My Forex Funds has issued its official reaction to the lawsuit against it by CFTC, calling the allegations a "grossly inaccurate and incomplete."| Financial and Business News | Finance Magnates
The fraud charges against My Forex Funds brought by the US commodities regulator have shocked the rapidly growing prop trading Industry.| Financial and Business News | Finance Magnates
My Forex Funds has terminated its services as the CFTC in the US and the OSC in Canada have moved against the alleged fraud.| Financial and Business News | Finance Magnates
Zeal Capital Market (UK) Limited, the FCA-regulated unit that operates the ZFX broker brand, closed its fiscal year ending 30 June 2024 with a revenue of £802,437, marking a decline of 81 per cent.| Financial and Business News | Finance Magnates
Traze, a sister contracts for differences (CFDs) broker brand of ZFX, has strengthened its presence in the Middle East by securing an SCA First Category Licence from the UAE’s Securities and Commod...| Financial and Business News | Finance Magnates
Kraken steps into prop trading Prop trading is attracting a new market segment: crypto. This week, Kraken acquired Breakout, a proprietary trading firm that provides traders with access to capital for executing strategies. The acquisition marks Kraken as the first cryptocurrency exchange to enter the proprietary trading space. NEW: Kraken acquires Breakout to launch performance-based prop trading on Kraken Pro pic.twitter.com/bcyD8aMih6 — Blockworks (@Blockworks_) September 4, 2025 Unlike t...| Retail FX – Finance Magnates | Financial and business news
The U.S. Securities and Exchange Commission has taken a major step to protect American investors from fraud originating overseas. By forming a dedicated Cross-Border Task Force, the regulator aims to identify and combat manipulative practices by foreign companies seeking access to U.S. markets. Focus on Foreign-Based Manipulation The newly established task force will initially investigate potential violations of U.S. federal securities laws tied to foreign companies. Among its priorities are ...| Retail FX – Finance Magnates | Financial and business news
Dukascopy Bank SA has warned traders and investors after identifying 18 fraudulent websites pretending to be its official platform. According to the CFD broker, these clones are designed to trick users into sharing personal information and misrepresent the bank’s services. The move underlines the growing risk of online scams in the financial sector. “These websites are not controlled and do not belong to Dukascopy Bank, Dukascopy Europe, Dukascopy Japan, or any other entity of Dukascopy G...| Retail FX – Finance Magnates | Financial and business news
The Cyprus Securities and Exchange Commission has issued an amending directive restricting the marketing, distribution, and sale of contracts for difference to retail clients. The update revises the existing rules on CFDs to retail investors. Under the amendment, a 10% notional value cap has been introduced for CFDs on certain previously unlisted commodities and stock indices, limiting the leverage retail investors can take. The directive takes effect from its publication in the Official Gaze...| Retail FX – Finance Magnates | Financial and business news
The Financial Conduct Authority has opened an investigation into whether the London Stock Exchange Group and the landlord of the LSE data centre building have restricted competition for low latency connectivity services between trading venues. LLCS providers build high-speed links between venues, enabling trading firms to execute transactions in very short timeframes. To maximise speed, providers often place radio equipment close to the exchanges. At present, only LSEG is allowed to use the r...| Retail FX – Finance Magnates | Financial and business news
The Cyprus Securities and Exchange Commission has published a policy outlining fees for financial entities under the EU’s Digital Operational Resilience Regulation. Annual supervision fees will range from €2,000 to €20,000 based on entity size, while threat-based penetration testing carries a €20,000 assessment fee. Regulator Outlines Fee Schedule and DORA Obligations for Firms Firms must declare their category between October 2 and October 31, based on their latest audited financial ...| Retail FX – Finance Magnates | Financial and business news
EC Markets UK closed 2024 with stronger earnings as revenue nearly doubled year-on-year. The forex and CFD brokerage reported higher profits and an improved balance sheet, underlining a year of growth despite rising costs. Revenue Jumps Close to 90% According to Companies House, the company posted a turnover of $3.24 million for 2024, compared with $1.71 million the previous year. Cost of sales rose to $979,251 from $358,100, but gross profit still increased to $2.26 million from $1.35 millio...| Retail FX – Finance Magnates | Financial and business news
Kraken, a cryptocurrency technology platform, announced it has acquired Breakout, a proprietary trading firm. Breakout provides traders access to capital for executing strategies and allows them to trade crypto through funded accounts after passing an evaluation, without using personal funds. Kraken is the first cryptocurrency exchange to enter the proprietary trading space. Unlike traditional prop trading firms, which provide funded accounts to traders without offering an exchange platform, ...| Retail FX – Finance Magnates | Financial and business news
The Cyprus Securities and Exchange Commission (CySEC) has officially withdrawn the investment license of FIBO Markets Ltd, finalizing a process the forex broker initiated late last year. CySEC announced the decision was made during its Aug. 25 meeting, formally revoking the company's Cyprus Investment Firm (CIF) authorization number 118/10. The regulator cited FIBO Markets' express renunciation of its license as the reason for the withdrawal. FIBO Markets Loses Cyprus License The move caps a ...| Retail FX – Finance Magnates | Financial and business news
Increased Custody Options to Give Stablecoins a Boost Many of the world’s largest banks have increased their crypto custody strategies recently. Earlier this year, both State Street and JPMorgan Chase announced plans to introduce a cryptocurrency custody service line in 2026, and US Bancorp has refocused on this service line. Now, we hear that Citi is looking to follow suit, with the global head of partnerships and innovation for the bank’s services division stating that it is prioritisin...| Retail FX – Finance Magnates | Financial and business news
Danish online trading platform Saxo has joined the Platforms Association, a UK industry group that represents investment platform providers across Britain and Europe. Saxo Joins The UK Investment Platforms Trade Body The membership comes just over a year after the association launched in September 2024 to give platforms a collective voice on regulatory and policy issues. Saxo joins other firms offering ISAs, pensions and investment accounts to retail customers and financial advisers. The Cope...| Retail FX – Finance Magnates | Financial and business news
Valutrades Limited, a UK-based online foreign exchange (FX) and contracts-for-difference (CFD) broker, posted a smaller annual loss for 2024 despite facing headwinds from reduced client activity and declining revenue. The London-based company reported a net loss of £2.59 million for the year ended December 31, 2024, compared to a loss of £3.82 million in 2023. While revenue increased 27% to £1.94 million from £1.52 million the previous year, the company attributed its improved bottom line...| Retail FX – Finance Magnates | Financial and business news
IG Group (LSE: IGG) has started a new £125 million share buyback program, appointing Morgan Stanley as the executing broker for the multi-month initiative. The FTSE 250 company announced the program in July and confirmed today (Thursday) that Morgan Stanley will handle purchases according to predetermined parameters. The buyback aims solely to reduce IG Group's share capital, with all purchased shares moving into treasury rather than being canceled. IG Group expects the program to wrap up by...| Retail FX – Finance Magnates | Financial and business news
New Zealand's financial markets watchdog wants to hear from the industry about how tokenization might reshape domestic markets, launching a consultation that could influence future rules for blockc...| Financial and Business News | Finance Magnates
The federally regulated derivatives exchange Kalshi, has filed a lawsuit against Nevada gaming regulators in a bid to continue offering sports and political event contracts, setting the stage for a...| Financial and Business News | Finance Magnates
Robinhood (Nasdaq: HOOD) has suspended offering Super Bowl event contracts only a day after listing them, following a request from the Commodity Futures Trading Commission (CFTC).| Financial and Business News | Finance Magnates
ICM Capital plans to end its operations in the UK, according to a notice on the regulator’s website that the forex and CFD brokerage firm has applied to cancel its authorization.| Financial and Business News | Finance Magnates
Orbex has shut down its contracts for differences (CFDs) brokerage business in the European Union and surrendered its Cyprus Investment Firm (CIF) licence, FinanceMagnates.| Financial and Business News | Finance Magnates
TrivePro, a UK-based broker, has decided to wind down its operations in the country this year. However, its parent company, Trive Financial Services UK Limited, was still required to release its financial results.| Financial and Business News | Finance Magnates
The United Kingdom’s Financial Conduct Authority (FCA) has revealed that around 20 per cent of contracts for differences (CFDs) brokers, including spread betting and rolling spot forex providers, a...| Financial and Business News | Finance Magnates
ADSSL, the British subsidiary of the Abu Dhabi-based brokerage group ADSS, has started to wind down its operations in the UK.| Financial and Business News | Finance Magnates
Spotware releases cTrader 5.4 with Python algo support, WebView mobile plugins, expanded APIs, upgraded charts, and a Mac risk-reward tool.| Financial and Business News | Finance Magnates
Trading technology provider Spotware has opened a new office in Kuala Lumpur, Malaysia, expanding its operations in the Asian financial markets.| Financial and Business News | Finance Magnates
Octa Markets Cyprus’ majority shareholder has lost his voting rights after the Cyprus Securities and Exchange Commission (CySEC) moved to restrict his management influence over the firm. Regulator Cuts Influence CySEC said Prozorov’s role as ultimate beneficial owner was “prejudicial to the sound and prudent management” of the firm. At its August 25 meeting, the regulator voted to suspend the exercise of his voting rights, which cover 95% of the company’s share capital. Prozorov is ...| Retail FX – Finance Magnates | Financial and business news
Premier League clubs got stung for more than £22 million in hidden foreign exchange (FX) fees during this summer's transfer window, according to new analysis that exposes how currency brokers quietly skim millions from European player deals. The data from financial platform Glyde tracked 71 permanent transfers between June 16 and September 1, focusing on moves where English clubs had to convert pounds to euros to sign players from leagues like the Bundesliga, La Liga and Serie A. What they f...| Retail FX – Finance Magnates | Financial and business news
Financial regulators have filed charges against two former executives of Synapse Brokerage, alleging their failures led to over $100 million in customer funds being frozen and inaccessible for months. The Financial Industry Regulatory Authority (FINRA) charged Jeffrey Stanley, the firm's former CEO, with failing to properly supervise a cash management program that ultimately left millions of customers unable to access their money. Mark Paverman, the former chief compliance officer, faces char...| Retail FX – Finance Magnates | Financial and business news
Australia's financial market watchdog has eliminated more than 9,240 pages of regulatory content this year as part of a sweeping effort to streamline rules that businesses say have become too complex and costly to navigate. ASIC Cuts Thousands of Pages of Red Tape in Regulatory Overhaul The Australian Securities and Investments Commission (ASIC) released a report today (Wednesday) outlining its first wave of simplification efforts, which include consolidating dozens of legal instruments and l...| Retail FX – Finance Magnates | Financial and business news
Japanese online trading giant SBI Securities, known for offering mainstream assets, has launched cryptocurrency contracts for differences (CFDs), the first crypto product on its platform. The broker has added CFDs on a range of popular cryptocurrencies, including Bitcoin, Ethereum, XRP, Solana and Dogecoin. The platform will also allow crypto CFD trading over the weekend. B2C2 as Liquidity Provider The trading service provider has onboarded B2C2 as the primary liquidity provider of its crypto...| Retail FX – Finance Magnates | Financial and business news
August brought a mix of steady trading and expanding client wealth for Interactive Brokers. The brokerage reported significant year-on-year increases in equity and margin loan balances while daily trading activity remained largely unchanged from July. Trading Activity Holds Steady Interactive Brokers reported that daily average revenue trades (DARTs) were 3.49 million, up 29% from August 2024 but roughly flat month-on-month. On a per-account basis, clients executed an annualized average of 18...| Retail FX – Finance Magnates | Financial and business news
AETOS, which gave up its United Kingdom licence last June, has now closed down its offshore operations under the Mauritius-licensed entity, FinanceMagnates.| Financial and Business News | Finance Magnates
Australia's financial watchdog has launched legal proceedings against Macquarie over allegations it misreported millions of short sales to market operators over a 14-year period, potentially distor...| Financial and Business News | Finance Magnates
Admirals (formerly Admiral Markets) has sold its Australian unit to PU Prime, another forex and contracts for differences (CFDs) broker, Finance Magnates has learned.| Financial and Business News | Finance Magnates
The UK unit of Admirals, a contracts for differences (CFDs) broker brand, has migrated accounts held by clients resident in the European Union to another operating company located in the continenta...| Financial and Business News | Finance Magnates
Admirals, a global trading and investment services provider, is once again accepting new clients in the European Union following a temporary pause earlier in 2024.| Financial and Business News | Finance Magnates
Admirals Group AS has released its unaudited financial results for the first half of 2025. The period saw lower client trading activity across the Group’s core European markets.| Financial and Business News | Finance Magnates
Australia's market watchdog has asked the Federal Court to appoint receivers to Australian Fiduciaries Limited and 30 related companies after the collapse of investment schemes that attracted...| Financial and Business News | Finance Magnates
Australia's financial regulator shut down MWL Financial Services and banned its managing director for a decade following what officials described as serious failures in how the firm handled client ...| Financial and Business News | Finance Magnates
In the second part of the ongoing series, I am delving deep into the regulatory structure and legality of Trader Funded Firms (TFFs).| Financial and Business News | Finance Magnates
Just seven days after SurgeTrader announced that Match-Trade had terminated its license, the prop trading firm has decided to cease operations.| Financial and Business News | Finance Magnates
The Financial Services and Markets Authority has issued a warning to the public regarding the perils associated with prop trading firms.| Financial and Business News | Finance Magnates
FTMO, a dominant player in the prop trading industry, is entering the retail brokerage space and has appointed Michael Kamerman as the Chief Executive of its brokerage division, Finance Magnates ha...| Financial and Business News | Finance Magnates
Competition in the UK's retail trading market turned out to be too great for Public.com, which suspended its local operations just after 8 months.| Financial and Business News | Finance Magnates
Online investment app Robinhood has announced its impending launch in the UK, which is scheduled for early 2024. Third's time a charm?| Financial and Business News | Finance Magnates
Capital.com’s Q2 trades rose 22% to 59M, with $850B volume up 29%, driven by index, commodity markets, and tariff-related shifts.| Financial and Business News | Finance Magnates
IG Group (LON: IGG) is expanding its services around digital assets as it prepares to launch spot cryptocurrency trading for retail investors.| Financial and Business News | Finance Magnates
Publicly listed fintech XTB (WSE: XTB ) plans to introduce spot cryptocurrencies to its offering, likely this year, Finance Magnates has learned.| Financial and Business News | Finance Magnates
VP Capital, which owns Capital.com and Currency.com, sold the latter (a cryptocurrency platform) to a group of investors represented by CXNEST Ltd.| Financial and Business News | Finance Magnates
Australia's securities regulator has taken down more than 330 fake investment websites this year that use images of prominent billionaires to trick people into bogus get-rich-quick schemes, marking...| Financial and Business News | Finance Magnates
Capital.com, the contracts for differences (CFDs) broker owned by billionaire Viktor Prokopenya, might be planning to launch physical cryptocurrency services.| Financial and Business News | Finance Magnates
Retail prop trading platform FundingPips has named Andria Evripidou as its new Group Managing Director, the company announced this week.| Financial and Business News | Finance Magnates
Plus500’s revenue for 2023 reached $726.2 million and the company acquired almost 91,000 new customers last year, raising active customer numbers to just over 233,000.| Financial and Business News | Finance Magnates
Plus500 (LON: PLUS) generated revenue of $182.6 million in the second quarter of 2024, which increased 14 per cent year-over-year. However, the figure dropped by 15.| Financial and Business News | Finance Magnates
London-listed Plus500 (LON: PLUS) has allocated an additional $100 million for its share buyback programs, the broker announced today (Tuesday).| Financial and Business News | Finance Magnates
IG CEO made $4.5M in FY25 . This week’s recap highlights interesting figures in executive pay in the CFD brokerage sector. IG Group CEO Breon Corcoran became the second-highest-paid chief among Lon...| Financial and Business News | Finance Magnates
The legal representatives of My Forex Funds and its CEO, Murtaza Kazmi, have responded to all the allegations brought by the CFTC and categorically denied them.| Financial and Business News | Finance Magnates
There is a high probability that a settlement deal is being negotiated between the proprietary trading firm My Forex Funds and regulators in the US and Canada, Finance Magnates has learned exclusiv...| Financial and Business News | Finance Magnates
My Forex Funds is seeking a sanction order against the CFTC for “misrepresentation of facts.”| Financial and Business News | Finance Magnates
Moneta Markets secures FCA license, partners with Atlético de Madrid in APAC, and plans to launch a proprietary trading firm soon.| Financial and Business News | Finance Magnates
Ultima Markets has secured authorisation from the Financial Conduct Authority (FCA) to offer contracts for differences (CFDs) to traders in the United Kingdom, FinanceMagnates.| Financial and Business News | Finance Magnates
The UK unit of AETOS, a contracts for differences (CFDs) broker, has given up its Financial Conduct Authority (FCA) licence and appears to be winding down its business entirely in the country.| Financial and Business News | Finance Magnates
Hirose UK has notified on Thursday that it has stopped taking clients from the European Economic Area (EEA) due to the impact of Brexit on its business.| Financial and Business News | Finance Magnates
Hirose Financial, which offers forex and contracts for differences (CFDs) trading services, has suspended onboarding new retail traders under its United Kingdom and Labuan-regulated entities, Finan...| Financial and Business News | Finance Magnates
Dubai’s regulators may have had the luxury of starting on a blank sheet of paper: it attracted and utilised talent and knowledge from experienced professionals that worked in more mature supervisor...| Financial and Business News | Finance Magnates
DIFC added 1,081 companies and nearly 48K professionals in H1; FinTech firms grew 28% to 1,388, hosting 70+ brokers including Interactive Brokers.| Financial and Business News | Finance Magnates
Finance Magnates recently sat down with Richard Elston, CMC’s Group Head of Institutional Sales, and Michael Bogoevski, Head of Institutional ANZ at CMC Connect, to discuss the deal the broker's deal with Revolut.| Financial and Business News | Finance Magnates
CMC Markets (LON: CMCX) has strengthened its presence in New Zealand by entering a long-term strategic partnership with ASB Bank, a major financial institution in the country with around 1.| Financial and Business News | Finance Magnates
CMC Markets (LON: CMCX) closed the fiscal year 2025, which ended on 31 March, with a net operating income of £340.1 million—a modest 2 per cent annual increase—while pre-tax profits jumped by 33 pe...| Financial and Business News | Finance Magnates
Victoria Fineberg, a “person closely associated” with CMC Markets’ Deputy CEO, David Fineberg, has sold about £252,000 worth of shares in the London-listed broker this week, according to the latest...| Financial and Business News | Finance Magnates
Hundreds of traders eagerly awaited Friday's "Community Update" from The Funded Trader. However, the CEO did not present positive information.| Financial and Business News | Finance Magnates
MetaQuotes, the company behind the popular trading platforms MT4 and MT5, is cracking down on prop trading firms because of US client base.| Financial and Business News | Finance Magnates
The TradeLocker platform was attacked by a DDoS during Wednesday's trading session. The prop firm Funding Pips first announced this information.| Financial and Business News | Finance Magnates
Skilled Funded Trader, a prop trading company controlled by Easton Consulting Technologies, “has temporarily ceased all operations, including new purchases, effective immediately.| Financial and Business News | Finance Magnates
Explore the June Compliance Report, featuring in-depth analyses of MiCA enforcement and EU capital market developments. A must-read.| Financial and Business News | Finance Magnates
Plus500 reported a 13% quarter-over-quarter revenue increase in Q1 2025, prompting the company to raise its full-year outlook above current market expectation.| Financial and Business News | Finance Magnates
Plus500, a fintech group known for its contracts for difference (CFDs) trading platform, has formed a partnership with Barchart, a U.| Financial and Business News | Finance Magnates
Evidence shows that the CFTC was aware of its mischaracterization of the payments in the initial allegations against My Forex Funds.| Financial and Business News | Finance Magnates
My Forex Funds filed a motion in court responding to several of the allegations brought against it by the CFTC.| Financial and Business News | Finance Magnates
The New Jersey court, tonight (Tuesday), partially granted My Forex Fund's request in the lawsuit filed by the CFTC against the company.| Financial and Business News | Finance Magnates
The U.S. Commodity Futures Trading Commission ( CFTC ) has moved to voluntarily dismiss its appeal against Kalshi, effectively allowing the New York-based derivatives trading platform to continue o...| Financial and Business News | Finance Magnates
The European Securities and Markets Authority (ESMA) dropped its final market abuse guidelines for crypto firms. These 12 specific rules will reshape how every crypto business (and not only) operat...| Financial and Business News | Finance Magnates
Former financial services director Mark Francis McCabe has been sentenced to four years and three months in prison for orchestrating a sophisticated forex trading scam that defrauded investors of n...| Financial and Business News | Finance Magnates
Australia's financial market watchdog has uncovered significant compliance failures across the managed investment sector. The responsible entities have overseen nearly $1 trillion in assets that ha...| Financial and Business News | Finance Magnates
The Commodity Futures Trading Commission (CFTC) added 43 more foreign entities to its RED List in the latest warning to U.S. investors about unregistered operators offering trading services without...| Financial and Business News | Finance Magnates
The increasing popularity of prop trading firms has attracted the attention of regulators as ESMA ran an initial check on such prop trading firms and also discussed possible regulations in the industry.| Financial and Business News | Finance Magnates
Robinhood (Nasdaq: HOOD) has launched its brokerage services in the United Kingdom after two failed attempts.| Financial and Business News | Finance Magnates
Plus500, the Israeli retail broker listed in London (LON: PLUS), today (Monday) announced the extension of its ongoing share buyback programme with the allocation of an additional $110 million, whi...| Financial and Business News | Finance Magnates
Commodity Futures Trading Commission (CFTC) Commissioner Caroline D. Pham has issued a statement calling for immediate action to address alleged misconduct by CFTC staff.| Financial and Business News | Finance Magnates
The US Commodity Futures Trading Commission (CFTC) has placed four lawyers and one investigator on administrative leave due to allegations of misconduct in the fraud case against Traders Global Gro...| Financial and Business News | Finance Magnates
The lead attorney of the Commodity Futures Trading Commission (CFTC), Ashley Burden, admitted he was “careless and sloppy” during the investigation in its lawsuit against the proprietary trading pl...| Financial and Business News | Finance Magnates
In the lawsuit, CFTC's Division of Enforcement claimed that the defendants, Traders Global Group and founder Murtuza Kazmi, fraudulently solicited customers to enter into leveraged forex exchange transactions.| Financial and Business News | Finance Magnates
Commodity Futures Trading Commission (CFTC) Commissioner Caroline D. Pham bravely shared her statement following the Sanctions Motion filed by My Forex Funds (MFF).| Financial and Business News | Finance Magnates
A U.S. federal judge has dismissed the Commodity Futures Trading Commission’s (CFTC) complaint against Traders Global Group Inc., the parent company of My Forex Funds, with prejudice.| Financial and Business News | Finance Magnates
A Special Master has recommended that a U.S. court impose sanctions and "dismiss with prejudice" the case brought by the Commodity Futures Trading Commission (CFTC), accusing the agency of delibera...| Financial and Business News | Finance Magnates
Prop trading firm Funding Pips is facing a setback as Trustpilot, a platform where real users provide reviews, has “temporarily suspended” its profile page.| Financial and Business News | Finance Magnates
Estonia-based Admirals (previously Admiral Markets), a forex and contracts for differences (CFDs) broker, is selling its Australian subsidiary in an attempt to “optimise its geographic focus.| Financial and Business News | Finance Magnates