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
