This week’s FX industry news headlines would have been dominated by fairly strongly worded missives from two of the most important regulators of FX and CFD brokers – the UK’s FCA and Cyprus’ CySEC – if not for the tragic death of Libertex founder and Chairman Viacheslav Taran in a helicopter crash near his home in Monaco.

Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:

Libertex founder Viacheslav Taran killed in Monaco helicopter crash. Monaco news outlet Monaco Life is reporting that a lone passenger on a Monacair helicopter that crashed above Monaco on Friday afternoon was identified as Viacheslav Taran, the co-founder and controlling shareholder of Retail FX and CFDs brokerage brands Libertex and Forex Club. Mr. Taran, aged 53, and the helicopter pilot were both killed in the crash. The reported point of impact was on the Plateau de la Justice near the Roman road close to the Col d’Eze mountain pass, above the A8 autoroute just west of Monaco, where Mr. Taran resided.

FCA letter to CFD broker CEOs warns on churn, sending clients offshore, affiliates. The UK’s financial regulator, the FCA, has sent a letter to CEOs of CFD brokers which it licenses containing a stern warning regarding several ongoing practices at brokers, and also demanding a response by January 2023. Approximately 80% of customers lose money when investing in CFDs and, because of the risks, the FCA has undertaken an extensive programme of work to ensure consumers are as protected as possible.

CySEC updates brokers on requirements for providing investment services in third countries. The Cyprus Securities and Exchange Commission (CySEC) today issued a circular to Cyprus investment firms (CIFs) regarding regarding the provision of investment and ancillary services and/or performance of investment activities in third countries. CIFs wishing to provide and/or perform investment and ancillary services and/or activities in third countries, must notify CySEC via a letter of their intention to do so. The letter should include a list of third countries where the CIF intends to provide/perform services and activities.

TP ICAP receives FCA registration for wholesale crypto exchange. In the wake of FTX’s demise (and BlockFi’s bankruptcy), it looks like the world of crypto exchanges may head toward regulation. Markets infrastructure and data solutions provider TP ICAP (LON:TCAP) has announced that Fusion Digital Assets – its wholesale marketplace for spot cryptoassets – has successfully registered as a cryptoasset exchange provider with the UK’s Financial Conduct Authority (FCA). The innovative trading venue, which is for institutional market participants only, will be operated by Tullett Prebon (Europe) Limited.

Top FX industry executive moves reported at FNG this week included:

❑ Exclusive: BridgerPay’s Martins Skromans jumps to Kinesis.

❑ Exness hires PokerStars alum Greta Killytė as Head of Regional Marketing.

❑ Broadridge’s LTX promotes Jim Kwiatkowski to CEO.

❑ Amit Tauman becomes CEO of ADVFN.

❑ John O’Loghlen to expand his role at Coinbase.