After nearly two decades as a leading CFD broker, XTB is now working to transform into a comprehensive financial platform. CEO Omar Arnaout revealed that while CFDs still account for 98% of the company’s revenue, its vision is to develop a “super app” that caters to broader financial needs. This shift reflects the evolving profile of retail investors, who are increasingly drawn to stocks and ETFs, a trend far removed from the landscape of a decade ago.
Coinbase Acquires BUX’s Cyprus Unit
Coinbase, the US-based cryptocurrency exchange, has acquired the Cyprus operations of BUX and rebranded the unit as Coinbase Financial Services Europe. The acquisition grants Coinbase a Cyprus Investment Firm (CIF) license, enabling it to offer CFD products and expand its reach across the European Economic Area (EEA). Yorick Naeff, CEO of BUX, expressed satisfaction with the deal, highlighting Coinbase’s leadership in the crypto industry.
FTX EU Ownership Dispute
FTX’s European branch has become the center of a contentious acquisition dispute. Backpack, a lesser-known cryptocurrency exchange, announced it had acquired FTX EU, citing German court records to back its claim. However, FTX’s bankruptcy estate quickly denied the legitimacy of the sale, asserting that the transaction had not been approved by the courts. The controversy continues as Backpack insists the deal was finalized in mid-2024.
Kazakhstan Cracks Down on Illegal Crypto Exchanges
Kazakh authorities blocked more than 3,500 unauthorized cryptocurrency exchanges in a crackdown aimed at enforcing digital asset regulations. The joint operation led to the seizure of over $113 million in assets and highlighted the country’s efforts to regulate its burgeoning crypto market.
Bitfinex Moves Derivatives to El Salvador
Bitfinex has shifted its derivatives operations to El Salvador, leveraging the nation’s crypto-friendly regulatory framework. Having secured a Digital Asset Service Providers license two years ago, Bitfinex now offers its derivatives services through a local entity in the Central American country.
Saxo Bank Fined for Regulatory Breaches
Saxo Bank was fined €1.6 million by the Netherlands Authority for the Financial Markets (AFM) for compliance failures related to its 2019 acquisition of BinckBank. The fine underscores the challenges Saxo faced in integrating the acquired platform and adhering to local regulations.
LCG Eyes Profitability in 2024
London Capital Group (LCG) expects to return to profitability in the latter half of 2024 after transitioning to an introducing broker model for IG Group. The shift came as a response to declining revenues, which dropped 15.5% in 2023.
Acuity Unveils AI Trading Signals
Acuity Trading launched TradeSignals, an AI-driven platform that combines sentiment and technical analysis to generate trading signals for over 2,000 financial instruments. This innovative tool is designed to enhance decision-making in forex and cryptocurrency markets.
CFI Partners with Tools for Brokers
CFI Financial Group has partnered with Tools for Brokers (TFB) to integrate PAMM systems and other plugins into its platform. The collaboration aims to streamline CFI’s workflows and expand its offerings for forex and CFD trading.
Tradu Introduces Spread Betting for UK Investors
Tradu launched a spread betting service tailored for UK clients, allowing tax-efficient leveraged trading. The firm’s Spread Tracker promises competitive spreads to attract retail traders.
Prop Trading Faces Challenges
Prop trading firm Axe Trader halted operations after its CEO suffered a health emergency, leaving traders in limbo. This incident highlights the vulnerabilities of an unregulated sector that has seen rapid growth, driven by low entry barriers and technological advancements.
Court Blocks Bitcoin Treasure Recovery
A UK court dismissed James Howells’ bid to recover a hard drive containing Bitcoin worth £598 million from a landfill. The court ruled there was insufficient grounds to proceed, leaving Howells’ decade-long quest at a dead end.
Climate Coalitions Face Fallout Amid Wildfires
As California battles devastating wildfires, financial giants like BlackRock are retreating from climate coalitions. The fires, exacerbated by climate change, have ravaged communities and reignited debates over corporate environmental commitments.
