Prop Firm My Forex Funds and the CFTC Are Probably Negotiating a Settlement

There is a high probability that a settlement deal is being negotiated between the proprietary trading firm My Forex Funds and regulators in the US and Canada, Finance Magnates learned exclusively.

The Commodity Futures Trading Commission and Ontario Securities Commission filed lawsuits against proprietary trading firm My Forex Funds and its CEO Murtuza Kazmi earlier this year, alleging fraud and material misstatements. Now, according to Finance Magnates, a settlement deal is likely being negotiated between the firm and regulators in the US and Canada.

The legal fight has had a major impact on the proprietary trading industry, with other firms quickly modifying the language on their websites. Many have added terms such as “simulated” and “virtual” to clarify the nature of their services. The CFTC initially charged My Forex Funds and Kazmi with fraud at the end of August, alleging the company generated at least $310 million in fees from its proprietary trading business.

Gary Gensler, Chair of the US Securities and Exchange Commission, will be stepping down from his role on January 20, 2025, coinciding with President-elect Donald Trump's inauguration. During his campaign, Trump promised to fire Gensler, who was known for his strict stance on crypto regulations.

Gensler’s tenure, which began in April 2021, was marked by challenges such as the GameStop saga and volatile crypto markets. His departure will likely shift the regulatory landscape for the financial and crypto industries.

Bitcoin’s trading volume grew significantly in 2024, with a rise of over 80% compared to 2023. This increase was driven by institutional investors and retail traders, who showed immense interest in Bitcoin throughout the year. Some exchanges even experienced a 250% growth in trading volume.

Bitcoin's trading volume refers to the total amount of Bitcoin bought and sold on exchanges within a specific time period. It’s a key metric in the cryptocurrency market, offering insights into liquidity, demand, and overall market health. Bitcoin trading volumes can reach all-time highs during periods of market surges or significant news events.

Social investing firm eToro obtained a license to operate in New York. In an interview posted on the NYSE LinkedIn page, eToro’s Founder and CEO, Yoni Assia, highlighted the importance of the latest approval for the company's expansion plan in the region.

“We are very excited to launch eToro in New York, where customers will be able to trade stocks and options on a wrap. Our global customers can trade cryptocurrencies alongside commodities and indices as well, and we are excited to have this milestone of enabling eToro to our New York customers,” Assia said.

Israel-based eToro, which offers both CFDs and physical crypto trading, revealed to Finance Magnates that the total value of the newly opened Bitcoin positions jumped by more than 300% in the first two weeks of November compared to the first two weeks of October.

While the volume of crypto CFDs on Pepperstone also jumped over 3 times after the US elections, Axi confirmed doubling its figures. For both Pepperstone and Axi, the crypto market rally induced by Donald Trump's victory as the 47th president of the United States only boosted the already growing demand for crypto trading on their platforms.

Pepperstone, an Australia-headquartered broker, revealed that its client trading volumes were already increasing into the US election. However, the results and subsequent market movements provided an additional boost to the company's performance.

Bitcoin’s price predictions are back with a vengeance, and the $100K milestone is the glittering prize that has everyone’s attention. Among the experts, Michael Saylor, the ever-optimistic face of MicroStrategy, believes Bitcoin could break this barrier by the end of 2024. His company continues to hoard BTC like it's going out of style, with investors clamoring for more exposure to the digital asset.

Meanwhile, Cathie Wood of Ark Invest is going acapella in the bullish choir. Wood predicts that Bitcoin “has a long way to go”, citing institutional adoption. In her view, Bitcoin is more than a speculative asset, it’s a hedge against economic turbulence and fiat currency instability.

Italy’s lawmakers are opposing government plans to increase capital gains taxes and widen the scope of its crypto assets. The proposals, central to Prime Minister Giorgia Meloni’s 2024 budget, are being criticized for potentially stifling innovation and affecting smaller businesses.

Currently, cryptocurrency capital gains are taxed at 26 percent in Italy. However, the government aims to increase this rate to 42 percent, aligning it with other financial income. Some members of the ruling coalition are reportedly pushing back against the steep hike, suggesting a compromise of 28 percent.

Revolut will begin offering trading of UK and EU-listed stocks in 2025 after receiving approval from the Financial Conduct Authority to operate as an investment firm. This approval will allow Revolut to expand its services in the UK.

According to Yana Shkrebenkova,