Weekly Summary: ‘My Forex Funds’ Poised for Victory in CFTC Lawsuit, Sony Set to Unveil New Cryptocurrency Exchange

Join us in reflecting on the major headlines that shaped the financial industry in our latest Weekly Round summary. Delve into the vital happenings and shifts in the Forex, Fintech, and cryptocurrency landscapes over the past week.

Forex Insights

Remarkable uptick in hedge fund launches as assets peak at $4.3 trillion

The opening quarter of 2024 saw a remarkable 146 new hedge funds emerge, a 70 percent hike from the previous quarter and hitting a peak not seen since the first quarter of 2022, as detailed in HFR’s report. Read More

ViewTrade debuts in Australia to boost superannuation industry’s $160 million savings

ViewTrade has made its Australian debut, aiming to extend its trading technologies further within the APAC territory. Read More

Revolut’s 2023 achievement: A record pretax profit of £438 million

Revolut, the UK-based Fintech pioneer, has declared a record-breaking pretax profit of £438 million ($553.81 million) in 2023, fueled by an expansion in its customer base and a rise in income driven by interest. Read More

Robinhood collaborates with Bitstamp to introduce crypto futures in the US and Europe

Robinhood Markets is setting the stage to roll out crypto futures trading services for its customers in both the U.S. and European markets later this year. Read More

DXtrade integrates Pelican’s copy trading expertise for its FX, CFD, Crypto brokerage white label solutions

DXtrade, known for powering a variety of established and nascent FX, CFD, and crypto brokerages, has collaborated with Pelican Trading to embed a copy trading feature within its B2B offerings. Read More

CFTC’s actions jeopardize their case against My Forex Funds

CFTC Commissioner Caroline D. Pham has spoken out on the lawsuit CFTC v. Traders Global Group, which accuses My Forex Funds (MFF) of fraudulent practices. Read More

Cryptocurrency Updates

Bybit’s Polish operations offer fee-free transactions with BLIK for instant purchases and deposits

Bybit has joined forces with BLIK, allowing its Polish clientele to perform One-Click Buy actions and Fiat Deposits at no additional cost when using the BLIK payment method. Read More

European authority sets forth ‘Travel Rule’ for crypto, tackling money laundering and terrorism financing

The European Banking Authority (EBA) has laid out the ‘Travel Rule’, prescribing the information that must accompany fund transfers and certain crypto transactions to prevent misuse for money laundering and terrorist financing activities. Read More

Sony announces the launch of new cryptocurrency exchange arm S.BLOX Co.

Expanding its footprint in the digital asset market, Sony of Japan is poised to initiate its crypto exchange service, S.BLOX Co., by transforming the previously acquired WhaleFin trading platform. Read More

CoinDCX of India secures Dubai’s BitOasis exchange in a strategic acquisition

In what marks a significant leap in its global expansion agenda, India’s premier crypto exchange, CoinDCX, has acquired the Dubai-based crypto exchange BitOasis. Read More

Coinbase capitalizes on SEC v. Binance case ruling

Building on the ripple effects of Judge Amy Berman Jackson’s decision in the SEC v. Binance litigation, Coinbase is charting its course forward. Read More

Bitstamp sets a 60-day payout timeline for Mt Gox creditors; Kraken to follow in three months

Those owed by the now-defunct Mt Gox crypto exchange may face a wait of up to 90 days for their bitcoin or bitcoin cash settlements, contingent on the specific exchanges where they lodged their claims. Read More