News Nuggets | 9 October: Komainu Joins the UK Crypto Register; CNMV Issues New Warnings

<p>Komainu Joins UK Crypto
Register amid New Ad Rules</p><p>Komainu, a
crypto custody joint venture, successfully registered with the UK's Financial
Conduct Authority (FCA) right before new promotional rules came into effect.
The new rules mandate that firms be registered in the UK to approve their
advertisements and convey risk warnings to users. Failure to comply could
result in up to two years of imprisonment.</p><p>Several
unregistered crypto companies have altered their services in the UK following new
advertising rules. The FCA has promptly updated its list of unauthorized firms after introducing new laws. The regulator added <a href="https://www.financemagnates.com/cryptocurrency/fca-targets-143-entities-including-major-crypto-exchanges-huobi-and-kucoin/" target="_blank" rel="follow">more than 140 firms</a>
to its warning list, including notable names like KuCoin and Houbi. The <a href="https://www.financemagnates.com/tag/FCA/" target="_blank" rel="follow">FCA</a>
continues its vigilance in monitoring and regulating the crypto space to ensure
consumer protection and <a href="https://www.financemagnates.com/terms/c/compliance/">compliance</a> with existing laws.</p><blockquote><p lang="en" dir="ltr"><a href="https://twitter.com/KomainuCustody?ref_src=twsrc%5Etfw">@KomainuCustody</a> joined the list of <a href="https://twitter.com/TheFCA?ref_src=twsrc%5Etfw">@TheFCA</a> regulated entities just days before the new crypto ads rules launched in the UK. <a href="https://t.co/I1YZohjqlj">pic.twitter.com/I1YZohjqlj</a></p>— Damian Chmiel (@ChmielDk) <a href="https://twitter.com/ChmielDk/status/1711320143861518813?ref_src=twsrc%5Etfw">October 9, 2023</a></blockquote><p>CNMV Issues Warnings against
Unregistered Entities</p><p>The
National Securities Market Commission (<a href="https://www.financemagnates.com/tag/cnmv/" target="_blank" rel="follow">CNMV</a>) in Spain has issued warnings
against various entities that are not registered with it. These
entities include Finflow X, Europefx, Turbo, Bridge Stone Limited, Carax Forex,
Capital-Gatewaycg, Higtechnordpro Limited, Tradecmf, Cmf Group Ltd, Virgobank,
Terema Invest, Ucoin Capital, Palo Market, And Zermatt Group Llc. These firms
are not authorized to offer investment services or other activities under the
CNMV's regulatory supervision.</p><p>Among the
warned entities, one notable inclusion is finexlimited.com, which is a clone
site not associated with Grand Capital Ltd, a company duly registered in Spain.
According to CNMV, these institutions are not in compliance with the
requirements to provide investment services, posing potential risks to
investors and the general public. The CNMV continues monitoring and regulating
the market to ensure consumer protection.</p><p>FCA Welcomes Transition
Plan Taskforce Disclosure Framework</p><p><a href="https://www.financemagnates.com/tag/fca/" target="_blank" rel="follow">The UK's FCA</a>
has welcomed the publication of the Transition Plan Taskforce
Disclosure Framework. The framework aims to provide better information on how
companies plan to transition to a low emission economy. It offers a set of
recommendations to ensure high-quality and consistent climate transition plan
disclosures.</p><p>"Companies
will need to think strategically about how they respond and contribute to the
transition to a low emissions, climate-resilient future," said Sacha
Sadan, the Director of Environmental, Social and Governance at FCA.</p><p>FxPro Introduces New MT5
Account Types</p><p><a href="https://www.financemagnates.com/tag/fxpro/" target="_blank" rel="follow">FxPro </a>has
unveiled new account types for its MetaTrader 5 (MT5) platform, offering more
flexibility and features to traders. The new accounts, Standard, Raw+, and
Elite, cater to different types of traders and offer features like competitive
spreads and raw spreads with zero markups. </p><p>These accounts come with versatile trading options across 2000+ shares, Forex, indices,
metals, and more. FxPro also offers the choice between Hedging and Netting account
settings to enhance trading strategies. These new account types are currently
available only to clients in specific jurisdictions.</p><p>Smart Money Raises
Concerns over Undelivered Services</p><p>Several New
Zealand residents have raised red flags about Smart Money's "emergency
cash" service and subscription cancellation policies. The service has not
delivered the promised "emergency cash" to subscribers and continues
to debit funds from their accounts without allowing cancellations. </p><p>Testimonials
on Smart Money's website are suspected to be fraudulent, the New Zealand's <a href="https://www.financemagnates.com/tag/fma/" target="_blank" rel="follow">FMA </a>warned. Smart Money is not
associated with any New Zealand-based business named Smart Money Advice, and
caution is advised when dealing with the company.</p><p>Metro Bank Secures
Financing, Avoids Takeover</p><p>Metro Bank
has secured a capital raise of £325m and £600m in debt refinancing, staving off
speculation about a potential <a href="https://www.financemagnates.com/tag/takeover/" target="_blank" rel="follow">takeover</a>. Spaldy Investments, Metro Bank's
largest shareholder, led the equity raise and will now hold a 53% stake in the
bank. </p><p>The new
funds will enable Metro Bank to expand its specialist mortgage lending
operation. Despite this positive turn of events, industry experts caution that
Metro Bank still needs to address issues like deposit shortages to prevent
similar crises in the future.</p><p>Oliver Haste Joins
Propellant.digital as Head of EMEA Product</p><p>Oliver
Haste has been appointed as the Head of EMEA Product at Propellant.digital, a
fintech company specializing in data analytics. Haste, who recently led
data-related projects at Goldman Sachs, is expected to enhance Propellant's
platform and client experience. Propellant's second senior appointment in five
weeks indicates the company's ambitious growth plans in the data <a href="https://www.financemagnates.com/terms/a/analytics/">analytics</a>
space.</p><p>"It is
an exciting time to work in data analytics," said Oliver Haste. "Regulators
understand that data holds the key to market transparency while investors
realise that the data they need for better investment outcomes is within reach
– but organising and analysing it remains the real challenge. Propellant's
unique solution unlocks the full potential of market data and I aim to push the
boundaries of what all market participants can expect from data analytics
software."</p><p>Warsaw Stock Exchange
Partners with Equinix for New Trading System</p><p>The Warsaw
Stock Exchange (<a href="https://www.financemagnates.com/tag/gpw/" target="_blank" rel="follow">GPW</a>) has chosen Equinix to host its new Warsaw Automated
Trading System. The partnership aims to enhance the Polish capital
market's global reach and facilitate GPW's growth plans. The new system is expected
to be launched in November 2024, with test market access ready by the end of
2023.</p><p>"Migrating
to Equinix's WA3 data center allows GPW to offer more capabilities to our
clients and enhanced trading performance. In today's world, for financial
services companies like GPW it is crucial to position trading platforms for
maximum performance, connectivity and flexibility. With the global reach of
Equinix, GPW is tapping into the ecosystem where all the major market players
are present enabling us to achieve unparalleled growth potential in the sector," said Izabela Olszewska, a Member of the Management Board at the Warsaw Stock
Exchange.</p>

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