PayPal Confirms Crypto, Robinhood Valuation, Twitter Hack: Editor’s Pick

Source: Finance Magnates 2020-07-20

In a busy week of news, let’s take a look at the stories that dominated the forex, fintech and crypto spheres, in our best of the week segment.

PayPal Confirms Development of Crypto Capabilities

Gaining the most traction in this week’s news cycle was PayPal, confirming that it is working to bring crypto capabilities on its platform.

The revelations were made in a letter to the European Commission in March, responding to the body’s public consultation on its proposed framework of crypto-assets.

Robinhood Now Worth $8.6 Billion After New $320 Million Funding Round

As Finance Magnates reported, Robinhood has secured a $320 million at an $8.6 billion valuation in a round led by previous investors as well as new backers including TSG Consumer Partners and IVP.

Earlier in May, the popular app had landed an $8.3 billion valuation after it raised $280 million in Series F funding. The round was led by Sequoia Capital, one of Silicon Valley’s biggest venture investors, and was joined by returning investors, including NEA, Ribbit Capital, 9Yards Capital, and Unusual Ventures.

LMAX Group Reports Record Results

LMAX Group, an independent operator of institutional execution venues for FX and cryptocurrency trading, revealed record results for the six months ended 30 June 2020.

Highlights of the H1 results included a 10% increase in Gross Profit from the same time last year and FX Trading volumes increasing 33% from H1 2019.

Hacker Gains Control of Binance, Bitfinex and CoinDesk Twitter Accounts

In the well-publicized Twitter hack, Finance Magnates reported that the social media accounts of at least six crypto exchanges and media outlets were also temporarily taken over on Wednesday afternoon. Outside the crypto domain, Bill Gates and Elon Musk had their Twitter accounts hijacked as well.

Binance’s CEO warned Twitter users of the scam within a few minutes of the hack, but his warning was hidden and blocked by the hackers, and then his handle itself was hacked.

FCA Slammed by its Watchdog over Complaints Handling

The UK financial markets regulator, the FCA, has found itself in hot water over significant shortcomings in handling of investors’ complaints as its relevant capacity were not coping with “the volume and complexity.”

In a report published by the Complaints Commissioner Antony Townsend, the City watchdog was criticised for not expanding its complaints team that had been “inadequately resourced and put under stress.” Townsend also noted the situation had “considerably worsened” over the past year and slammed the FCA for failing to consult on improving the complaints scheme, including clarity on compensation.

Malaysia Flags Binance, eToro as ‘Unauthorized’ Firms

As Finance Magnates Reported this week, the Securities Commission of Malaysia (SC) has added crypto exchange Binance to its list of unauthorized firms operating in the country.

“Operating a recognized market without authorization from the SC,” the regulator noted in its remarks.

Along with Binance, the SC has added nine other financial companies including eToro, OctaFX, FintechFX, and Fis Fidelity Solution to the list.

Paypal

Robinhood

twitter hacker

PayPal Confirms Crypto, Robinhood Valuation, Twitter Hack: Editor’s Pick

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