Fazzaco Weekly Digest: MT4/5 Removed from Indian Google Play Store; Timeline of the "February Diaspora" of Prop Firms; Leadership Changes in Admirals

Last week, the popular trading platforms MT4 and MT5, owned by MetaQuotes, were blocked from the Indian Google Play Store, sparking widespread industry attention. This delisting is likely a result of the local central bank's recent crackdown on unregulated trading platforms.

Proprietary trading firms, which have also faced significant crackdowns recently, underwent a major platform "great migration" in February, transitioning from the previous MT4/MT5 to alternative platforms like cTrader, DXTrade, and even lesser-known options such as TradeLocker. This shift was prompted by industry restrictions imposed by U.S. regulators and MetaQuotes. Notably, prop trading firms like Blue Guardian have opted to acquire brokers to reduce their reliance on third-party platforms.

Turning our attention to brokers, U.S.-based online broker OANDA has announced plans to launch a cryptocurrency trading platform in the UK, marking a further expansion of its crypto business. Conversely, the multi-asset investment platform Public is winding down its operations in the UK market with plans to focus on its US business.

Additionally, changes in senior management have drawn industry-wide attention. Last week, renowned companies including Admirals, ATFX, Equinix​, and MarketAxess​ all announced alterations in their C-level leadership. 

Here are the related details, as well as some of the most read forex, prop trading, and fintech news pieces and articles from Fazzaco over the last week.

1. MT4 and MT5 Removed from Indian Google Play Store

Popular trading applications MetaTrader 4 (MT4) and MetaTrader 5 (MT5) have recently experienced accessibility issues in India, an important market for MetaQuotes, as it hosts one-fifth of global retail investors. According to local media reports, these trading platforms, owned by MetaQuotes, have been blocked from the Indian Google Play Store.

Last weekend, an Indian Youtuber (Forex Salary) with more than 100,000 subscribers posted a video in which he searched for several popular trading applications in the Android app store on his mobile phone. He discovered that both MT4 and MT5 had been removed and banned from the Indian version of the app store. In addition, XM and Tickmill also showed as "isn't available" or had no results in the store.

2. Admirals Group Founder and Supervisory Board Chairman Takes over as CEO​

Alexander Tsikhilov, Chairman of the Supervisory Board of Admirals Group AS, has confirmed changes in the Group's leadership structure following the resignation of two members of the Admirals Management Board on Wednesday, 17 January 2024. 

Sergei Bogatenkov, Chief Executive Officer and Chairman of the Admirals Group AS Management Board, and Andreas Ioannou, Chief Operating Officer and Management Board member, noted their intent to resign from their respective roles and their imminent departure from the company to pursue separate professional goals. Their resignations will take effect on 29 February 2024. 

3. A Timeline of the "February Diaspora" of Prop Firms​

February is the shortest month of the year, but this particular one surely has been the longest for the proprietary trading community. With MetaQuotes taking a hardline approach in February to sever white-label prop firms from using its MetaTrader 4 and MetaTrader 5 platforms, there has been an explosion of US-based companies announcing suspensions of business.

Below is a timeline compiled by Fazzaco based on our news library since February 7.

4. UK Prop Trading Firm Blue Guardian to Acquire ASIC-Regulated Broker

Fazzaco has learned that Blue Guardian, a UK-based Prop trading firm, is set to acquire an Australian Securities and Exchange Commission (ASIC) regulated broker to obtain a local license. This strategic move will enable the company to offer trading services directly to their clients without relying on third-party brokers.

Blue Guardian CEO Sean Bainton announced on X on Saturday morning, "Next week, I will be acquiring an ASIC regulated broker exclusively for my companies. This partnership is unique because it's exclusive to us, meaning we reduce the risk of shutdowns that other brokers in prop space might encounter."

5. Online Trading Broker Public Exiting UK Market​

US-based multi-asset investing platform Public is winding down its operations in the UK market after its launch in the country last July.

The company is shutting down in the UK as of May 3, 2024, according to an email by Public to its registered UK users (seen by London news site City A.M.). All UK accounts will be closed after April 2024.

6. OANDA Introduces FCA-Registered Crypto Trading Platform in the UK

U.S.-based forex pioneer OANDA is opening a cryptocurrency trading platform in the UK, registered with the country's regulator, the Financial Conduct Authority (FCA), based in London and dubbed OANDA Crypto.

It's the summation of last year's acquisition of a majority stake in FCA-registered crypto firm Coinpass, and will offer trading in over 63 cryptocurrency pairs, including Bitcoin, Ether, and Ripple, with plans to add more tokens and features over the course of the year, the company said.

7. eToro Records $630M Revenue in 2023, Considers IPO​

Fazzaco learned that eToro, Israel-based multi-asset trading and investing platform, generated revenue of $630 million in the full year of 2023, remaining almost flat with $631 million in the prior year.

EBITDA for the year was more than $100 million, representing an impressive margin for a retail brokerage business.