Financial
Commission Flags Suspected Broker-Dealer
The Financial
Commission (FinCom)
has cautioned the public against Monstrade, a broker allegedly defrauding
traders and investors. According to a statement shared with
Finance Magnates by the commission, traders have raised concerns about the broker.
Thus, FinCom has
warned traders not to engage with the company or its associated websites.
Additionally, the regulator has issued warnings against individuals purporting
to represent the entity.
Kaiko Joins
Google Cloud Partners’ Advantage Program
The
cryptocurrency data provider Kaiko has announced that it is joining Google
Cloud Partners’ Advantage Program. This partnership is expected to provide Google Cloud users access to data, including that of Web3 enterprises, Kaiko said.
Elodie de
Marchi, the Chief Operating Officer at Kaiko, said: “Being able to have
access to high-quality datasets, risk management, and valuation tools tailored
to crypto assets is crucial for any participants to make the best investment
decisions.”
WisdomTree
Reports Double-Digit Growth in Net Inflows for July
The New
York-based asset management company WisdomTree Investments released its monthly
metrics for July, disclosing more than USD $300 million in net inflows during
the period. The net inflows increased 19% year-to-date to USD $9 billion, according to a statement issued today (Wednesday).
WisdomTree’s
assets under management (AUM) year-to-date is USD $97 billion, while the
average total AUM is USD $90 billion. Currently, the asset manager operates in
21 states in the US.
Fed Unveils New
Program to Manage Crypto Activities among Banks
The US Federal
Reserve has started a new program to manage the crypto
activities of financial institutions in the US. Additionally, the central
bank has issued a requirement that regulated lenders should obtain approval
before engaging in crypto activities.
“A state
member bank should demonstrate that it has established appropriate risk
management practices for the proposed activities, including having adequate
systems in place to identity, measure, monitor, and control the risks of its
activities,” the regulator explained.
SEC Charges
Former Hedge Fund Managing Director of Fraud
The Securities
and Exchange Commission (SEC) has charged a former hedge fund executive for
allegations of misuse and misappropriation of investors’ funds.
The complaint,
filed before a federal District Court in Colorado, accused Chad Stickforth, the
former Managing Director of RSF, of raising about USD $5.4 million from twenty
investors. According to the regulator, the victims of the alleged fraud were
told that the money would be used to trade futures contracts, commodity
interests, and options on their behalf.
GO Markets Partners with
Options Technology
Options
Technology, a financial technology and market data solutions company, has been
chosen as the primary market data provider for GO Markets’ Asian market
endeavors. The partnership will initially focus on delivering Hong Kong Stock
Exchange data and redistributing CFD products, with the hope of taking this
success global.
GO Markets,
a global financial service provider, has selected Options for its superior
risk-monitoring features, efficient data management, and world-class infrastructure.
Danny Moore, the CEO at Options, highlighted that this alliance emphasizes the company’s
dedication to helping firms like GO Markets excel in today’s dynamic financial
environment.
“We
are delighted to be selected as GO Markets’ primary market data provider for their
expansion into the Asian Markets,” Moore added.
FCA Issues New Warnings on
Unauthorized Firms
The
Financial Conduct Authority (FCA) has released warnings against several firms
and individuals operating without authorization or registration. Among these
are Perfect Kinetic Flipper, PRIESTLY, BRAVERMAN & ASSOCIATES LLC,
AllianceheritageFX, Geniovest, and several others.
The FCA
warns the public to be wary of such unauthorized entities and underscores the
potential risks involved in engaging with them. The
complete list can be found here.
German Regulator
Investigates Worldcoin
As reported
by Handelsblatt, Germany’s financial regulator, BaFin, has initiated an
investigation into the digital currency Worldcoin. The probe is centered around
companies that might be targeting the German market without the necessary
permission, such as running their operations in the German language. At the moment, Worldcoin
has not provided any comments regarding the investigation.
“We
are monitoring Worldcoin’s activities. If a company turns to the German market
without the necessary permission, for example with a website or app in German,
we investigate it,” the spokeswoman at BaFin commented in German and
translated to English using Google Translate.
GERMAN REGULATOR BAFIN INVESTIGATING DIGITAL CURRENCY WORLDCOIN – HANDELSBLATT
— *Walter Bloomberg (@DeItaone) August 8, 2023APRA Removes Liquidity
Requirement for Bendigo and Adelaide Bank
The
Australian Prudential Regulation Authority (APRA) announced that Bendigo and
Adelaide Bank no longer need to maintain additional cash reserves,
