FX weekly recap: Saxo Bank hit with massive penalty, Brendan Gunn admits guilt, OGM makes a comeback, BullRush acquisition follows CEO departure

Major Fine Imposed on Saxo Bank by Danish Regulator

The Danish Financial Supervisory Authority has imposed a substantial penalty on Saxo Bank, totaling DKK 313 million (approximately USD $50 million). This stands out as one of the most significant fines ever issued to a participant in the FX and CFDs sector. The reasons behind this hefty sanction have raised questions about the ongoing sale of Saxo Bank, which remains incomplete more than ten months after its initial announcement in March 2025.

Brendan Gunn Admits to Handling Illicit Funds

Meanwhile, the Australian Securities and Investments Commission (ASIC) has disclosed that Brendan Gunn from Brisbane has admitted guilt to managing over $180,000, despite reasonable grounds to believe the money originated from criminal activities. The funds are believed to be linked to suspected international fraud schemes targeting victims abroad.