It’s been a shortened week of news over the festive period, but there were still some pretty interesting facts to report as we close out a very eventful 2023 in the FX and CFD trading industry.
Who is behind the launch of new Cyprus-based (and South African-licensed) retail FX and CFD broker TibiGlobe?
Why was the NAGA Group entity in Cyprus fined €150,000 by CySEC?
What was INFINOX group’s record global revenue for fiscal 2023?
Which executives joined Fxview, from Orbex and from Tickmill?
Some of the most read and commented FX/CFD industry news that appeared in the last seven days on FNG include:
Exclusive: TibiGlobe CFDs Broker Launches. Exclusive FNG… FNG has learned that a new retail FX and CFD brokerage brand has been launched, called TibiGlobe (website tibiglobe.com). TibiGlobe offers trading on the MT5 platform and is primarily run from Cyprus, but operates as a controlled entity in South Africa, with an FSCA (Category 1) license secured by its subsidiary Tibiglobe (PTY) Ltd.
CySEC reaches €150,000 with NAGA Markets Europe. The Cyprus Securities and Exchange Commission (CySEC) reached a settlement of €150,000 with NAGA Markets Europe. The meeting where the regulatory decision was taken was in March 2023. However, the decision was announced today. The settlement concerns potential violations of the Investment Services and Activities and Regulated Markets Act of 2017.
INFINOX reports revenue of $130 million for 2023. Online trading provider INFINOX Capital Ltd (UK) announced that it maintained solid financial performance in fiscal 2023 (year ended March 31), with revenue of £15.7 million (2022 : £17.1 million), while the INFINOX brand reported a worldwide record revenue of $130 million. Record Key Performance Indicators (KPIs) were achieved across the INFINOX group – including record trading volumes, deposits and client accounts.
Exclusive: Velocity Trade receives MAS’s Singapore Capital Markets Services license. Exclusive FNG… FNG has learned that Canada-based broker Velocity Trade has continued its global run, receiving approval late last week for a Capital Market Services license in Singapore from local regulator MAS. Velocity Trade is strengthening its overall capabilities in the wider APAC region, recently hiring iSAM’s Head of Asia Securities (formerly iS Prime) Will Robbins as a Director to help build the group’s multi-asset offering in its region Asia, as well as the expansion of the recently launched business based in Singapore.
Top FX industry executive moves reported on FNG this week included:
❑ Exclusive: Fxview hires Orbex executive Feras Mahmoud as Head of Risk Management.
❑ Exclusive: Fxview hires Tickmill executive Christoforos Panagiotou as Regional Director for Africa.
❑ Exclusive: Todor Georgiev is leaving FXGlobe to take up the role of COO at Traders Trust.