Fazzaco Weekly Digest: FXCM UK Rebrands; Executive Turnover in August; CySEC Deregisters Binance Cyprus

Last week seemed to usher in a wave of rebranding for financial companies, with FXCM UK​, Zenfinex and cryptocurrency exchange Huobi​ announcing their brand changes.

Tickmill and ThinkMarkets have launched their new platform applications to meet more of their customers' needs. Besides, Orbex has announced its plans to acquire the the retail business and retail clients from HonorFX, in a move to grow its reach in Asia and beyond.

On the regulatory front, CySEC deleted Binance Cyprus and IQOPTION EUROPE from the list of registered crypto asset service providers, sparking widespread concern in the industry.

Fazzaco summarized some of the data for the month of August, which includes executive turnover at industry companies, as well as spot trading performance on leading cryptocurrency exchanges.

In addition, the leverage trading market in the United Arab Emirates is on the rise, and the competition among traders in the region is worth keeping an eye on.

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. FXCM UK Rebrands to Stratos Markets

Fazzaco learned that Forex Capital Markets Limited, the UK unit of the FXCM Group, has changed its name to Stratos Markets Limited. FXCM is a leading provider of online foreign exchange (FX) trading, CFD trading and related services.

According to the UK Companies House, the FXCM UK has submitted the rebranding documents on September 10, 2023.

2. Tickmill Introduces Its Own Social Trading Platform

Global multi-asset broker Tickmill has recently launched its own social trading platform, Tickmill Social Trading, which is designed to further help sophisticated and regular traders and IBs explore new earning opportunities.

Experienced traders, or Strategy Providers, can share their own strategies with other traders on the social trading platform, and earn Performance Fees on the profits they generate for each Follower. Besides, the trades automatically replicate from the Strategy Provider to the Follower account.

3. CySEC Deletes Binance Cyprus from List of Registered Crypto Asset Service Providers​

The Cyprus Securities and Exchange Commission (CySEC) has deleted crypto exchange Binance from its list of registered Crypto Asset Service Providers (CASP).

In an announcement on Monday (September 11), the regulator stated: "(CySEC) has decided, pursuant to section 61E(5)(b) of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007, as amended, and article 7(1)(a) of Directive for the Register of Crypto Asset Service Providers, to delete the company Binance Cyprus Ltd, with Registration Number 022/22, from the Register of Service Providers of Crypto-assets."

4. Listen to the Article: Brokers Vie for Traders As UAE Leverage Trading Market Outperforms

Leverage trading is a cornerstone notion and a driving factor in the retail forex market, which has seen rapid growth in recent years. This expansion can be ascribed to factors such as low transaction costs, the increasing popularity of online trading platforms, and the ease of mobile trading.

Leverage trading allows traders to borrow funds from brokers, allowing them to execute larger currency bets and, as a result, increase their earnings when foreign exchange rates move in their favor. Leverage trading has become synonymous with forex trading because it allows traders to leverage the power of OPM (Other People's Money).

5. A Dynamic Report of 31 Executives of 34 Brokers & Fintechs Since August 2023​

The calendar has turned to September 2023, and Fazzaco continues to monitor the executive moves of several forex brokers and fintechs in the financial community this year. 

In this article, we present a statistical analysis of the forex executive moves from August 2023 to date (September 11). The data shows that since August, the industry's executive moves have still been mainly driven by hiring, but the number of internal promotions has declined compared to the previous months, and the overall trend still highlights the industry's stable business expansion.

6. Orbex Acquires Retail Clients from HonorFX

Orbex, a leading multi-regulated forex and CFD broker, announced on Tuesday (September 12) a strategic partnership with the regulated offshore Forex broker HonorFX.

According to a spokesperson at Orbex, the company will acquire the the retail business and retail clients from HonorFX, in a move to grow its reach in Asia and beyond. Orbex is one of the leading brokers in the MENA region, and HonorFX has offices in Dubai and Malaysia. Whereas, HonorFX plans to shift its focus towards the institutional business. 

7. Top 10 Crypto Exchanges See Mixed Spot Trading Volume in August, Slight Drop Month-on-Month​

Fazzaco summarized the spot trading volume data of the Top 10 crypto exchanges for the month of August 2023.

From the data, it can be seen that the total spot trading volume of the crypto community in August is still declining, but the overall situation is more complicated. Among the top 10 exchanges in August, six fell month-on-month, while four rose month-on-month. Among them, Upbit and LMAX Digital had larger declines, respectively 47.79% and 36.44%; among the four that rose, only Huobi had a considerable increase, reaching 47.58%.