FX week in review: New Capital.com CEO, Australia crypto regulation, BUX leaves UK, GTCFX in Cyprus
Who was named as the new CEO of Retail FX and CFDs broker Capital.com, replacing Peter Hetherington?
What new crypto regulations are being put in place in Australia?
Why (and how) is neobroker BUX leaving the UK retail trading market?
Who did GTCFX hire to run its new operation in Cyprus?
Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:
Kypros Zoumidou replaces Peter Hetherington as CEO of Capital.com. London based Retail FX and CFDs broker Capital.com has announced that the Group’s current Chief Commercial Officer, Kypros Zoumidou, will become CEO effective immediately. The outgoing CEO, Peter Hetherington, will stay on as an advisor until 2026 to ensure a smooth transition and to provide strategic guidance to the company. Peter Hetherington, formerly CEO of IG Group, became CEO of Capital.com in May 2022.
Neobroker BUX exits UK market. After posting disappointing results in 2022, Amsterdam based neobroker BUX has indicated plans to sell its FCA licensed UK operation BUX Financial Services Limited, and exit the UK retail trading market. BUX noted that a buyer has been found and extensive negotiations have taken place, with a Share Sales and Purchase Agreement signed on 31 August 2023, although the transaction has yet to close.
Australia to regulate and license crypto exchanges. The Australian Government, via the Treasury, has announced that it is working to introduce a regulatory framework for entities providing access to digital assets and holding them for Australians and Australian businesses – which will include required licensing of all digital asset intermediaries. The proposed regulatory framework would apply to digital asset service providers that present similar risks to entities that operate in the traditional financial system.
GTC Group hires Axi exec Sarah Hall as GM of new Cyprus operation. Dubai based Retail FX and CFDs broker Global Trade Capital (GTC Group) has announced that it has hired FX industry veteran Sarah Hall, as General Manager for the company’s newly set up Cyprus office. Sarah Hall joins GTC after spending the past six years at leading Australia based broker Axi, where she served as Axi’s Global Head of Settlements, out of Cyprus. Prior to Axi, Sarah had also worked for eToro, Saxo Bank, and FxPro.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: FXCM adds ex Lloyds Private Banking CEO Annette Barnes to its board.
❑ Exclusive: eToro US HR head Jon Lowe leaves for DailyPay.
❑ Exclusive: Micheal Dooley joins Ebury to head Ireland desk.
❑ AlpFin adds Britannia/ATFX alum Ben Cross as Senior Ops Analyst.
❑ Steven Gregg to take over from John McFarlane as Chair of Westpac.
