Finance Magnates office was busy despite the Summer holidays. In our “Greatest of the Week” phase, let’s take a look at the news stories that dominated the crypto, foreign exchange and fintech worlds.
An ex-Manchester United player is charged with crypto cash laundering
Although Cristiano Ronaldo is being praised by the soccer world for his return to Manchester United, a former teammate of him is not faring so well.
Anderson, a former member of a Brazilian soccer team and Manchester United plater, was charged with being involved in a scheme to launder crypto money.
Globo reports that the former midfielder was under investigation by a Brazilian court after he was suspected of participating in a R$35million ($6.5 million) money laundering operation using cryptocurrencies.
Find out more about the Anderson cryptocurrency cash laundering prices here.
Australians lose more than $70 million to H1 frauds in 2021
While Australia is deemed the most fortunate nation, Australians aren’t so lucky when it comes to funding scams.
Australian Competitors and Shopper Fee (ACCC), an Australian contest regulator, recently published a report on bogus funding options in Australia. It highlighted an alarming increase in the overall losses due to these funding scams.
According to the report, Australians lost over $70 million in fraudulent funding schemes during the first half 2021. Scamwatch’s knowledge shows a 53.4 percent increase in stories about funding scams in H1 2021. Scamwatch accumulated 4,763 stories in the first six months in 2021, compared to 3,104 in H1 2020.
ACCC also stated that projected losses will exceed $140 million by the end of the next 12 months. More than half of all losses in the first half 2021 were attributed to cryptocurrency-related scams.
Find out more about Australian Funding Scams here.
ASIC Prohibits Fee for Order Circulate Model
Australian Securities and Investments Fee, the national monetary market regulator, suggested Wednesday additional restrictions for the application of controversial cost for order circulate model (PFOF). This was in addition to modifying the market guidelines.
In keeping with the Aussie watchdog, its present market guidelines ‘don’t take care of sure payment-for-order-flow eventualities comparable to preparations between non-market participant intermediaries,’ and it’s aspiring to fill this regulatory hole.
Find out more about the ASIC PFOF proposal right here.
ASIC Prioritizes CFD Monitoring and Binary Choices Compliances
Just 24 hours after the PFOF assertion was made, the Australian Securities and Investments Fee revealed on Thursday its four year company plan for 2021-2025. It outlines its priorities for the distribution of retail over the counter derivatives, focusing on binary options and contracts for distinction (CFDs).
Three key actions were identified by the regulator to be taken in order to intervene within the retail OTC derivatives industry. It can monitor compliance with product intervention orders for contracts for binary and distinction.
Find out more about the ASIC 4-year plan here.
UK Regulator Has Mentioned That Crypto Alternative Binance Is Now Compliant
The Monetary Conduct Authority (FCA), UK’s monetary market regulator, stated Wednesday that Binance Markets Restricted was a subsidiary of the larger Binance Group and has met all regulatory requirements.
Find out more about the UK FCA Binance Markets Ltd Ok right here
eToro’s Q2 2021 Internet Buying and Selling Revenue is $291 Million
eToro released its interim monetary results for the quarter ending June 30, 2021. The supplier of monetary companies reported strong growth in internet sales revenue and registered customers during Q2 2021.
According to the results, eToro’s total fee for the second quarter 2021 was $362 million. This is 125% more than the same period in 2020. The dealer also reported an increase of 136% in internet selling and buying revenue compared to Q2 2020.
eToro saw significant growth in new customers and funds within the newest quarter. The company highlighted the fact that cryptocurrency merchandise drove its entire fee in the second quarter 2021.
In Q2 2021, the dealer reported that 2.6 million customers had registered. This is 121% more than in 2020.
Find out more about the eToro Q2 Results right here.
eToro becomes a Sponsor of British Soccer Membership Aston Villa
eToro announced its revenue will increase in the same week it also introduced two new soccer sponsorship agreements.
With the recent sponsorship of Aston Villa, a Birmingham-based soccer club, the corporate has further strengthened its model presence in the soccer area.
eToro, which was formed on Thursday as a partnership between the two companies, will be able to market its model using the matchday LED boards. It can also get digital rights and promotional options for the ticketing portion.
Find out more about the eToro Aston Villa sponsorship right here.
eToro Bolsters Premier League Presence in Partnership with Newcastle United Sponsorship
RB Leipzig has already partnered with a variety of high-quality soccer equipment. eToro has added Aston Villa to its impressive roster. Newcastle United
The deal was officially announced on Thursday as a new deal. However, the brokerage and soccer membership had already signed an identical agreement in August 2018. Newcastle United was then part of a seven-member group that eToro signed business partnerships with and made headlines by paying for them in Bitcoin.
Find out more about the eToro Newcastle United sponsorship deal here.
Coinbase is facing ‘1000’s of complaints about its Buyer Help Service
After hundreds of complaints from buyers, Coinbase, the largest US-based cryptocurrency exchange, has come under fire.
CNBC interviewed the shoppers to confirm that account takeovers were the most common reported point. This was due to the agency’s alleged poor customer service.
Find out more about the Coinbase complaints report here.
PayPal Launches its Cryptocurrency Companies in the UK
PayPal, the largest US-based fund company, has changed to become the latest firm to expand its cryptocurrency businesses outside the US.
PayPal has announced that its cryptocurrency businesses are now available for UK-based customers. PayPal customers in the UK can now buy, hold and promote cryptocurrencies such as Bitcoin (BTC), Ethereum(ETH), Litecoin [LTC], and Bitcoin Money (BCH)
PayPal stated that its first expansion outside the US market was the launch of its crypto companies in the UK. Customers can now buy cryptocurrency property starting at PS1. PayPal announced the current announcement just one month after raising its weekly cryptocurrency buy limit to $100,000 for US-based prospects.
Find out more about the PayPal Crypto UK Companies here.
Jim Cramer: I Personal Ethereum Instantly
Jim Cramer is a former supervisor of hedge funds and host of CNBC’s Mad Cash. He expressed his opinions on Ethereum this week and said that he currently holds the second-most valuable digital forex in the world.
Cramer stated that cryptocurrency property should be a part of buyers’ investment portfolios at least 5%. Cramer’s latest statement came just two months after his previous supervisor for hedge funds introduced the promotion of all his Bitcoin holdings.
Find out more about Jim Cramer’s Ethereum work right here.
Unique: TIOMarkets introduces a 4-Day Work Week for Cypriot Workers
Finance Magnates has revealed that TIOMarkets, a CFDs and foreign exchange dealer with global operations, is creating a 4-day work week for workers at its Cyprus workplace. It will be effective from September 2021.
TIOMarkets is now the only dealer that allows its employees to work just 4 days per week.
The dealer also clarified that there would likely not be any change in the annual leave or the compensation of workers.
TIOMarkets Group CEO stated that a motivated workforce is key to our company’s growth.
Find out more about the TIOMarkets 4-day Week right here.
Bitcoin Whale Handle Transfers 6,000 BTC From Binance
Bitcoin (BTC), digital forex that is the most widely used in the world, is currently enjoying a major bull market. The BTC’s value has risen by more than 50% in the last 4 weeks.
Finance Magnates reported that Bitcoin’s price was moved almost $292 million from digital trade Binance on August 25th 2021 to crypto pockets Xapo.
According to Whale Alert’s current information, a Bitcoin millionaire transferred 6,000 BTC from Binance.
Find out more about the Bitcoin whales here