Last Week Recap: Updates on Saxo Australia & Alpari, Ethereum & Stablecoin; FCA Prop Trading Regulations, CFTC June Report

Fazzaco continued extensively covering the latest trends in forex, crypto, fintech, and prop trading last week. The below is the selected highlights of last week.

Ethereum Developer's Detention in Turkey Sparks Industry Debate

An Ethereum developer known by the pseudonym "Fede's Intern" has been detained in Izmir, Turkey, over allegations of "misuse" of the Ethereum blockchain network. Authorities have not yet specified the exact nature of the alleged misconduct or confirmed whether formal charges have been filed.

Saxo Australia Rebrands to Totality with No Change to Client Asset Safeguards

Saxo Australia has rebranded as Totality, with its website now redirecting to the new platform. The updated "About us" section states that Totality aims to serve as "Australia's global broker for global minds," offering access to a broad range of investment products including stocks, ETFs, bonds, and foreign exchange.

UAE to Roll Out Digital Dirham in Phased Launch

The Central Bank of the United Arab Emirates (CBUAE) has confirmed it is preparing to introduce the Digital Dirham, a central bank digital currency (CBDC), following several years of development. The bank stated that the currency aims to strengthen the financial system's resilience, improve efficiency, and expand financial inclusion.

Indian Authorities Freeze Zara FX Accounts in Forex Probe

India's Enforcement Directorate (ED) has conducted raids on multiple locations linked to Zara FX - now operating under the name Zarvista Capital Markets - and frozen bank accounts containing approximately INR 39 million (USD 445,000), alleging the broker was operating an unlicensed forex trading scheme within the country.

Alpari Launches Overhauled Trading Platform

Online trading company Alpari has introduced its redesigned trading platform, concluding a development process that the firm says lasted more than two years and required an investment of over $3 million. The update is positioned as a step toward simplifying the trading process while improving performance and real-time insights for users.

Prop Trading Puts the FCA in a Regulatory Bind

Prop trading has been making increasingly loud waves across the global financial scene in recent years: social media feeds are flooded with profit screenshots, trading challenges with sky-high leverage are popping up everywhere, and "risk-free" profit-sharing promises are drawing in retail traders and aspiring professionals alike. Yet beneath the buzz, top regulators such as the FCA, ASIC, and MAS have begun to quietly turn up the heat - watching, questioning, and even discreetly probing the sector.

But when the business model runs on simulated accounts and "no real money changes hands," can they truly step in? Drawing from on-the-ground insights, Fazzaco breaks down the three regulatory dilemmas of the prop model and, through the lens of the My Forex Funds case, explores where the real boundaries might lie.

Latest CFTC Report Shows Retail Forex Funds in US Drop 5.49% in June 2025​

The latest monthly report released by the US Commodity Futures Trading Commission (CFTC) indicates a drop in retail forex deposits for June 2025 compared to May. The total volume across six institutions decreased by 5.49% month-over-month, amounting to $479,475,934.