Broker Updates During July 12-18

Vietnam

Revenue Growth

1. According to Monday's update, global CFD group Plus500's revenue in the first six months of the year reached $346.2 million, down $564.2 million compared to the same period in 2020. However, this number is considered to increase 156% compared to the first half of 2019. Additionally, Plus500 revealed that it generated $379.2 million in customer income.

CIF License

2. Cyprus Securities and Exchange Commission (CySEC) announced on Friday that it is suspending the entire CIF license of investment company Depaho Ltd. CySEC said the investment company violated article 5 of the Act on Investment and Investment Services – Regulated Markets of 2017.

AFS License

3. The Australian Securities and Investments Commission (ASIC) announced today the cancellation of the Australian financial services (AFS) licenses of two companies: Jels Financial Group Pty Ltd and Selectinvest Pty Ltd. According to the regulator, Jels has failed to show it has the capacity and capital to provide financial services.

Indonesia

Forex Investment

4. The Indonesian Ministry of Trade (Kemendag) through the Commodity Futures Trading Supervisory Agency (CoFTRA) blocked 137 domains consisting of 117 websites, 12 Instagram accounts, and 8 Facebook accounts of entities in the commodity futures trading sector (PBK) that did not have a permit from BAPPEBTI.

Among the 117 blocked website domains, there are 33 website domains that offer forex investment through the sale of Smartxbot or Smartx Net89 forex trading software.

These sites offer passive income and promise no-loss profits in forex trading.

Thailand

License Renounced

5. The Cyprus Securities and Exchange Commission (CySEC) announced on Tuesday that it has decided to withdraw the CIF license of Globia Wealth Ltd. A meeting took place on May 17 this year where the watchdog addressed the matter, clarifying that the firm was the one who decided ‘expressly’ to renounce the license.

The financial supervisor issued the following statement: “The Cyprus Securities and Exchange Commission announces that, on its meeting of 17 May 2021, has decided, pursuant to section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 and section 4(7) of Directive DI87-05, to withdraw the Cyprus Investment Firm authorization with Number 318/17 of Globia Wealth Ltd (‘the Company’), due to the Companys decision to expressly renounce it.”

ICF Membership

6. The Cyprus Securities and Exchange Commission (CySEC) announced on Tuesday that Coverdeal Holdings Ltd., which terminated services last year, is no longer a member of the Investors Compensation Fund (ICF).

The Cypriot regulator offers up to 20,000 euros protection to the deposits of all traders under any locally regulated financial services company. This ensures the safety of client deposits in case of the broker going bankrupt.

Japan

Crypto Scam

7. Four operators of an investment business have been arrested by the Aichi prefectural police for swindling peoples investing crypto. They promised such as “2.5 times profit in 4 months”.

The police are investigating how they collected at least 6 billion yen from more than 10,000 people across Japan.

Four people were arrested, including Shoji Ishida, a corporate officer who ran the investment business named “OZ Project”.

Commonwealth of Independent States (CIS)

FX Promotion

8. RoboForex announced a new $ 1,100,000 promotion in honor of the 11th anniversary of the company! From July 2021 to April 2022, draws of cash prizes will be held every month among traders with prime accounts, partners and CopyFX traders on prime accounts.

FX Course

9. FINAM invites traders to take a new advanced 5-day course “Marketscop (VSA): Intraday Trading”, which starts on 26.07.21! The author of the course is the popular financial expert Alexander Bizyuk.

NewService

10. FINAM has launched a service that allows new clients to replenish a brokerage account before its actual opening in accounting systems. The service allows an investor to speed up the process of starting trading on the exchange without wasting time on replenishment after opening an account.