FX week in review: TibiGlobe launch, NAGA fined €150K, INFINOX record Revenues, Fxview hires
It was an abbreviated news week over the holiday season, but there were still some fairly interesting items to report as we closed out a very eventful 2023 in the FX and CFDs trading industry.
Who is behind the launch of new Cyprus based (and South Africa licensed) Retail FX and CFDs broker TibiGlobe?
Why was NAGA Group’s Cyprus based entity fined €150,000 by regulator CySEC?
What were the INFINOX group’s record global Revenues for fiscal 2023?
Which executives joined Fxview, from Orbex and from Tickmill?
Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:
Exclusive: CFDs broker TibiGlobe launches. FNG Exclusive… FNG has learned that a new Retail FX and CFDs brokerage brand has launched, called TibiGlobe (website tibiglobe.com). TibiGlobe offers trading on the MT5 platform and is run mainly from Cyprus, but operates as a South Africa regulated entity, with an FSCA (Category 1) license secured by subsidiary Tibiglobe (PTY) Ltd.
CySEC reaches €150k settlement with NAGA Markets Europe. The Cyprus Securities and Exchange Commission (CySEC) has reached a €150,000 settlement with NAGA Markets Europe. The meeting where the regulatory decision was made took place in March 2023. However, the decision was announced today. The settlement concerns possible violations of Τhe Investment Services and Activities and Regulated Markets Law of 2017.
INFINOX reports record Revenues of $130M for FY2023. Online trading provider INFINOX Capital Ltd (UK) has announced that it has maintained steady financial performance in fiscal 2023 (year ended March 31), with Revenues of £15.7 million (2022: £17.1 million), whilst the INFINOX brand globally reported record Revenues of $130 million. Record Key Performance Indicators (KPIs) across the INFINOX group were achieved – including record volume traded, deposits and client accounts.
Exclusive: Velocity Trade gets Singapore MAS Capital Markets Services license. FNG Exclusive… FNG has learned that Canada based broker Velocity Trade has continued on its global march, receiving approval late last week for a Capital Markets Services license in Singapore, from local regulator MAS. Velocity Trade has been ramping up its general capabilities in the greater APAC region, recently hiring iSAM Securities (formerly iS Prime) Head of Asia Will Robbins as Director, to help build out the multi-asset offering for the group in the Asia region, as well as expanding the recently launched business based in Singapore.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: Fxview hires Orbex exec Feras Mahmoud to head Risk Management.
❑ Exclusive: Fxview hires Tickmill exec Christoforos Panagiotou as Africa Regional Manager.
❑ Exclusive: Todor Georgiev leaves FXGlobe for COO role at Traders Trust.