Robinhood Changes, TradeMax Rebrand, Standard Chartered Fine: Editor’s Pick

In another busy week for news, let’s take a look back at the headlines that dominated the forex, fintech and crypto worlds in our best of the week segment.

Robinhood Reveals Major Changes to Options Trading Products

As Finance Magnates revealed this week, Robinhood is making multiple changes to its options trading products, part of the improvements the app promised to do after one of its customers died by suicide thinking he incurred losses of over $700,000.

The Most Diverse Audience to Date at FMLS 2020 – Where Finance Meets Innovation

In a blog post on Tuesday, the commission-free trading app revealed it’s launching a feature that enables users to exercise their options contracts directly in the app. Additionally, Robinhood will improve its user interface and make funds from exercising available instantly, helping to avoid lengthy delays and trade restrictions.

Read more on the Robinhood Changes here

Standard Chartered Faces $13.6M Fine for Indian Bank Takeover

Enforcement Directorate, the Indian anti-money laundering agency, has slapped Standard Chartered bank with a 1 billion rupees ($13.6 million) fine for breaking the country’s foreign exchange rules in a 2007 local bank takeover deal.

The order for the fine was passed in August, making it one of the largest fines imposed by any Indian agency on an overseas lender. However, at this point, it is unclear if the bank will pay the fine or appeal against the order. 

Read more on the Standard Chartered Fine here

TradeMax Rebrands to TMGM as It Boosts Global Expansion

Sydney-based contracts for differences (CFDs) brokerage TradeMax has rebranded itself to TMGM, an acronym for TradeMax Global Markets.

The surprise rebrand came as the brokerage is expanding its global presence and is eying to operate in multiple international markets by 2020. According to the company, the new name will highlight it as a global brokerage rather than a regional player.

Read more on the TMGM rebrand here

Libertex Becomes Tottenham Hotspur’s New Sponsor

In a Finance Magnates exclusive, we revealed that Libertex, a Cyprus-licensed multi-asset brokerage, has inked a sponsorship deal with London football club Tottenham Hotspur, becoming its official trading partner.

This is the second major sports sponsorship deal of the brokerage as it is already sponsoring Valencia CF in Spain: a two year deal between them was signed last year.

Tottenham Hotspur are considered the best team never to have won the Champions League and is quite the coup for Libertex

Read more on the Libertex Spurs sponsorship here

Is SushiSwap an Exit Scam? Crypto Community Decries DeFi’s Newest AMM

SushiSwap’s SUSHI token holders were left holding the bag this week after ‘Chef Nomi’, the project’s pseudonymous founder, suddenly sold $13 million worth of tokens.

The apparent financial exodus from the project has led some to decry the automated market maker (AMM) as an exit scam.

In a Finance Magnates analysis, no stone was left unturned as we looked at whether or not SushiSwap is just an exit scam

Read more on the SushiSwap here

Is Bitcoin Headed Back Below $10k? Uncertainty Grows as Traders Hesitate

The Bitcoin (BTC) saga continues.

This week tested Bitcoin’s mettle over the $10,000 level. After dipping from around $11,200 to roughly $10,250 from Thursday, September 3rd, to Friday, September 4th, Bitcoin has not shown any signs of rising back over the $11,000.

In fact, Bitcoin even dipped below the $10,000 mark on several occasions this week, reaching back into price territory that has not been seen since late July.

So, what’s driving Bitcoin price and what’s next for the grandaddy of cryptocurrency? Read more here

Rapper T.I., Producer Ryan Felton Sued for Backing Two ICO Scams

Film producer Ryan Felton and Atlanta rapper T.I, whose real name is Clifford Harris Jr, are the latest celebrities being sued for their involvement in alleged fraudulent ICOs.

The US Securities and Exchange Commission said in a statement on Friday that the rapper and businessman alongside three others promoted two initial coin offerings called FLiK and CoinSpark.

Read more the ICO scams here

 

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