Fazzaco Weekly Digest: Exness Grants New License; XTB MENA's New Appointment; ETX Capital Rebrands to OvalX

Take a look at the latest happenings in this week's news digest from around the forex and fintech industry. Here are some of the top headlines from this past week.

1. Exness Granted a New License from Kenya CMA

Fazzaco learned that Exness, an international multi-asset retail broker, has expanded its presence in Africa, with securing a new license from the Capital Markets Authority of Kenya (CMA). This new license allows the company to operate as a non-dealing online broker in Kenya.

​The latest move is part of Exness' strategic expansion plan in sub-Sarahan Africa, following its obtaining a regulatory license from the South African Financial Sector Conduct Authority (FSCA).

2. XTB MENA Appoints Shereen Rami as Market Analyst

Fazzaco learned that XTB MENA, the Middle East business of Warsaw-based X Trade Brokers (XTB), has announced the appointment of Shereen Rami as the company's Market Analyst.

Shereen brings with experience in currency markets, analysis of global market relations and analysis of global economic developments. On her Linkedin profile, Shereen described herself as a Business Analyst and Expert in global financial markets.

3. ETX Capital Announces Its Rebrand to OvalX

Fazzaco learned that ETX Capital, a leading spread-betting and CFD provider based in London, has announced its rebrand to OvalX as the next step in the company's evolution.

The rebrand comes after the United Kingdom-based fintech Oval announced the completion of its integration with ETX Capital. Back to November 2021, ETX Capital announced to merge with Oval. At that time, the two companies planned to form a unique brand, focused on financial innovation and inclusion.

4. Securities Commission Malaysia Adds Three Clone Entities to Investor Alert List

The Securities Commission Malaysia (SC) has updated the Investor Alert List that contains the list of unauthorised websites, investment products, companies and individuals. Please take note that this list is not exhaustive and only serves as a guide to investors prior to making any investment decisions.

The following person(s)/entity(ies) was/were added to the list as at 1 June 2022:

1) Potential clone entity – Infinox Trading Power

2) Potential clone entity – Assets Global Network

3) Potential clone entity – Hasbrique Capitale

4) Global Trader Pro

5. CySEC Adds Four Illegal Websites to Blacklist

The Cyprus Securities and Exchange Commission (CySEC) has updated its blacklist of unregulated entities, with the addition of four websites that belong to an entity which provides investment services and conducts investment activities without authorization.

These four illegal websites are as follows:

• expertcapitalmarkets.com

• astrocapitalmarkets.com

• citiglobalmarket-inc.com

• ​everitcapitalmarkets.com

6. Cboe FX Markets Reports $870.4 Billion Total Volume in May 2022

Cboe FX Markets, a foreign exchange provider to the institutions, has published its monthly trading volume numbers for May 2022. The demand for the platform's services increased on a month-on-month basis.

More specifically, the broker registered a total volume of $870.4 billion, a month-over-month jump of more than 12 percent compared to $777.1 billion in April 2022. On a yearly basis, the FX trading demand increased significantly by 27 percent.

7. Success For Tenants, Blackpoint Advisors LLC and Others Added to FCA's Warning List​

The United Kingdom's Financial Conduct Authority (FCA) recently issued warnings against 13 companies that are soliciting customers in the UK jurisdiction without any licenses or are clones of authorized platforms. 

​The FCA warns that all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by them.