Fazzaco Weekly Digest: Hantec Launches Prop Trading Firm; Admirals CEO Departs; Spot Volumes Rise for Top 10 Crypto Exchanges in December
With the rise of the prop trading industry, Hantec Group established its prop trading firm, Hantec Trader, last week to cater to more diverse trading needs. Meanwhile, fintech company Brokeree Solutions also launched Prop Pulse, a new solution designed for prop trading operations, to empower brokerages to enter the world of prop trading.
In addition, a number of personnel changes occurred last week, with many industry-leading companies including Hawk AI, Admirals, IG, Markets.com, and Nomura announcing their latest senior management changes.
In terms of payment, Elon Musk's social media platform, X, secured a new Money Transmitter license in the 17th U.S. state, bringing it a step closer to its goal of making X an "everything app".
As for the crypto industry, the U.S. SEC's recent approval of the first U.S.-listed Bitcoin spot ETFs has sparked heated industry discussions. Fazzaco offers an in-depth analysis of the ambivalence of the country's regulators towards the crypto industry.
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. Hantec Group Launches Global Proprietary Trading Firm Hantec Trader
Global holding company Hantec Markets Holdings Limited (Hantec Group) has announced the launch of Hantec Trader, its proprietary trading firm. Hantec Trader will allow both aspiring and experienced traders to trade a wide range of asset classes in a live trading account, where the company provides the balance.
Hantec Trader gives traders the opportunity to trade the markets, develop their strategies and earn without any downside risk, said the Group.
2. Hawk AI Hires HSBC vet Michael Shearer as Chief Solution Officer
German RegTech Hawk AI has brought in HSBC compliance veteran Michael Shearer as chief solution officer.
Founded in 2018, Hawk AI's surveillance platform helps financial institutions detect and prevent fraud and money laundering. The firm, which raised $17 million in Series B funding last year, counts Banco do Brasil Americas, Mambu, Visa, and Lexis Nexis among the firms it has worked with.
3. Admirals Sees Departure of CEO and Executive Director Cyprus
Admirals Group AS, an Estonia-based Retail FX and CFDs broker, is making significant changes to its leadership. The company's longtime CEO Sergei Bogatenkov, and Executive Director Cyprus Andreas Ioannou will leave, effective from February 29, 2024.
The changes came after that Admirals Group experienced 51% yearly slump in net trading income in the fist half of 2023, and incurred a net loss of EUR 4.8 million.
Based on spot trading volume data since December 2023, Fazzaco has compiled the performance of the top ten crypto exchanges. In this month, the crypto market continues the growth that began in November, with all exchanges among the top ten achieving a month-over-month increase in trading volume.
The largest increase was seen in Gate.io, with a staggering 66.08% growth, while the smallest increase was from Upbit, at 1.12%. The average increase across the top ten reached 35.50%, which is lower than last month's average growth rate of 62.97%.
5. Listen to the Article: SEC Says Yes to Spot BTC ETF, But Not Everyone Is Happy
On January 10, Fazzaco learned that the U.S. Securities and Exchange Commission (SEC) approved the first U.S.-listed exchange traded funds (ETFs) to track bitcoin, in a watershed for the world's largest cryptocurrency and the broader crypto industry.
The approval of spot BTC ETFs has been a long-awaited breakthrough, after a decade of regulatory hurdles. So, what does this approval mean for the crypto community? Why did the regulator give the green light this time? And what are the mixed feelings in the crypto community?
6. Musk's X Obtains Its 17th Money Transmitter License in Virginia
Social media platform X received approval for a money transmitter license in Virginia, the 17th U.S. state to grant approval, as the Elon Musk-owned company advances efforts toward introducing payment features.
The Virginia license allows X to facilitate money transfers electronically as of Tuesday, according to the Nationwide Multistate Licensing System & Registry, an online database.
7. Poland to Regulate Digital Assets By the End of 2024
The Polish Financial Supervision Authority (Komisja Nadzoru Finansowego, KNF) is reported to start regulating digital assets by the end of 2024.
According to local government sources, the Polish government plans to propose a regulatory bill for digital assets in the second quarter of this year, which will establish clear legislative frameworks and grant KNF with new power to impose financial penalties on crypto companies.
Subscribe Now
