Fazzaco Weekly Digest: OvalX Is Closing Operations; Ghadeer Ibrahim Joins HonorFX; eToro Secures BitLicense in New York
Take a look at the latest happenings in last week's news digest from around the forex, fintech and crypto industry. Here are some of the top headlines from last week.
1. OvalX Is Officially Closing Operations
Fazzaco learned that OvalX, a spread-betting and CFD provider based in London, is officially shutting down. Reportedly, the Chief Executive Luca Merolla has informed all the staff of the company on Wednesday of the move.
Besides, a customer services executive of OvalX confirmed that the firm will be closed as of the 17th March 2023. "We are offering for some of our clients to transfer their account to Capital.com," noted the exec.
2. Uniswap, the Market-Making Crypto "Unicorn"
Uniswap ranks among the top 10 exchanges in Fazzaco's monthly crypto exchange volume article. Last month's data revealed that Uniswap v3 had a spot trading volume of $26.688 billion in January 2023, representing a M-o-M growth of 74.85% from December 2022's $15.263 billion. However, the data still falls short of November 2022's $36.168 billion.
As of writing, data from CoinMarketCap shows that Uniswap v3's spot trading volume over the past 24 hours was $1,002,873,407.24 (equivalent to 41,276 BTC), with a total trading volume of $1,080,911,172.42 (equivalent to 44,488 BTC).
3. HonorFX Onboards Ghadeer Ibrahim as Head of Market Research and Sales for MENA
HonorFX, a regulated online Forex broker, is thrilled to announce that Ghadeer Ibrahim has joined its team as the Head of Market Research and Sales for the MENA region. Before HonorFX, she worked as a Market Research and Sales Manager at TNFX.
With over 10 years of senior sales experience in the Financial Markets, including Forex, Commodities, and Index, Ghadeer brings a wealth of knowledge and expertise to the HonorFX team.
4. Today Is the Day! Fazzaco Hall of Fame Award Ceremony Happening at 4:00 PM Cyprus Time
Fazzaco is thrilled to announce that today is the day for the much-anticipated Hall of Fame Award Ceremony at Crowne Plaza, Limassol, Cyprus, bringing together a stellar cast of decision-makers and elites from across the financial and fintech sectors.
This exciting ceremony promises to deliver a night to remember with a range of activities that are set to bring our industry more united and entertain our distinguished guests. When you arrive, don't forget to walk the Red Carpet, snap a photo, and sign your name.
5. eToro Secures BitLicense and Money Transmitter License in New York
eToro, the leading social trading platform, announced that its subsidiary, eToro NY LLC's, has secured its money transmitter and virtual currency licenses, the later known as BitLicense, from the New York State Department of Financial Services (NYDFS).
Once eToro NY LLC is officially operational, eToro's virtual portfolio, social investment tools, and trading services of stock, cryptocurrency and options will be extended to customers in New York State, according to the company's announcement.
6. Capital.com Announces Opening of New UK Headquarters in London
Shortly after announcing the acquisition of the client assets from OvalX, a leading spread-betting and CFD provider, forex and CFD broker Capital.com has made another big move by opening of a new UK headquarters in St. James, London.
The 21,000-square-foot custom-designed workspace includes more than 20 meeting rooms, acoustic pods, quiet zones, as well as a metaverse room, and a large seminar room that can accommodate 50 people.
Retail FX deposits at brokerages in the US, one of the most developed investment markets worldwide, notched a decline in December 2022, the Commodity Futures Trading Commission (CFTC) data showed.
The CFTC has published its monthly report, which covers data for FCMs that are registered as Retail Foreign Exchange Dealers (RFEDs) and those included as broker-dealers that hold retail Forex obligations in the United States, namely Gain Capital Group LLC, IG US LLC, Interactive Brokers LLC, OANDA Corporation, CHARLES SCHWAB Futures & Forex LLC and the newest comer Trading.com Markets.
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