FX week in review: XTX co-CEO leaves, True Trading launch, Kraken regulated derivatives, eToro Singapore license
Where did XTX Markets co-CEO Hans Buehler leave to?
What is former NAGA Group CEO Ben Bilski’s newly out-of-stealth-mode startup True Trading all about?
Which executive changes were seen this past week at Match-Trade, FYNXT, XS.com, Crypto.com, Hantec, and Macro Global?
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
Exclusive: Ben Bilski launches trainable AI decentralized exchange True Trading. FNG Exclusive… Further to our exclusive report from back in March that Ben Bilski, co-founder and former CEO of social trading focused online broker NAGA Group, was getting set to launch a new brand in the online trading space, FNG has learned that Ben’s new venture has now exited stealth mode. What is Ben Bilski’s new online trading brand called? What will it be offering? Where is it based?
Kraken launches US regulated derivatives trading. Two months after closing the acquisition of retail futures trading provider NinjaTrader, crypto exchange operator Kraken has announced the launch of Kraken Derivatives US, a regulated U.S. derivatives offering. The launch will provide direct access to crypto futures listed on the CME through Kraken’s integrated Kraken Pro trading experience.
eToro receives Singapore MAS license. Following our report from May that it had hired ABN Amro / Essence Group alum Yaki Razmovich to head Asia out of new offices in Singapore, trading and investing platform eToro (NASDAQ:ETOR) has announced that it has received and activated its Capital Markets Services license from the Monetary Authority of Singapore (MAS).
Cyprus court dismisses fine against CommexFX CEO over unlawful CySEC board composition. Even the regulators need to follow the rules. Cypriot financial regulator Cyprus Securities and Exchange Commission (or CySEC) has issued an announcement regarding a decision made on 26.3.2025, by the Supreme Constitutional Court (Second Instance), on the Appeal No. 82/2020, Cyprus Securities and Exchange Commission v. Stavros Hadjikyriakos, former Executive Director of the Board of Directors of now-defunct Retail FX and CFDs broker CommexFX.
Exclusive: BP Prime sees 78% drop in FY2025 Revenues to £3.5M as key clients leave. FNG Exclusive… Following a stellar 2024 which saw a refocus on professional clients, FCA regulated Black Pearl Securities Limited, which operates the BP Prime online trading brand, has seen a large reversal of fortune in FY2025. Explaining the change from 2024 to 2025, BP Prime said that during the course of the year the turnover decreased substantially due to the loss of several key clients, and resulted in the company making a loss.
Top FX industry executive moves this week
❑ Exclusive: XTX Markets co-CEO Hans Buehler resigns.
❑ Exclusive: Match-Trade Head of Marketing Katarzyna Zielińska departs.
❑ Former FXCM CMO Sameer Bhopale joins broker front office systems co FYNXT.
❑ Exclusive: XS.com hires Exness alum Kanravee Kolkraisart for Thailand BizDev.
❑ Crypto.com hires Saxo marketing vet Nicolò Pagliari as VP of Growth and Media.
❑ Hantec Australia exec Damon Sze leaves to run offshore CFDs broker TopWealthTrading.
❑ Exclusive: Jimmie Goh Tjun Tsien leaves CFDs broker Macro Global.
