Unlicensed EU Brokers Lose Payment Option, eToro’s Stablecoin: Best of the Week

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Rumours never die

Stox, a Tel Aviv-based blockchain company that was promoted by boxer Floyd Mayweather, responded to the resurfacing of allegations that it is running a scam.

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The claims, which had originally circulated a year ago, claim that the company has been secretly closing up shop – suspiciously offloading money, undoing business partnerships, closing its office, and losing its CEO. The claims also implicated Moshe Hogeg, CEO of Sirin Labs. The company raised around $33 million when it opened, so this is significant.

The company released a statement explaining what happened to the money, and that it had already explained this a year ago, and that it closed its office because it moved its operations to Europe. The vacating CEO explained his decision in a blog post.

Australian broker releases new platform

AxiCorp, an Australian foreign exchange brokerage, signed a partnership with Celer Technologies, a software firm from London, to open a new trading platform called Axi-One.

The new venture is suitable for private and institutional customers, but hight net worth parties will benefit more. It is connected with seven different exchanges and allows trading in foreign exchange, CFDs, and commodities.

Illegal brokers in Europe running out of options

Skrill, an internet-based payments company, sent all brokers in the European Union that use its services to send it a copy of their licences. It specifically mentioned binary options and CFDs, and gave only a few days to comply.

The company informed its customers that those without licences to operate will be unable to take in money from the 30th of November, and will be unable to return money from two weeks after that date. Skrill is following in the footsteps of Visa and MasterCard, which have taken similar action.

Interview with management team of FXCM Pro

FXCM Pro, the institutional branch of foreign exchange brokerage FXCM, attended the Finance Magnates London Summit last week. Finance Magnates spoke to the management team about how th business is developing.

They told Finance Magnates about their new members of staff, how the company has been listening to customer feedback, how senior executives are more involved day-to-day decision making.

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THey also explained why it “is in the interests of the so-called prime-of-primes to maintain the ambiguity of what exactly constitutes a prime-of-prime provider.”

Chairman of the Foundation Council of the Cardano Foundation pushed out for puzzling behaviour

Cardano, the blockchain “developed from a scientific philosophy”, is governed by three bodies – IOHK, EmurgoHK, and the Cardano Foundation. Or at least it was.

Michael Parsons, who headed the non-profit Cardano Foundation since its inception in September 2016, had not been pulling his weight. Apart from not directing the body to do any of the things it was supposed to be doing, he also hired family members to key positions, refused to publish company financial information, and made moves to take over all of Cardano.

After the heads of the other two branches spoke out publically about this behaviour, Parsons stepped down. IOHK and EmurgoHK will work to cover what the Cardano Foundation was supposed to be doing.

eToro “absolutely” going to release its own stablecoin

Yoni Assia, CEO of eToro, a ‘social trading’ brokerage, announced that the company will be releasing its own stablecoin.

He said this while giving a speech at the Finance Magnates London Summit last week.

Assia said that the cryptocurrency will be released in 2019, but did not specify as to when exactly, nor did he respond to questions on the subject.

Analysis: how to cash in on popularity

Many cryptocurrency companies, which began as small startups, now find themselves as multi-million dollar enterprises. The question facing them now is how they can best make money from this success.

Some companies acquire others; some sell out to bigger entities. Some have released their own cryptocurrencies, trying to cash in on their brand awareness; others are going public, completing the route to institutionalisation.

In this analysis, Finance Magnates examines all four paths, collecting comments from various sources. In which direction is your favourite company going?

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