Weekly Digest:forex Broker News

OANDA Taps Standard Chartered as Its FX Prime Broker for Retail FX Business Internationally

OANDA, a global leader in online multi-asset trading services, currency data and analytics, reportedly appointed Standard Chartered Bank as its cash management bank for payments and collections in the U.S. and UK. Furthermore, its also mandated the bank to be foreign exchange prime broker for its retail FX business internationally.

With this mandate, OANDA will be able to manage its payments and collections processes across various geographies through streamlined cloud-based processing services by leveraging Straight2Bank, Standard Chartered’s online banking platform for corporate and institutional clients.

Smart Trades Investment Services Ltd Cyprus investment company license revoked

CySEC announced on February 3 that it has revoked the Cyprus Investment Firm (CIF) license of Smart Trades Investment Services Ltd, number 080/07.

Pursuant to Article 8(1)(a) of the Investment Services and Activities and Regulated Markets Act 2017 and Article 4(7) of Directive DI87-05, CySEC decided at its meeting on 28 November 2022 to revoke the above Broker’s Cyprus Investment Company License.

The regulator explained that it took the decision because Smart Trades Investment Services Ltd had voluntarily surrendered its license.

Last week, CySEC published a list of five corporate websites, none of which belonged to any Cypriot investment firm. The regulator urged investors to check the websites of investment firms to identify entities licensed to provide investment services and/or investment activities before doing business with them.

FF Simple and smart trades says goodbay to cysec authorization

The Cyprus Securities and Exchange Commission (CySEC) confirmed that it has wholly withdrawn the Cyprus Investment Firm (CIF) licenses of FF Simple and Smart Trades Investment Services Ltd.

According to the regulatory announcement, the firm had its CIF authorization withdrawn on its own request and the surrender of their respective license was entirely voluntary, not the result of any regulatory action taken by CySEC.

Per its website, FF Simple and Smart Trades Investment Services Ltd operates two retail brokerage brands, TradoCenter and Toro Invest. The lesser-known brokers can be found on www.ffsst.com www.tradocenter.com www.toroinvest.com.

A visit to the broker’s website reveals that the firm hasn’t proceeded with changes to its website to remove any references regarding authorization and supervision of the company by CySEC. Although it mentions its decision on 07 August 2022 that it will no longer be providing investment services, but the company has yet to update its website to reflect the final withdrawal of its CIF license.

Although the regulator did not state why the firm decided to say goodbye to their Cypriot identity, it has recently seen many regulated brokers opt to voluntary surrender their license.

The exact reasons leading up to this decision remain unclear, but CySEC will certainly maintain supervision over the companies until they have taken care of its responsibilities under the license.

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