FX week in overview: New Capital.com CEO, Australia crypto regulation, BUX leaves UK, GTCFX in Cyprus

2 months ago 2 min read

Who was named as the brand new CEO of Retail FX and CFDs dealer Capital.com, changing Peter Hetherington?

What new crypto laws are being put in place in Australia?

Why (and the way) is neobroker BUX leaving the UK retail buying and selling market?

Who did GTCFX rent to run its new operation in Cyprus?

Among the most learn and commented-on FX trade information tales to seem over the previous seven days on FNG included:

Kypros Zoumidou replaces Peter Hetherington as CEO of Capital.com. London primarily based Retail FX and CFDs dealer Capital.com has introduced that the Group’s present Chief Business Officer, Kypros Zoumidou, will turn into CEO efficient instantly. The outgoing CEO, Peter Hetherington, will keep on as an advisor till 2026 to make sure a clean transition and to offer strategic steering to the corporate. Peter Hetherington, previously CEO of IG Group, grew to become CEO of Capital.com in Could 2022.

Neobroker BUX exits UK market. After posting disappointing ends in 2022, Amsterdam primarily based neobroker BUX has indicated plans to promote its FCA licensed UK operation BUX Monetary Companies Restricted, and exit the UK retail buying and selling market. BUX famous that a purchaser has been discovered and in depth negotiations have taken place, with a Share Gross sales and Buy Settlement signed on 31 August 2023, though the transaction has but to shut.

Australia to manage and license crypto exchanges. The Australian Authorities, by way of the Treasury, has introduced that it’s working to introduce a regulatory framework for entities offering entry to digital belongings and holding them for Australians and Australian companies – which can embrace required licensing of all digital asset intermediaries. The proposed regulatory framework would apply to digital asset service suppliers that current comparable dangers to entities that function within the conventional monetary system.

GTC Group hires Axi exec Sarah Corridor as GM of recent Cyprus operation. Dubai primarily based Retail FX and CFDs dealer International Commerce Capital (GTC Group) has introduced that it has employed FX trade veteran Sarah Corridor, as Common Supervisor for the corporate’s newly arrange Cyprus workplace. Sarah Corridor joins GTC after spending the previous six years at main Australia primarily based dealer Axi, the place she served as Axi’s International Head of Settlements, out of Cyprus. Previous to Axi, Sarah had additionally labored for eToro, Saxo Financial institution, and FxPro.