News Nuggets | 6 November: VT Markets Expands Team; eToro Implements New Tax Rules

<p>VT Markets Expands Analyst
Team with Styliana Charalambous</p><p>VT Markets, an acclaimed
online broker, has announced the appointment of Styliana Charalambous as a Market
Analyst for the EMEA region. Charalambous is an ACCA-qualified accountant with
a diverse skill set acquired from her previous roles, including an Audit
Supervisor at KPMG and Head of Investment and Market Research at a
multinational <a href="https://www.financemagnates.com/terms/f/fintech/">fintech</a> firm. </p><p>"I look forward to not
only sharing analyses but also enabling clients to make forward-thinking,
proactive decisions amidst the ever-evolving world of trading," said
Charalambous.</p><p>With over nine years of
experience in finance, she is expected to revamp <a href="https://www.financemagnates.com/tag/vt-markets/" target="_blank" rel="follow">VT Markets'</a> analytical
approach and offer in-depth market reports and insights. Her appointment is a
strategic move for VT Markets as they focus on expanding their services and
maintaining excellence in the highly competitive EMEA markets.</p><p>eToro Implements Stamp
Duty Reserve Tax on UK Stock Purchases</p><p>The online brokerage <a href="https://www.financemagnates.com/tag/etoro/" target="_blank" rel="follow">eToro </a>has
made a significant policy change that affects how clients interact with
UK-listed stocks. As of 6 November, eToro will pass on the cost of the UK
government's Stamp Duty Reserve Tax (SDRT) to its clients when they open new
positions in UK stocks. </p><p>The SDRT, set at 0.5% of
the stock purchase value, is a mandatory tax for all electronic purchases of UK
stocks, regardless of the buyer's country of origin.</p><p>“You will see the estimated
stamp duty charge once you open any real positions on stocks listed on the
London Stock Exchange (LSE), at the bottom of the ‘Open Trade’ screen. The tax
is subject to conversion fees as all UK stocks are denominated in GBP and the
eToro platform operates in USD,” eToro explained.</p><p>CFTC Files Fraud Charges against
Illinois Forex Operator</p><p>The <a href="https://www.financemagnates.com/tag/cftc/" target="_blank" rel="follow">CFTC </a>has filed a
complaint against Coby Young and Young Emerging Strategies LLC, alleging
fraudulent activity in retail <a href="https://www.financemagnates.com/terms/f/forex-trading/">forex trading</a>. The complaint accuses the
defendants of misappropriating funds, committing registration and disclosure
violations, and commingling client funds. </p><p>Originating from
solicitation of individuals for forex trading classes, the defendants allegedly
promised to double investments and received around $300,000 from participants.
The majority of these funds were not used for trading but for personal expenses.
The CFTC seeks restitution, penalties, and bans for the defendants.</p><p>ASIC Launches Legal Action
against Telstra Super over Dispute Handling</p><p>The Australian Securities
and Investments Commission (<a href="https://www.financemagnates.com/tag/asic/" target="_blank" rel="follow">ASIC</a>) has initiated civil penalty proceedings
against Telstra Super for failing to adhere to internal dispute resolution
requirements. This unprecedented action follows allegations that Telstra Super did
not respond adequately to a significant portion of complainant disputes within
the mandated 45-day period. </p><p>“ASIC
expects the financial services industry to have effective dispute resolution
procedures in place, and, importantly, to have the systems and resourcing to
ensure they are being put into practice,” Sarah Court, the Deputy Chairwoman
of ASIC, mentioned. “Financial service providers need to prioritize dispute resolution
procedures to properly protect consumers.”</p><p>ASIC emphasized the
importance of effective dispute resolution systems within the financial
services industry, indicating that Telstra Super's failure to comply with the
requirements may have resulted in operational inefficiencies and unfair
practices.</p><p>FCA Issues Alert on Cryptotrades</p><p>The UK's Financial Conduct
Authority (<a href="https://www.financemagnates.com/tag/fca/" target="_blank" rel="follow">FCA</a>) has warned about Cryptotrades, a firm offering financial
services without authorization. The FCA's advisory information, dated 6 November 2023,
urges the public to exercise caution and avoid engaging with this entity to
prevent falling victim to potential scams. </p><p>Cryptotrades, which lists a
London address and operates through the website cyptotrades.com is not
sanctioned by the FCA, and thus, clients would lack protection from the
Financial Ombudsman Service and the Financial Services Compensation Scheme,
leaving them exposed to significant risks, including the loss of their funds.
The FCA recommends checking its Warning List for other unauthorized firms.</p><p>Bybit's Pinnacle in Crypto
Exchange Rankings</p><p>The United Arab
Emirates-based crypto exchange <a href="https://www.financemagnates.com/tag/bybit/" target="_blank" rel="follow">Bybit </a>has been awarded an “AA” rating by CCData
in its Crypto Exchange Benchmark Report, positioning it at the forefront of the
industry. Bybit, now the world’s third most frequented crypto exchange, earned
this prestigious grade for its performance in both spot and derivatives trading.
</p><p>The rating reflects Bybit's
commitment to security and regulatory compliance, affirmed by the CEO, Ben Zhou. The
exchange has excelled in meeting the elevated standards of the evolving market
and regulatory environment, signifying an overall industry uptrend as noted by
the report's findings.</p><p>Leadership Transition at
ClearBank</p><p><a href="https://www.financemagnates.com/tag/clearbank/" target="_blank" rel="follow">ClearBank</a>, a key player in
real-time clearing and banking services, has introduced Shonaid Jemmett-Page as
the new Chair of its UK Board, subject to a regulatory green light. She succeeds
David Gagie, who has been pivotal to the company's growth since 2018. Jemmett-Page,
with a robust background in financial services and business leadership, is
expected to propel ClearBank forward, leveraging her extensive experience. </p><p>The transition comes with
accolades for both the outgoing and incoming chairs, as they express mutual
respect and confidence in the bank's continuous success.</p><p>Jifiti Receives EMI
License, Enhancing Payment Solutions in Europe</p><p>Jifiti, a white-labeled
embedded lending pioneer, has been granted an Electronic Money Institution
(<a href="https://www.financemagnates.com/tag/emi/" target="_blank" rel="follow">EMI</a>) license in Europe. This approval by the Swedish regulatory body has enabled
Jifiti to offer comprehensive payment solutions to its bank, lender, and merchant
customers throughout Europe. </p><p>With this license, Jifiti
is poised to bolster its services, affirming its commitment to providing
advanced payment options and enhancing the financial technology landscape.</p><p>"Our
mission at Jifiti is to provide consumers and businesses with access to
responsible, affordable financing options from regulated financial entities.
Becoming a licensed e-money issuer takes our company to the next level in its
growth trajectory and enables us to bring even more value to our customers and
partners," commented Yaacov Martin, the CEO of the Jifiti Group.</p>

This article was written by Damian Chmiel at www.financemagnates.com.