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Three of the world’s leading payment system providers – credit/debit card companies Visa and Mastercard, and online payments leader PayPal – put out statements Saturday that they will be suspending all operations in Russia. Visa and Mastercard cards issued is Russia will no longer work outside the country, and any cards issued by financial institutions…

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The United States Commodity Futures Trading Commission (CFTC) and 27 state securities regulatory agencies that are members of the North American Securities Administrators Association (NASAA) announced the filing of a joint civil enforcement action in the U.S. District Court for the Central District of California against a precious metals dealer and its owner for orchestrating…

Read More “CFTC and 27 state regulators take action against Safeguard Metals for $68M fraud” »

Further to the announcements by Visa and Mastercard about the suspension of their operations in Russia, the Central Bank of the Russian Federation has issued a statement clarifying the situation. All Visa and Mastercard cards issued by Russian banks will continue to work as usual in Russia until their expiry date. Client funds in the…

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The Commodity Futures Trading Commission (CFTC) has secured two more entries of default in its action against fraudulent Forex scheme ROFX. According to documents filed with the Florida Southern District Court, the CFTC has obtained entries of default against Notus LLC and Shopostar LLC, pursuant to Fed. R. Civ. P. 55(a), for failure to answer,…

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FNG Exclusive… FNG has learned that experienced FX industry executive Gareth Thomas has left CySEC licensed CFDs-on-NDFs provider Sheer Markets, and has joined US based Oasis Pro Markets. Oasis Pro Markets is a US-regulated alternative trading system (“ATS”), authorized to allow its subscribers to trade digital (“blockchain”) securities and make payment for those digital securities in…

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Stuart Scott, a former FX trader and supervisor at HSBC, will seek to dismiss the indictment charging him with wire fraud and wire fraud conspiracy. This becomes clear from a motion for hearing filed by Mr Scott’s representatives with the New York Eastern District Court on March 3, 2022. The document, seen by FX News Group,…

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Italy’s Companies and Exchange Commission (CONSOB) has ordered the blackout of five new websites that abusively offer financial services. The websites targeted by the latest set of Consob orders are: Trust Pixs Limited (website www.trustpixs.com and related page https://my.trustpixs.com); “EqualityFin” (website https://equalityfin.com and related page https://client.equalityfin.com); Scintilla Enterprise Ltd (website https://solidstocks.cc); Miva Solutions LLC (website…

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Manchester City have today announced a global partnership with one of the world’s largest crypto exchanges, OKX, naming it the Club’s Official Cryptocurrency Exchange Partner. OKX’s first venture into the world of sport and entertainment, the partnership will span Manchester City men’s and women’s teams, in addition to the Club’s esports operations. OKX and Man…

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The Securities and Exchange Commission (SEC) has secured a final judgment against Stefan Qin, founder of Virgil Sigma Fund. According to an order, signed by Judge Lorna G. Schofield of the New York Southern District Court on March 1, 2022, the defendant is permanently restrained and enjoined from violating, directly or indirectly, Section 10(b) of…

Read More “Court orders Virgil Sigma Fund founder to pay nearly $40M in disgorgement” »

Fintech firm Equiniti (EQ) today announced the appointment of Martin Flanigan as Chief Executive Officer for the Americas, effective immediately. In this role, Mr. Flanigan will be responsible for driving strategic growth initiatives and will report to Paul Lynam, Group Chief Executive Officer of EQ. Martin Flanigan, Chief Executive Officer for the Americas at Equiniti