More prop firms down, CoinDesk CEO out

Welcome to this week’s roundup, where we delve into the latest developments in the Forex, Fintech, and cryptocurrency markets. Stay ahead of the curve with our comprehensive overview of the week’s most impactful events and trends across these dynamic sectors.

We kick off our tour with a close look at the prop trading industry, highlighting the latest challenges and setbacks that have surfaced.

True Forex Funds follows My Forex Funds? Investors fear another scam exit

Proprietary trading firm True Forex Funds today announced a “temporary halt” to its services. The company said this move comes in the wake of MetaQuotes, the developer of the widely-used trading platforms MT4 and MT5, terminating True Forex Funds’ licenses. Read More

FPFX Tech accuses prop firm Funded Engineer of fraud, wash trading

Retail prop trading tech provider FPFX Technologies, LLC (FPFX Tech), has terminated its licensing agreement with the prop firm Funded Engineer following an internal audit. Read More

Prop firm Funded Engineer responds to fraud allegations

In the wake of FPFX Technologies, LLC’s (FPFX Tech) decision to terminate its licensing agreement with Funded Engineer—a move detailed in a prior article citing allegations of fraudulent activities—Funded Engineer has issued a series of updates addressing the situation. Read More

B2Broker integrates Tools for Brokers for an enhanced brokerage experience

B2Broker has announced a strategic partnership with Tools for Brokers (TFB), a company specializing in providing top-tier solutions to brokers, liquidity providers, prop trading agencies, and hedge funds. Read More

NFA fines Lime Trading $100,000 for untimely regulatory reporting

The National Futures Association (NFA) has ordered Lime Trading to pay a $100,000 fine over failing to file various required financial reports and notifications timely with the US regulator, as well as failure to supervise. Read More

Webull launches low-cost brokerage in Brazil

Webull has officially announced its expansion into the Brazilian market, marking a significant milestone for the low-cost trading platform which boasts over seven years of experience in global markets, more than 40 million global downloads, and brokerage services in ten countries. Read More

CMC Markets stock rallies as brokerage firm prepares to slash 17% of workforce

CMC Markets, a London-listed online trading platform, announced on Monday a reduction of its global workforce by approximately 200 positions. This cut represents 17% of its total staff, following the completion of a cost review. Read More

Alpari and FXTM renounce their Financial Commission membership

The Financial Commission today announced that FX brokers Alpari and FXTM have renounced their membership status as a result of their voluntary withdrawal. Read More

Saxo Bank parts ways with UK CEO Charlie White-Thomson

FCA-regulated broker Saxo Markets UK Ltd., the UK subsidiary of Saxo Bank A/S, is parting ways with its long-serving chief executive Charlie White-Thomson. Read More

Over 91% of US retail investors are bullish on US stocks, Monex survey

A survey conducted by Monex revealed significant optimism among retail investors in the U.S., Japan, and China (Hong Kong) regarding U.S. stocks. Read More

Let’s now pivot to explore the cryptocurrency market more closely

CoinDesk CEO and top execs depart after Bullish buyout

Kevin Worth, the long-serving CEO of CoinDesk, is stepping down as part of a major restructuring by the media, events, and information company’s new owner. Read More

Several crypto trading platforms in Hong Kong at risk of shutting down

Several cryptocurrency trading platforms operating in Hong Kong are facing the prospect of closure as the regulatory deadline set by the Securities and Futures Commission (SFC) approaches. Read More

B2C2 secures Luxembourg’s VASP license for OTC spot crypto services

B2C2 has recently received regulatory approval to operate in Luxembourg, enhancing its presence in the European Union as the Markets in Crypto-Assets (MiCA) regulation is set to come into effect by the end of 2024. Read More

Adyen, Marqeta, and Plaid to explore using Ripple XRP in US

Ripple, a leading blockchain company, is set to expand its payments business in the United States, moving beyond its current focus where 90% of its business is outside the U.S. Read More

DCG says Genesis repayments to exceed owed amounts

DCG’s contention centers around Genesis’s plan to offer its customers “additional payouts” that reflect the increased value of cryptocurrencies since January 2023, when Genesis filed for bankruptcy. DCG argues that such payouts exceed what customers and creditors are legally entitled to under U.S. bankruptcy law. Read More

SEC and NASAA hit TradeStation with $3M fine over crypto products

TradeStation Crypto has agreed to settle charges with the Securities and Exchange Commission (SEC) for failing to register a crypto lending product that offered investors the opportunity to earn interest on their deposits. Read More

Bakkt business faces uncertainty, seeks $150M in securities sale

Digital asset firm Bakkt, which is owned by Intercontinental Exchange (ICE), is facing cash shortage and other financial difficulties, signaling it might struggle to continue operations. Read More