North Capital’s PPEX ATS hands MoonPay a US securities stack
North Capital's sale to MoonPay moves a broker-dealer, a transfer agent and the PPEX ATS, with $8.7bn of volume, into a crypto group pending regulator approval.
The Industry Spread
OneStopProp review: “100% refundable” on plans its FAQ never refunds
OneStopProp review: the "100% Refundable" badge shows on Instant plans its FAQ excludes, the Terms bar refunds, and the Wyoming LLC lapsed for 9 months.
AUD/JPY
112.50by November 3
Wrong below109.19
Spot at filing110.87
AUD/JPY to 112.50 by November 3 as the RBA hikes into a split BOJ
GBP/CHF
1.1100by November
Wrong below1.0880
Spot at filing1.0974
GBP/CHF to 1.11 by November: three BoE hike votes vs a 0% SNB
USD/CAD
1.4250by October 28
Wrong below1.3950
USD/CAD to 1.4250 by October 28 as the Fed hike outruns $92 oil
EUR/NZD
2.0500by October 29
Wrong below1.9800
EUR/NZD to 2.05 by October 29: the RBNZ-pause case
Levels as stated when filed. Not live prices. Analysis, not investment advice.
CFTC Letter 26-27 makes mention markets presumptively manipulable
CFTC Letter 26-27 presumes mention markets are manipulable under Core Principle 3. What DCMs must show, and how Ontario, the UK and EU compare.
SEC innovation exemption caps tokenised stocks at 75 and 250 symbols
SEC order 34-106402 lets real tokenised NMS stock trade on permissioned AMM venues until 2031, capped at 75 and 250 symbols. Synthetic tokens are excluded.
MAS draft would let it delist a foreign systemic stablecoin
MAS's draft Payment Services Act amendments would let it designate offshore stablecoins as systemic and order Singapore exchanges to delist non-compliant coins.
FirmWhat we foundFiled
Flagship FundedThe 100% split needs a score of 4.76 out of 528 SepPaid To TradeA-book on the sales page, demo in the contract28 SepQuantum FundingThe homepage FAQ is still Lorem ipsum26 SepSpace FundedA Wyoming LLC that arbitrates in the Canaries26 SepFundedCobraNine days old, $147,944 in claimed payouts26 Sep4PropTraderThe $900 minimum payout is also the cap26 SepFirewood FundedThe 3% drawdown waiting after you pass24 SepMy Funded Capital$32 on one page, $149 at checkout24 SepFundedVerseVault claims, payout caps and fee terms24 SepAIFOA $2m scaling plan with a $10,000 payout cap24 SepHex FundedThe weekend hold its FAQ calls a breach24 SepAI PropThe prime broker that says it is not a broker24 Sep
About these reviews. The Industry Spread reviews prop firms independently. Firms do not pay for reviews and cannot see them before publication. The Industry Spread has no affiliate or referral relationship with the firms covered.
Reviews by Abdelaziz Fathi
LegionFunding review: a Trustpilot profile older than the company
LegionFunding sells MT5 forex and CFD challenges from $35, with an 80% split and no time limit. Its Trustpilot profile was claimed in July 2026. The company that now signs its contract, Legion Funding Ltd, was incorporated in Saint Lucia on 11 August 2026. Its marketing also contradicts its Terms on refunds, real capital, drawdown and payout speed. It may suit a trader testing a $5K account who reads the Terms first, not anyone relying on the homepage.
CellPoint’s Zenith puts an AI layer above payment orchestrators
CellPoint's Zenith, backed by $34m from Toscafund, is an AI decisioning layer above any payment orchestrator.
Axcera Takes Three FinanceFeeds Awards for Prop Tech
Axcera has won three FinanceFeeds Awards 2026 across prop trading technology, infrastructure and multi-asset solutions.
The Broker Back Office Becomes One Data Layer
The constraint on most brokerages is not strategy but infrastructure that cannot pass data between functions.
Rick Steves
Rick Steves has seen business and economics through many lenses.
Karthik Subramanian
Karthik Subramanian is a founder, writer, and technology consultant with nine years in the crypto ecosystem.
Abdelaziz Fathi
Abdelaziz Fathi covers the intersection of forex/CFD brokerage, regulation, liquidity, fintech, and digital assets.
Also filed
From the archive
Filed around 28 September in 2025, 2023, 2022 and 20212025
2023
