Fazzaco Weekly Digest: UK's New Crypto Regulations to Be Effective; MetaQuotes Updates MT5; Exness' Active Clients Hit New High in September

Last week, financial services providers such as Exness, NAGA, Tradeweb and MultiBank Group​ released their latest monthly trading data.

In the trading space, MetaQuotes has updated its MT5 platform to Build 4000 at the beginning of this month, providing improvements to the new trading report and the Web Terminal. 

In fintech, Canadian payment technology company Nuvei announced the establishment of an operational hub in China, an important step in its continued expansion in the APAC region.

The development of the crypto industry has also attracted much attention. Among them, the entry into force of the new British crypto regulations has had a great impact on the local and global crypto landscape.

In addition, the change of name of FXCM Australia to Stratos Trading has also caused widespread concern in the industry.

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

1. UK's New Crypto Regulations to Be Effective on October 8, 2023​

Global cryptocurrency exchanges are rushing to meet the latest regulations introduced by the UK's Financial Conduct Authority (FCA), effective 8 October 2023, with broad implications and heavy penalties for those who do not comply.

The incoming financial promotion rules include strict marketing guidelines that explicitly prohibit firms from engaging UK audiences unless registered with the FCA as a cryptoasset firm. To date, only 41 companies appear on the FCA's list of registered cryptoasset firms. Activities including the exchange of cryptoassets, tailored landing pages, sponsored reviews, and app listings for UK customers, are likely to fall under guidelines.

2. CMC Connect Broadened CFD Offerings by Adding 70+ New UAE Stocks

CMC Connect, the institutional business division of the UK's spread betting company, has enhanced its services by introducing contracts for difference (CFD) for more than 70 additional UAE stocks.

This expansion widens the investment opportunities accessible to CMC Connect's Middle Eastern market users. The inclusion of stock CFDs not only extends the trading capabilities for the brokers' clientele but also attracts more traders seeking to diversify their trading options.

3. MetaQuotes Updates MT5 to Build 4000​

MetaQuotes has updated its MetaTrader 5 platform to Build 4000. The new version provides improvements to the new trading report and the Web Terminal.

The following is a detailed introduction to the optimization.

4. Exness' Active Clients Hit New High in September 2023

The global leader in multi-asset trading Exness has delivered another strong performance for the month of September 2023, with monthly client trading volumes on the platform next only to August's record.

The client trading volumes reached $4.437 trillion in September, compared to $4.521 trillion in the previous month. This was once again contributed by a record number of active clients at Exness, which came in at 653,593 in total, rising 4 percent from August's prior best at 625,626.

5. Nuvei Established New Office in China, Growing Its Presence in APAC Region​

Nuvei Corporation, a Canadian fintech company listed on Nasdaq and TSX, has unveiled its latest operational hub in China as part of its ongoing expansion efforts in the Asia-Pacific (APAC) region. 

Philip Fayer, Nuvei's Chairman and CEO, expressed excitement about this development: "We're thrilled to add an office in China to our global footprint as we continue to build our services in APAC. Ecommerce businesses rely on payments partners with global reach as well as local market expertise when they scale internationally. Our increased presence will enable businesses in APAC to enter new markets as we build on our existing regional expertise."

6. Binance Assisted Thai Police in Confiscating $277M Linked to Crypto Scams

Binance, the world's leading cryptocurrency exchange, has collaborated with the Royal Thai Police's Cyber Crime Investigation Bureau (CCIB) to assist in cracking down on criminal networks utilizing digital assets for illicit financial activities. Binance's Investigations team provided valuable information to aid the CCIB in apprehending individuals involved in significant cryptocurrency scams.

Thanks to the information shared by Binance and HSI, the CCIB successfully arrested five key members of the criminal organization and seized assets valued at approximately THB 10 billion ($277 million). These assets included luxury cars, properties, land, and various high-end belongings. Following these developments, more than 3,200 individuals have come forward seeking restitution.

7. FXCM Australia Becomes Stratos Trading​

Fazzaco learned that FXCM Australia, the Australian branch of FXCM, a leading provider of online foreign exchange (FX) trading, CFD trading and related services, has changed its name to Stratos Trading Pty. Ltd.

The rebranding occurred in late September, reflected in the Australian Securities and Investments Commission (ASIC)'s registers.