As the new year approaches, it is possible to make educated predictions about what the financial landscape will look like in the coming year and possibly beyond. Although everyone has their own opinion, most banking and financial experts would agree on one: compliance will be of great importance to financial institutions as they face a more complex regulatory landscape. The Rise of RegTech We will see a rise in the adoption of Regulatory Technology (RegTech) in the financial industry during 2024. According to Juniper Research, the RegTech sector is projected to reach 127 billion in the next 12 ..read more

The US Commodity Futures Trading Commission (CFTC) has received a court order to impose a fine of $100,000 against BareIt Media LLC, operated as SignalPush, a provider of binary options signals, and its owner, Ryan Masten. The order includes a permanent injunction and equitable relief. CFTC Fines SignalPush Announced yesterday (Tuesday), the order from the US District Court for the Western District of Texas includes a permanent injunction order against the defendants from operating as commodity trading advisors (CTA) or associated persons (AP) of a CTA. They first need to register with the CFT ..read more

It has been three months since the deadline given to forex brokers by St. Vincent and the Grenadines' (SVG) financial watchdog elapsed. In January, the Financial Services Authority (FSA) ordered forex brokers operating in the jurisdiction to produce a certified copy of the requisite licenses issued by authorities from which their business activities are conducted, or risk being sanctioned. Defending the action, the FSA said the new policy is its response to the rising number of fraudulent claims against forex trading firms in the country. The watchdog noted that the trend could have “potential ..read more

On Thursday, a UK Court convicted and sentenced individuals associated with a London-based company called Bespoke Markets Group (BMG) for defrauding 120 investors of roughly £1.2 million. Convicts of a Binary Options Scam The court convicted three individuals - Cameron Vickers, Raheel Mirza, and Opeyemi Solaja - of conspiracy to defraud through a fake company. Further, Mirza was convicted of 'perverting the course of justice,' and a fourth person, Reuben Akpojaro, has been convicted of trading investments without FCA authorization but acquitted of conspiracy to defraud and money laundering. Vi ..read more

<p >On Wednesday, Israel’s State Attorney’s Office asked the Jerusalem District Court to sanction the extradition of six Israeli citizens to the United States to stand trial for their involvement in a binary options scheme that targeted citizens of the country and other nations. The scheme resulted in a loss of $145 million for investors between 2016 and 2017. </p><p >A local Israeli business daily, TheMarker, reports that the six citizens, who were arrested on Tuesday over their involvement in the scheme, include Uri Maimon, Nissim Alfasi, Oron Montgomery, Dave Barzilai, Afi ..read more

<p>The Chicago Mercantile Exchange (CME) Group, one of the world’s largest derivatives marketplaces, launched event contracts for retail investors on Monday to trade global benchmark products.</p><p>Previously, the Group announced the planned launch of the event contracts in June.</p><p>The CME Group's event contracts give individual investors the ability to trade on end-of-day price movements of key futures markets such as natural resources, currencies and indexes, CME Group said.</p><p>Each event contract is capped at $20 per contract, the derivative ..read more

<p>The Australian financial market regulator, ASIC, confirmed the extension of the ban on the issue and distribution of <a href="https://www.financemagnates.com/tag/binary-options/" >binary options</a> to Aussie retail clients until 1 October 2031 on Monday.</p><p>The product intervention order came more than a month before the expiry of the Australian Securities & Investments Commission’s (ASIC) <a href="https://www.financemagnates.com/forex/regulation/asic-bans-binary-options-for-australian-retail-clients/" >original order</a> for the ban which b ..read more

<p>A citizen of the United States, 52-year-old David Butler, is facing up to 20 years in prison for a binary options fraud of over $2.9 million. </p><p>The US Department of Justice disclosed on Wednesday that Butler pleaded guilty to the fraud before US District Judge Joanna Seybert at a federal court in Central Islip in New York. </p><p>Finance Magnates reports that Butler, who is the operator of the binary options companies, SpotFN and Binary FN, was arrested in April for wire fraud.</p><p>He was <a href="https://www.financemagnates.com/binary-opt ..read more

<p >CME Group is reportedly planning to launch binary options trading to attract more retail traders, despite being banned by most European regulators.</p><p >According to the Financial Times, the ‘event contracts’ <a href="https://www.ft.com/content/9d793bf3-2c82-42a0-a5fb-453968533b05" >would be offered</a> in September, allowing individuals to trade their views on daily up or down price moves in CME futures markets.</p><p >Customers can place trades by swiping a phone screen on the website for the new contracts. Professional traders and financial in ..read more

<p >FXBFI Broker Financial Investment Limited, an investment firm registered in Cyprus, has paid €150,000 to the Cyprus Securities and Exchange Commission (CySEC) to settle possible violations of the country’s financial regulations.</p><p >CySEC <a href="https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=3fb8dcf7-781f-4ac7-b456-02160c9bf484">announced the settlement</a> on Tuesday, noting that the decision to settle was reached by its Board on March 14, 2022.</p><p >The regulator noted that the settlement was related to its findings on FXBFI Broker's ..read more