The American securities regulator has reportedly been questioning Robinhood over its crypto pursuits.
The SEC has reportedly delayed Robinhood from maintaining an IPO attributable to concerns over the trading’s app crypto change.
Robinhood IPO Struggling from Crypto
The Securities and Alternate Commission (SEC) has stalled Robinhood from maintaining an IPO attributable to the firm’s crypto pursuits, Bloomberg has reported.
Primarily based fully fully on sources quoted within the file, the U.S. firm has engaged in discussions with regulators over the final few weeks.
The file added that the questions presented to Robinhood had been centered on the firm’s crypto operation. The names of the personnel had been withheld as it’s an ongoing non-public topic.
Robinhood at enlighten permits trading in seven cryptocurrencies: Bitcoin, Ethereum, Litecoin, Bitcoin Money, Dogecoin, Bitcoin SV, Ethereum Traditional.
Primarily based fully fully on the firm’s most modern financial file, it surpassed 13 million customers in 2020, with a 500% magnify in revenue since 2019. The development of the firm has persisted into 2021. In January, the firm added 3 million customers to its crypto arm. The trading app was as soon as on the guts of the GameStop squeeze led by Reddit group WallStreetBets, as well to an orchestrated Dogecoin pump, on the identical time.
The firm had on the origin deliberate to cross public by an Preliminary Public Offering in June. The list was as soon as then delayed till July attributable to the vacation season. Primarily based fully fully on the Bloomberg file, the proposed IPO may now be delayed till fall.
Sooner than the pandemic, Robinhood had raised funds at a valuation of $11.7 billion. The contemporary projected valuation of the firm in secondary markets is $40 billion.
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