Find out firms caught in chaos, CZ’s 10-year sentence

In this week’s roundup, we continue to touch upon the recent chaos in the prop trading industry, where unexpected technology shifts and regulatory changes have added extra layers of intrigue and challenge to an already complex landscape.

FX Markets

BlackBull denies losing MetaQuotes license after Funding Pips closure

MetaQuotes, the developer behind the popular MT4 and MT5 trading platforms, is intensifying its scrutiny over brokers and proprietary trading firms servicing US clients. This shift in policy has already led to disruptions, most notably the sudden closure of trading services by the prop firm Funding Pips and swirling rumors about Blackbull’s MetaQuotes license status. Read More

Traddoo CEO on how US prop trading chaos will play out

In the midst of quite uncertain times within the proprietary trading space, Dylan Worrall, co-Founder and CEO of Traddoo, has shared insights into the firm’s strategic responses to recent challenges. Read More

Funding Pips CEO blames MetaQuotes for business closure

Khaled Ayesh, CEO of the prop trading firm Funding Pips, addressed the abrupt cessation of their services, stating that all payouts would be processed, and losses compensated as soon as operations resume. Read More

Eightcap shuts door on prop firms, ThinkMarkets to follow

MetaQuotes, the developer of the MT4 and MT5 trading platforms, continues to tighten its oversight, directly impacting brokers and proprietary trading firms servicing US clients. Read More

OANDA US CEO Jessica Beckstead expands role as Head of FX Data Services

Jessica Beckstead has taken on a new role at OANDA, expanding her leadership responsibilities as the Head of FX Data Services, in addition to her position as the CEO of OANDA US. Read More

CySEC removes Brokereo from compensation fund following CIF license withdrawal

As CySEC explained, Brokereo clients can still claim compensation in relation to investment operations carried out until the loss of membership status. Read More

Fintech in Crossfire: How Israel-Hamas conflict impacts the “startup nation”

The Israel-Hamas conflict had a multi-dimensional impact on the fintech and broader tech industry in Israel and elsewhere, affecting workforce availability, business operations, financial outlooks, and the long-term strategic planning of relevant companies in the region. Read More

Eightcap clarifies ties with prop firms, The5ers pauses US trader sign-ups

Eightcap CEO Alex Howard has come forward to set the record straight amid a flurry of speculation regarding their business with prop firms. Meanwhile, prop trading firm The5ers announced a major shift in its approach to US traders. Read More

DriveWealth announces real-time execution 24 hours a day

Brokerage-as-a-Service” platform DriveWealth has partnered with Blue Ocean Technologies, LLC (BOT) to expand real-time access and connectivity for global brokers. Read More

Valentine’s Day: Binance warns of romance scams like ‘pig butchering’

In the United States, reports of such scams to the Federal Trade Commission jumped from 11,235 cases in 2016 to 52,593 by 2020, a 368% increase. Read More

Financial Commission warns of fake funds recovery/chargeback offers

The Financial Commission (FinaCom), a key external dispute resolution (EDR) body for the financial services sector, alerted the public to a scam involving fake FinaCom representatives. Read More

Revolut “super app” introduces eSIM for roaming in +100 countries

British fintech firm Revolut has introduced a new eSIM service, enabling users to roam easily in over 100 countries. Read More

Crypto Markets

SEC v. Ripple: XRP Holders’ John Deaton may run for US Senate against Elizabeth Warren

XRP Holders’ John Deaton is contemplating a run as a Republican in the upcoming US Senate race against Democrat Elizabeth Warren, as reported by the Boston Globe, who spoke with GOP insiders familiar with Deaton’s intentions. Read More

Bybit opens office in Amsterdam via Dutch-regulated crypto provider SATOS

Bybit has announced its plan to open an office in Amsterdam through a strategic partnership with SATOS, a licensed Virtual Asset Service Provider (VASP) recognized by De Nederlandsche Bank (DNB), the Dutch central bank. Read More

New York now claims DCG lawsuit is a $3 billion crypto fraud case

New York Attorney General Letitia James escalated her legal battle against cryptocurrency giant Digital Currency Group (DCG), accusing the firm and its CEO Barry Silbert of defrauding investors out of an additional $2 billion. Read More

MicroStrategy’s Bitcoin holdings surpass $10 bln, profit tops $4 bln

MicroStrategy, the software giant turned bitcoin heavyweight, has seen its bitcoin investment vault over the $10 billion mark as bitcoin prices soared to nearly $53,000 today. Read More

US agency flags security flaw in Binance self-custody wallet

The US National Institute of Standards and Technology (NIST) has pinpointed a critical vulnerability in the iOS version of the “Binance Trust Wallet.”. Read More

PlayDapp suffers $300 million exploit, hacker minted 1.59B tokens

The PlayDapp gaming platform and its associated NFT marketplace have been hit by a security exploit, leading to the unauthorized creation and theft of PLA tokens valued at millions of dollars. Read More

Prosecution seeks 10-year sentence for Binance’s CZ

The Seattle federal court has announced a new sentencing date for Changpeng Zhao, the founder and former CEO of the cryptocurrency exchange Binance. Originally scheduled for February 23, Zhao’s sentencing on charges related to money laundering has now been moved to April 30. Read More