FX week in review: CMC expands Dubai, Binance/Coinbase charged, UK crypto ad rules
Which senior executives did leading UK based online broker CMC Markets relocate to Dubai, to expand CMC’s Connect institutional offering in the region?
What charges were leveled against #1 and #2 global crypto exchanges Binance and Coinbase by US securities industry regulator SEC?
What new crypto advertising rules and limitations are being put in place by UK financial regulator FCA?
Which executive moves were seen at Capex.com, Your Bourse, Exness, and Acuity Trading?
Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:
Exclusive: CMC Markets Connect relocates senior institutional team members to Dubai. FNG Exclusive… Further to our report from April that leading online broker CMC Markets (LON:CMCX) had opened a new Dubai office for its CMC Connect institutional liquidity and white label trading solutions arm, FNG has learned that a number of CMC Connect senior personnel have relocated to Dubai, to support their growth and commitment to the region. Leading the move to Dubai is Richard Elston, Group Head of Institutional.
After Binance, SEC charges Coinbase for operating unregistered. Less than 24 hours after leveling a variety of securities law violation charges against global #1 crypto exchange Binance, the U.S. Securities and Exchange Commission (SEC) today charged #2 crypto player Coinbase with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency. The SEC also charged Coinbase for failing to register the offer and sale of its crypto asset staking-as-a-service program.
UK FCA introduces new rules for crypto advertising. New advertising rules announced by the UK Financial Conduct Authority (FCA) will require those marketing cryptoassets to UK consumers to introduce a cooling-off period for first time investors from 8 October 2023. As part of a package of measures designed to ensure those who buy crypto understand the risk, ‘refer a friend’ bonuses will also be banned. The new rules mean crypto firms must ensure that people have the appropriate knowledge and experience to invest in crypto.
Plum to launch new “Interest” product for UK and EU customers. Smart money app Plum is planning to launch a new “Interest” offering in the third quarter of 2023, so customers can benefit more quickly and directly from rising central bank rates. Plum customers in the UK and EU will be able to hold their money in government-backed assets that more closely reflect the respective interest rates offered by the Bank of England and European Central Bank. The return from this “Plum Interest” product is expected to be significantly above the highest rates available on easy access savings accounts.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: George Pavel named GM at Capex.com.
❑ Exclusive: Your Bourse hires Fxview’s Tetiana Dmitrieva as HR Manager.
❑ Exclusive: Exness promotes Mark Harrison to Global Head of Talent Acquisition.
❑ Acuity Trading appoints Joe Neighbour as Head of Retail.
❑ Nium appoints Manuel Sandhofer as Senior VP and General Manager, Europe.