FX week in review: iS Prime founders leave, new CEOs at Eightcap and XS, Catena offloads FX sites
This week’s Forex Industry News included a number of changes at the top for a number of known (and lesser known) FX brands, on both the retail and institutional sides of the business.
And it was all reported first or exclusively here at FNG.
Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:
Exclusive: Catena Media offloads FX affiliate websites to employee Jason Hopgood. FNG Exclusive… FNG has learned that gaming and financial affiliate website operator Catena Media plc (STO:CTM) has offloaded its financial related websites and business to a company called Finaffiliates Ltd. Finaffiliates was recently set up by now-former Head of Financial Trading at Catena, Jason Hopgood. The transaction, which closed on January 31, brings to a close Catena’s attempt to build a “financials” division alongside its core gaming affiliate business.
XTB sees slowdown in Q4-2022, Revenues -45% Profits -79%. Poland based online broker XTB SA (WSE:XTB) has reported its financial results for Q4 and full-year 2022, indicating a significant slowdown in activity during the last quarter of the year. However overall, XTB had its most successful and profitable year ever in 2022. As far as Q4 goes, XTB is reporting top-line Revenues (or what it terms Total Operating Income) of PLN 216.7 million (USD $49 million) in Q4-2022, down by 45% from Q3’s PLN 391.3 million making Q4 XTB’s slowest quarter of the year. Net profit fell from PLN 236.2 million in Q3 to PLN 50.0 million ($11 million) in Q4.
Binary Options operator Jared Davis (OptionMint, OptionKing) sentenced to 30 months. US federal authorities are continuing their crackdown on former operators of fraudulent Binary Options brokerages, with the latest success being a 30 month jail sentence and accompanying $6 million fine/restitution penalty issued to Jared Davis. However what authorities “got him” on ultimately wasn’t binary options fraud, but rather large scale tax evasion. Jared Davis, the co-owner of a binary options company headquartered in Sandusky, Ohio, was sentenced to 30 months in prison on Friday, Jan 27. 2023, by U.S. District Judge Jack Zouhary after he pleaded guilty to multiple counts of tax evasion.
B2Broker adds Match-Trader platform to its White Labels offer. Trading platform developer Match-Trade Technologies has announced that FX broker solutions provider B2Broker has introduced another solution for White Label Brokers to its offer, Match-Trader (MTR), based on the trading platform developed by Match-Trade Technologies. B2Broker, having been on the market for nearly ten years, uses cutting-edge solutions to help brokerages and exchange firms empower their business. The company delivers innovative turnkey trading solutions to hundreds of clients worldwide.
Top FX industry executive moves reported at FNG this week included:
❑ iS Prime co-founders Raj Sitlani and Jonathan Brewer exit the business.
❑ Mohamad Ibrahim joins XS.com as Group CEO.
❑ StoneX exec Alex Howard replaces Joel Murphy as CEO of Eightcap.
❑ Exclusive: Andreas Andreou leaves HFM.com, joins BDSwiss as CCO.
❑ Mathijs Peeters joins Siege FX as Head of Distribution for Europe.
❑ Exclusive: Forexware’s Fred Scala joins DTT as Head of B2B Sales.
❑ Exclusive: XBO’s Head of Dealing Pawel Cichowski resigns.