Wells Fargo & Co. was slapped with a $65 million fine Monday for illegal “cross-selling” practices, which were at the center of the fake credit cards scandal that saw the bank’s employees secretly opening millions of unauthorized accounts for their customers in order to meet aggressive sales targets.
This illegal banking strategy cost Wells Fargo, which is famous for its culture of cross-selling products to customers, more than $250 million in fines over the last two years. The US authorities said employees at the world’s most valuable bank, which serves around 40 million retail customers, had been motivated to ... (read more)
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La Commissione nazionale per le società e la Borsa (CONSOB) has updated its blacklist with another unlicensed FX broker firm called TradesFX.
CONSOB explained that the brand ‘TradesFX,’ doing business through the website www.tradesfx.com, operates a foreign exchange platform that offers related trading services but doesn’t hold the appropriate licenses or authorization to do so in Italy.
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The CONSOB warning list features the names of businesses that are unlicensed in the country, and which are also believed to have targeted local investors or made fraudulent claims to be associated with regulated entities.
TradesFX, according ... (read more)
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Royal Bank of Scotland has hired a former senior trader at French lender BNP Paribas to head its FX sales. Martin Amann is joining RBS as its director of foreign exchange sales where he will focus on enhancing its product offering and expanding the client franchise.
Amann has been a mainstay in the FX industry for the past twenty years, working at multiple lenders, including BNP, Credit Suisse and Lehman Brothers, based out of several locations.
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He initially made his foray into the financial services space bank in 1997 as VP FX Spot/Option trader with ... (read more)
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2018 has still shown that the demand for crypto projects is high, with many individuals continuing to set their sights on long-term investments. This push has prompted DX.Exchange to host an ICO pitch at the London Summit 2018 in hopes of finding the next promising project.
Held at the summit’s Crypto Trading Floor, the emo slam will feature a total of twelve projects, each of who will be competing for a free listing on the exchange at its launch – no small perk, worth $250,000.
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CoinText.io, a cryptocurrency wallet service that allows users to transact Bitcoin Cash (BCH) via text messages, has expanded into four new countries including Brazil and three European markets – Poland, Croatia and Romania.
CoinText enables users to send Bitcoin Cash directly to phone numbers or BCH addresses without internet by providing a dedicated SMS communication gateway powered by the blockchain. The startup also supports users without smartphones and even for those using old flip phones. Unlike conventional crypto wallets, CoinText’s service doesn’t require users to register at an exchange, store passphrases, or private keys.
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On Monday the Comisión Nacional del Mercado de Valores (CNMV), a Spanish financial regulator, released a statement warning traders from using the services of an unregulated broker.
According to a statement released by the regulator, TradeBNP, has been trying to convince traders to use its services despite having no regulatory licensing in Spain.
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A quick look at the firm’s website indicates that it allows users to trade in a variety of different financial instruments, including contracts-for-differences, FX and commodities.
Like most of its fellow unregulated brokers, it doesn’t list any ... (read more)
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Monero’s transaction fees have fallen by approximately 97 percent since its last update, according to CoinDesk.
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On the 18th of October, Monero took on an upgrade called ‘bulletproofs’. The results are clear: transaction fees dropped from around 0.5 cents (US) on the day before the upgrade, to 0.019 cents as of now.
What are bulletproofs?
To start from the beginning: Bitcoin and other proof-of-work-based cryptocurrencies are pseudonymous. All transactions are open and written in the shared ledger, and all users are denoted by an alpha-numeric username. These can be tracked.
Some cryptocurrencies – such as Monero – want ... (read more)
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Social-trading technology provider ayondo Ltd. announced today that it is joining forces with Phnom Penh Derivative Exchange Plc (PPDE), a Cambodia SEC licensed central counterparty, through its indirect UK-based subsidiary ayondo Markets Limited.
In pursuit of its Asian business-to-business strategy, the SGX-listed firm has established a collaboration through a white label agreement. As per the white label stipulations, this will see ayondo provide PPDE’s client base with fully managed white label services to trade equities, indices, forex and commodities.
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To achieve this, PPDE will utilise TradeHub, ayondo’s contract for difference (CFD) trading platform, ... (read more) Comments (0) Add comment Read more...
A former Managing Director at Merrill Lynch’s (ML) Asian division has jumped ship to Nomura. Manish Ghia, who was formerly ML’s Head of APR Securities Lending, is going to be joining the Japanese firm in December as Head of Prime Finance in Asia, according to a report on Monday by Global Investor.
Ghia’s appointment comes as Nomura has had to make changes to its Prime Finance service in Asia. In June of this year, it was reported that Chris Antonelli would be leaving the firm.
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Antonelli, who had been with Nomura for ten ... (read more)
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Retired boxer Floyd Mayweather and music producer DJ Khaled have been served with a class action lawsuit in relation to an ICO that they helped advertise last year, according to TMZ.
All a lie
The company in question was Centra Tech. Advertising a cryptocurrency payment card launched in partnership with Visa and Mastercard, it soon became clear that no such partnership existed. In addition to this, the executive team as displayed on its website was fictitious, and the price of its token, CTR, was artificially inflated in order to attract investment, as alleged by the US Securities and Exchange Commission.
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