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

<p>XS.com Launches XS Prepaid
Mastercard</p><p>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.</p><p>“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 <a href="https://www.financemagnates.com/tag/xscom/" target="_blank" rel="follow">XS.com</a>, commented. </p><p>“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.”</p><p>Tradition to Pay $140,000
Fine</p><p>Tradition
Securities and Derivatives LLC, a <a href="https://www.financemagnates.com/tag/finra/" target="_blank" rel="follow">FINRA</a> 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.</p><p>The failure
extended to not establishing adequate regulatory <a href="https://www.financemagnates.com/terms/r/risk-management/">risk management</a> controls and
supervisory procedures concerning immediate post-trade execution reports and an
annual review of business activity in connection with market access.</p><p>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. </p><p>Zodia Markets Strengthens
Leadership</p><p><a href="https://www.financemagnates.com/tag/zodia-custody/" target="_blank" rel="follow">Zodia
Markets</a> 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.</p><p>“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.”</p><p>Ebury Targets IPO in 2025
with Perella Weinberg’s Guidance</p><p><a href="https://www.financemagnates.com/tag/ebury/" target="_blank" rel="follow">Ebury</a>, 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.</p><p>"[An]</p><p>
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.</p><p>Ripple Redefines Payments
to Foster Crypto Adoption</p><p><a href="https://www.financemagnates.com/tag/ripple/" target="_blank" rel="follow">Ripple </a>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.</p><p>“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 <a href="https://www.financemagnates.com/terms/r/ripple/">Ripple</a>.</p><p>SEBA Bank Expands to Hong
Kong with Crypto Services License</p><p>SEBA Bank’s
<a href="https://www.financemagnates.com/tag/hong-kong/" target="_blank" rel="follow">Hong Kong</a> 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.</p><p>“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.</p><p>Bitget Merges Web3 with
CEX to Enhance DeFi Accessibility</p><p><a href="https://www.financemagnates.com/tag/bitget/" target="_blank" rel="follow">Bitget </a>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.</p><p>"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.”</p><p>KX Debuts AI-Powered
Solutions on Microsoft Azure</p><p><a href="https://www.financemagnates.com/tag/kx/" target="_blank" rel="follow">KX </a>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.</p><p>"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.</p><p>Scila Appoints New CEO</p><p>Scila has
named Mikko Andersson as its <a href="https://www.financemagnates.com/tag/ceo/" target="_blank" rel="follow">CEO</a>, bringing his extensive leadership experience
to guide the company’s expansion and innovation in financial surveillance, risk
management, and AML technology.</p><p>“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.</p><p>StoneX Announces a Stock
Split to Widen Investor Access</p><p><a href="https://www.financemagnates.com/tag/stonex/" target="_blank" rel="follow">StoneX
Group Inc. </a>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.</p>

This article was written by Damian Chmiel at www.financemagnates.com.