News Nuggets | 8 November: XS.com Launches Prepaid Card; Tradition to Pay $140,000 Fine

by Damian Chmiel
  • Also, Zodia Markets strengthens leadership; Ebury targets IPO and Bitget merges Web3 with CEX.
  • Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
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XS.com Launches XS Prepaid Mastercard

XS.com has unveiled the XS Prepaid Mastercard and XS Cards Mobile App, which are designed to streamline the funding process for traders and partners. These new tools are integrated into the XS Client Portal and offer exclusive features allowing users to monitor transactions via mobile devices. In collaboration with Gate to Pay, this initiative is part of XS.com’s commitment to enhancing service quality and simplifying electronic payments globally.

“We are excited to introduce such an advanced payment tool, which will make the entire funding process for traders and partners very smooth and simple,” Wael Hammad, the Chief Commercial Officer at XS.com, commented.

“Based on our understanding of the complexities of e-payments globally and of the specific needs of each local market, we believe that XS prepaid Mastercard card will be an important milestone in our journey to provide the traders globally with an exceptional trading experience.”

Tradition to Pay $140,000 Fine

finra

Tradition Securities and Derivatives LLC, a FINRA member firm since 1991, has been censured and fined due to multiple regulatory infractions. The company failed to maintain accurate records of order transmission times between January and September 2020, violating the Securities Exchange Act of 1934 and FINRA Rules. Additionally, it misrecorded the exchange of execution on numerous order tickets in April 2020.

The failure extended to not establishing adequate regulatory risk management controls and supervisory procedures concerning immediate post-trade execution reports and an annual review of business activity in connection with market access.

As a result of these violations, Tradition is mandated to pay a fine of $140,000. Additionally, the company must undertake to certify within 60 days that it has remedied the identified issues and implemented a supervisory system reasonably designed to achieve compliance with related Exchange Act Rules and FINRA Rules concerning the violations noted.

Zodia Markets Strengthens Leadership

Zodia Markets has appointed Ayad Butt as the Head of Sales and Trading for Africa and Middle East, in line with their strategy to expand digital asset services. Based in Abu Dhabi and aligned with Zodia’s receipt of In-Principle-Approval from ADGM, Butt’s extensive experience in finance is set to bolster the company’s innovative offerings and growth in these regions.

“I am excited to join Zodia Markets and look forward to contributing to the growth of an innovative digital assets franchise that offers a comprehensive range of products to a global client base,” Butt commented. “Africa and the Middle East are a key focus for growth, and I look forward to developing these markets alongside Zodia Markets’ founders, team, and partners.”

Ebury Targets IPO in 2025 with Perella Weinberg’s Guidance

Ebury, a payment services firm owned by Santander, is planning an IPO as early as 2025. Advised by investment bank Perella Weinberg Partners, Ebury is preparing for significant growth, as reported in its upcoming financial results. Prior to the IPO, the company is considering a capital raise to reinforce its ambition to list on the London Stock Exchange.

"[An]

IPO is what we are going to do and it is what we always wanted to do, this is well defined and reflected in our shareholding agreement," Juan Lobato, the payments company CEO, said in a statement sent to Reuters.

Ripple Redefines Payments to Foster Crypto Adoption

ripple l

Ripple has transformed its payment solution, now known as Ripple Payments, to encourage enterprise crypto adoption. The upgrade focuses on creating an effortless cross-border payment experience for institutional users, leveraging blockchain for more efficient transactions.

“Since the start, Ripple focused on creating products that solve real problems for real customers. This evolution of Ripple Payments represents an extension of our long-running work to optimize the cross-border payments experience through transformative technology,” said Monica Long, President at Ripple .

SEBA Bank Expands to Hong Kong with Crypto Services License

SEBA Bank’s Hong Kong subsidiary has secured an official license from the SFC to offer crypto-related services. This milestone reflects SEBA’s commitment to being a forefront player in finance and innovation within the Asia-Pacific region.

“The region’s position at the forefront of finance, trading, and innovation has long been attractive to us, as servicing APAC clientele is an integral aspiration of the team’s DNA,” Amy Yu, the CEO of SEBA Bank for APAC, said.

Bitget Merges Web3 with CEX to Enhance DeFi Accessibility

Gracy Chen, Managing Director of Bitget.
Gracy Chen, Managing Director of Bitget.

Bitget has introduced a Web3 Wallet and Swap service into its app, marking a significant advancement in combining the capabilities of decentralized and centralized finance. This move aims to provide users with a comprehensive ecosystem that integrates various services including a non-custody wallet, NFT marketplace, and dApp.

"Integrating Web3 services into our CEX platform marks a significant milestone for Bitget,” said Gracy Chen, the Managing Director at Bitget. “By offering users the freedom to access various DeFi services alongside the convenience and security of our CeFi platform, we are empowering them with a unique experience. Bitget aims to provide a comprehensive ecosystem that caters to the evolving needs of our users, all while maintaining the highest standards of security and reliability.”

KX Debuts AI-Powered Solutions on Microsoft Azure

KX has announced the integration of KDB.AI and KX Copilot with Microsoft Azure, representing a substantial progression in its strategic partnership. This integration is expected to simplify the development of AI applications, enabling quick access to a comprehensive AI technology stack.

"With the deeper integration of our technology within the Microsoft Cloud environment, these announcements demonstrate our ongoing commitment to bring the power and performance of KX to even more customers. Generative AI is the defining technology of our age, and the introduction of these services will help organizations harness its incredible power for greater risk management, enhanced productivity and real-time decision-making,” Ashok Reddy, the CEO of KX, commented.

Scila Appoints New CEO

Mikko Andersson
Mikko Andersson

Scila has named Mikko Andersson as its CEO, bringing his extensive leadership experience to guide the company’s expansion and innovation in financial surveillance, risk management, and AML technology.

“I am very glad to have been appointed to lead Scila and its talented team to provide our customers with market leading technology and support within the important areas of Surveillance, Risk, and AM,” Andersson commented.

StoneX Announces a Stock Split to Widen Investor Access

StoneX Group Inc. has declared a three-for-two stock split to make its shares more accessible to employees and investors. The split, in the form of a stock dividend, is scheduled to take effect on November 27, 2023, with additional shares to be distributed shortly after.

XS.com Launches XS Prepaid Mastercard

XS.com has unveiled the XS Prepaid Mastercard and XS Cards Mobile App, which are designed to streamline the funding process for traders and partners. These new tools are integrated into the XS Client Portal and offer exclusive features allowing users to monitor transactions via mobile devices. In collaboration with Gate to Pay, this initiative is part of XS.com’s commitment to enhancing service quality and simplifying electronic payments globally.

“We are excited to introduce such an advanced payment tool, which will make the entire funding process for traders and partners very smooth and simple,” Wael Hammad, the Chief Commercial Officer at XS.com, commented.

“Based on our understanding of the complexities of e-payments globally and of the specific needs of each local market, we believe that XS prepaid Mastercard card will be an important milestone in our journey to provide the traders globally with an exceptional trading experience.”

Tradition to Pay $140,000 Fine

finra

Tradition Securities and Derivatives LLC, a FINRA member firm since 1991, has been censured and fined due to multiple regulatory infractions. The company failed to maintain accurate records of order transmission times between January and September 2020, violating the Securities Exchange Act of 1934 and FINRA Rules. Additionally, it misrecorded the exchange of execution on numerous order tickets in April 2020.

The failure extended to not establishing adequate regulatory risk management controls and supervisory procedures concerning immediate post-trade execution reports and an annual review of business activity in connection with market access.

As a result of these violations, Tradition is mandated to pay a fine of $140,000. Additionally, the company must undertake to certify within 60 days that it has remedied the identified issues and implemented a supervisory system reasonably designed to achieve compliance with related Exchange Act Rules and FINRA Rules concerning the violations noted.

Zodia Markets Strengthens Leadership

Zodia Markets has appointed Ayad Butt as the Head of Sales and Trading for Africa and Middle East, in line with their strategy to expand digital asset services. Based in Abu Dhabi and aligned with Zodia’s receipt of In-Principle-Approval from ADGM, Butt’s extensive experience in finance is set to bolster the company’s innovative offerings and growth in these regions.

“I am excited to join Zodia Markets and look forward to contributing to the growth of an innovative digital assets franchise that offers a comprehensive range of products to a global client base,” Butt commented. “Africa and the Middle East are a key focus for growth, and I look forward to developing these markets alongside Zodia Markets’ founders, team, and partners.”

Ebury Targets IPO in 2025 with Perella Weinberg’s Guidance

Ebury, a payment services firm owned by Santander, is planning an IPO as early as 2025. Advised by investment bank Perella Weinberg Partners, Ebury is preparing for significant growth, as reported in its upcoming financial results. Prior to the IPO, the company is considering a capital raise to reinforce its ambition to list on the London Stock Exchange.

"[An]

IPO is what we are going to do and it is what we always wanted to do, this is well defined and reflected in our shareholding agreement," Juan Lobato, the payments company CEO, said in a statement sent to Reuters.

Ripple Redefines Payments to Foster Crypto Adoption

ripple l

Ripple has transformed its payment solution, now known as Ripple Payments, to encourage enterprise crypto adoption. The upgrade focuses on creating an effortless cross-border payment experience for institutional users, leveraging blockchain for more efficient transactions.

“Since the start, Ripple focused on creating products that solve real problems for real customers. This evolution of Ripple Payments represents an extension of our long-running work to optimize the cross-border payments experience through transformative technology,” said Monica Long, President at Ripple .

SEBA Bank Expands to Hong Kong with Crypto Services License

SEBA Bank’s Hong Kong subsidiary has secured an official license from the SFC to offer crypto-related services. This milestone reflects SEBA’s commitment to being a forefront player in finance and innovation within the Asia-Pacific region.

“The region’s position at the forefront of finance, trading, and innovation has long been attractive to us, as servicing APAC clientele is an integral aspiration of the team’s DNA,” Amy Yu, the CEO of SEBA Bank for APAC, said.

Bitget Merges Web3 with CEX to Enhance DeFi Accessibility

Gracy Chen, Managing Director of Bitget.
Gracy Chen, Managing Director of Bitget.

Bitget has introduced a Web3 Wallet and Swap service into its app, marking a significant advancement in combining the capabilities of decentralized and centralized finance. This move aims to provide users with a comprehensive ecosystem that integrates various services including a non-custody wallet, NFT marketplace, and dApp.

"Integrating Web3 services into our CEX platform marks a significant milestone for Bitget,” said Gracy Chen, the Managing Director at Bitget. “By offering users the freedom to access various DeFi services alongside the convenience and security of our CeFi platform, we are empowering them with a unique experience. Bitget aims to provide a comprehensive ecosystem that caters to the evolving needs of our users, all while maintaining the highest standards of security and reliability.”

KX Debuts AI-Powered Solutions on Microsoft Azure

KX has announced the integration of KDB.AI and KX Copilot with Microsoft Azure, representing a substantial progression in its strategic partnership. This integration is expected to simplify the development of AI applications, enabling quick access to a comprehensive AI technology stack.

"With the deeper integration of our technology within the Microsoft Cloud environment, these announcements demonstrate our ongoing commitment to bring the power and performance of KX to even more customers. Generative AI is the defining technology of our age, and the introduction of these services will help organizations harness its incredible power for greater risk management, enhanced productivity and real-time decision-making,” Ashok Reddy, the CEO of KX, commented.

Scila Appoints New CEO

Mikko Andersson
Mikko Andersson

Scila has named Mikko Andersson as its CEO, bringing his extensive leadership experience to guide the company’s expansion and innovation in financial surveillance, risk management, and AML technology.

“I am very glad to have been appointed to lead Scila and its talented team to provide our customers with market leading technology and support within the important areas of Surveillance, Risk, and AM,” Andersson commented.

StoneX Announces a Stock Split to Widen Investor Access

StoneX Group Inc. has declared a three-for-two stock split to make its shares more accessible to employees and investors. The split, in the form of a stock dividend, is scheduled to take effect on November 27, 2023, with additional shares to be distributed shortly after.

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