It’s that time of the week when we take a look back at the news stories that dominated the worlds of Forex, Fintech, and Crypto, in our best of the week segment.<\/p>\n
The trading week kicked off with news of a big XRP transaction. Finance Magnates reported on Monday, one transaction worth $20.3 million that involved the movement of 20 million XRP coins to the cryptocurrency exchange Bitso.<\/p>\n
In a separate transfer, an XRP millionaire wallet executed a transaction worth $10.2 million on 1 October 2021<\/p>\n
Read more on the XRP Whales here.<\/p>\n
Making waves on Wednesday morning was the news that the Federal Bureau of Investigation (FBI) and the Israel Police raided a Tel Aviv-based company and arrested 26 Israelis for their suspected involvement in running organized financial fraud. They were suspected to be part of a fraudulent cryptocurrency investment scheme.<\/p>\n
The raids started Tuesday night went on till early morning on Wednesday. The details of the company raided and the people arrested were unknown in initial reports. However, a day later,\u00a0two names of the arrested suspects surfaced -Guy Grinberg and Snir Moshe Hananya.<\/p>\n
Read more on the Israeli arrests here.<\/p>\n
The United States Department of Justice (DOJ) announced on Thursday that it has created a National Cryptocurrency Enforcement Team (NCET) to tackle cryptocurrency crimes.<\/p>\n
Under the supervision of the Assistant Attorney, General Kenneth A. Polite Jr., the National Cryptocurrency Enforcement Team will investigate the criminal activities of virtual currency\u00a0exchanges\u00a0and money-laundering infrastructure actors.<\/p>\n
The NCET will provide support in tracing and the recovery of cryptocurrency assets lost to fraud and extortion, including digital payments to ransomware groups.<\/p>\n
Read more on the NCET here.<\/p>\n
KIG BV, the Dutch subsidiary of the Global Kapital Group (GKG), has acquired the South Africa-based financial service provider, Maru Asset Managers, which is licensed by the Financial Sector Conduct Authority (FSCA).<\/span><\/p>\n With this acquisition announced on Monday, the brokerage group has entered the lucrative South African market, the second-largest economy of Africa.\u00a0<\/span><\/p>\n Read more on the Maru acquisition here.<\/p>\n OANDA Europe Limited, the UK arm of the global brokerage group, disclosed its financial results for fiscal 2020, which ended December 31. The FCA-regulated operation witnessed a massive jump in the yearly revenue and ended the year at a profit.<\/p>\n According to the latest Companies House filing, the revenue of the brokerage operator from the UK business came in at \u00a329.2 million, which is almost 148 percent higher than the previous year\u2019s figures of \u00a311.8 million.<\/p>\n Though the administrative expense went up along with the skyrocketing revenue, the UK company generated \u00a35.6 million in operating profits, compared to a loss of \u00a33.5 million in the previous year. The net profit of the company stood at \u00a34.56 million for the 12 months.<\/p>\n Read more on the OANDA Europe revenue jump here.<\/p>\n Plus500, the London-listed forex and CFDs broker, provided a trading update on Monday, stating that it has \u2018delivered further positive momentum\u2019 in the performance in the third quarter of 2021. Thus, the company is now expecting higher FY2021 revenue and EBITDA than the current compiled analysts\u2019 consensus forecasts.<\/p>\n According to the current consensus forecast, the broker is expected to generate $555.8 million for the entire FY21, along with an EBITDA of $277.9 million and an EBITDA margin of 50 percent.<\/p>\n Read more on the Plus500 Revenue expectations here.<\/p>\n Gary Gensler, the Chairman of the US Securities and Exchange Commission (SEC), this week expressed his views about Bitcoin and other cryptocurrency assets in a discussion with the House Committee on Financial Services.<\/p>\n Gensler said that the US will not follow China\u2019s lead in banning cryptocurrencies completely. He added that any decision regarding a crypto ban would be up to Congress. \u201cOur approach is really quite different,\u201d Gensler said in the latest discussion.<\/p>\n \u201cWe are really working with the authority they (Congress) have given us. I have said this before, I think many of these tokens do meet the test of being investment contracts or a note or some other form of a security,\u201d the SEC Chairman added.<\/p>\n Read more on Gary Gensler’s Bitcoin views here.<\/p>\n PrimeXM released its trading volume report for September 2021 on Monday, highlighting that it hit a new milestone for its monthly trading volume. The FX technology provider reached $1.23 trillion in trading volume for the period across its four major data centers.<\/p>\n The record represented a surge of 31% on a yearly basis, and it crossed the previous peak reached in March 2020. Additionally, the average daily volume (ADV) for September was $44.78 billion, which was the month where PrimeXM hit an all-time high in daily trading volume on September 28 with a turnover of $85.25 billion. The total number of trades for the period was 30.37 million, which represented an increase of 12% on a monthly basis.<\/p>\n Read more on PrimeXM’s trading volumes here.<\/p>\n Binance reported a surge in its trading volumes despite the global crackdown announced by regulators against the company in a number of jurisdictions.<\/p>\n Binance\u2019s spot crypto trading volumes accounted for $789 billion in September, which is up from the figure seen in July of $454 billion. Moreover, derivatives volumes jumped around 25% to hit the $1.7 trillion threshold<\/p>\n Read more on Binance’s Trading volumes here.<\/p>\nOANDA Europe 2020 Revenue Jumps 148%, Turns \u00a34.6M in Profits<\/h2>\n
Plus500 Raises FY21 Revenue Expectation amid Q3 Performance<\/h2>\n
Cryptocurrency Ban Would Be Up to Congress, Says Gary Gensler<\/h2>\n
PrimeXM\u2019s Trading Volume for September 2021 Hits $1.23 Trillion<\/h2>\n
Binance Trading Volumes Skyrocket in September despite Regulatory Tussles<\/h2>\n
CMC Markets Expects \u00a3126 Million in H1 FY22 Operating Income<\/h2>\n