Industry Dynamics Involving Kraken, JPMorgan and FTX; Crypto Mining Legalized in Russia; B2B Hub Scam Pt.1

Fazzaco continued extensively covering the latest trends in forex, crypto, fintech, and prop trading last week. In addition to the news, we've published the scam-exposure article, "Alleged B2B Hub Scam Pt. I: A Forex Licensing Nightmare".

Below are news and articles for the Fazzaco's last week recap.

Kraken Re-enters Australian Market with Crypto Derivatives after Regulatory Setback

Kraken has officially returned to the Australian market, offering crypto-based derivatives products following a previous regulatory issue with the local financial authorities. The US-based crypto exchange faced a setback after the Australian Securities and Investments Commission (ASIC) accused it of violating rules by offering fiat-backed margin trading. The court upheld the regulator's stance, ruling that Kraken's fiat products had breached local laws. However, crypto-based derivatives, which were not part of the violations, were left unaffected by the ruling.

Russia Takes Bold Step in Legalizing Crypto Mining​

Russia has officially legalized cryptocurrency mining, taking a decisive step toward integrating digital assets into its economy. President Vladimir Putin has signed a new law recognizing crypto mining as a legitimate activity, but with strict regulations. This move aims to establish a structured and controlled environment for digital currency mining, while allowing the country to capitalize on the global growth of the cryptocurrency market.

JPMorgan CEO Dispels Speculation About Role in New Trump Administration

JPMorgan Chase CEO Jamie Dimon has confirmed his intention to remain at the helm of the U.S.'s largest bank, ending speculation about his potential involvement in Donald Trump's incoming administration. Dimon, 68, has led JPMorgan for nearly 19 years and is widely regarded as one of the most influential figures in corporate America.

Former FTX Co-Founder Gary Wang Seeks No Jail Time​

Gary Wang, co-founder of the embattled crypto exchange FTX, has asked for a non-custodial sentence in the wake of his cooperation in the conviction of his former partner, Sam Bankman-Fried. Wang, who is set to face sentencing on November 20, played a central role in the prosecution's case, providing testimony that revealed details of the internal operations and illicit practices that contributed to FTX's collapse.

Top 10 Crypto Exchanges See Rebound in Spot Volumes Across October, Total Rises 15.95% Monthly

Based on spot trading volume data since October 2024, Fazzaco has compiled the performance of the top ten crypto exchanges. In this month, the crypto market's growth rose 15.95% compared to last month, bouncing back from September's US$750.44 billion to this month's US$870.16 billion.

Alleged B2B Hub Scam Pt. I: A Forex Licensing Nightmare​

In September 2024, shortly after Fazzaco launched the new "Whistleblower & Intelligence" feature, a grievance letter was sent to our e-mail inbox. Sent from a forex brokerage startup, the informant complained about a disturbing experience with a company named FX B2B Hub Ltd (now rebranded B2B Hub).