Latest news with #MiFID
Yahoo
22-05-2025
- Business
- Yahoo
Crypto.com Buys Allnew Investments to Secure MiFID License to Offer Derivatives in Europe
Crypto exchange said it bought AN Allnew Investments to gain a license allowing it to offer derivatives across the European Economic Area (EEA). The Markets in Financial Instruments Directive (MiFID) license was issued to Allnew by the Cyprus Securities and Exchange Commission (CySEC), the exchange said in a website posting. It grants the exchange the right to offer a range of financial products in the 27 nations of the European Union alongside Iceland, Liechtenstein and Norway. This acquisition bolsters presence in Europe. The exchange secured a Markets in Crypto Assets (MiCA) license in January so it could offer crypto custody and exchange services across the EEA. The company declined to say how much it paid for Allnews. Crypto exchanges have been moving into derivatives to unlock new sources of profit. The company joins rivals including Gemini and Kraken in gaining MiFID licenses to offer derivatives in Europe. Kraken's license was also obtained through acquisition of the holder. Earlier this month, Coinbase spent $2.9 billion to buy options platform Deribit to strengthen its position in the U.S. derivatives market.
Arabian Post
20-05-2025
- Business
- Arabian Post
Kraken Gains EU Access Through Cyprus Derivatives Licence
Cryptocurrency exchange Kraken has secured a Markets in Financial Instruments Directive licence in the European Union by acquiring Cypriot investment firm Greenfields Wealth, formerly known as Pacific Union Group. The acquisition, approved by the Cyprus Securities and Exchange Commission , enables Kraken to offer regulated crypto derivatives to advanced traders across selected EU markets. This strategic move allows Kraken to operate under the EU's MiFID framework, facilitating the provision of over-the-counter derivatives, including contracts for differences , to retail clients within the European Economic Area. The licence also permits Kraken to passport its services across other EU member states, potentially reaching a broader base of European traders and investors. Shannon Kurtas, Kraken's Co-General Manager of Pro & Exchange, stated that the acquisition reflects the company's commitment to providing a trusted, regulated environment for advanced crypto traders and investors. She emphasized that the European market remains a top priority for Kraken as it continues to expand its services globally. Kraken plans to introduce a range of derivatives products, including regulated futures and options, designed to meet the needs of sophisticated crypto investors in Europe. These offerings will enable traders to gain exposure to various digital assets in a capital-efficient and flexible manner, using a variety of collateral currencies to back their positions. The acquisition of Greenfields Wealth provides Kraken with a strategic entry point into the European derivatives market. Cyprus has emerged as a hub for financial services firms seeking to operate across the EU, thanks to its regulatory framework and MiFID passport capabilities. The approval from CySEC enables Kraken to compete more effectively in the European crypto derivatives market. Kraken has a history of pursuing regulated derivatives trading opportunities. In 2019, the company acquired Crypto Facilities, a UK-based crypto futures platform regulated by the Financial Conduct Authority , enhancing its presence in the UK market. This acquisition made Kraken the first licensed crypto futures provider in the United Kingdom. The European crypto derivatives market is experiencing significant growth, with projections indicating a 15% growth rate until 2030. Kraken's entry into this market positions the company to capitalize on the increasing demand for secure and regulated crypto derivatives trading in the EU. Kraken's approach to regulatory compliance has been systematic, with the exchange working to secure necessary approvals across different jurisdictions. This strategy helps ensure that its services meet local regulatory standards while providing users with access to advanced trading options. The company's expansion into the European market aligns with the EU's Markets in Crypto-Assets regulation, which aims to address issues related to anti-money laundering, token issuance, and stablecoin-specific rules. Kraken's acquisition of the MiFID licence represents a strategic move to capture opportunities in Europe's expanding derivatives market. Arabian Post – Crypto News Network
Yahoo
13-05-2025
- Business
- Yahoo
Gemini Secures MiFID II License From Malta to Offer Derivatives in EEA
Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, said it secured a MiFID II license from Malta allowing it to offer derivative products across the European Economic Area. The license from Malta Financial Services Authority (MFSA) will enable the company to offer perpetual futures and other derivatives across the European Union's 27 nations plus Iceland, Liechtenstein and Norway, once the required conditions are met, Gemini said Friday. "There are technical and operational steps to ensure we launch these products in a compliant and secure manner, which we hope to do so in the coming months," a Gemini spokesperson said. Exchanges have been moving into derivatives as the next frontier for revenue growth. One of the largest crypto exchanges, Coinbase (COIN), on Thursday said it agreed to pay $2.9 billion to buy bitcoin BTC and ether ETH options platform Deribit. The purchase gives it an immediate "dominant foothold" in the derivatives space, a note from Benchmark analyst Mark Palmer said at the time. In Europe, Gemini is following in the footsteps of rival Kraken, which secured a MiFID license in February by buying a Cyprus-based investment firm. "This is a hugely exciting development in our 2025 European expansion, as it puts Gemini one step closer to offering our derivative products to both retail and institutional users in the EU and the EEA," the company (May 9, 15:26 UTC): Adds Gemini comment in third paragraph. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Times
07-05-2025
- Business
- Business Times
Robinhood plans blockchain to trade US assets in Europe
[NEW YORK] Robinhood Markets is developing a blockchain-based platform that will allow retail investors in Europe to trade US securities such as stocks, according to two sources familiar with the matter. The venture will be likely launched through a partnership with a digital asset firm, according to the sources. Arbitrum, a blockchain that is overlaid on Ethereum, and Solana, another popular blockchain, have both been under consideration for the partnership, they said. Discussions are still ongoing and an agreement has not yet been finalised, one source with direct knowledge said. A spokesperson for Menlo Park, California-based Robinhood declined to comment. Offchain Labs, the developer of Arbitrum blockchain, and Solana Foundation, the non-profit behind Solana blockchain, both did not respond to requests for comment. The push to offer tokens that represent financial instruments has increased in popularity as global institutions see the opportunity for cutting the costs associated with traditional trading infrastructure, as well as the benefits of increased transparency and standardisation. A Global Financial Markets Association report found that distributed ledger technology could unlock around US$20 billion annually in global clearing and settlement costs. Crypto exchange Coinbase Global recently expressed interest in offering tokenised securities. Robinhood, whose customers in the European Union only have access to trading cryptocurrencies, secured a brokerage license in Lithuania last month, allowing it to offer investment services such as stock trading in the bloc. The company also signed a deal to acquire crypto exchange Bitstamp in June last year, which when closed, would allow Robinhood to offer crypto-linked derivatives using Bitstamp's MiFID multilateral trading facility license. Robinhood chief executive officer Vlad Tenev said in a podcast in March that the firm was eyeing tokenizing securities, noting it would be part of a broader push to integrate digital assets into the financial system. 'I think tokenised securities can really push forward US company dominance in the global market,' Tenev said in the podcast. 'Right now, it's very difficult to invest in a US company if you are overseas.' Robinhood is not alone in pursuing the benefits of tokenised assets. BlackRock, Franklin Templeton and Apollo all have launched their tokenised funds in recent years. BlackRock's USD Institutional Digital Liquidity Fund, or BUIDL, has attracted more than US$2 billion since its launch last year. BLOOMBERG
Yahoo
04-04-2025
- Business
- Yahoo
Galaxy Secures UK Approval for License to Expand Derivatives Trading
Galaxy Digital UK, the subsidiary of Mike Novogratz-led digital asset financial services firm's application for a license to execute derivatives trading in the U.K. has been approved by the Financial Conduct Authority (FCA). The firm's Investment Banking arm will also use Galaxy Digital UK's FCA authorization to provide capital raising and investment banking services, according to a statement on Wednesday. The Galaxy U.K. subsidiary will also support its asset management business with fund distribution activities. Galaxy Digital UK is on the FCA's investment firms register, which is for firms authorized to perform MiFID investment services or activities. Galaxy also joined the FCA's crypto register in 2021. 'London is a critical financial hub, and this authorisation allows us to deepen our presence in the U.K., aligning with our mission to bridge traditional finance with the digital asset ecosystem,' Leon Marshall, CEO of Galaxy Europe and Global Head of Sales said. The U.K. has attracted crypto companies like Coinbase, Bitpanda and most recently assigned BlackRock a slot on its crypto register. Sign in to access your portfolio
