News Nuggets | 15 August: Devexperts Updates DXcharts; FCA Warns against Seven Companies

<p>Devexperts Launches
DXcharts Lite and Trial Versions</p><p>Devexperts
has introduced a trial and a Lite open-source version of its financial charting
library, DXcharts. Aimed at <a href="https://www.financemagnates.com/terms/f/fintech/">fintech</a> developers, both versions allow for wider
accessibility and integration. </p><p>The trial
version, available for 30 days, requires a simple sign-up, while the Lite
version offers core features free of charge. Through these launches, <a href="https://www.financemagnates.com/tag/devexperts/" target="_blank" rel="follow">Devexperts
</a>hopes to promote growth in the financial industry, allowing even independent
developers to integrate advanced charting into their offerings easily.</p><p>"We
are dedicated to driving the growth of the financial industry as a whole,"
Evgeny Sorokin, the Chief Product Officer at Devexperts, commented. The launch
of DXcharts Lite empowers developers working on commercial projects,
open-source enthusiasts, and individuals interested in effortlessly integrating
charts into their financial products. With DXcharts Lite, they can seamlessly
leverage the core features of DXcharts, risk-free and at no cost."</p><p>FCA Warns against Seven
Unauthorized Entities</p><p>The
Financial Conduct Authority (<a href="https://www.financemagnates.com/tag/fca/" target="_blank" rel="follow">FCA</a>) has updated its warning list, flagging seven
entities as unauthorized or unregistered. Among them, BOOST CAPITAL ACADEMY,
International Fraud Watch, BITPRIMAL, and Market Brokerage are some of the
entities operating without FCA's approval. </p><p>Additionally,
Brown &amp; Andrews, Loans Avenue, and Smart Direct Broker are reportedly
imitating authorized firms and targeting UK residents. Consumers are advised to
be cautious and ensure due diligence before engaging with such entities.</p><p>Binance Announces Removal
of Select Trading Pairs</p><p>Cryptocurrency
exchange <a href="https://www.financemagnates.com/tag/binance/" target="_blank" rel="follow">Binance </a>has publicized its decision to discontinue trading for several
spot trading pairs. These trading pairs will be removed in three phases
starting on 17 August 2023. </p><p>Binance
is set to discontinue trading for the following spot pairs:</p><ul><li>On
17 August 2023 at 03:00 (UTC): BETA/BNB, BTTC/BUSD, CELR/BNB, CHZ/GBP,
CTK/BUSD, DENT/BUSD.</li><li>On
17 August 2023 at 06:00 (UTC): ENJ/BRL, GAL/EUR, JST/BUSD, MANA/BRL, NEO/RUB,
NKN/BUSD.</li><li>On
17 August 2023 08:00 (UTC): RUNE/GBP, SAND/BRL, SNT/BUSD, SUN/BUSD, VET/GBP.</li></ul><p>While these
specific pairs are being delisted, users can still trade the involved assets
through other available pairs on Binance. The company also urges users to
adjust or cease their trading bot operations for these pairs to prevent
potential losses.</p><p>BaFin Investigates
Cryptowall-Trading</p><p>Germany's
financial regulator, <a href="https://www.financemagnates.com/tag/bafin/" target="_blank" rel="follow">BaFin</a>, has issued a warning concerning the website
cryptowall-trading.de. The site offers a platform for trading financial
instruments. However, BaFin suspects the site operators provide services
without the necessary permissions. </p><p>Crucial
company information is missing from the site, and claims of commercial register
entries are unverified. BaFin emphasizes that companies must possess
appropriate permissions to offer such services within Germany.</p><p>MAS Introduces Regulatory
Framework for Stablecoins</p><p>The
Monetary Authority of Singapore (<a href="https://www.financemagnates.com/tag/mas/" target="_blank" rel="follow">MAS</a>) has unveiled a new regulatory framework
focusing on the stability of stablecoins within the country. Designed digital
tokens with a consistent value pegged to specified fiat currencies can function
as a trusted medium for various digital transactions. </p><p>Under the
framework, <a href="https://www.financemagnates.com/terms/s/stablecoin/">stablecoin</a> issuers must meet certain conditions regarding value
stability, capital, redemption, and disclosure. Only those fulfilling all
criteria can label their stablecoins as 'MAS-regulated'. The move aims to
differentiate MAS-sanctioned stablecoins from other tokens, safeguarding user
interests.</p><p>EFG Bank Faces Monetary
Penalties </p><p>The Hong
Kong Monetary Authority (<a href="https://www.financemagnates.com/tag/hkma/" target="_blank" rel="follow">HKMA</a>) recently concluded its investigation of EFG Bank
AG, Hong Kong Branch (EFGHK), leading to disciplinary actions under the
Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). </p><p>The authority
has levied a fine of HK$16,000,000 against EFGHK for its AMLO breaches. The
decision was influenced by EFGHK's violations between 2012 and 2018, which
revolved around customer due diligence, onboarding, and inadequate monitoring
systems. </p><p>Nevertheless,
the HKMA has recognized EFGHK's remedial steps, cooperation, and lack of prior
AMLO disciplinary records.</p>

This article was written by Finance Magnates Staff at www.financemagnates.com.