Brokers News 

Leverate’s Global Head of Sales Ben Richter moves on to lead EuropeFX’s Australian division

“Mr Richter has been appointed Head of Australia at Cyprus retail FX brokerage EuropeFX, signaling the end of his tenure at brokerage technology provide Leverate” reports financefeeds.com. Joining EuropeFX represents a return to the retail FX brokerage sector for Mr Richter, who has spent the past two and a half years at Leverate, where he commenced his tenure as Head of Institutional Sales in January 2016, being promoted to Head of Global Sales in September 2017. Indeed, having worked at length on such a project, Mr Richter’s remit to drive…

Read More
GBP News 

Drones join war on songbird trappers at Cyprus military bases

“Police on British military bases in Cyprus have used drones and night vision goggles to turn the tide in a campaign against illegal trappers catching and killing hundreds of thousands of songbirds” writes Ben Farmer for telegraph.co.uk. The year-long crackdown on illegal bird poaching on the British sovereign bases in Cyprus has resulted in a “huge” drop in the number of poachers operating inside the bases’ territory. Source: telegraph.co.uk Share This:

Read More
News 

Cyprus government at odds with CySec: Whilst regulator protects small FX firms, hedge funds are the priority from Nicosia

“Hedge funds are outperforming stocks and bonds on both a short-term and long-term basis, according to new research from data provider Preqin” reports financefeeds.com. No longer will there be a battle for small retail clients, a profit and loss sharing model and lack of value proposition.Hence, the government is seriously considering a move away from the small retail FX shops, ICOs and binary options – effectively the willy-nilly issuing of CIF licenses to all and sundry from any dubious region of the world with no questions asked, toward hedge funds…

Read More
News 

Exclusive: Cyprus Consumer Protection Agency Condemns IronFX Over Bonuses

“The Cyprus Consumer Protection Bureau has issued a statement outlining that it has taken an administrative action against IronFX. The news comes amid years of scrutiny over the practices of the Cypriot brokerage company” reports financemagnates.com. According to a decision made by the authority, IronFX has an unfair contractual clause in its client agreement. Source: financemagnates.com Share This:

Read More
Brokers News 

Op Ed: Where to license your FX brokerage in 2018 – Stick with the established and avoid the bogus

“It is a myth that it is cheaper and easier to set up a brokerage in an offshore region or Cyprus” writes Haris Constantinou for financefeeds.com. The CySec license is just for marketing, not really for your business activity.” That sentence in itself is enough to ring the alarm bell.FinanceFeeds spoke to a prime brokerage division of a large bank in London this week. Source: financefeeds.com Share This:

Read More
News 

FBI investigates Cyprus bank accused of money laundering

“FBME has vigorously denied accusations that it has been a conduit for money laundering and other criminal activity” writes Stephanie Kirchgaessner for theguardian.com. A report by the US Treasury’s Financial Crimes Enforcement Network (FinCEN) in 2014 said the bank was an institution of “primary money laundering concern”.A spokesman for FBME bank told the Guardian that Manafort was never a client of FBME. Mueller’s team has separately issued a subpoena for information from Deutsche Bank.The FBI has asked officials in Cyprus for financial information about a defunct bank that was used…

Read More
News Oil 

Cyprus, Egypt, Greece agree to bolster maritime security

“Defense cooperation will ensure the security of shipping and the search for hydrocarbons,” the Greek minister said” reports foxbusiness.com. Kammenos said the defense ministers will meet again in the first half of next year.The defense ministers of Cyprus, Egypt and Greece agreed Thursday to step up cooperation in combating drug, weapons and people trafficking in the east Mediterranean and to share information on countering the threat of terrorism.The Egyptian official said intelligence-sharing between the three countries is also a key element of cooperation aimed at heading off potential threats to…

Read More
News 

Egypt says gas discoveries can be EU’s new energy source

“Egypt and Cyprus have in the last three years aimed at forging closer ties as part of a relationship built largely on energy cooperation” reports foxbusiness.com. El-Sissi said Tuesday’s talks will also aim to boost energy cooperation between the three countries.”These gas discoveries can contribute to the European continent’s search for alternative energy sources, taking advantage of the position of Egypt and Cyprus,” El-Sissi said after talks with his Cypriot counterpart.Two years ago, Italian energy company Eni discovered in Egyptian waters the biggest gas field ever found in the Mediterranean.President…

Read More
News 

Countries in Manafort indictment known to laundering experts

“The other two countries in the Manafort indictment play decidedly smaller roles in both Manafort’s alleged operations and international money laundering overall” reports foxbusiness.com. “They don’t ask questions about what their banks know about their customers, which is a basic requirement to stop money laundering,” said Ted Truman, a fellow at the Peterson Institution for International Economics and an expert on money laundering.In the indictment, Manafort allegedly had at least two offshore corporations based in the Grenadines.There’s a fourth country worth noting that gets listed repeatedly in the Manafort indictment:…

Read More