Fazzaco Weekly Digest: FCA Warning; BDSwiss Taps Senior Account & Business Development Manager

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. UK FCA Issues Warning Against 28 Unauthorized Companies

The United Kingdom's Financial Conduct Authority (FCA) last week issued warnings against 28 new 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.

2. Exclusive: BDSwiss Names Andreas Kounnis as Senior Account & Business Development Manager

BDSwiss, a leading multi-asset financial services firm, has expanded Andreas Kounnis' role, appointing him as Senior Account & Business Development Manager.

Prior to this new role, Andreas served the company as Senior Account Manager. He has held this position since June 2020 when he joined the firm.

3. ASIC Obtains Orders to Freeze Funds and Assets of Ashley Arandez and Four Related Companies

ASIC has obtained urgent interim orders from the Federal Court to freeze the assets of Ashley Vincent Arandez and four companies of which he is a director.

ASIC sought the orders to preserve funds available for people that might be harmed by Mr Arandez's actions, including individuals and entities who may have invested with Mr Arandez, or paid Mr Arandez for financial services. 

Fazzaco to Launch Business Awards 2022​

4. Institutional FX Trading Volume Declines in May 2022, Moscow Exchange Slips the Most

The trading volumes of leading institutional FX and ECN platforms in May 2022 have been revealed, generally showing an overall decrease, with only two venues reflecting an increase.

The report covers Average Daily Volume (ADV) of institutional FX trading volumes from seven major venues, namely Cboe FX, CLS, Euronext FX, FxSpotStream, Moscow Exchange, Refinitiv and PrimeXM.

5. Invast Global Appoints Rebecca Van Reyk as Executive Assistant to CEO

Invast Global, a leading multi-asset brokerage based in Sydney, has appointed Rebecca Van Reyk as Executive Assistant to CEO.

Before joining Invast Global, Rebecca served in KPMG where she was Senior Personal Assistant, responsible for financial risk management for Partner in Charge, Partner and 2 Directors. Meanwhile, she also acted as Executive Operations Coordinator at the company.

6. Australia's First Online-Only Bank Volt to Shut down

Volt Bank Ltd, the first exclusively online bank to gain an Australian banking licence, said it would shut down, returning deposits and selling its mortgage book after failing to raise sufficient funds to support the business.

Its collapse is a further blow to a business model that the Australian government and regulators promoted heavily after a 2018 inquiry into misconduct in the finance industry led to a loosening of rules for new banking entrants.

7. Embedded Finance Startup Monite Names Alex Akimov as Head of API​

Embedded finance startup Monite has appointed Alex Akimov as Head of API, formerly also Head of API of Adyen, in the latest move in its platform scaling strategy.

An early employee at Adyen, Akimov rose rapidly to become Head of API in 2019, overseeing APIs that processed more than €500 billion in 2021. He brings to Monite the experience and insights gained from scaling an API-led European fintech to global prominence.