This Week in Finance
Deposit protection may rise in the UK, IG Group snaps up Freetrade, and trading surges at Interactive Brokers. Republic dives into crypto, while regulators push new FX and derivatives rules.
UK Wants to Raise FSCS Deposit Protection to £110,000
The Prudential Regulation Authority (PRA) has proposed an increase to the Financial Services Compensation Scheme (FSCS) deposit protection limit, raising it from £85,000 to £110,000. Read More
IG Group Completes Acquisition of Freetrade for £160 Million
IG Group has completed its acquisition of Freetrade, effective 1 April 2025, following the initial announcement in January. Read More
Interactive Brokers’ Client Trades Jump 44% Year-on-Year
Interactive Brokers reported a 44% year-on-year increase in daily average revenue trades (DARTs) to 3.47 million in March, although activity slipped 4% compared to February. Read More
NY Broker Republic Acquires INX Digital For Up to $60M
Republic, the New York-based financial services platform, is acquiring Canadian crypto firm INX Digital Company (INXDF) in a deal worth up to $60 million, as part of a broader push into blockchain-based investment products. Read More
MultiBank Group Reports Record $361.8 Million in Revenue for 2024
MultiBank Group has reported full-year 2024 revenue of $361.8 million, an 18% year-on-year increase, supported by growth in trading activity and expanded global operations. Read More
Corporates Increase FX Hedging as Geopolitical Risk and Cost Pressures Mount
A new report from FX-as-a-Service provider MillTechFX shows that 81% of corporates now hedge foreign exchange risk, reflecting concern over growing currency volatility and geopolitical uncertainty. Read More
Spain’s BME Approved to Launch FX PvP Settlement System
BME has secured approval from the Bank of Spain to launch a new system for settling foreign exchange transactions using a payment-versus-payment (PvP) mechanism. Read More
ESMA Opens Consultation on Derivatives Transparency Standards Under MiFIR Review
The European Securities and Markets Authority (ESMA) has launched a public consultation on new transparency standards for derivatives markets under the ongoing Markets in Financial Instruments Regulation (MiFIR) review. Read More
This Week in Crypto
Justin Sun claims TUSD’s reserve manager is broke, while the Trump brothers back a mining deal. The U.S. blacklists $1B in crypto, OKX gets fined in Malta, and Coinbase plans XRP futures. Plus, Fidelity launches a crypto IRA, and Strategy grabs 22,000 more bitcoin.
Justin Sun Says First Digital Is Broke, Warns TUSD Users to Act Fast
Tron founder Justin Sun issued a warning to crypto users on Wednesday, claiming that First Digital Trust (FDT) — a Hong Kong-based financial firm once responsible for managing reserves of the TrueUSD (TUSD) stablecoin — is “effectively insolvent” and unable to process fund redemptions. Read More
Donald Trump Jr. and Eric Trump to Back Bitcoin Mining Venture
Donald Trump Jr. and Eric Trump have declared their company’s merger with a well-known Bitcoin mining business as a major action inside the cryptocurrency industry. Read More
U.S. Blacklists $1B in Crypto Linked to Garantex and Houthi Operations
The U.S. Treasury Department has sanctioned eight cryptocurrency wallet addresses tied to Garantex, a Russian crypto exchange, and the Houthis, also known as Ansar Allah, a political and military group based in Yemen. Read More
OKX Fined $1.2M in Malta Over AML Failures Despite MiCA Licensing
Cryptocurrency exchange OKX is under fresh scrutiny in Europe after Malta’s Financial Intelligence Analysis Unit (FIAU) fined its European arm, Okcoin Europe, €1.1 million ($1.2 million) for past violations of anti-money laundering laws. Read More
Bakkt Hit With Class-Action Lawsuit Over Webull and Bank of America Deals
Cryptocurrency custody and trading platform Bakkt Holdings is facing a class-action lawsuit filed by a group of investors who claim the firm misled shareholders by failing to disclose the full extent of its financial dependence on two major clients: Webull and Bank of America. Read More
Australia Warns Crypto ATM Operators About Potential Money Laundering Risks
To fight the growing use of Automated Teller Machine (ATM) providers for money laundering and other financial crimes, the Australian Transaction Reports and Analysis Centre (AUSTRAC) revealed in December 2024 a major crackdown on them. Read More
Donald Trump’s Tariff Speech Ignores Crypto, Triggers Bitcoin Price Dip
Emphasizing economic protectionism and reshoring American manufacturing, US President Donald Trump lately spoke outlining his proposed tariff policies. Read More
Coinbase Derivatives Set to Launch Regulated XRP Futures Amid Regulatory Shift
In a significant move for the cryptocurrency derivatives market, Coinbase Derivatives has filed with the U.S. Commodity Futures Trading Commission (CFTC) to self-certify a new XRP futures product, with trading expected to commence on April 21, 2025. Read More
Fidelity Investments Launches Crypto-Focused IRA to Expand Retirement Investment Options
Fidelity Investments, one of the largest financial services firms in the United States, has launched a new Individual Retirement Account (IRA) that allows investors to directly allocate funds into cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). Read More
Strategy Acquires 22,000 More Bitcoin for $1.92B: A Game-Changer for Institutional Crypto Adoption
In a bold move reaffirming its dominance in institutional Bitcoin investment, Strategy has acquired an additional 22,000 bitcoin for a staggering $1.92 billion. Read More
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