Fazzaco Weekly Digest: Official Closure of True Forex Funds; ICM.com to Relinquish FCA License; PrimeX Broker Names Chief Commercial Officer
Last week, the industry was abuzz with news of the permanent closure of the prop trading platform True Forex Funds. This development received widespread attention. Simultaneously, ICM.com, a reputable brokerage regulated in multiple regions across the globe, applied to revoke its British license, sparking public discussions about its operations.
Amidst these developments, several of their counterparts have been actively expanding their businesses. In a recent move, the US electronic trading giant Interactive Brokers launched crypto trading in the UK, while crypto Titan Binance introduced spot copy trading. United Fintech also extended its presence in the UAE by opening a new office in Dubai.
Furthermore, the industry has been witnessing notable senior-level changes at well-known financial services providers. Companies such as PrimeX Broker, 26 Degrees, Capital.com, and Flagstone have been making headlines with significant leadership changes.
Here are the related details, as well as some of the most read forex, crypto, fintech, and prop trading news pieces and articles from Fazzaco over the last week.
1. Prop Trading Platform True Forex Funds Announces Official Closure
After a series of regulatory warnings, license revocations, operational suspensions, and service resumptions, Hungary-based prop trading firm True Forex Funds has announced the permanent closure of its platform.
The True Forex Funds website now prominently displays a notice stating the following: "We regret to inform you that True Forex Funds has ceased all operations and will be closing permanently due to financial insolvency."
A recent report on financial crime and compliance for 2023-2024, unveiled by UK-based fintech Sanction Scanner, sheds light on significant gaps in understanding anti-money laundering (AML) regulations within the financial sector. Surprisingly, only 4% of interviewed financial institutions are "Very confident, no clarity needed" regarding their knowledge of AML regulations.
Sanction Scanner's survey, which polled over 400 respondents from 50 countries, reveals concerning insights.
3. PrimeX Broker Appoints Mubashar Saeed as Chief Commercial Officer
PrimeX Broker, a certified ECN broker, announced the appointment of Mubashar Saeed as the new Chief Commercial Officer. With an illustrious career spanning over 14 years in the Marketing & Sales, Mubashar brings invaluable expertise and strategic vision to the PrimeX team.
Prior to joining PrimeX Broker, Mubashar served as the Global Head of Marketing at GTCFX, where he spearheaded innovative marketing campaigns and played a pivotal role in enhancing the company's brand presence on a global scale.
4. ICM.com Seeks FCA License Cancellation
Fazzaco has learned that ICM.com, a British retail FX and CFD broker, has submitted a request to the Financial Conduct Authority (FCA) to cancel the license of its British subsidiary, ICM Capital Limited (reference no. 520965). The specific reasons for this request have not been disclosed.
According to the information retrieved from the FCA website, ICM Capital Limited has been in possession of an FCA license since November 8, 2010. However, on May 15, 2024, the company applied for the cancellation of its license.
5. Interactive Brokers Introduces Crypto Trading in UK
Following the launch of Hong Kong Spot Bitcoin and Ether Exchange Traded Products (ETPs) available to trade on the Hong Kong Stock Exchange, US electronic trading giant Interactive Brokers has introduced crypto trading in the United Kingdom.
Individual and institutional investor clients of the U.K. arm of Interactive Brokers, Interactive Brokers (U.K.) Limited, including financial advisers, can now trade crypto assets such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash, in addition to the broad range of investment products available through Interactive Brokers from a single unified platform.
6. United Fintech Grows Reach in UAE with New Office in DIFC
United Fintech is increasing its global presence with the opening of a new office in the Dubai International Financial Centre (DIFC). This strategic expansion into the UAE, spearheaded by Athena, one of United Fintech's partner companies, is a response to robust market demand and underscores the UAE's critical role as a hub for financial technology.
United Fintech is an industry-neutral Digital Transformation platform which enables banks and Financial Institutions to accelerate access to a range of innovative fintechs specialising in capital markets. This latest development from United Fintech builds on its mission to drive digital innovation, offer transformative solutions and enhance the capabilities of Financial Institutions worldwide.
7. Binance Introduces Spot Copy Trading
Following the launch of Futures Copy Trading in October 2023, crypto giant Binance has rolled out Spot Copy Trading, expanding the concept of Copy Trading on Binance beyond futures, and bringing it to the spot markets.
This new offering is available on both the Binance website and Binance App. Users (i.e., "Copy Traders") in eligible regions may start replicating the real-time Spot trading strategies of experienced and skilled traders (i.e., "Lead Traders'') seamlessly via Copy Trading, notes the crypto firm in an announcement.
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