conversation with Vyacheslav Zholudev, the co-founder and CTO of Sumsub, a leading verification platform. This interview was a vital supplement to the topic of the impact of generative artificial intelligence, a field that is still hot and increasingly crowded, on the financial industry.

As the co-founder and CTO at Sumsub, Vyacheslav Zholudev brings unparalleled technical and entrepreneurial acumen to help Sumsub's development team reach complex goals effectively. Vyacheslav holds a Ph.D. in Computer Science from Jacobs University (Germany), with experience working as a solution architect at ResearchGate. He is an expert in privacy protection, ID verification trends, cases of digital frauds and international regulatory compliance regarding personal data.

4. Brokeree Opens New Cyprus Office

Brokeree Solutions, a developer of turnkey technology solutions for multi-asset brokers, announced on Monday the opening of a new office in Cyprus. Cyprus is a vital hub for the forex and CFD industry attracting numerous international brokers seeking to benefit from its favorable regulatory framework, business perspectives and technologies, the company noted in the official press release.

"The strategic location of our Cyprus office, renowned for its vibrant financial ecosystem and conducive business environment, offers us the perfect platform to foster meaningful collaborations," said Julia Ilichyova, the Operations Director at Brokeree.

5. BCB Group's Deputy CEO Leaves Following Failed German Bank Acquisition​

Noah Sharp, deputy CEO of crypto banking firm BCB Group, has left the business. Sharp was hired a year ago by BCB Group in a bid to expand its business internationally.

Previously, BCB Group said it had ended its planned acquisition of 100-year old Sutor Bank more than a year after it was announced, citing regulatory delays and changing current market conditions.

6. Listen to the Article: Prime Brokerage, Its Trends, and Ways to Innovate

Fazzaco has previously discussed in the article "Invast Is Now 26 Degrees, and This Is Why They Renamed Themselves" how the banking crisis led by Silicon Valley Bank and Credit Suisse in the United States sparked a "mass exodus" of many institutions from the prime brokerage business starting from 2023.

In fact, in the past decade, the prime brokerage business has often seen a vicious cycle of service providers cutting back their services. Today, let's take a look at what's driving the ups and downs in the prime brokerage market, as well as the current trends and technological innovations.

7. Bitpanda Pro Rebrands to One Trading, Raises $33M in Series A​

Exchange of digital assets Bitpanda Pro has acquired $33 (€30m) million in Series A funding as it rebrands as One Trading and completely separates from Bitpanda. The Austria-based trading firm intends to bridge the gap between crypto and traditional asset trading via a single regulated platform, as well as to expand its offering to retail and institutional clients.

Valar Ventures led the investment, with participation from MiddleGame Ventures, Speedinvest, Keyrock, and Wintermute Ventures, and Bitpanda retaining a stake in the company.