Why did Cyprus financial regulator CySEC effectively ban Octa / OctaFX controlling shareholder Pavel Prozorov from CIF license holder Octa Markets Cyprus Ltd?
How is crypto giant Kraken entering retail prop trading?
How did Valutrades do in 2024, after a fairly disastrous 2023?
Which CFDs broker did (now ex) Moomoo CEO Gavin Chia join?
Which UAE licensed CFDs broker saw the departure of its CEO?
Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:
Top FX and CFDs industry news stories this week
CySEC suspends voting rights of Octa Markets (OctaFX) controlling shareholder Pavel Prozorov. Cyprus financial regulator CySEC has announced that the influence exercised by Pavel Prozorov, as the ultimate beneficial owner of CIF license holder Octa Markets Cyprus Ltd, is prejudicial to the sound and prudent management of Octa Markets. The regulator has thus taken action to remove any influence on Octa Markets by Pavel Prozorov.
Kraken buys crypto prop trading firm Breakout. It looks like CFDs trading isn’t the only new area that Kraken is trying to crack. Fresh off its acquisition last month of auto trading platform provider Capitalise.ai, US based crypto exchange operator Kraken is getting into the rapidly-growing retail prop trading space, announcing the acquisition of Breakout, an evaluation-based prop trading firm that provides skilled traders with the opportunity to earn payments for successfully deploying strategies at scale.
Exclusive: Valutrades revenues recover 27% in 2024 but losses persist. FNG Exclusive… Following a fairly disastrous 2023 which included a 77% decline in Revenues, FCA regulated FX and CFDs broker Valutrades posted a somewhat better 2024, but still far off from its better years earlier this decade, based on regulatory filings seen by FNG.
Exclusive: ABN Amro backed youth neobank BUUT goes live. FNG Exclusive… FNG has learned that Dutch bank ABN Amro has gone live with its latest neobank spinoff called BUUT. The BUUT app is now available for download on the Google Play Store, and Apple’s App Store. BUUT, offered only at launch in Dutch, is targeting young savers and investors. BUUT joins a number of ABN Amro backed trading / savings / investing apps including Tikkie and BUX. As part of ABN AMRO, BUUT is covered by the Dutch Deposit Guarantee Scheme.
Prop firm The5ers selects cTrader as one of its core trading environments. Spotware, developer of the award-winning cTrader trading platform, has announced that top-ten retail prop trading firm The5ers has selected cTrader as one of its core trading environments. This collaboration reinforces cTrader’s position as the platform of choice for proprietary trading firms and traders committed to innovation, transparency, and long-term growth.
Top FX industry executive moves this week
❑ IG hires Moomoo exec Gavin Chia as Singapore CEO.
❑ Exclusive: CFDs broker Traze sees departure of CEO Erkin Kamran.
❑ Exclusive: STARTRADER hires Daniel Petro as Head of Partnerships.
❑ GTN taps FX industry vet Simon Bolvig Mark as Customer Success Manager.
❑ CMC Markets appoints Sarah Ing as Senior Independent Director.
❑ Binance names SB Seker its new Head of APAC.
❑ Worldline appoints Anika Grant as Chief People Officer.
