Seychelles: Tradu's crypto entity withdraws its VASP licence application

On 23 October 2026, the Financial Services Authority (FSA) of Seychelles published a public statement concerning Stratos Tech Limited, a company that trades under the name Tradu. According to the statement, issued under section 28 of the Financial Services Authority Act 2013, the company voluntarily withdrew its application for a virtual asset service provider (VASP) licence, with effect from 5 October 2026. The FSA also states that the company has not served retail clients since 31 December 2025 and that it fully ceased its business with institutional clients on 9 October 2026.

An application filed in late 2024 and still under review

The FSA statement says Stratos Tech Limited lodged its application on 23 December 2024, seeking approval under the Virtual Asset Service Providers Act 2024. That law, which governs crypto-asset activity in the archipelago, came into force on 1 September 2024, according to advisory firms Campio Group and Adam Smith.

On the VASP list published by the FSA, Stratos Tech Limited T/A Tradu was shown with the status "Assessment", meaning under evaluation, rather than as the holder of a final licence. According to TradeInformer, no VASP licence had yet been granted at that point, with applications from firms already in operation still under review. Whether the list has been updated since the withdrawal has not been specified.

The regulator's statement makes no reference to a fine, a suspension or a licence revocation imposed by the authority. Nor does it explain why the company dropped its application, and the reasons for the withdrawal have not been disclosed. For any questions, the FSA directs the public to the address vass@fsaseychelles.sc.

A crypto entity separate from the brokerage arm

Within Tradu, Stratos Tech Limited, incorporated in Seychelles under registration number 8434996-1, is the entity that provides virtual assets, according to information published by Tradu. The group has another Seychelles company, Stratos Systems Limited (registration number 8430582-1), which holds Securities Dealer licence SD147 issued by the FSA.

The statement of 23 October 2026 relates solely to Stratos Tech Limited. It does not mention Stratos Systems Limited and therefore says nothing about the brokerage business carried out under that licence.

The Stratos group narrows its footprint

Tradu sits in the same group as the broker FXCM: Stratos Group, led by Brendan Callan. When Tradu launched in 2023, Stratos Group International was a wholly owned subsidiary of Jefferies Financial Group, according to A-Team Insight and FX News Group.

On 6 October 2026, Trade Nation, a broker regulated by the UK Financial Conduct Authority, announced that it had agreed to take over the UK client book of Stratos Markets Limited, which operates in the United Kingdom under the FXCM and Tradu brands. The transfer is due to be completed at the end of November 2026. "Our priority throughout has been finding the right home for our UK clients," said Brendan Callan, chief executive of Stratos Group, in Trade Nation's press release.

The withdrawal of the Seychelles VASP application took effect the day before that announcement. Any link between the two operations has not been specified by the companies involved.

What it means for traders

For clients trading CFDs, forex or shares with Tradu through the Seychelles entity, the contract would in principle sit with Stratos Systems Limited, which the statement does not mention. Affected clients would be well advised to check their account opening documents or terms and conditions to confirm which entity actually holds their account.

The situation would be different for those who bought crypto-assets with Tradu through Stratos Tech Limited. According to the FSA, the retail service ended on 31 December 2025. What happened to the crypto accounts involved, whether a transfer, a closure or a migration to another entity, has not been specified. Clients unsure about a remaining balance or asset could contact Tradu's support team, while the FSA remains reachable at the address given in its statement.

The status of an entity can be checked directly in the registers published by the FSA, under the sections covering capital markets and VASPs, rather than on broker rating websites. Those registers make it possible to distinguish a granted licence from an application that is merely under assessment.

In the United Kingdom, FXCM and Tradu clients are affected by the transfer to Trade Nation scheduled for the end of November 2026. The broker's communications should set out the timetable and terms of the move. More broadly, clients of other Stratos group entities would have reason to follow their broker's messages closely for any changes affecting their accounts.