Russia Legalizes Crypto, Citadel Securities Fine, LINK: Editor’s Pick | Finance Magnates

In a relatively quiet week in the newsroom, here are the standout stories from the worlds of forex, fintech, and crypto, in our best of the week segment.

Russia Legalizes Cryptocurrencies Terming Them Property

In a bold move that dominated the crypto news this week, The Russian State Duma has passed a bill on Wednesday legalizing cryptocurrencies in the country and also defining them as property.

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The new law will come into effect on January 1st, 2021.

In Russia, any digital currency will now be recognized as a set of electronic data which can be used for payments purpose or even as an investment tool.

Read more on Russia Legalizing Crypto here.

Citadel Securities Fined $700K for Alleged Breach of FINRA Rules

The Financial Industry Regulatory Authority (FINRA) recently announced that it has fined Citadel Securities $700,000 for allegedly breaching FINRA Rule 5320 (Prohibition Against Trading Ahead of Customer Orders) and FINRA Rule 6460 (Display of Customer Limit Orders).

According to a document seen by Finance Magnates, the regulator has accused Citadel Securities of trading ahead of certain inactive over the counter (OTC) customer orders and failing to consistently apply its written methodology to certain OTC customer orders.

Read more on the FINRA Citadel Securities Fine here.

The Price of LINK Has Increased 55% this Month: What’s All the Fuss About?

In an in-depth analysis, Finance Magnates looked at LINK – One of the fastest-climbing coins in terms of price.

The value of LINK seems to have been climbing at a rather steady rate since mid-March, and has grown 55% in this month alone.

With insight from  Vance Spencer, co-founder of investment company Framework Ventures and Andrea Zanon, chief executive of the Nimbus Platform, we delved deep into the world LINK.

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Read more on the LINK price increase here.

SEC Moves Against Tech Startup YouPlus for Defrauding Investors

As Finance Magnates reported this week, the SEC has charged YouPlus, a startup building a machine-learning tool to analyze videos on the internet, and its founder and CEO Shaukat Shamim with fraud charges for defrauding investors by falsifying and misleading statements about the finances and sources of revenue for years.

The SEC detailed that Shamim misrepresented the accounts from 2028 to 2019 when approaching investors.

Read more on the YouPlus fraud here.

Lithuania Central Bank Officially Issues Digital Coin LBCOIN

The Bank of Lithuania has officially issued its digital collector coin LBCOIN, making it the first digital coin issued by a central bank not only in the euro area but also across the world.

The central bank has issued 4,000 LBCOINs, which equals 24,000 digital tokens and 4,000 silver collector coins.

As Finance Magnates reported previously, the LBCOIN project was announced at the beginning of this month, with the blockchain-based asset consisting of six digital tokens and one physical collector coin.

Read more on the LBCOIN launch here.

Deutsche Bank Poaches Long-Serving FX Exec from Societe Generale

Jean Phillippe Castellani, who has been a mainstay at Societe Generale’s FX business for over 26 years, is reportedly leaving the French lender to join Deutsche Bank as head of corporate FX sales for Southern Europe and France.

Jean acted as global coordinator of rates and FX sales for SG’s private equity and infrastructure funds.The appointment of Castellani marks an important addition after a series of executive exits in a relatively short space of time.

Read more on the Jean Phillippe Castellani appointment here.