IndustrySEC and CFTC Plans for 2024

The dynamic environment of digital currencies in the United States is being progressively shaped by regulatory measures. The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) will be in the public eye in 2024 as they deliberate on the adoption of new regulations that have the potential to significantly alter the cryptocurrency sector. This emphasis is placed at a critical juncture when the industry is in search of regulatory bodies to provide clarity and stability. The exponential expansion of cryptocurrency from a specialized subject to a major participant in the financial market has compelled regulatory agencies to intervene. The SEC and CFTC have been especially active, with Binance, Kraken, and Coinbase among the largest participants in the cryptocurrency industry falling under their regulatory purview. These behaviors unequivocally communicate that the period of minimal oversight in the cryptocurrency industry is nearing its conclusion. Investors and operators in the sector must have a comprehensive comprehension of the focus and potential impact of these regulatory bodies as they deliberate on regulations that may increase industry oversight.

WikiFX2022

2023-12-28 14:36

IndustryUW Global is Not Paying Clients Back

In the realm of online trading, the recent turmoil surrounding UW Global has cast a glaring spotlight on the challenges faced by investors, emphasizing the critical need for transparency and caution in the financial industry. This tumultuous scenario unveils a distressing tale recounted by one user, whose grievance underscores the significance of thorough research and vigilance before engaging with brokers. The ordeal faced by a user illuminates the precarious nature of dealing with UW Global. The user, having invested with high hopes, encountered substantial hurdles while attempting to withdraw funds from their UW Global account. What should have been a routine transaction spiralled into a negative experience marked by delays and excuses. The user, in their submitted complaint, pointedly states that UW Global has repeatedly failed to release clients' funds, citing various reasons and providing a barrage of excuses that have resulted in extensive delays. Frustrated by the lack of progress in receiving their rightful funds, numerous affected investors have escalated the issue, reaching out to regulatory bodies such as the LFSA (Regulator), involving commercial crimes police, and even resorting to legal action.

WikiFX2023

2023-12-28 14:34

IndustryThe Historical & Costly Neglect of TriumphFX

TriumphFX has long been under regulatory scrutiny, with complaints surfacing over a decade ago, alleging activities resembling a financial pyramid scheme. The Cyprus Securities and Exchange Commission (CySEC) announced measures against Triumph Int. (Cyprus) Ltd, the operator of TriumphFX, including halting Hseung's voting rights and restricting executive directors Christoforos Christoforou and Joel Prakash Benedict from management roles for two years. CySEC highlighted Hseung's perceived detrimental impact on Triumph's stable management, echoing alerts from regulators in Singapore and Malaysia in 2021 and 2020 respectively. However, warnings about TriumphFX's potentially risky practices date back to 2015, as revealed by Finance Magnates' investigations into Asian regulatory concerns. The Hong Kong Securities and Futures Commission (SFC) issued a cautionary notice about Triumph Global (Asia) Limited in 2015, indicating regulatory non-compliance in offering services to Hong Kong clients without proper licenses. Triumph International Limited, located in the British Virgin Islands, managed the entity.

WikiFX2023

2023-12-27 15:08

IndustryBanks eagerly register for access to the Korean onshore FX market

Exciting news for international banks! The doors of South Korea's onshore foreign exchange market are swinging open, and banks are hurrying to secure their spots. The Bank of Korea is introducing a scheme that will allow offshore banks to trade in this market as registered financial institutions. From the first day of the new year, banks that become designated RFIs can engage in deliverable interbank and dollar/won spot, forward, and swap trades within South Korea. As an added bonus, these RFIs will even have the ability to offer won forwards to their offshore customers and conveniently clear them with approved local brokers. This opportunity has banks racing against the clock to be a part of the action.

WikiFX2022

2023-12-27 15:04

IndustrySFC's Improved Position Limit Regime

The Securities and Futures Commission (SFC) has announced that starting from 22nd December 2023, the amendments to the Securities and Futures (Contracts Limits and Reportable Positions) Rules (referred to as the "Rules") is in effect. These amendments are designed to strengthen the position limit system in various ways. This includes providing clear guidelines on how the Rules apply to asset managers who oversee funds or sub-funds of umbrella funds, as well as outlining the regulatory expectations for trustees concerning compliance with the Rules. Additionally, the amendments expand the list of "specified contracts" that qualify for excess position limits, introduce an excess position limit system for clearing participants, raise the statutory position limits for specific futures and options contracts, establish position limits and reporting levels for newly introduced contracts, and implement reporting requirements for large open positions during holiday trading periods. The objective of these changes is to offer greater transparency and guidance on regulatory obligations pertaining to funds, making compliance easier for all parties involved.

WikiFX2022

2023-12-26 15:45

IndustrySomething You Need to Know About Inefex

Inefex, a broker operating in the financial industry has faced scrutiny due to the absence of valid regulation and a suspicious regulatory license. Without proper oversight from governing bodies or regulatory authorities, concerns arise regarding the transparency and accountability of the broker. Inefex offers trading in stocks, cryptocurrencies, currencies, commodities, and indices. These instruments provide opportunities for investors to speculate on the value and movement of various assets. According to WikiFX, Inefex is not a regulated broker. Inefex doesnt hold a regulatory license, which is a red flag. The lack of regulation raises concerns about the transparency and accountability of the broker, exposing investors to potential risks.

WikiFX2023

2023-12-22 14:00

IndustrySenior Managing Director Co-Investments and Chairman of Private Equity Investment Committee

Marius is a Senior Managing Director on the Co-Investments team and Chairman of Private Equity Investment Committee. He has over 25 years of experience in private equity and investment management. Prior to joining Capital Dynamics, Oliver held positions with Arthur Andersen, GE Capital and Sal. Oppenheim. He was also for over ten years chairman of the supervisory board of a German listed business and took a small German pharmaceutical company public on the Frankfurt Stock Exchange. Marius completed an exchange program in Business Administration at the University of Illinois at Urbana Champaign and holds a Diplom Kaufmann degree (MBA equivalent) from Philipps University Marburg.

Marius MC

2023-12-21 20:45

Release
Forum category

Platform

Exhibition

Agent

Recruitment

EA

Industry

Market

Index

Hot content

Industry

Event-A comment a day,Keep rewards worthy up to$27

Industry

Nigeria Event Giveaway-Win₦5000 Mobilephone Credit

Industry

Nigeria Event Giveaway-Win ₦2500 MobilePhoneCredit

Industry

South Africa Event-Come&Win 240ZAR Phone Credit

Industry

Nigeria Event-Discuss Forex&Win2500NGN PhoneCredit

Industry

[Nigeria Event]Discuss&win 2500 Naira Phone Credit

Release