Fazzaco Weekly Digest: OANDA Launches Crypto Trading Service; eToro Implements Tax Calculating System; 16 CFD Brokers Banned by FCA

​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. OANDA Launches Crypto Trading Service in the US Following Rebranding

​OANDA, a global leader in online multi-asset trading services, currency data and analytics, has announced the launch of a new cryptocurrency trading offering in the US market, designed to give investors easy access to crypto alongside their existing forex portfolios in a secure environment. The trading ecosystem has been developed in partnership with Paxos Trust Company, a regulated blockchain infrastructure platform.

​The new offering allows US-based investors to spot trade cryptocurrencies on Paxos's itBit exchange through the OANDA mobile platform. Everything from Paxos account opening to funding to trading is managed within the app so investors can access major cryptocurrencies such as Bitcoin, Ethereum and PAX Gold against the US dollar from an intuitive platform.

2. eToro to Implement a Tax Calculating System Enabling Traders to Keep More of Their Cash Dividends

eToro, the world's leading social investment platform, announced the implementation of a tax calculating system which will allow its users to keep more of their cash dividends.

"As investors, we all know how exciting it is to make a profit on investments. And we all know how frustrating it is to see a high percentage of these profits go to taxes," the broker explained.

​3. 16 CFD Brokers Entering TPR in 2021 Banned from Operating in the UK by the FCA

The FCA has placed restrictions on twice as many firms in the investment market compared to last year, as part of its strategy designed to prevent harm in the consumer investment market.

​The restrictions include preventing firms from promoting and selling certain products or providing specific services like advice on defined benefit pension transfers.  

The FCA stopped 17 firms and seven individuals attempting to obtain a new FCA authorisation in the investment market where phoenixing or lifeboating was suspected. This is where firms or individuals try to avoid the consequences of having provided unsuitable advice by moving to or setting up a new firm.  

4. FTX Targets UAE-based Institutional Investors, Extends Reach Across Middle East

FTX is aiming to attract institutional investors in the UAE after being licensed by the Virtual Asset Regulatory Authority (VARA) to operate in the region, according to Dubai media outlet Khaleej Times. On October 17th, CEO of FTX Sam Bankman-Fried expressed his excitement about the approval and the company's upcoming moves to expand the exchange's presence in Dubai.

​Following its approval, the cryptocurrency exchange intends to prioritize bringing institutional investors aboard. The move represents the first step in FTX's takeoff plan in the United Arab Emirates.

5. Stripe Names Meta's Vivek Sharma as Head of Revenue and Financial Management

Stripe has appointed Microsoft and Meta veteran Vivek Sharma as its first head of revenue and financial management.

In the new role, Sharma will oversee an increasingly important part of Stripe's business as it continues to expand beyond payments and become a financial one-stop shop for internet businesses.

6. ADSS Taps KX to Accelerate Its Transformational Growth Strategy​

Abu Dhabi-based ADSS has formed a partnership with KX, a leader in real-time data analytics, to accelerate its transformational growth strategy.

​To support its recently launched transformational growth strategy and offer its clients greater access to liquidity and a broader range of financial instruments, ADSS is making significant investments in partnering with top tier technology providers to develop proprietary data processes and multi-asset trading platforms.

7. Plus500 Set to Launch Social Trading Platform, +Insights​

Fazzaco learned that the global leader in online CFD trading Plus500 is about to roll out its social trading platform, +Insights, which is developed in house, in early November.

Reportedly, +Insights will not deliver "traditional" copy or social trading, but will leverage community driven data to enable users to analyze millions of Plus500 traders' activity in real time, instead.