Fazzaco Weekly Digest: Exness' Chief Customer Officer Departs; Admirals Undergoes Leadership and Board Reshuffle; True Forex Funds Ceases Operation

Last week, Fazzaco covered leadership change stories of multiple brokerage firms, including Exness​, Admirals Group, FXCM​, Saxo Bank UK​, PU Prime​, Velocity Trade, etc. PU Prime, in particular, have rehired its three alums.

Besides, a bunch of companies have reported trading data for the first month of 2024, including StoneX Group​, Saxo Bank, Tradeweb​, Cboe Global Markets, Euronext​, Flow Traders​.

In addition, Fazzaco has compiled the performance of the top ten crypto exchanges​, based on spot trading volume data since January 2024, unveiling that the crypto market's growth that began in December seems to have staggered a bit.

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 last week.

1. Exness' Chief Customer Officer Damian Bunce Announces Departure

Damian Bunce, Chief Customer Officer of Exness, a Cyprus-based global leader in multi asset trading, announced his departure on a social media platform. He has been almost three years and a half at the broker.

Bunce had joined Exness in January 2021 as the Chief Trading Officer and later took on the role of Chief Customer Officer in March 2023 after an internal reorganization. 

2. Admirals Group AS Undergoes Leadership and Board Reshuffle

Admirals Group AS unveiled significant changes to its Supervisory and Management Board structure, marking a pivotal moment for the company's leadership.

The resignation of Chairman of the Management Board, alongside Management Board member, have been accepted by the Supervisory Board of Admirals. 

3. Prop Trading Firm True Forex Funds Ceases Operation After License Termination by MetaQuotes​

The proprietary trading firm, True Forex Funds, has suspended all services following the termination of its license by MetaQuotes, the operator of the popular trading platform MT4/MT5.

The reason for the termination of the license was that True Forex Funds used a third-party provider for equity synchronization purposes who has allegedly not connected to MetaTrader's client terminal in a way that is fully acceptable by MetaQuotes.

4. MetaQuotes Grows Reach in LATAM, Opens New Mexico City Office

MetaQuotes, the leader in trading platforms for retail forex and CFDs, has opened a new office in Mexico City, bolstering its commitment to serving local businesses and clients from neighboring countries in Latin America.

The establishment of a new office in Mexico marks a milestone in the company's expansion efforts in Latin America. 

5. FXCM Cyprus Onboards Constantina Koniali as Compliance Officer

Cyprus arm of global Forex and CFD broker, Stratos Europe Ltd (trading as "FXCM" or "FXCM EU"), has selected Constantina Koniali to assume the role of Compliance Officer / AMLCO (Anti-Money Laundering Compliance Officer).

Constantina joins FXCM from a global trading platform Markets.com, where she spent over five years.

6. FPFX Tech Cuts Ties with Its Prop Firm Partner Over Fraud Allegations

FPFX Technologies, LLC (FPFX Tech), a leading technology provider in the retail prop trading industry, has announced the termination of its licensing agreement with Funded Engineer, a prop firm that claims to offer traders access to funded accounts.

The decision came after FPFX Tech conducted an internal audit that revealed "a months-long scheme" by Funded Engineer to inflate its payout figures through various fraudulent activities.

7. Charles White-Thomson Steps Down as CEO of Saxo Bank UK

Charles White-Thomson has resigned from his role as CEO of Saxo Markets UK and a Member of the Board of Directors of Saxo Capital Markets UK Ltd. White-Thomson has more than three decades of experience in the financial industry. 

Simon Camilleri, who joined Saxo Markets UK in November 2022 as Chief Operating Officer, will succeed White-Thomson as interim CEO of the UK business.