FX week in review: Fake DFSA license, SquaredFinancial leaves EU, 1Market bans
Which CFDs broker was caught showing a fake license from Dubai’s DFSA?
Why is Retail FX and CFDs broker SquaredFinancial leaving the EU?
Why were directors and executives from 1Market fined and banned by CySEC?
Who is the latest CFDs industry (and IG Group) executive hired by Crypto.com?
Where is EC Markets locating its global marketing headquarters?
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
Dubai DFSA warns of CFDs broker Souq Capital showing fake license. The Dubai Financial Services Authority (DFSA), regulator of financial services conducted in the DIFC, has issued an Alert regarding CFDs broker Souq Capital. Souq Capital is an unlicensed, offshore CFDs broker run from Dubai, led by CEO Hameed Al Yahbi. The broker focuses mainly on clients in Arabic language markets. The DFSA said that Souq Capital (operating from website souqcapital.com) is falsely claiming to be regulated by the DFSA.
SquaredFinancial drops CySEC license, stops onboarding clients. Cyprus based Retail FX and CFDs broker SquaredFinancial has posted a note on its website (squaredfinancial.com) serving EU clients that the company is “implementing a strategic transition,” and has initiated the voluntary renunciation of its CIF License (No. 329/17) for Squared Financial (CY) Ltd. As part of this process, the company will no longer onboard new clients. Squared Financial (CY) Ltd has held a CySEC CIF license since 2017.
CySEC issues fines and bans to 1Market operators at Exelcius Prime. Cyprus financial regulator CySEC has announced that it has taken various actions against a number of Executive and Non-Executive Directors of Exelcius Prime Ltd, which previously operated the 1Market online trading brand, at websites 1market.eu and 1market.hu targeting the Hungarian market. Exelcius Prime had its CySEC license suspended back in 2022.
EC Markets opens new global Marketing headquarters in Limassol. Leading Retail FX and CFDs broker EC Markets has announced that it has officially opened its new office in central Limassol, to support the company’s marketing efforts globally. The company marked the opening with a ribbon cutting ceremony and celebratory evening on December 11, which included Demos Katsis, Deputy Mayor of Limassol.
DraftKings enters Prediction Markets with new standalone mobile app. Sports betting and gaming company DraftKings Inc (NASDAQ:DKNG), which has seen its stock hit recently as financial trading concerns such as Robinhood encroach on its territory, has announced the launch of DraftKings Predictions, formally entering prediction markets under the oversight of the U.S. Commodity Futures Trading Commission (CFTC). DraftKings Predictions is a new standalone mobile app and web product that allows eligible customers to trade on real-world outcomes across a wide range of markets, with sports and finance available initially.
Top FX industry executive moves this week
❑ Exclusive: Crypto.com hires IG exec Sam Irwin to oversee VIP clients.
❑ Exclusive: Darwinex hires Eightcap alum Jarrod Purchase as CMO.
❑ IG Group CEO Breon Corcoran appointed as Non-Exec Director of Sportradar.
❑ Deriv appoints Prakash Bhudia as Chief Growth Officer.
❑ Saxo, ThinkMarkets alum Alex Skolar joins TradeLocker as CPO.
❑ FXTRADING.com hires Pat Guerrera as Chief Brand Officer.
❑ Coinbase appoints George Osborne as Chair of its Global Advisory Council.
