Broker News

BTC-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.

UFX.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.

The Forex industry has long been plagued with complaints of improprieties on behalf of brokers, despite the heightened regulation and increasing number of watchdogs whose goal is to supervise brokers and to make sure that they act within accepted legal and ethical guidelines. To protect Forex traders and to keep brokers on the straight and narrow, the FX Global Code of Conduct was launched in May 2016 as a precursor to the document that was released earlier this month by the Bank of International Settlements.

FXTM has announced its sponsorship of Rookie IndyCar driver Ed Jones, a partnership which comes right after the company partnered with Sahara Force India, an F1 team. FXTM's partnership with these leading brands gives the company a prominent role in two-thirds of the most iconic motorsport events of the season.

AvaTrade, a widely-respected global Forex broker headquartered in Dublin, Ireland, announced this week that it has added trading of three digital currencies to its already wide range of tradeable assets. The assets are Ethereum, Dash and Ripple. These currencies have shown a 1,000-4,000% increase in the past year, as has Bitcoin, the most famous digital currency, which AvaTrade also offers.

In recent months the Capital Markets Board of Turkey, the Turkish regulator implemented dramatic changes on the way the industry functions. Among the changes were the new requirement for a minimum deposit of TRY 50,000 for any Forex trading account, and a maximum leverage of only 1:10, lower than even The United States' NFA imposes. The Turkish Capital Markets Association has tried to ease these restrictions but has thus far been unsuccessful in reversing these unquestionably harsh restrictions.

HYCM, an FCA-regulated Forex broker has been granted CySEC licensing and regulation, expanding the company's reach throughout Europe. The brokerage also has strong operations in the UK, Hong Kong, Cyprus and Dubai.

DailyForex, a company that provides currency traders with updates and analysis about the currency markets, has announced today the launch of its website in Swedish and Polish. The Swedish and Polish websites offer timely market analysis directly from the DailyForex trading desk as well as reviews of Forex brokers that serve the Swedish and Polish markets.