In FX Industry News this week…
What leverage and volume limits did Cyprus regulator CySEC place on brokers who offer trading in Bitcoin, Ethereum and other digital currency CFDs?
Which FX broker now plans a Singapore Exchange IPO?
Which former CEO is suing the Chairman of a trading platform company?
What management and board changes were made at ADS Securities, Tickmill, True Trade Markets, and GKFX?
These stories and a whole lot more appeared first or only at LeapRate this week. Some of our most popular, shared and commented-on posts this week at LeapRate included:
CySEC sets cryptocurrency CFD rules: leverage limits, max volume. First at LeapRate… Cyprus financial regulator CySEC has issued a directive outlining its requirements for CIF licensed FX and CFD brokers who offer trading in Bitcoin, Ethereum, and other cryptocurrencies. The new rules include a leverage limit for cryptocurrency trading, and a maximum volume limit for the brokers themselves. What’s the maximum leverage level CySEC has set for Bitcoin and Ethereum trading? How much virtual currency volume is each FX broker allowed?
Exclusive: FxPro gets DFSA license, opening Dubai office. LeapRate Exclusive… LeapRate has learned from industry sources that FCA and CySEC regulated global forex broker FxPro has received a license to operate in the UAE from the Dubai Financial Services Authority (DFSA). And, the company is in final preparations to open a new office in Dubai. Where will the FxPro Dubai office be located? Who has FxPro moved to Dubai to head the new operation? Get all the details, exclusively now at LeapRate.
TradingScreen statement refutes claims in supposed Shareholder Action. It looks like a legal battle for control of electronic trading solutions provider TradingScreen may be brewing. Following our report yesterday of a (supposed) lawsuit filed in Geneva against TradingScreen by a group stating that it represents the majority of common shareholders in TradingScreen, we have an official statement from the company itself refuting the claims. What did the company have to say?
Ayondo cancels Reverse Takeover, plans instead a direct Singapore Exchange IPO. First at LeapRate… LeapRate has learned that social trading and CFD broker Ayondo is dropping its previously announced intention to “go public” on the Singapore Exchange (SGX) via a Reverse Takeover of an already publicly traded company. Instead, Ayondo stated that it intends to go public the old fashioned way, in an IPO. What happened with the Reverse Takeover? What’s the timing on the now-planned IPO?
Exclusive: IKON Finance lost £817K ahead of sale of Retail FX clients to Hantec Markets. LeapRate Exclusive… LeapRate has learned that FCA licensed FX and CFDs broker IKON Finance Limited saw a drop in Revenues as well as a net operating loss in 2016. IKON Finance was placed on Closed to new business status by the FCA back in March, leading the company to sell its client base to Hantec Markets. What is IKON’s FCA status today? Who controls IKON Finance?
Klaus Buhl
In FX industry executive moves this past week:
- Exclusive: Institutional FX broker True Trade sees CEO Klaus Buhl resign.
- Exclusive: FX broker Tickmill promotes Philippos Psyllos to Group CTO.
- Matt Chow appointed Head of Business Development APAC at ADS Securities.
- GKFX statement on changes in its Board of Directors.