Broker Updates During May 17-23

Money Laundering

1. Officials who are responsible for investigating money laundering and tax violations have sought information from individuals familiar with Binance's business. They have concerns that cryptocurrency was being used to conceal illicit transactions, including theft and drug trafficking. Meanwhile, trading activities conducted through Binance involve in a larger amount of money than any other exchanges.

Business Expansion

2. Vantage FX is expanding its business globally and UK is one of the locations chosen to start this campaign. This broker launches a country-specific application to give users smoothest experience.

Business Cooperation

3. ICM.com becomes the official partner of the Formula 1 team from Italy Scuderia AlphaTauri. Their signed agreement includes terms of placing ICM.com's brand on racing cars, parking spaces as well as players' apparel.

Crypto Investment Fraud

4. The Indonesian National Police Criminal Investigation Unit has arrested six suspects in connection with suspected criminal acts of fraud, embezzlement and money laundering using the EDCCash crypto application which is on the list of illegal investments.

The six suspects that have been secured include the CEO of the crypto asset platform E-Dinar Coin (EDC) Cash with the initials AY.

According to the Investment Alert Task Force (SWI), the EDCCash crypto asset platform has been on the list of illegal investments since October 2020.

EDCCash's irregularities were revealed after a number of customers admitted that they had difficulty in withdrawing their crypto assets.

License Withdrawal

5. The Cyprus Securities and Exchange Commission (CySEC) announced that it withdrew the Cyprus Investment Firm (CIF) license of Rodeler Ltd, the company that operated the forex and CFDs broker brand 24Option.

Apart from 24Option, Rodeler also operated 24FX, Grandoption, and Quickoption brands, according to the regulatory registration. As the name suggests, 24Option was launched as a binary options platform, but later it was transitioned as a forex and CFDs broker. The platform is still offering services globally and is operated by Richfield Capital Limited, a Belize incorporated entity.

Crypto Regulations

6. Bitcoin and cryptocurrency trading may avoid a complete ban in India as the government is planning to form a new panel for cryptocurrency regulations in the country.

According to a recent report published by The Economic Times, the Indian government is reconsidering its stance on Bitcoin and cryptocurrency trading. Authorities believe that the crypto recommendations by Subhash Garg (Indias former finance secretary) are outdated.

Transaction Data

7. Below is the data of monthly trading volume & open positions for Over-The-Counter Retail Margin FX trading.

Leading Broker

8. Just2Trade, the leading financial services company for private investors around the world, received the Best Diversified Broker Asia 2021 award. The award was presented to Just2Trade during Brokers Show in Taiwan on April 24, 2021. This year's popular exhibition was held online due to the Covid-19 pandemic, with over 50,000 visitors.

iFX EXPO

9. On May 19 and 20, Dubai will host a colossal event of the year - iFX EXPO 2021. Broker FreshForex announced that it will take part in the exhibition, which annually brings together the best experts from the financial world to exchange experiences and discuss prospects in the field of online trading and financial technologies.

Trading Volume

10. The Tickmill group of companies reported its largest ever monthly trading volume of $195.6 billion in notional value as of March 2021. The first quarter of 2021 was impressive for the group, with total FX and CFD trading volume of $511 billion notional value (January-$147.4 billion, February - $167.5 billion and March - $195.6 billion, respectively). Meanwhile, the total number of transactions completed in the 1st quarter of 2021 exceeded 38 million.