Tag Archives: Brokers

Bitcoin Site and its Owner Faces Legal Trouble

BitcoinBTC-e, one of the oldest digital currency exchanges, remained offline on Thursday, July 27, 2017 after law enforcement officials alleged criminal acts by its owner, Alexander Vinnik.  On Wednesday, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a $110 million fine against BTC-e for facilitating crimes such as identity theft, ransomware fraud and public corruption, among other crimes, through its digital network.  An additional $12 million fine was imposed against Russian-born Vinnik.  Vinnik was arrested in Greece on Tuesday and the indictment was unsealed in California on Wednesday.

BTC-e was used by criminals who stole or extorted Bitcoin from the victims and converted the into traditional currency using U.S. dollar and Russian ruble-based bank accounts registered to shell companies.  The exchange is accused of laundering more than $4 billion for criminals.  Vinnik’s arrest followed the arrests in Europe and the U.S. of two large drug markets that used Bitcoin as their primary currency.

The indictment also revealed that hundreds of thousands of Bitcoins moved from Tokyo-based Bitcoin exchange Mt. Gox that were controlled by Mr. Vinnik.  MT. Gox declared bankruptcy in 2014 after being hacked and losing more than 800,000 Bitcoins, some of which were laer recovered.  300,000 of the missing Bitcoins were moved from Mt. Gox to a different Bitcoin exchange and converted to traditional currencies that were deposited into Mr. Vinnik’s bank accounts.  According to the New York Times, these Bitcoins would be worth approximately $800 million today.

The agencies also allege that BTC-e ignored he ‘know your customer’ (YC) laws in order to serve a criminal customer base.

The arrest and fines imposed this week should serve as a reminder that even though the digital currency market continues to heat up, sometimes that heat is a hint towards an underlying explosion – as with all trading, make sure to understand your risks before getting started and to use a recommended broker for all Bitcoin trading.

UFX Partners with Andres Iniesta

Iniesta Joins UFXUFX.com, a leading Forex broker regulated by MiFID and IFSC in Belize, announced today its partnership with football superstar Andres Iniesta, who has signed on to become the latest brand ambassador.  Iniesta has been playing with FC Barcelona since 1996, where he captained their Under-15 team.  He currently the captain of the team’s Spanish Club and Spanish National Team as well as a valued player in central midfield.

Iniesta is widely considered one of the most respected Spanish football players in history, as well as one of the best midfielders of all time.  He scred Spain’s winning goal in the 2010 World Cup and earned the title “Man of the Match.”  Iniesta has earned an astounding 33 trophies to-date and is honored to have signed a 2-year contract with UFX.com, with an option to extend to a 3rd year.  He is viewed by the broker as an important part of their online marketing campaign, the goal of which is to reach a wider global audience.  Iniesta joins Mike Tindall, MBE, the brand’s UK ambassador and a rugby legend.

Dennis de Jong, Managing Director of UFX.com, said: “UFX is proud to announce our association with Andrés Iniesta. With our shared commitment to excellence and UFX’s devotion to our traders, I’m certain our new alliance with Andrés Iniesta will help take us all to the next level of success.”

Traders can get started with UFX for a minimum deposit of only $100 and can enjoy trading currencies, commodities, CFDs and dozens of other assets.

FXCM Exits the U.S. Market

FXCMOn February 6, 2017 leading Forex broker FXCM announced a settlement with the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC) in which the company agreed to withdraw from all activities and services in the United States and transfer all of its existing accounts to GAIN Capital Holdings, the parent company of Forex.com, pending the confirmation of a final agreement. FXCM will also pay a $7 million fine to the CFTC for engaging in false and misleading solicitation of clients, an accusation which FXCM neither confirms or denies despite its agreement to the proposed settlement and fines.

Until now, FXCM was considered the largest retail Forex broker in the U.S., enjoying approximately 34% of the market share. Withdrawal from the U.S. market will liquidate approximately $52 million for FXCM, which will use the money to repay part of the loan that it took from Leucadia National Corporation following the Swiss National Bank crisis in 2015. FXCM is a publicly traded company on the NASDAQ and its stock price is expected to fall sharply with Tuesday’s New York open, falling further from the lows it’s been struggling with in recent months.

FXCM will continue to service its U.S. clients until a formal agreement is reached with GAIN Capital, and it has stated in a press release that the decision to withdraw from the U.S. Forex industry will have no bearing on its ability to continue providing top notch service to traders in other parts of the world.

DailyForex App Adds Push Notifications for Price Alerts

The Company’s Android and iOS Apps Keep Traders Updated Around the Clock

FORT LAUDERDALE, Fla.Nov. 15, 2016PRLog — DailyForex, a company that provides currency traders with updates and analysis about the currency markets, has announced today the update of its Android and iOS DailyForex mobile application to include instant push notifications that will alert traders every time certain price triggers are hit.

DailyForex’s new alerts service sends immediate, easy-to-follow push notifications to all users when significant price events happen to the major currency pairs. The company’s trading team discovered that most typical, generic offerings are mainly indicator or news-based, and therefore they tend to simply generate noise rather than provide a real value to Forex traders. To solve this problem, the company’s talented technical team worked diligently with its daily traders to create a notification system that would be based upon real-time market triggers.

“Traders tend to find better success when they focus on the price and not lagging indicators,” said Adam Lemon, chief analyst at DailyForex. “I know that these notifications will help thousands of users, and I hope we can expand this feature soon to make it even more useful.”

The result was a push notification system based solely upon significant, relative price events which have been used for centuries as basic building blocks by professional traders to good effect. Each push notification has a direct headline that tells traders of the market action, which opens into a more detailed message explaining the significance of the price event.

About DailyForex

DailyForex was established out of a strong need for a Forex website that provides all the information necessary to become a successful Forex trader. DailyForex.com provides in-depth reviews of Forex brokers, signal providers, online and offline Forex courses, as well as Forex products. Our goal is to provide both new and experienced Forex traders with a set of clear and easy-to-use tools that will enable them to make educated decisions when choosing any type of Forex-related service.

http://www.dailyforex.com

Forex Brokers Introduce Higher Margin Requirements Pending Brexit Volatility

Retail Forex brokers continue to line up ways to protect themselves against market volatility before the June 23rd Brexit referendum. Increasing the required client margin is one of the easiest “temporary changes” to introduce and that is what many Forex providers are doing just that. Continue reading