ADVFN UK Market News

Author: Gurel Yurtsever

  • CFI Partners with Etihad Arena to Elevate Trading Brand Across UAE Entertainment Scene

    CFI Partners with Etihad Arena to Elevate Trading Brand Across UAE Entertainment Scene

    In a bold move to fuse finance with entertainment, CFI Financial Group has been named the Official Online Trading Partner of Etihad Arena, the UAE’s largest indoor venue and a regional hub for world-class events.

    The partnership grants CFI premium brand visibility across Etihad Arena’s packed calendar of concerts, sporting spectacles, and cultural showcases. As part of the deal, CFI will operate a dedicated fan activation space, host clients in a luxury hospitality suite, and offer VIP experiences including meet-and-greets and exclusive giveaways.

    “Etihad Arena has become a regional hub for entertainment, sports and culture, and we are thrilled to join forces with a venue that shares our passion for high performance and innovation,” said Ziad Melhem, CEO of CFI Financial Group.

    The collaboration reflects CFI’s strategy to deepen engagement with audiences through lifestyle platforms, complementing its existing partnerships with AC Milan, MI Cape Town, and the Department of Culture and Tourism – Abu Dhabi.

    Marcus Osborne, General Manager at Etihad Arena, welcomed the alliance: “This partnership reflects our shared vision of delivering extraordinary experiences to fans while championing innovation and excellence.”

    With this latest move, CFI continues to expand its footprint across the MENA region, blending financial literacy with immersive brand experiences and positioning itself as a dynamic force in both trading and entertainment.

  • Exness Halts New Registrations in India Amid Regulatory Uncertainty

    Exness Halts New Registrations in India Amid Regulatory Uncertainty

    Global forex broker Exness has abruptly suspended new client registrations in India, sparking concern among traders and affiliate partners. The move, which took effect late last week, blocks access to account creation for users with Indian IP addresses. Visitors are now redirected to a simplified login page, with no option to sign up.

    The company has yet to issue a formal statement explaining the decision or clarifying whether the restriction is temporary. Affiliate partners were notified to cease all client acquisition efforts in India, further fueling speculation about the broker’s future in the region.

    Despite the registration freeze, existing Indian clients remain unaffected. Users with active accounts can continue trading without disruption, according to current access paths.

    India has long been a key growth market for offshore brokers like Exness, which operated locally through affiliates and introducing brokers. However, the country’s tightening regulatory landscape — including stricter oversight from the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) — may be prompting a strategic retreat.

    As of now, Exness has not indicated whether similar restrictions will be applied in other jurisdictions. The situation remains fluid, with industry observers awaiting further updates.

  • Hantec Markets COO Damon Sze Joins TopWealth Trading

    Hantec Markets COO Damon Sze Joins TopWealth Trading

    In a notable industry shift, CFD broker TopWealth Trading has appointed Damon Sze, former Chief Operating Officer at Hantec Markets Australia, to its executive team.

    Sze brings with him a wealth of experience in the global financial markets, having spent over a decade steering operational strategy and growth at Hantec. His move signals TopWealth Trading’s intent to strengthen its leadership and expand its footprint in the competitive CFD brokerage space.

    TopWealth Trading, known for its focus on transparent trading and tailored investor services, is expected to benefit from Sze’s strategic insight and operational rigor. Industry insiders view the appointment as a calculated move to boost client acquisition, enhance regulatory alignment, and solidify the company’s market position in the APAC region.

    Speaking on the transition, a company spokesperson said, “Damon’s track record speaks for itself. We’re excited to welcome him aboard as we enter our next phase of growth.”

    Sze’s appointment is effective immediately.

  • eToro Secures MAS Licence, Launches Singapore Expansion

    eToro Secures MAS Licence, Launches Singapore Expansion

    Global trading platform eToro has officially entered the Singapore market following the approval and activation of its Capital Markets Services (CMS) licence by the Monetary Authority of Singapore (MAS). The move marks a significant milestone in the company’s Asia-Pacific growth strategy.

    The licence enables eligible retail investors in Singapore to access a wide array of financial instruments via eToro’s social investing platform, including stocks from over 20 global exchanges, ETFs, and derivatives.

    Yoni Assia, Co-Founder and CEO of eToro, hailed the development as a strategic leap: “Singapore is one of the most dynamic financial markets in Asia-Pacific and a gateway to global capital flows. By activating our CMS licence, we are advancing our mission to open the world’s markets and empower investors with the tools to grow their knowledge and wealth”.

    The expansion follows the appointment of Yaki Razmovich as Managing Director for Singapore and Asia. Razmovich will oversee regional operations and spearhead eToro’s efforts to build local partnerships and invest in talent.

    With over 40 million registered users globally, eToro continues to position itself as a leader in collaborative investing. The company’s platform allows users to interact, view portfolios, and access educational resources through features like the Virtual Portfolio and eToro Academy.

    This latest move underscores Singapore’s growing appeal as a fintech hub, even as regulators maintain strict oversight of financial services providers operating in the region.

  • Crypto.com Deepens Talent Grab from CFD Sector with Latest High-Profile Hire

    Crypto.com Deepens Talent Grab from CFD Sector with Latest High-Profile Hire

    In a move that underscores the shifting tides between traditional finance and digital asset platforms, Crypto.com has appointed Nicolò Pagliari as its new Global Vice President of Growth and Media. Pagliari, a seasoned executive with seven years at Saxo Bank, becomes the second major CFD industry veteran to join the Singapore-based crypto exchange in just two months.

    Pagliari’s departure from Saxo, where he most recently served as Head of Marketing for Asia-Pacific, marks a growing trend of talent migration from legacy brokers to crypto and proprietary trading firms. “It took one of those opportunities that you can’t say no to,” Pagliari shared in a LinkedIn post announcing his move.

    This latest hire follows Crypto.com’s recent onboarding of Kevin Algeo, former CEO of IG Group, as Senior Vice President of Capital Markets. The company also acquired Cyprus-based Allnew Investments Ltd to secure a MiFID license, signaling its intent to expand into regulated financial products including CFDs for forex and other markets.

    Pagliari’s transition is emblematic of a broader industry shift. As crypto platforms diversify their offerings and proprietary trading firms gain traction, traditional CFD brokers are facing mounting pressure. A recent FYI study revealed that 40% of brokers currently have vacant marketing leadership roles, highlighting the competitive squeeze for top-tier talent.

    Other notable moves include Michael Kamerman’s appointment as CEO of FTMO’s brokerage division and Riana Chaili’s new role as COO after stints at IC Markets and TechFinancials. Meanwhile, executives like Yassin Mismar, Zoltan Nemeth, and Andreas Andreou have also pivoted to prop firms and crypto ventures.

    Crypto.com’s aggressive hiring spree aligns with its push into conventional finance. The firm plans to launch CFD trading in Q3 2025, leveraging its newly acquired MiFID license. “His extensive experience in financial services and regulated markets will be instrumental in our mission to build a full-service and fully regulated suite of financial products,” said Eric Anziani, Crypto.com’s President and COO, referring to Algeo’s appointment.

    This strategy mirrors similar moves by competitors. Kraken has launched regulated derivatives trading under MiFID II, while Coinbase acquired Deribit to bolster its derivatives footprint.

    The migration of talent reflects deeper structural shifts. Crypto exchanges are acquiring regulated entities to fast-track licensing, while prop firms benefit from lighter regulatory frameworks. Traditional CFD brokers, meanwhile, grapple with tighter rules on leverage and marketing, making the crypto and prop sectors increasingly attractive for executives seeking growth and innovation.

    Pagliari will be based in Singapore, leading global user acquisition efforts for Crypto.com, which now boasts over 140 million users. His remit includes campaign development, media partnerships, and team leadership across international markets.

    As the executive exodus from traditional brokers continues, the battle for market dominance between legacy finance and digital disruptors is heating up—and Crypto.com is clearly playing to win.

  • Hans Buehler Steps Down as Co-CEO of XTX Markets

    Hans Buehler Steps Down as Co-CEO of XTX Markets

    In a notable leadership shift at one of the UK’s most profitable financial firms, Hans Buehler has officially resigned from his role as Co-Chief Executive Officer of XTX Markets. Buehler, who joined the electronic trading powerhouse in 2022 as Deputy CEO and was elevated to Co-CEO in 2023 alongside founder Alex Gerko, has also vacated his position on the board of XTX’s corporate entities.

    During his tenure, Buehler played a pivotal role in steering XTX’s growth trajectory, helping solidify its reputation as a leading market maker and proprietary trading firm. His departure marks the end of a chapter that saw XTX’s profitability soar, with Gerko now ranked among the UK’s wealthiest individuals and top taxpayers.

    Prior to his time at XTX, Buehler spent 14 years at JPMorgan in Hong Kong and London, where he held senior roles including Global Head of Equities Analytics, Automation, and Optimization. He also previously led equity derivatives quantitative research at Deutsche Bank.

    According to an XTX spokesperson, Buehler plans to return to academia, building on his previous experience as a Visiting Professor at the Technical University of Munich. He holds a PhD in Financial Mathematics from Technische Universität Berlin.

    His exit leaves Gerko as the sole CEO, with industry watchers keen to see how XTX navigates its next phase of innovation and expansion.

  • Markets.com Cyprus Appoints Andreas Kyriacou as New CEO Following Leadership Transition

    Markets.com Cyprus Appoints Andreas Kyriacou as New CEO Following Leadership Transition

    Markets.com Cyprus has announced the appointment of Andreas Kyriacou as its new Managing Director and CEO, succeeding Stavros Ch. Anastasiou, who recently stepped down from the role. Kyriacou will oversee operations exclusively for the Cyprus-based entity, Safecap Investments, which operates under the CySEC regulatory framework.

    Kyriacou brings over a decade of experience in financial services, with a strong background in financial reporting, regulatory compliance, tax planning, and risk management. Prior to joining Markets.com in December 2024, he held senior roles at FXGlobe and IronFX, and began his career at PwC Cyprus. He is a Chartered Accountant certified by the Institute of Chartered Accountants in England and Wales (ICAEW).

    His appointment comes amid broader changes at Markets.com, including the recent surrender of its FCA license in the UK, signaling a strategic pivot toward jurisdictions with more flexible regulatory environments. The company continues to operate under licenses in South Africa and St Vincent and the Grenadines, though leadership for those entities remains unconfirmed.

    Markets.com has also expanded its offerings in recent years, partnering with TradingView and Worldpay to enhance its trading platform and global payment capabilities.

  • ATFX Reinforces LATAM Strategy with Michael Mirarchi

    ATFX Reinforces LATAM Strategy with Michael Mirarchi

    In a strategic move to deepen its institutional presence in emerging markets, ATFX Connect has appointed Michael Mirarchi as Managing Director of Institutional Sales for Latin America. The announcement underscores the firm’s commitment to expanding its global footprint and delivering tailored solutions to professional clients across the region.

    Mirarchi brings over 15 years of experience in institutional sales, brokerage, and trading technology. His career began in New York, where he supported the early growth of margin FX trading and liquidity provision. He has since held senior roles at major financial institutions and helped launch regulated entities across the UK, EU, and Latin America. His expertise also spans digital asset infrastructure and Virtual Asset Service Provider (VASP) licensing, making him a key figure in bridging traditional finance with emerging technologies.

    In his new role, Mirarchi will spearhead efforts to expand ATFX Connect’s institutional coverage in Latin America, focusing on white-label brokerage offerings, digital asset trading, and the rollout of regional non-deliverable forwards (NDFs). He will also lead initiatives to strengthen the firm’s regulatory presence in the region.

    “Latin America’s online trading sector is evolving rapidly,” Mirarchi said. “We’re focused on delivering institutional-grade solutions that meet the unique needs of professional clients in this dynamic market.”

    Wei Qiang Zhang, Managing Director of ATFX Connect, added: “Michael’s appointment is a pivotal step in our long-term strategy. His deep understanding of the LATAM market and institutional expertise will accelerate our growth and enhance our service offering.”

    ATFX Connect, the institutional arm of the ATFX Group, continues to expand its reach by combining global infrastructure with local insight. The firm offers bespoke liquidity solutions across FX, indices, commodities, and precious metals, serving hedge funds, banks, asset managers, and other professional traders.

  • Markets.com Surrenders FCA License as CEO Steps Down Amid Strategic Shift

    Markets.com Surrenders FCA License as CEO Steps Down Amid Strategic Shift

    Online brokerage Markets.com has officially relinquished its license from the UK’s Financial Conduct Authority (FCA), marking a significant pivot in its regulatory and operational strategy. The move coincides with the departure of Chief Executive Officer Stavros Ch Anastasiou, who had led the firm since 2023.

    Anastasiou joined Markets.com from Safecap Investments Limited, where he served as Executive Director. His tenure at Markets.com was characterized by efforts to streamline operations and navigate evolving regulatory landscapes. The company has not yet announced a successor, and details surrounding its future leadership remain undisclosed.

    The decision to surrender the FCA license suggests a potential shift away from the UK market or a reconfiguration of the firm’s global compliance framework. Industry analysts speculate that Markets.com may be consolidating its regulatory footprint or redirecting resources toward jurisdictions with more flexible oversight.

    Finance Magnates, which first reported the development, noted that the company has yet to issue a formal statement regarding the rationale behind the license withdrawal or the CEO’s exit. The FCA has not commented on the matter.

    This development adds to a growing trend of brokers reassessing their regulatory affiliations amid tightening compliance requirements and shifting market dynamics. Observers will be watching closely to see how Markets.com repositions itself in the competitive online trading space.

    Markets.com is a global online brokerage offering CFD trading across forex, stocks, indices, commodities, and ETFs. Originally part of Playtech’s financial division, it now operates under the Finalto brand, which was acquired by Gopher Investments in 2022.

    The platform is known for its proprietary Marketsx interface, alongside support for MetaTrader 4 and 5, and integrates real-time sentiment tools, technical analysis, and fundamental data. It has held regulatory licenses in jurisdictions including Cyprus (CySEC), South Africa (FSCA), Australia (ASIC), and previously the UK (FCA), though it recently surrendered its FCA license amid strategic restructuring.

  • Monzo Fined £21 Million Over Financial Crime Control Failures

    Monzo Fined £21 Million Over Financial Crime Control Failures

    The UK’s Financial Conduct Authority (FCA) has issued a landmark £21.1 million fine against digital bank Monzo for critical lapses in its financial crime prevention systems during a period of rapid growth. The enforcement action highlights systemic failures across key operational areas between October 2018 and August 2020, as the bank surged from 600,000 to over 5.8 million customers.

    According to the FCA’s findings, Monzo allowed thousands of individuals to open accounts using blatantly implausible personal details — including fictitious addresses such as Buckingham Palace and 10 Downing Street. These oversights underscored serious weaknesses in the bank’s internal controls, which failed to scale alongside its meteoric rise in the UK’s fintech landscape.

    Despite being subject to a formal restriction from the FCA in August 2020, prohibiting the onboarding of high-risk customers, Monzo continued to allow more than 34,000 such accounts to be opened until June 2022. Regulators described this breach as a “fundamental failing” in Monzo’s anti-money laundering (AML) procedures and risk-based assessments.

    Therese Chambers, Joint Executive Director of Enforcement and Market Oversight at the FCA, remarked, “Banks must act as gatekeepers in the financial system. By failing to implement basic controls, Monzo jeopardized the integrity of the UK’s financial defences against crime. The acceptance of obviously false customer information reveals a shocking level of procedural neglect.”

    The FCA further noted that Monzo’s automated systems for monitoring suspicious activity were insufficiently staffed and misconfigured, resulting in customer alerts not being reviewed and multiple instances of high-risk behavior going undetected. Monzo also failed to provide adequate training to staff in AML protocols and neglected to verify customers against its own internal risk indicators.

    In response, Monzo has launched what it describes as a “comprehensive financial crime change programme,” aimed at reforming its internal practices. The bank claims it has significantly strengthened its fraud detection capabilities and client verification systems. TS Anil, Monzo’s Group CEO, acknowledged the FCA’s findings, stating: “These issues relate to a historical snapshot of our journey. We have taken substantial steps to improve and remain committed to staying ahead of emerging threats.”

    Originally pegged at £30.1 million, the fine was reduced after Monzo agreed to settle the matter early, avoiding a drawn-out legal battle. This case marks the tenth enforcement action by the FCA against UK banks for AML shortcomings since 2021 — a growing trend amid increased scrutiny of financial institutions in the digital age.

    As Monzo approaches the milestone of 13 million customers, the FCA’s ruling serves as a stern reminder to all fintech firms: innovation cannot come at the expense of vigilance, compliance, and ethical responsibility.

    Monzo has implemented a comprehensive financial crime change programme to overhaul its systems and address the deficiencies identified by the FCA.

    • Enhanced customer onboarding: Monzo redesigned its onboarding process to ensure more rigorous identity verification and plausibility checks (e.g. flagging landmark addresses like Buckingham Palace).
    • Improved risk assessment tools: The bank upgraded its internal risk matrix to better identify high-risk customers and apply appropriate due diligence.
    • Stronger transaction monitoring: Monzo reconfigured its automated alert systems and increased staffing to ensure suspicious activity is promptly reviewed and escalated.
    • Independent review: Monzo underwent a full external audit of its financial crime framework, as mandated by the FCA.
    • Lifted restrictions: After implementing the recommended changes, the FCA lifted its Voluntary Requirement (VREQ) in February 2025, allowing Monzo to resume onboarding high-risk customers under stricter controls.
    • Staff training: The bank introduced more robust AML training for employees, especially those handling alerts and investigations.
    • Policy updates: Monzo refined its procedures for identifying politically exposed persons (PEPs) and applied enhanced due diligence where necessary.
    • Data integrity checks: It now verifies customer addresses and other personal details more thoroughly, including cross-referencing postal codes and PO boxes.

    Monzo’s CEO, TS Anil, emphasized that these changes reflect lessons learned and a commitment to staying ahead of financial crime risks as the bank scales toward 13 million customers.