FOREX NEWS & BLOG

The NAGA Group AG, which is positioning itself as a financial superapp, reported year-over-year increased revenue in the first quarter of 2025, driven by a rise in commission income. The company also noted higher client acquisition and increased trading activity, supported by ongoing market volatility.

However, the broker has yet to publish specific financial figures for the quarter.

NAGA further stated that “early cost-side synergies also began to materialise.” During the quarter, it renewed its marketing investments to support the platform’s expansion.

Audited Financials Beat Preliminary Results

NAGA also announced its audited financial results for 2024, reporting total revenue of €63.2 million and Group EBITDA of €9.0 million. Both figures exceeded the previously released preliminary results, which had estimated revenue at €62.3 million and EBITDA at €8.1 million.

Additionally, the company’s EBITDA margin improved to 14%, up from 13% in the earlier figures. According to NAGA, the gains came from “stronger-than-anticipated synergies” following its merger with CAPEX.com.

“The audited financials for 2024 confirm that we not only met but clearly exceeded our preliminary figures,” said Octavian Patrascu, CEO of The NAGA Group.

“This performance validates the strength of our strategic transformation – from the successful CAPEX merger to the unified market approach and operational integration. Furthermore, our Q1 2025 results demonstrate that we are entering the new financial year with strong momentum and a clear growth trajectory.”

Expanding Reach and Services

In addition, NAGA quietly acquired the UK unit of TRADE.com last year. FinanceMagnates.com earlier reported that the acquisition followed a significant drop in TRADE.com’s UK revenue and a sharp rise in administrative costs, leading to net losses of £346,000.

To attract new customers, NAGA has started offering 2.77% APY on uninvested euros held on the platform. IG Group, meanwhile, has raised the bar with a promotional interest offer of 8.5% on cash holdings, double the Bank of England’s base rate.

This article was written by Arnab Shome at www.financemagnates.com.

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The UK’s Financial Conduct Authority (FCA) has revealed that it made three arrests, launched criminal proceedings against three individuals, and issued seven cease-and-desist letters as part of its efforts to tackle “rogue finfluencers.” The regulator also published 50 warning alerts and invited four finfluencers for interviews.

FCA Takes the Lead

The figures were released as the FCA takes the lead among a group of nine global regulators working to protect social media users from illegal financial promotions. Other participants in the initiative include financial regulators from Australia, Canada, Hong Kong, Italy, and the United Arab Emirates.

The FCA noted that its alerts resulted in more than 650 takedown requests on social media, along with actions against over 50 websites operated by unauthorised finfluencers.

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“Our message to finfluencers is loud and clear,” said Steve Smart, joint executive director of enforcement and market oversight at the FCA. “They must act responsibly and only promote financial products where they are authorised to do so – or face the consequences.”

The regulator defines finfluencers as social media personalities who use their platforms to promote financial products and share advice or insights with followers.

While many finfluencers operate within the rules, the FCA warned that others “tout products or services illegally and without authorisation through online videos and posts, where they use the pretence of a lavish lifestyle, often falsely, to promote success.”

Traders Trust Finfluencers

A study conducted last year by CMC Markets found that 33% of traders said they were more likely to act on a trade when an influencer they follow flagged an opportunity.

Recently, the regulator in Dubai introduced a licensing requirement for individuals who produce financial content online, making it the first region to mandate such approval for influencers. The licence targets those offering investment advice, market commentary, or financial promotions through digital channels.

The UK does not currently require licences for finfluencers and has not signalled any plans to introduce such rules. However, the FCA continues to monitor the space and take action against those engaging in misleading or unauthorised promotion.

This article was written by Arnab Shome at www.financemagnates.com.

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Authorities in Singapore will block access to Octa and XM, two brokers offering forex and contracts for differences (CFDs), for providing services to residents of the city-state without holding a local licence.

Access to the two platforms will be blocked from 20 June, local media Channel News Asia reported today (Friday).

“Consumers with active accounts with Octa and XM will not be able to access their websites through Internet Access Service Providers based in Singapore,” a joint news release from the police and the Monetary Authority of Singapore (MAS) stated.

You may also like: XM Owner Is Buying Controlling Stake in a Cyprus Bank

Trading Platforms Must Have a Local Licence

The Singaporean authorities highlighted that the two platforms breached the local Securities and Futures Act (SFA) by not holding a licence. Any platform offering capital markets products, including securities and leveraged forex, in the country must have a local licence.

According to the authorities, Octa offers services in the country through two entities—one said to be based in the Union of Comoros and Mauritius, and the other solely in Mauritius. Similarly, XM onboards Singaporeans under an entity incorporated in Belize.

“This prohibition extends to entities operating outside Singapore, when the entities solicit or advertise products or services targeted at Singapore persons, or if there is a substantial number of Singaporeans using a foreign entity’s products or services,” the authorities added.

XM did not comment on FinanceMagnates.com request, while Octa did not respond at the time of publication.

Singapore: A Profitable Market for Retail Traders

Despite its small size, Singapore is home to wealthy traders. According to data from Investment Trends, the number of active online traders in the country fell to 248,000 in September last year, down from 264,000 a year earlier. However, around 73,000 potential investors still showed interest in CFD trading.

Read more: Why Singapore Traders Are Happier Than Ever (Even As Their Numbers Shrink!)

Meanwhile, many brokers choose to base themselves in Singapore due to its clear regulations and well-funded traders. Recently, StoneX-owned Forex.com launched CFD trading services from its new Singapore base. eToro also obtained a licence in the country for its regional operations.

This article was written by Arnab Shome at www.financemagnates.com.

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