FX week in review: Admirals revenue decline, Brendan Gunn charged, MEX Orient launch, CEO changes at TradingView and INFINOX Capital
By how much did Revenues decline in the second half of 2024 at Estonia based Retail FX and CFD broker Admirals, leading to the company’s fifth consecutive (semi-annual) Net Loss?
What was former CFDs industry executive Brendan Gunn charged with – charges which carry potential penalties including up to three years in jail?
Who is behind the launch of MultiBank affiliate MEX Orient?
What lessons should CFD brokers take from the $1.5 billion Bybit hack?
What senior management changes were seen at INFINOX Capital, TradingView, Kama Capital, ATFX, DB Investing, Tauro Markets, among others?
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
CFDs broker Admirals sees Revenues down 25% in 2H-2024 to multi-year low. After enjoying a slight uptick in activity during the first half of 2024, Estonia based Retail FX and CFDs broker Admirals Group AS has released its unaudited results for the full year, indicating a significant drop-off in Revenues in the second half of 2024, leading to the company’s fifth consecutive (semi-annual) loss. 2024 was a year of much change at Admirals, beginning with the departures of CEO Sergei Bogatenkov, and Cyprus head Andreas Ioannou.
Brendan Gunn charged for dealing with money reasonably suspected of being proceeds of crime. Australia financial regulator ASIC has announced that Brendan Gunn appeared in the Sydney Downing Centre Local Court, for charges which allege that he dealt with money or other property, it being reasonable to suspect that the money or property was proceeds of crime of $100,000 or more. The maximum penalty at the time of the alleged offences was three years imprisonment or a fine of $37,800 or both.
Exclusive: Niki Saki establishing MultiBank affiliate called MEX Orient. FNG Exclusive… FNG has learned that Dubai based Retail FX and CFDs broker MultiBank is partnering with experienced industry executive Niki Saki, in establishing a new unit called MEX Orient. While the new unit’s website mexorient.com does not yet seem to be operational, we understand that MultiBank plans to use MEX Orient to onboard clients from smaller, underserved markets in different corners of the globe. MEX Orient will act as a partner and affiliate of MultiBank Group.
The Bybit Hack: A Wake-Up Call for the Financial Industry. The $1.5 billion Bybit hack was not a result of traditional security failures such as compromised passwords or network infrastructure, but instead was a highly sophisticated technical exploit that manipulated the transaction approval process. What lessons should CFD brokers take from the incident? We spoke with AML Cube co-founder and anti-financial crime expert Anna Stylianou, here is what she had to say.
Top FX industry executive moves this week
❑ Tatiana Kononovich joins INFINOX Capital as General Manager.
❑ TradingView CEO Oleg Mukhanov resigns.
❑ Exclusive: Kama Capital hires Equiti exec Dane Baker as CCO.
❑ Your Bourse names Maria Porandaikina as Sales Manager.
❑ ATFX hires Doo Group / FXPrimus alum Mohammad Aladham as MD Southeast Asia.
❑ DB Investing hires Maher Asmar to head BizDev, Mohamed Daher for Strategic Growth.
❑ Justin Llewellyn-Jones replaces Keith Todd as CEO of Trading Technologies.
❑ Tauro adds Scope / Octa Markets alum Anastasios Lamaris to head Dealing.
