Last week’s top story was undoubtedly the bankruptcy and closure of Swiss online banking and trading company FlowBank, which rocked the FX, CFD and crypto world in a number of ways. In addition to what FlowBank’s own customers and debtors will now face, FlowBank also owns FCA-licensed broker LCG. And crypto investment house CoinShares was a major investor in the company.
There was also plenty of Chief Marketing Officer (CMO) news, with Tickmill looking for a new CMO following the promotion of Nicholas Baumer to CCO and James Hughes recently leaving as CMO of Scope Markets to launch a new FX venture and CFD – with both stories exclusively reported here on FNG!
Some of the most read and commented on FX/CFD industry news that appeared in the last seven days on FNG include:
Exclusive: FlowBank stops onboarding clients after being declared bankrupt by FINMA. Exclusive FNG… FNG has learned that Swiss online neobank / neobroker FlowBank is no longer processing new customer applications and has stopped onboarding customers, following the Swiss financial regulator FINMA’s decision to open bankruptcy proceedings against FlowBank, a story FNG disclosed earlier today. FlowBank was founded in 2020 by CEO Charles-Henri Sabet, who previously ran London-based online broker LCG.
Exclusive: former Scope Markets CMO James Hughes launches financial marketing firm Prezco. Exclusive FNG… FNG has learned that seasoned FX industry marketing executive James Hughes has launched a new business called Prezco. Based in London, Prezco is a content solutions provider specializing in the financial services industry, with a focus on FX/CFD market content, broker training videos, written market analysis, as well as social media optimized content. The new venture is co-founded by Tony Cross, who has spent the past 20 years running PR agency Monk Communications. Scope Markets is a client of Monk.
Exclusive: Zenfinex loss rises to £2.3m in 2023, Spread Betting projects. Exclusive FNG… FNG has learned from regulatory filings that London-based FCA-licensed broker Zenfinex Limited posted an increase in net loss in 2023, although the firm managed to increase its revenue base, during a transition year for company. Zenfinex Limited is the UK arm of Zenfinex Global Limited, which was rebranded as Taurex last year.
Exclusive: Exinity UK revenue to grow 23% in 2023 to £2.1m. Exclusive FNG… FNG has learned through regulatory filings that Retail FX and CFDs broker Exinity UK Limited, the FCA-regulated arm of Andrey Dashin’s Exinity Group, posted a healthy 23% rise in revenue in 2023, to £2.1m from £1.7m £ the previous year. However, due to an increase in Admin Fees, Exinity UK’s profits fell by 33% to £213,000 against £319,000 in 2022. The Exinity Group was launched in 2020, as an umbrella that includes the various retail FX/CFD businesses owned by Andrey Dashin.
Top FX industry executive moves reported on FNG this week included:
❑ Exclusive: Tickmill names Nicholas Baumer CCO, hiring new CMO.
❑ Exclusive: CPT Markets hires Vantage executive Nikolaos Handzara as head of UK sales.
❑ iSAM Securities appoints James Wale as Head of Leveraged Sales EMEA.
❑ Komainu adds longtime Citi executive Tony Larkin as CFO.
❑ Exclusive: GTC / OneRoyal / ATFX alum Mouaz Hosni joins CNBC Arabia.
❑ MoneyGram appoints Gary W. Ferrera as CFO.