The top story of this past week by any measure was undoubtably the bankruptcy and closure of Swiss online banking and trading firm FlowBank, which rippled throughout the FX, CFDs, and crypto world in several ways. Other than what FlowBank’s clients and debtors themselves will now be dealing with, FlowBank also owns FCA licensed broker LCG. And crypto investment house CoinShares was a major investor in the company.
There was also a lot of Chief Marketing Officer (CMO) related news, with Tickmill looking for a new CMO after promoting Nicholas Baumer to CCO, and recently departed Scope Markets CMO James Hughes launching a new FX and CFDs industry venture – with both stories exclusively reported here at FNG!
Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:
Exclusive: FlowBank halts onboarding clients after deemed bankrupt by FINMA. FNG Exclusive… FNG has learned that Swiss online neobank / neobroker FlowBank is no longer processing any new client applications, and has halted client onboarding, after Swiss financial regulator FINMA’s decision to begin bankruptcy proceedings against FlowBank, a story which FNG broke earlier today. FlowBank was established in 2020 by CEO Charles-Henri Sabet, who previously ran London based online broker LCG.
Exclusive: ex Scope Markets CMO James Hughes launches financial marketing co Prezco. FNG Exclusive… FNG has learned that experienced FX industry marketing executive James Hughes has launched a new venture called Prezco. Based in London, Prezco is a content solutions provider specializing in the financial services industry, with a focus on FX/CFD market content, broker educational videos, written market analysis, as well as social media optimized content. The new venture is co-founded by Tony Cross, who has spent the past 20 years running PR agency Monk Communications. Scope Markets is a client of Monk.
Exclusive: Zenfinex loss grows to £2.3 million in 2023, plans Spread Betting. FNG Exclusive… FNG has learned from regulatory filings that London based, FCA licensed broker Zenfinex Limited saw an increase in its net loss in 2023, although the company did manage to increase its revenue base, during a year of transition for the company. Zenfinex Limited is the UK arm of Zenfinex Global Limited, which rebranded its retail offshore brokerage arm to Taurex last year.
Exclusive: Exinity UK Revenues rise 23% in 2023 to £2.1 million. FNG Exclusive… FNG has learned via regulatory filings that Retail FX and CFDs broker Exinity UK Limited, the FCA regulated arm of Andrey Dashin’s Exinity Group, has seen a healthy 23% increase in Revenues in 2023, at £2.1 million versus £1.7 million the previous year. However due to an increase in Admin Expenses, Exinity UK profit fell by 33%, to £213K versus £319K in 2022. The Exinity Group was launched in 2020, as an umbrella group comprising the various retail FX/CFD businesses owned by Andrey Dashin.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: Tickmill names Nicholas Baumer CCO, hiring new CMO.
❑ Exclusive: CPT Markets hires Vantage exec Nicholas Chantzaras as Head of Sales UK.
❑ iSAM Securities names James Wale as Head of Leveraged Sales EMEA.
❑ Komainu adds longtime Citi exec Tony Larkin as CFO.
❑ Exclusive: GTC / OneRoyal / ATFX alum Mouaz Hosni joins CNBC Arabia.
❑ MoneyGram appoints Gary W. Ferrera as CFO.
