Fazzaco Weekly Digest: Stocknet Institute Shuts Down Prop Trading Business; British and Italian Regulators Updates; Crypto Spot Volumes See Decline Still Across June; How Will the Next UK Government Envision the Fintech Sector?

Fazzaco continued extensively covering the latest trends in forex, crypto, fintech, and prop trading last week. In addition, we have updated the spot trading volume data of Top 10 cryptocurrency exchanges. Below are some of the most read news and articles from Fazzaco.

Stocknet Institute Shuts Down Prop Trading Business​

Another institute shuts down prop trading business last week. On July 5, Stocknet Institute (SIWorld) has announced its decision to cease operations in prop trading, marking a strategic shift in its business direction. The institute confirmed the closure through official communication on social media platforms, citing a desire to pursue new opportunities aligned with its long-term vision.

UK FCA Issues Warning Against 28 Unauthorized Companies​ & Italian CONSOB Adds 5 New Unauthorized Financial Websites to Its Blacklist​

The UK Financial Conduct Authority (FCA) updated their warning list last week, issued warnings against 28 new companies during June 24-28, 2024 that are soliciting customers in the UK jurisdiction without any licenses or are clones of authorized platforms.

The Italian financial watchdog CONSOB has ordered the black-out of 5 new websites that offer financial services illegally until June 27, according to their updates last week, bringing the total number of websites blacked out to 1,115.

FTMO Bolsters Leadership Team with Strategic Appointments​

FTMO, a prominent figure in the prop trading industry, has made significant additions to its executive leadership team, signaling a robust strategy for expansion and innovation. Recently onboarded are Radek Dyntar as Chief Financial Officer and Eva Svobodová as Chief Legal Officer, both bringing extensive expertise to their respective roles.

Kraken Plans to Go Nuclear to Power Data Centers​

Cryptocurrency exchange Kraken is actively exploring nuclear energy as a potential solution to power its data centers amidst the rapid expansion of the crypto market. Vishnu Patankar, Chief Technical Officer at Kraken, revealed the exchange's strategic consideration of small modular reactors (SMRs) to enhance energy resiliency and support its growing operational demands.

Crypto Spot Volumes See Decline Still Across June, Upbit Drops 44.54%​

Based on spot trading volume data since June 2024, last week Fazzaco compiled the performance of the top ten crypto exchanges. In this month, the crypto market's growth dropped 18.06% compared to last month. All ten exchanges in the article have dropped back to their February level.

How Will the Next UK Government Envision the Fintech Sector?​

​The United Kingdom held its general election last week. The Labour Party achieved a landslide victory, while the incumbent Prime Minister Rishi Sunak's Conservative Party suffered its worst electoral defeat since 1832. Labour leader Sir Keir Rodney Starmer is set to become the next Prime Minister.