UK Banks Abandon Coinbase, Plus500

by adminSeptember 11, 20199, 11, 2019



Another week has passed on the cryptocurrency and forex markets. Banks in the United Kingdom reportedly cut ties with Coinbase, and Plus500 revenues plummeted in the first half of 2019. Keep up to date with all this and more in our best of the week segment.

This week, Finance Magnates reached out to the Financial Action Task Force (FATF), after rumors swirled that 15 countries had teamed up with the agency to create a new system that would collect and share personal data.

However, as we revealed exclusively, there is no such task force being assembled. A spokesperson for the agency said that the FATF is not in the business of creating technological solutions; it merely “set standards and [promotes their] effective implementation.”

This past week, Plus500 published its interim results for the first half of 2019. According to the company’s statement, its revenues declined by 68 percent from a year ago to $148 million. The figure is also lower by 42 percent when compared to the second half of 2018.

Following the weak results, the firm is committing to a new stock buyback program. The Israeli company is going to spend up to $50 million of its cash reserves to buy back its own stock. The company’s stock rallied nearly 20 percent following the news.



Anat Samovski


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